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120 Amendments of Íñigo MÉNDEZ DE VIGO related to 2009/0143(COD)

Amendment 87 #
Proposal for a regulation
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements.
2010/03/18
Committee: AFCO
Amendment 88 #
Proposal for a regulation
Recital 37
(37) A full -time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a shortlist by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
2010/03/18
Committee: AFCO
Amendment 89 #
Proposal for a regulation
Recital 38
(38) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities Joint Committee ("the Joint Committee") and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority ( European Banking Authority) or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concernedupervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee should be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice- Chair of the European Systemic Risk Board. The Joint Committee should have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
2010/03/18
Committee: AFCO
Amendment 93 #
Proposal for a regulation
Article 1 a (new)
Article 1a The European System of Financial Supervision 1. The Authority shall form part of a European System of Financial Supervision the main objective of which is to ensure that the rules applicable to the financial sector are adequately implemented, in order to preserve financial stability and thereby to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services. 2. The European System of Financial Supervision shall comprise the following: (a) the European Systemic Risk Board established by Regulation (EU) No .../... [ESRB]; (b) the European Supervisory Authority (Banking) established by Regulation (EU) No …/…[EBA]; (c) the European Supervisory Authority (Securities and Markets) established by Regulation (EU) No .../... [ESMA]; (d) the Authority; (e) the European Supervisory Authorities Joint Committee provided for in Article 40; (f) the authorities in the Member States referred to in Article 1(2) of Regulations (EU) No .../... [ESMA], Regulation (EU) No …/2009 [EIOPA] and Regulation (EU) No …/… [EBA; (g) the Commission, for the purposes of carrying out the tasks referred to in Articles 7 and 9. 3. The Authority shall cooperate regularly and closely, ensure cross-sectoral consistency of work and arrive at joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues with the European Systemic Risk Board as well as with the European Supervisory Authority (Insurance and Occupational Pensions) and the European Supervisory Authority (Securities and Markets) through the European Supervisory Authorities (Joint Committee) referred to in Article 40. 4. In accordance with the principle of sincere cooperation in accordance wtih Article 4(3) of the EU Treaty, the parties of the ESFS shall cooperate with trust and full mutual respect, in particular in ensuring that appropriate and reliable information flows between them. 5. Only those supervisory authorities included in the European System of Financial Supervision shall be entitled to supervise financial institutions operating in the European Union.
2010/03/18
Committee: AFCO
Amendment 94 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of Community legislationUnion law, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
2010/03/18
Committee: AFCO
Amendment 96 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not involve strategic decisions and their content shall be delimited by the legislative acts on which they are based.
2010/03/18
Committee: AFCO
Amendment 102 #
Proposal for a regulation
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un technical standards in accordance with Articles 7a to 7d, in the form of regulations or decisions.
2010/03/18
Committee: AFCO
Amendment 110 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more national supervisory authorities, or from the CommissionEuropean Parliament, the Council, the Commission, or the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group, or on its own initiative and after having informed the national supervisory authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
2010/03/18
Committee: AFCO
Amendment 122 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council, or the Commission.
2010/03/18
Committee: AFCO
Amendment 126 #
Proposal for a regulation
Article 12 a (new)
Article 12a Supervision of financial institutions with an EU dimension 1. National authorities shall exert prudential supervision of financial institutions with an EU dimension by acting as the agent of and following the instructions given by the Authority, in order to guarantee that the same supervisory rules are applied across the European Union. 2. The Authority shall submit its draft supervisory rules to the Commission and, simultaneously, to the European Parliament and the Council. The Commission shall endorse the draft supervisory rules following the procedure set out in Article 7 or 8. 3. A decision taken by the Board of Supervisors in accordance with the procedure set out in Article 29(1) shall identify the significant insurer institutions with an EU dimension. The criteria for identifying such financial institutions shall take into account the criteria established by the Financial Stability Board, the International Monetary Fund and the Bank for International Settlements. 4. The Authority, in collaboration with the European Systemic Risk Board, shall develop an information template for significant insurer institutions in order to ensure a sound management of their systemic risk. 5. To ensure the co-responsibility of insurer institutions with anEU dimension, to protect European policiyhorder and beneficiaries´ interests and to reduce the cost to tax payers of a systemic financial crisis, a European Insurance Guarantee Scheme (the Scheme) shall be established. The Scheme will also play a role in helping the EU institutions facing difficulties when those are likely to threaten the financial stability of the European single financial market. The Scheme shall be financed through contributions from those institutions. Those contributions replace those made to national Insurance Guarantee Schemes of a similar nature. 6. When the accumulated resources from the contributions made by insurers are not sufficient to solve the crisis, the Scheme shall have the capacity to increase its resources through debt issuance. Member States may, in exceptional circumstances, facilitate the issuance of debt by the Scheme through guarantees, and in exchange for a fee reflecting appropriately the risk assumed. Those guarantees shall be shared by Member States in accordance with the criteria laid down in paragraph 7. 7. Where, under extreme, exceptional circumstances and in the context of a systemic crisis, there is a failure of one or several institutions, and the resources available are insufficient, the affected Member States will deal with this burden according to principles established in a Memorandum of Understanding (MoU), properly amended. 8. The membership in the Scheme shall replace the membership in the existing national Insurance Guarantee Schemes for the EU institutions participating in it. The Scheme shall be managed by a Board appointed by the European Supervisory Authority (Insurance and Occupational Pensions) for a period of five years. The members of the Board shall be elected from staff of the national authorities. The Scheme shall also create a Consultative Board comprising the insurer institutions participating in the Scheme.
