8 Amendments of Jonás FERNÁNDEZ related to 2016/0363(COD)
Amendment 56 #
Proposal for a directive
Recital 10
Recital 10
(10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria of Regulation (EU) No 575/2013 and of Directive 2014/59/EU, Member States should ensure that their initial contractual maturity spansis at least one year, that they have no derivative features, and that the relevant contractual documentation related to their issuance explicitly refers to their ranking under normal insolvency proceedings.
Amendment 58 #
Proposal for a directive
Recital 11
Recital 11
(11) To enhance legal certainty for investors, Member States should ensure that standard seniorenior unsecured debt instruments, which have the highest insolvency ranking among debt instruments, have a higher priority ranking in their national insolvency laws than the new 'non- preferred' senior class of debt instruments under normal insolvency proceedings. Member States should also ensure that the new 'non-preferred' senior class of debt instruments haves a higher priority ranking than the priority ranking of own funds instruments or any other subordinated liabilities and that, contrary to such instruments or liabilities, the 'non- preferred' senior class of debt instruments could only be bailed-in when the issuing institution is placed under resolution.
Amendment 63 #
Proposal for a directive
Recital 13
Recital 13
(13) It is appropriate for the amendments to Directive 2014/59/EU provided for in this Directive to apply to liabilities issued on or after the date of application of this Directive and to liabilities still outstanding as of that date. However, for legal certainty purposes and to mitigate transitional costs in as much as possible, Member States should ensure that the treatment of all outstanding liabilities that credit institutions and investment firms have issued before that date is governed by the laws of the Member States as they were adopted on [31 December 2016]. Outstanding liabilities should thus continue to be subject to the regulatory requirements set out in Directive 2014/59/EU and the relevant national law in the version that was adopted on [31 December 2016]e date of implementation of this Directive in national law is governed by the laws of the Member States in force on the day prior to the date of implementation of this Directive in national law.
Amendment 64 #
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) This Directive harmonises the ranking under normal insolvency proceedings of unsecured claims resulting from debt instruments and does not cover the insolvency ranking of deposits beyond the existing applicable provisions of Directive 2014/59/EU. Therefore, this Directive is without prejudice to national laws of Member States governing normal insolvency proceedings that cover the insolvency ranking of deposits not harmonised by Directive 2014/59/EU, irrespectively of how deposits rank in the insolvency proceedings and of their dates.
Amendment 70 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 2 – point a
Article 108 – paragraph 2 – point a
(a) the initial contractual maturity of debt instruments spansis at least one year;
Amendment 81 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4
Article 108 – paragraph 4
4. Member States shall ensure that their national laws governing normal insolvency proceedings as they were adopted at [31 December 2016]in force on the day prior to the date of implementation of this Directive in national law apply to ordinary unsecured claims resulting from debt instruments issued by entities referred to in points (a), (b), (c) and (d) of Article 1(1) prior to [the date of applicimplementation of this Directive – July 2017]."into national law.
Amendment 94 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4 a (new)
Article 108 – paragraph 4 a (new)
4a. In Member States where ordinary unsecured claims resulting from debt instruments, with the highest priority ranking among debt instruments, under national law governing normal insolvency proceedings, before [the date for implementation of this Directive into national law], are statutorily subordinated to other ordinary senior liabilities, Member States shall ensure that debt instruments that meet the conditions referred to in paragraph 2 points (a) and (b) rank pari passu to such statutorily subordinated unsecured claims resulting from debt instruments.
Amendment 96 #
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Article 1a This Directive harmonises the ranking under normal insolvency proceedings of unsecured claims resulting from debt instruments and does not cover the insolvency ranking of deposits beyond the existing applicable provisions of Directive 2014/59/EU. Therefore, this Directive is without prejudice to national laws of Member States governing normal insolvency proceedings that cover the insolvency ranking of deposits not harmonised by Directive 2014/59/EU, irrespectively of how deposits rank in the insolvency proceedings and of their dates.