16 Amendments of Jonás FERNÁNDEZ related to 2017/2005(INI)
Amendment 28 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Warns that a mandatory harmonisation of national models or their replacement by a European one cshould lead to unintended negative consequences for markets whose current success relies on CB legislation being embedded in national laws; insists that European legislation be limited to a principles-based approach which establishes the objectives but leaves the ways and means to be specified in the transposition to national lawstake into account best practices and the success of the CB market;
Amendment 37 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for a clear definition of CBs in a European Directive; insists that the definition for securities henceforth called ‘covered bonds’ must not fall below the standards currently set by Article 129 of the CRR; requests that securities incompatible with this definition but compatible with Article 52(4) of the UCITS Directive are properly defined in the same directive under a name clearly distinct from ‘covered bonds’; suggests that this name may be ‘European Secured Notes’; (ESNs); recognizes the potential of UCITS compliant securities for the achievement of the Capital Markets Union's objective;
Amendment 52 #
Motion for a resolution
Paragraph 4 – point b – paragraph 1 – introductory part
Paragraph 4 – point b – paragraph 1 – introductory part
Amendment 59 #
Motion for a resolution
Paragraph 4 – point c
Paragraph 4 – point c
c) ERequirements on the coverage principle, liquidity risk mitigation and cover pool derivatives; stresses that effective segregation of all cover pool assets ishould be ensured in legally binding arrangements which are easily enforceable in the event of insolvency or resolution of the issuer. The same will hold for all substitution assets and derivatives hedging risks of the cover pool;
Amendment 63 #
Motion for a resolution
Paragraph 4 – point e
Paragraph 4 – point e
e) Overcollateralisation (OC) is applied to the cover pool. By an extent to be determined in national law,The OC level should ensure that the value of all cover pool assets must always be greater than the net present value of outstanding payment obligations. The value of cover pool assets is at all times to be determined on the basis of market prices when market prices are available and on the basis of face values adjusted for market conditions if no market prices are available; Calls on the Commission and EBA to propose a methodology on how to determine a minimum effective OC at the CB and ESN level;
Amendment 70 #
Motion for a resolution
Paragraph 4 – point f
Paragraph 4 – point f
f) European or national law defines maximum loan-to-value (LTV) parameters for cover pool assets in a way that ensures that the removal of cover pool assets on the grounds of insufficient LTV occurs only if they are replaced by assets of at least the same market value. TCalls on the Commission to assess if the removal of cover pool assets in breach of LTV limits should not be mandatory, as maximum LTV requirements should only determine the contribution of any given cover pool asset to the coverage requirement and to propose changes if needed;
Amendment 77 #
Motion for a resolution
Paragraph 4 – point h – paragraph 1 – introductory part
Paragraph 4 – point h – paragraph 1 – introductory part
Amendment 82 #
Motion for a resolution
Paragraph 4 – point h – paragraph 1 – point ii a (new)
Paragraph 4 – point h – paragraph 1 – point ii a (new)
ii a) calls on EBA to provide the necessary guidelines for the establishment of such special public supervisory and administrative framework;
Amendment 84 #
Motion for a resolution
Paragraph 4 – point h – paragraph 2
Paragraph 4 – point h – paragraph 2
Amendment 86 #
Motion for a resolution
Paragraph 4 – point i
Paragraph 4 – point i
i) The issuer is required to disclose at least biannually aggregate data on the programme to a level of detail that enables investors to carry out a comprehensive risk analysis. Information should be provided on the credit risk, market risk and liquidity risk characteristics of cover assets, on counterparties involved in the programme and on the levels of legal, contractual and voluntary OC and on the issuer compliance with regulatory criteria (CRR and LCR);
Amendment 103 #
Motion for a resolution
Paragraph 5 – point c
Paragraph 5 – point c
Amendment 106 #
Motion for a resolution
Paragraph 5 – point c a (new)
Paragraph 5 – point c a (new)
c a) The requirements for soft bullet and conditional pass-through (CPT) structures to qualify as CB;
Amendment 110 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Calls on the Commission to clearly propose the requirements on the eligibility of covered assets and on substitution assets;
Amendment 111 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Stresses that issuers should carry out regular stress tests on the calculation of the coverage requirements, taking into account the main risk factors affecting the CB, such as, credit interest rate, currency and liquidity risks;
Amendment 114 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls for a revision of EU financial services legislation with the aim of granting CBs adequate regulatory preference over ESNsassessing and adapt it if adequate to a new pan-European CB framework;
Amendment 115 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Calls on the Commission that on this assessment take into account the potential of both CBs and ESNs to the achievement of Capital Markets Union's objectives;