2010/03/18
Committee: AFCO
Amendment 128 #
Proposal for a regulation
Article 13 – paragraph 3 a (new)
3a. The Authority shall delegate to the authorities in the Member States the tasks and responsibilities of supervising the prudential supervision of financial institutions with an EU dimension as referred to in Article 12a.
2010/03/18
Committee: AFCO
Amendment 131 #
Proposal for a regulation
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
2010/03/18
Committee: AFCO
Amendment 141 #
Proposal for a regulation
Chapter IV – section 2 – title
JOINT COMMITTEE OF EUROPEAN SUPERVISORY AUTHORITIES JOINT COMMITTEE
2010/03/18
Committee: AFCO
Amendment 142 #
Proposal for a regulation
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Banking Authority and the European Securities and Markets Authority, in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and development of the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
2010/03/18
Committee: AFCO
Amendment 143 #
Proposal for a regulation
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed by personnel on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
2010/03/18
Committee: AFCO
Amendment 144 #
Proposal for a regulation
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular those with an EU dimension; the functioning of Article 23 with regard to safeguards and regulators; supervisory convergence in the fields of crisis management and resolution in the Union and the question whether prudential activities and the conduct of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
2010/03/18
Committee: AFCO
Amendment 152 #
Proposal for a regulation
Recital 1
(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of CommunityUnion law and trust between national supervisors. (This amendment applies throughout the text.)
2010/03/23
Committee: ECON
Amendment 153 #
Proposal for a regulation
Recital 7
(7) The European System of Financial Supervisors should be a network of national and Community supervisory authorities, leaving day-to-day supervision of financial institutions that the national level, and according a central role in thedo not have a Union dimension to the national level. Colleges of supervisors should exert supervision ofver cross-border groups to colleges of supervisorsinstitutions that do not have a Union dimension. The European Supervisory Authority should gradually take over supervision of financial institutions with a Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the CommunityUnion should also be achieved. A European BankingSupervisory Authority (Insurance and Occupational Pensions) (the Authority) should be established, along with a European Insurance and Occupational PensionsSupervisory Authority (Banking) and a European Securities and Markets Authority (the European Supervisory Authorities)upervisory Authority (Securities and Markets as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board should form part of a European System of Financial Supervision.
2010/03/23
Committee: ECON
Amendment 154 #
Proposal for a regulation
Recital 9
(9) The European Insurance and Occupational Pensions Authority ("the Authority")Authority should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States, to prevent regulatory arbitrage and guarantee a level playing field, to protect policyholders and other beneficiaries, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, to promote supervisory convergence and to strengthen international supervisory coordination while taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employees. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a CommunityUnion body having legal personality and it should have legal, administrative and financial autonomy.
2010/03/23
Committee: ECON
Amendment 155 #
Proposal for a regulation
Recital 10 a (new)
(10a) In Case C-217/04, United Kingdom v. European Parliament and Council of the European Union, the Court of Justice held that: “nothing in the wording of Article 95 TEC implies that the addressees of the measures adopted by the Community legislature on the basis of that provision can only be the individual Member States. The legislature may deem it necessary to provide for the establishment of a Community body responsible for contributing to the implementation of a process of harmonization in situations where, in order to facilitate the uniform implementation and application of acts based on that provision, the adoption of non-binding supporting and framework measures seems appropriate1”. Measures adopted under Article 95 of the EC Treaty (now, Article 114 of the Treaty on the Functioning of the European Union) may take the form of directives or regulations. For instance, the European Network and Information Security Agency was established by Regulation (EC) No 460/2004 of 10 March 20042 and also the Authority will be established by a regulation. 1 Judgment of 2 May 2006, at paragraph 44. 2 OJ L 77, 13.3.2004, p.1.
