65 Amendments of Íñigo MÉNDEZ DE VIGO related to 2009/0144(COD)
Amendment 90 #
Proposal for a regulation
Recital 24
Recital 24
(24) 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.
Amendment 91 #
Proposal for a regulation
Recital 38
Recital 38
(38) 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.
Amendment 92 #
Proposal for a regulation
Recital 39
Recital 39
(39) 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 Insurance and Occupational Pensions Authority or the European Banking Authority should be adopted in parallel by the European Supervisory Authorities concernedSupervisory Authority (Banking) or the European Supervisory Authority (European Insurance and Occupational Pensions) 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.
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Authority shall also act within the field of the activities covered by the legislation referred to in paragraph 2, including matters relating to shareholder rights, corporate governance, auditing and financial reporting, provided that such actions by the Authority are necessary in order to ensure the effective and consistent application of the legislation referred to in paragraph 2. The Authority shall also take appropriate action in the context of takeover bids, clearing and settlement issues, securitisation, short selling and derivative issues including standardisation.
Amendment 97 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 98 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Community institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the legislation referred to in Article 1(2)a consistent application of Union 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 competent authorities, ensuring a coherent functioning of colleges of supervisors and taking action, inter alia in emergency situations;
Amendment 100 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
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.
Amendment 105 #
Proposal for a regulation
Article 7 – paragraph 2
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.
Amendment 114 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, or from the CommissionEuropean Parliament, the Council, the Commission or a member of the Securities and Markets Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 125 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
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.
Amendment 132 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 134 #
Proposal for a regulation
Article 13 – paragraph 3 a (new)
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.
Amendment 137 #
Proposal for a regulation
Article 23 – paragraph 1
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.
Amendment 143 #
Proposal for a regulation
Chapter IV – section 2 – title
Chapter IV – section 2 – title
Amendment 144 #
Proposal for a regulation
Article 40 – paragraph 2
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 withand learning with the European Banking Authority and the European Insurance and Occupational Pensions Authority and the Banking, 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 Authority. ies.
Amendment 145 #
Proposal for a regulation
Article 40 – paragraph 3
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.
Amendment 146 #
Proposal for a regulation
Article 66 – paragraph 1 a (new)
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.
Amendment 147 #
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial market participant at the national level, and according a central role in the supervision ofinstitutions that have no EU dimension at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have no EU dimension. The Authority shall gradually take over supervision of institutions with European Union dimension. Greater harmonisation and the coherent application of rules for financial market participantinstitutions and markets across the CommunityUnion should also be achieved. A European Securities and Markets Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority and) and a European Supervisory Authority (Banking) as well as a European BankingSupervisory Authority (the European Supervisory Authorities). Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 150 #
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by CommunityUnion law, with the elaboration of draft technical standards, which do not involve policy choices. When drafting the technical standards the Authority should take into consideration the different structures and risk profiles of financial institutions. In particular, the Authorities should seek to ensure that unnecessary burden is not placed on financial institutions that are Union-based, member-owned and play an important role with regards to combating social exclusion. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendment if, for example, the draft technical standards were incompatible with CommunityUnion Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityUnion financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 171 #
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) Non-profit organisations in comparison to well funded and well connected industry representatives, are marginalised in the debate on the future of financial services and in the corresponding decision making process. This disadvantage has to be compensated by adequate funding of their representatives in the Securities and Market Stakeholder group.
Amendment 185 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2 a. The Authority shall also act within the field of the activities covered by the legislation referred to in paragraph 2, including matters relating to shareholder rights, corporate governance, auditing, financial reporting, provided that such actions by the Authority are necessary to ensure the effective and consistent application of the legislation referred to in paragraph 2. The Authority shall also take appropriate action in the context of takeover bids, clearing and settlement issues, securitisation, short selling and derivative issues including standardization.
Amendment 200 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community lawEU legislation referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission. It shall undertake an economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 221 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The Authority shall have its seat in Paris. Frankfurt.
Amendment 232 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) establish databases in the area of its competence and, where specified in the legislation referred to in Article 1(2). The collected information has to be accessible to all market participants and should contain key information about registered market participants, products, misbehaviour and transactions if obligation of disclosure is specified in the legislation referred to in Article 1(2);
Amendment 235 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
(f b) foster investor protection, in particular by ensuring the enforcement of the harmonized EU regulations on product disclosure and selling processes to all retail investors for all retail investment products and services. EBA and EIOPA shall provide all the necessary support and cooperation to enable ESMA to properly execute this task;
Amendment 241 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) 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;
Amendment 253 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
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.