2010/03/23
Committee: ECON
Amendment 157 #
Proposal for a regulation
Recital 14
(14) The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out in the relevant Community legislation. The matters concernCommission should endorse those draft technical standards in order to give them binding legal effect. They will be subject to amendment if, for example, they are incompatible with Union law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected byin the technical standards do not involve policy decisions, and their content is framed by the Community acts adopted at Level 1. Development of the draftacquis of European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards by, the Authority ensures that they fully benefit from the specialised expertise of national supervisory authoritiesCommission should be subject to a time limit for its decision on the endorsement.
2010/03/23
Committee: ECON
Amendment 158 #
Proposal for a regulation
Recital 15
(15) In areas not covered by technical standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of CommunityEU legislation. In order to ensure transparency and strengthen compliance by national supervisory authorities with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations publicly in order to be fully transparent with market participants. In areas not covered by technical standards, the Authority should establish and promulgate best practices.
2010/03/23
Committee: ECON
Amendment 159 #
Proposal for a regulation
Recital 18
(18) Where the national authority does not comply with the recommendation, the Commission should be empowered to within a deadline fixed by the Authority, the Authority should address a Decision without delay to the national supervisory authority concerned in order to ensure compliance with CommunityEU law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty on the Functioning of the European Union..
2010/03/23
Committee: ECON
Amendment 163 #
Proposal for a regulation
Recital 20
(20) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish the existence of an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
2010/03/23
Committee: ECON
Amendment 167 #
Proposal for a regulation
Recital 21
(21) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityUnion law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them. This also applies to disagreements within a college of supervisors.
2010/03/23
Committee: ECON
Amendment 169 #
Proposal for a regulation
Recital 21 a (new)
(21a) The crisis has exposed major fault lines in existing approaches to supervision of cross-border financial institutions, particularly the biggest and most complex institutions the bankruptcy of which is capable of producing systemic damages. Those fault lines arise from the different areas of activity of the financial institutions on the one hand and from the supervisory bodies on the other. The institutions act in a market without borders while the jurisdiction of the supervisory bodies are limited by national borders.
2010/03/23
Committee: ECON
Amendment 170 #
Proposal for a regulation
Recital 21 b (new)
(21b) The cooperation mechanism used to solve this asynchrony has clearly been shown to be insufficient. As the Turner Review, published in March 2009, points out, "sounder arrangements require either increased national powers, implying a less open single market, or a greater degree of European integration".
2010/03/23
Committee: ECON
Amendment 171 #
Proposal for a regulation
Recital 21 c (new)
(21c) The Union solution calls for the reinforcement of the colleges of supervisors in the supervision of cross- border institutions and for the progressive shift of supervisory powers over institutions with a Union dimension to a Union authority. Financial institutions with a Union dimension include those operating cross-border as well as those operating within national territory provided that their bankruptcy could threaten the stability of the Union's single financial market.
2010/03/23
Committee: ECON
Amendment 172 #
Proposal for a regulation
Recital 21 d (new)
(21d) The national solution implies more host country national powers in regulating and supervising subsidiaries of companies based in other Member States.
2010/03/23
Committee: ECON
Amendment 173 #
Proposal for a regulation
Recital 21 e (new)
(21e) Colleges of supervisors should have the power to define supervisory rules to foster the coherent application of Union law. The Authority should have full participation rights in colleges of supervisors with a view to streamlining the functioning of the information- exchange process, to foster convergence and consistency across the colleges in the application of Union law. The Authority should act as leader in supervising cross- border financial institutions operating in the Union. The Authority should also have a binding mediation role to solve conflicts between national supervisors.
2010/03/23
Committee: ECON
Amendment 174 #
Proposal for a regulation
Recital 21 f (new)
(21f) Colleges of supervisors should play an important role in the efficient, effective and consistent supervision of cross-border financial institutions that do not have a Union dimension, but in most cases differences between national standards and practices subsist. There is no point in converging basic financial regulations if the supervisory practices remain fragmented. As the de Larosière Report points out, "competition distortions and regulatory arbitrage stemming from different supervisory practices must be avoided, because they have the potential of undermining financial stability – inter alia by encouraging a shift of financial activity to countries with lax supervision. The supervisory system has to be perceived as fair and balanced".
2010/03/23
Committee: ECON
Amendment 175 #
Proposal for a regulation
Recital 22 a (new)
(22a) The prudential supervision of institutions with a Union dimension should be entrusted to the European Supervisory Authority (Insurance and Occupational Pensions). National supervisors should act as agents of the European Supervisory Authority (Insurance and Occupational Pensions) and should be bound to the Authority's instructions when they supervise cross- border institutions with a Union dimension.
2010/03/23
Committee: ECON
Amendment 176 #
Proposal for a regulation
Recital 22 b (new)
(22b) Institutions with a Union dimension should be identified, taking into account international standards.
2010/03/23
Committee: ECON
Amendment 177 #
Proposal for a regulation
Recital 22 c (new)
(22c) A European Insurance Guarantee Scheme (Scheme) should be established to protect policyholders, beneficiaries and institutions facing difficulties where those could menace the financial stability of the Union's single financial market. The Scheme should be financed through contributions from those institutions, through debt issued by the Scheme or, in exceptional circumstances, through contributions made by the affected Member States in accordance with criteria previously agreed upon (revised Memorandum of Understanding). The contributions to the Scheme should replace those made to the national Insurance Guarantee Schemes.
2010/03/23
Committee: ECON
Amendment 179 #
Proposal for a regulation
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shallould be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements..
2010/03/23
Committee: ECON
Amendment 180 #
Proposal for a regulation
Recital 26
(26) The Authority should actively promote a coordinated CommunityUnion supervisory response, in particular where adverse developments could potentially jeopardisto ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion. In addition to its powers for action in emergency situations, it should therefore be entrusted with a general coordination function within the European System of Financial Supervisors. The smooth flow of all relevant information between competent authorities should be a particular focus of the Authority's actions.
2010/03/23
Committee: ECON
Amendment 181 #
Proposal for a regulation
Recital 28
(28) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the Community. It shall fully respect the existing roles and competences of the European Institutions in relrepresent the Union in the dialogue and cooperations with authoritiesupervisors outside the Community and in international forumsUnion.
2010/03/23
Committee: ECON
Amendment 191 #
Proposal for a regulation
Recital 33 a (new)
(33a) In comparison to well-funded and well-connected industry representatives, non-profit organisations are marginalised in the debate on the future of financial services and in the corresponding decision-making process. This disadvantage has to be compensated for by adequate funding of their representatives in the Insurance and Occupational Pensions Stakeholder group.
2010/03/23
Committee: ECON
Amendment 195 #
Proposal for a regulation
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority (Insurance and Occupational Pensions Authority) ("the Authority").
2010/03/23
Committee: ECON
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 5
5. The Authority shall form part of a European System of Financial Supervisors, hereinafter referred to as 'ESFS', which shall function as a network of supervisors, as further specified in Article 39.deleted
2010/03/23
Committee: ECON
Amendment 205 #
Proposal for a regulation
Article 1 – paragraph 6
6. The European Insurance and Occupational Pensions Authority shall co-operate with the European Systemic Risk Board, hereinafter referred to as 'ESRB' as laid down in Article 21 of this Regulation.deleted
2010/03/23
Committee: ECON
Amendment 207 #
Proposal for a regulation
Article 1 a (new)
Article 1a The European System of Financial Supervision 1. The Authority shall form part of the European System of Financial Supervision, the main objective of which is to ensure that the rules applicable to the financial sector are appropriately implemented, in order to preserve financial stability and thereby to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services. 2. The European System of Financial Supervision shall comprise the following: (a) the European Systemic Risk Board, established by Regulation (EU) No .../... [ESRB]; (b) the European Supervisory Authority (Securities and Markets) established by Regulation (EU) No .../... [ESMA]; (c) the European Supervisory Authority (Banking) established by Regulation (EU) No …/…[EBA]; (d) the Authority; (e) the European Supervisory Authority (Joint Committee) provided for in Article 40; (f) the authorities in the Member States referred to in Article 1(2) of Regulations (EU) No .../... [ESMA], Regulation (EU) No …/2009 [EIOPA] and Regulation (EU) No …/… [EBA]; (g) the Commission, for the purposes of carrying out the tasks referred to in Articles 7 and 9; 3. The Authority shall cooperate regularly and closely, ensure cross-sectoral consistency of work and arrive at joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues with the European Systemic Risk Board as well as with the European Supervisory Authority (Banking) and the European Supervisory Authority (Securities and Markets) through the European Supervisory Authorities (Joint Committee) referred to in Article 40. 4. In accordance with the principle of sincere cooperation in accordance with Article 13(2) of the Treaty on European Union, the parties of the ESFS shall cooperate with trust and full mutual respect, in particular in ensuring that appropriate and reliable information flows between them.