Amendment 256 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2 a (new)
Article 6 – paragraph 3 – subparagraph 2 a (new)
The Authority shall execute any exclusive supervisory powers over Central Clearing Houses as well as over Credit Rating Agencies pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies1. __________ 1 OJ L 302, 17.11.2009, p.1.
Amendment 263 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards into complete and modify elements theat areas specifically set out in not essential to the legislationve acts referred to in Article 1(2). The Authority shtechnicall submit its draft standards to the Commission for endorsementtandards do not represent strategic decisions and their content shall be limited by the legislation on which they are based.
Amendment 270 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 272 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 a (new)
Article 7 – paragraph 1 – subparagraph 2 a (new)
Drafting technical standards the Authority shall take into consideration the full variety of different players on financial markets and the different effects of the standards on all sorts of market participants.
Amendment 273 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 b (new)
Article 7 – paragraph 1 – subparagraph 2 b (new)
The Authority shall submit its draft standards to the Commission for endorsement and at the same time to the European Parliament and the Council.
Amendment 275 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
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.
Amendment 281 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 289 #
Proposal for a regulation
Article 7 – paragraph 2
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 delegated acts in accordance with Articles 7a to 7d, designed to establish the technical standards referred to in paragraph 1. Those acts shall be in the form of regulations or decisions.
Amendment 298 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct open public consultations on guidelines and recommendations and analyse the potential related costs and benefits. The Authority shall also request an opinion or advice of the Securities and Markets Stakeholder Group referred to in Article 22.
Amendment 377 #
Proposal for a regulation
Article 12 – paragraph 3 a (new)
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.
Amendment 387 #
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3 a. The Authority may assign the tasks and responsibilities of the prudential supervision of financial institutions with EU dimension as referred to in Article 12a to the competent authorities in the Member States.
Amendment 391 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including accounting and reporting standards;
Amendment 402 #
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
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;
Amendment 409 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 410 #
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute in 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).
Amendment 411 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
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.
Amendment 418 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
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.
Amendment 424 #
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2 The Authority shall cooperate closely with the ESRB. It shall provide the ESRB with regular and up-to-date information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the ESRB upon a reasoned request, as specified in Article [15] of Regulation (ECU) No …./… [ESRB]. The Authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions.
Amendment 426 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established. The Stakeholder Group shall be consulted on all relevant decisions and actions of the authority. If case of urgency immediate consultation is impossible, the Stakeholder Group has to be informed about the decision as quick as possible.
Amendment 436 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion financial market participants, their employees as well as consumers, investors and users of financial services.
Amendment 438 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 a (new)
Article 22 – paragraph 2 - subparagraph 1 a (new)
Not less than 5 of the members shall be independent top-ranking academics.
Amendment 439 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 b (new)
Article 22 – paragraph 2 - subparagraph 1 b (new)
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.
Amendment 443 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twice a yearquarterly.
Amendment 445 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 2
Article 22 – paragraph 3 - subparagraph 2
Amendment 451 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 458 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets 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 Securities and Market Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 467 #
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Securities and Markets Stakeholder Group shall adopt its rules of procedure and designate its chairperson from amongst its members.
Amendment 471 #
Proposal for a regulation
Article 23 – paragraph 1
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.
Amendment 480 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthten working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 485 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
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.
Amendment 496 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked 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, at a meeting no later than two months after the Authority has informed the Member State as set out in subparagraph 4.
Amendment 512 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 524 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) two representatives of the Securities and Market Stakeholder Group who shall be non- voting. Not more than one of them has to be a representative of the professional market participants or their employees.
Amendment 582 #
Proposal for a regulation
Article 40 – paragraph 3 a (new)
Article 40 – paragraph 3 a (new)
3a. Only those supervisory authorities included in the European System of Financial Supervisors shall be entitled to supervise financial institutions operating in the European Union.
Amendment 627 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall draft its report taking into account the proposals made by the Securities and Market Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission.
Amendment 630 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 b (new)
Article 66 – paragraph 1 – subparagraph 1 b (new)
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 regulatory and supervisory convergence in the fields of crisis management and resolution in the Union.
Amendment 633 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the CommunUnion. The report shall also evaluate the efficiency of the whole European Supervisory Authorities System and the budgetary needs of the Authority respecting increasing responsibilities, powers and tasks of the Authority. The evaluation shall be based on extensive consultation, including with the Securities and Markets Stakeholder Group.