2010/03/23
Committee: ECON
Amendment 217 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of CommunityUnion legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotingcompetent authorities, ensuring effective and consistent supervision of financial institutions with a Union dimension and a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
2010/03/23
Committee: ECON
Amendment 222 #
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
(fa) prohibit the trading of certain products or types of transactions to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
2010/03/23
Committee: ECON
Amendment 223 #
Proposal for a regulation
Article 6 – paragraph 1 – point f b (new)
(fb) establish databases within the area of its competence and where specified in the legislation referred to in Article 1(2). The collected information shall be accessible to all market participants and shall contain key information about registered market participants, products, breaches and transactions if obligation of undisclosure is specified in the legislation referred to in Article 1(2);
2010/03/23
Committee: ECON
Amendment 228 #
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
(fa) prohibit the trading of certain products or types of transaction to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the Union's financial system;
2010/03/23
Committee: ECON
Amendment 232 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees. The Authority may use the facilities and powers of the competent authorities to execute the exclusive supervisory powers and carry out investigations.
2010/03/23
Committee: ECON
Amendment 238 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not represent strategic decisions and their content shall be limited by the legislative acts on which they are based.
2010/03/23
Committee: ECON
Amendment 241 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefitsThe Authority shall conduct open public consultations with all stakeholders before issuing guidelines and recommendations and shall analyse the potential related costs and benefits before adopting draft technical standards. The Authority shall request an opinion or advice from the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group as referred to in Article 22.
2010/03/23
Committee: ECON
Amendment 246 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, reject or amend the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
2010/03/23
Committee: ECON
Amendment 261 #
Proposal for a regulation
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall state the reasons for the revocation and shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the technical standards already in force. It shall be published in the Official Journal of the European Union.
2010/03/23
Committee: ECON
Amendment 263 #
Proposal for a regulation
Article 7 c (new)
Article 7c Objections to Technical standards 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period may be extended by two months. 2. If on the expiry of that period, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force at the date stated therein. Before the expiry of that period and in exceptional and duly justified cases, the European Parliament and the Council may both inform the Commission that they do not intend to raise objections to a delegated act. In such cases, the delegated act shall be published in the Official journal of the European Union and shall enter into force at the date stated therein. 3. If the European Parliament or the Council objects to a technical standard, it shall not enter into force. The institution which objects shall state the reasons for objecting to the delegated act.
2010/03/23
Committee: ECON
Amendment 265 #
Proposal for a regulation
Article 7 d (new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairperson of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
2010/03/23
Committee: ECON
Amendment 269 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
The Authority shall conduct public consultations regarding the guidelines and recommendations and shall analyse the potentially related costs and benefits. The Authority shall also request an opinion or advice from the Insurance and Occupational Pensions Stakeholder Group referred to in Article 22.
2010/03/23
Committee: ECON
Amendment 275 #
Proposal for a regulation
Article 8 – paragraph 3
WIn the re the national supervisory authority does not apply thosport on its activities referred to in Article 32(6), the Authority shall inform the European Parliament, the Council and the Commission of the guidelines orand recommendations it shall inform the Authority of its reasonsthat are issued, stating which national authority has not complied with them and outlining how the Authority intends to ensure compliance in the future.
2010/03/23
Committee: ECON
Amendment 281 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one month fromten working days of receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, in accordance with paragraph 3, the Authority shall take a decision requiring the national supervisorycompetent authority to take the action necessary to comply with CommunityUnion law.
2010/03/23
Committee: ECON
Amendment 284 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
2010/03/23
Committee: ECON
Amendment 286 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
2010/03/23
Committee: ECON
Amendment 288 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
2010/03/23
Committee: ECON
Amendment 291 #
Proposal for a regulation
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
2010/03/23
Committee: ECON
Amendment 293 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
2010/03/23
Committee: ECON
Amendment 297 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
2010/03/23
Committee: ECON
Amendment 299 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
2010/03/23
Committee: ECON
Amendment 305 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
7a. In its report, the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
2010/03/23
Committee: ECON
Amendment 308 #
Proposal for a regulation
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulationin order to enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
2010/03/23
Committee: ECON
Amendment 314 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning, the ESRB shall notify it simultaneously to the European Parliament, the Council, the Commission and the Authority.
2010/03/23
Committee: ECON
Amendment 317 #
Proposal for a regulation
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with this Regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and national supervisory authorities satisfy the requirements laid down in that legislation.
2010/03/23
Committee: ECON
Amendment 318 #
Proposal for a regulation
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority mayshall adopt individual decisions requiringnecessary to ensure that national supervisory authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
2010/03/23
Committee: ECON
Amendment 329 #
Proposal for a regulation
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a national supervisory on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
2010/03/23
Committee: ECON
Amendment 330 #
Proposal for a regulation
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
2010/03/23
Committee: ECON
Amendment 331 #
Proposal for a regulation
Article 10 – paragraph 3 a (new)
3a. Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
2010/03/23
Committee: ECON
Amendment 335 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council or the Commission.
2010/03/23
Committee: ECON
Amendment 336 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 at regular intervals and in any event at the request of the European Parliament or the Authority.
2010/03/23
Committee: ECON
Amendment 338 #
Proposal for a regulation
Article 10 – paragraph 4 b (new)
4b. In its report, the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
2010/03/23
Committee: ECON
Amendment 345 #
Proposal for a regulation
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, mayshall take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
2010/03/23
Committee: ECON
Amendment 347 #
Proposal for a regulation
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
2010/03/23
Committee: ECON
Amendment 350 #
Proposal for a regulation
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in compliance with Community lawshall, in accordance with the second subparagraph of Article 29(1), take a decision to settle the disagreement and to require them to settle the matter, in compliance with Union law, with binding effects on the competent authorities concerned.
2010/03/23
Committee: ECON
Amendment 354 #
Proposal for a regulation
Article 11 – paragraph 4
4. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in Article 1(2), the Authority mayshall adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law, including the cessation of any practice.
2010/03/23
Committee: ECON
Amendment 355 #
Proposal for a regulation
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors referred to in Directive 2006/48/EC and foster the coherence of the application of Community legislationUnion law across colleges.
2010/03/23
Committee: ECON
Amendment 358 #
Proposal for a regulation
Article 12 – paragraph 3 a (new)
3a. The Authority may issue technical standards, guidelines and recommendations adopted under Articles 7 and 8 to harmonise supervisory functioning and best practices adopted by the colleges of supervisors.
2010/03/23
Committee: ECON
Amendment 360 #
Proposal for a regulation
Article 12 – paragraph 3 b (new)
3b. A legally binding mediation role should allow the new Authorities to solve disputes between national supervisors following the procedure set up in Article 11. Where no agreement can be reached between the supervisors of a cross-border institution, the Authority should be empowered to take supervisory decisions directly applicable to the institution concerned.
2010/03/23
Committee: ECON
Amendment 364 #
Proposal for a regulation
Article 12 a (new)
Article 12a Supervision of financial institutions with a Union dimension 1. For the supervision of financial institutions with a Union dimension operating in the Union the Authority shall act as leading competent authority. They shall act through national competent authorities who will act as delegated authority. 2. The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, to define the characteristics of financial institutions with a Union dimension. Those acts shall take the form of a decision and shall contain a list of institutions that are considered to be the financial institutions with a Union dimension operating in the Union. 3. The criteria for identifying such financial institutions shall at least include consideration of the following: market share in Member States where the financial institution is active, total assets, market share of total Union assets and EU or non-EU-based ultimate ownership. In the event that such a financial institution spans different sectors, the European Supervisory Authority (Joint Committee) shall decide which part of the Authority shall act as the leading competent authority.
2010/03/23
Committee: ECON
Amendment 365 #
Proposal for a regulation
Article 12 b (new)
Article 12b Supervision of cross-border financial institutions 1. To ensure the co-responsibility of financial institutions with a Union dimension, to protect European depositors' interests and to reduce the cost to tax payers of a systemic financial crisis, a European Financial Protection Fund (Fund) shall be established. The Fund shall play a role in helping the Union financial institutions facing difficulties where those difficulties could menace financial stability of the Union's single financial market. The Fund shall be financed by contributions from those institutions. The contributions may replace those made to national funds of similar nature. 2. Where the accumulated resources from the contributions made by market participants are not sufficient to solve the crisis, the Fund shall have the capacity to increase its resources through debt issuance. Member States may, in exceptional circumstances, facilitate the issuance of debt by the Fund through guarantees, and in exchange for a fee reflecting appropriately the risk assumed. Those guarantees shall be shared by Member States in accordance with the criteria laid down in paragraph 3 3. When, under extreme, exceptional circumstances and in the context of a systemic crisis, one or more institutions fail, and the resources available are insufficient, the affected Member States shall deal with this burden in accordance with the following criteria: the economic impact of the crisis on the affected Member States and the deposits, assets, distribution of those income flows of the affected institutions. 4. The membership in the Fund shall replace the membership in the existing national schemes for the Union financial institutions participating in it. The Fund shall be managed by a Board appointed by the European Supervisory Authority (Securities and Markets) for a period of five years. The members of the Board shall be elected from staff of the national authorities. The Fund shall also create a Consultative Board comprising the financial institutions participating in the Fund.
2010/03/23
Committee: ECON
Amendment 372 #
Proposal for a regulation
Article 13 – paragraph 3 a (new)
3a. No bilateral agreements concerning delegation to institutions that are identified as significant cross-border financial institutions pursuant to Article 12a shall be entered into.
2010/03/23
Committee: ECON
Amendment 381 #
Proposal for a regulation
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the national supervisory authorities concernepursuant to Article 8 to the competent authorities concerned, or adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with Articles 7 to 7d.
2010/03/23
Committee: ECON
Amendment 387 #
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
(4a) taking all appropriate measures in situations of financial instability and crisis with a view to facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
2010/03/23
Committee: ECON
Amendment 388 #
Proposal for a regulation
Article 16 – paragraph 2 – point 4 b (new)
(4b) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reports, the Authority will share the information with the competent national authorities.
2010/03/23
Committee: ECON
Amendment 391 #
Proposal for a regulation
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European BankingSupervisory Authority (Banking) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets) and the European Supervisory Authority (Joint Committee).
2010/03/23
Committee: ECON
Amendment 394 #
Proposal for a regulation
Article 18 – paragraph 1 a (new)
The Authority shall contribute to the representation of the European Union in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
2010/03/23
Committee: ECON
Amendment 395 #
Proposal for a regulation
Article 18 – paragraph 2
The Authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in Article 1(2). The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, for the purpose of making assessments of equivalence referred to in this Article.
2010/03/23
Committee: ECON
Amendment 396 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
The Commission shall adopt delegated acts in accordance with Articles 7a to 7d for the purpose of making equivalence assessments referred to in the second paragraph.
2010/03/23
Committee: ECON
Amendment 398 #
Proposal for a regulation
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of assessment procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
2010/03/23
Committee: ECON
Amendment 400 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
The Authority may also request information to be provided at recurring intervals. Those requests shall use common reporting formats to be fulfilled, where appropriate, at a consolidated level.
2010/03/23
Committee: ECON
Amendment 407 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
2010/03/23
Committee: ECON
Amendment 408 #
Proposal for a regulation
Article 21 – paragraph 6
6. In discharging its tasks set out in this regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.
2010/03/23
Committee: ECON
Amendment 413 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds, their employees as well as consumers and users of the insurance, reinsurance and occupational pension services. Not less than 5 of the members shall be independent top-ranking academics. The number of members representing professional market participants including their employees shall not exceed 15. At least 5 of them have to be representatives of the employees.
2010/03/23
Committee: ECON
Amendment 417 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community insurance and reinsurance firms as well as occupational pension fundUnion credit and investment institutions, their employees as well as consumers and, users of the insurance, reinsurance and occupational pension servicebanking services and representatives of SMEs. Not less than 5 of the members shall be independent top- ranking academics. The number of members representing market participants shall not exceed 10. Not less than 10 members shall be elected by SME organisations.
2010/03/23
Committee: ECON
Amendment 429 #
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3
The Authority shall ensure adequate secretarial support for the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group. Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
2010/03/23
Committee: ECON
Amendment 439 #
Proposal for a regulation
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8. Any conflict of interest of members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
2010/03/23
Committee: ECON
Amendment 442 #
Proposal for a regulation
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedwith particular focus on the tasks set out in Articles 7 and 8.
2010/03/23
Committee: ECON
Amendment 454 #
Proposal for a regulation
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
2010/03/23
Committee: ECON
Amendment 460 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
2010/03/23
Committee: ECON
Amendment 462 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
2010/03/23
Committee: ECON
Amendment 472 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
2010/03/23
Committee: ECON
Amendment 478 #
Proposal for a regulation
Article 25 – paragraph 1 – point f a (new)
(fa) two representatives of the Banking Stakeholder Group, one of them representing the SME, who shall be non- voting.
2010/03/23
Committee: ECON
Amendment 481 #
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate thean impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the national supervisory authorities which are parties to the disagreement and who shall not have any interest in the conflict.
2010/03/23
Committee: ECON
Amendment 484 #
Proposal for a regulation
Article 26 – paragraph 2 a (new)
2a. The Board of Supervisors shall establish an Experts’ Panel comprising a limited number of independent high-level individuals, committed to the objectives of the European Union. The Experts’ Panel shall have the following tasks: (a) to express views on the Authority’s work programme; (b) to assist the Authority in the definition of priorities; (c) to alert the Authority on regulatory inconsistencies in the internal market and suggest areas for further work; and (d) to inform the Authority about major financial market developments. The Authority shall ensure adequate secretarial support for the Experts’ Panel.
2010/03/23
Committee: ECON
Amendment 485 #
Proposal for a regulation
Article 26 – paragraph 2 b (new)
2b. The members of the Experts’ Panel shall serve for a period of two-and-a-half years, following which a new selection procedure shall take place. The members may serve two successive terms.
2010/03/23
Committee: ECON
Amendment 486 #
Proposal for a regulation
Article 26 – paragraph 2 c (new)
2c. The Experts’ Panel shall adopt its rules of procedure.
2010/03/23
Committee: ECON
Amendment 499 #
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
2010/03/23
Committee: ECON
Amendment 508 #
Proposal for a regulation
Article 32 – paragraph 6
6. The Management Board shall, after consulting the Board of Supervisors, adopt the annuala report on the activities of the Authority (Report) on the basis of the draft report referred to in Article 38(7) and shall transmit that re Report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The rReport shall be made public.
2010/03/23
Committee: ECON
Amendment 524 #
Proposal for a regulation
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
2010/03/23
Committee: ECON
Amendment 529 #
Proposal for a regulation
Article 40 a (new)
Article 40 a Supervision 1. The Joint Committee shall execute the tasks of the consolidating supervisor with respect to all financial market participants and key financial market participants in accordance with Article 12a. 2. The Joint Committee shall fund those supervisory activities by collecting a fee from each market participant that it supervises, based on the risk that the participant may go into liquidation.
2010/03/23
Committee: ECON
Amendment 532 #
Proposal for a regulation
Article 44
1. The Board of Appeal shall be a joint body of the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority. 2. The Board of Appeal shall be composed of six members and six alternates, who shall be individuals with relevant knowledge and experience, excluding current staff of the competent authorities or other national or Community institutions involved in the activities of the Authority. The Board of Appeal designates its President. The decisions of the Board of Appeal shall be adopted on the basis of a majority of at least four of its six members. The Board of Appeal shall be convened by its President when necessary. 3. Two members of the Board of Appeal and two alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. The other Members shall be appointed in accordance with Regulation (EC) No …/… [EIOPA] and Regulation (EC) No …/… [EBA]. 4. The term of office of the members of the Board of Appeal shall be five years. This term may be extended once. 5. A member of the Board of Appeal, who was appointed by the Management Board of the Authority, may not be removed during his term of office, unless he has been found guilty of serious misconduct, and the Management Board takes a decision to that effect after consulting the Board of Supervisors. 6. The Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority shall ensure adequate operational and secretarial support for the Board of Appeal.Article 44 deleted Composition
2010/03/23
Committee: ECON
Amendment 533 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the national supervisory authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
2010/03/23
Committee: ECON
Amendment 539 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the AuthorityEuropean Parliament from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. It shall include at least one member representing a consumer organisation, one member representing SMEs and one member representing the research community. The latter as well as his alternate shall be appointed by the Insurance, Reinsurance and Occupational Pensions Stakeholder Group.
2010/03/23
Committee: ECON
Amendment 543 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
The other Members shall be appointed in accordance with Regulation (EC) No …/…[EBA] and Regulation (EC) No …/…[ESMA].deleted
2010/03/23
Committee: ECON
Amendment 545 #
Proposal for a regulation
Article 45
1. The members of the Board of Appeal shall be independent in making their decisions. They shall not be bound by any instructions. They may not perform any other duties in the Authority, in its Management Board or in its Board of Supervisors. 2. Members of the Board of Appeal may not take part in any appeal proceedings if they have any personal interest therein, or if they have previously been involved as representatives of one of the parties to the proceedings, or if they have participated in the decision under appeal. 3. If, for one of the reasons referred to in paragraph 1 and 2 or for any other reason, a member of a Board of Appeal considers that a fellow member should not take part in any appeal proceedings, the member shall inform the Board of Appeal accordingly. 4. Any party to the appeal proceedings may object to the participation of a member of the Board of Appeal on any of the grounds referred to in paragraph 1 and 2, or if suspected of bias. An objection may not be based on the nationality of members nor shall it be admissible if, while being aware of a reason for objecting, the party to the appeal proceedings has nonetheless taken a procedural step other than objecting to the composition of the Board of Appeal. 5. The Board of Appeal shall decide on the action to be taken in the cases specified in paragraphs 1 and 2 without the participation of the member concerned. For the purpose of taking that decision, the member concerned shall be replaced on the Board of Appeal by his alternate, unless the alternate finds himself in a similar situation. Should this be the case, the Chairperson shall designate a replacement from among the available alternates. 6. The members of the Board of Appeal shall undertake to act independently and in the public interest. For that purpose, they shall make a declaration of commitments and a declaration of interest indicating either the absence of any interest which may be considered prejudicial to their independence or any direct or indirect interest which might be considered prejudicial to their independence. Those declarations shall be made public, annually and in writing.Article 45 deleted Independence and impartiality
2010/03/23
Committee: ECON
Amendment 571 #
Proposal for a regulation
Article 66 – paragraph 1 a (new)
1a. The Commission shall draft its report taking into account the proposals made by the Insurance, Reinsurance and Occupational Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission. The Commission may also consider the views of other stakeholder groups.
2010/03/23
Committee: ECON
Amendment 572 #
Proposal for a regulation
Article 66 – paragraph 1 b (new)
1b. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
2010/03/23
Committee: ECON