16 Amendments of Caroline NAGTEGAAL related to 2017/0359(COD)
Amendment 37 #
Proposal for a regulation
Recital 5
Recital 5
(5) Many of the requirements that stem from Regulation (EU) No 575/2013 and Directive 2013/36/EU framework are designed to address common risks faced by credit institutions. Accordingly, the existing requirements are largely calibrated to preserve the lending capacity of credit institutions through economic cycles and to protect depositors and taxpayers from possible failure, and are not designed to address the different risk-profiles of investment firms. Investment firms do not have large portfolios of retail and corporate loans and do not take deposits. The likelihood that their failure can have detrimental impacts for overall financial stability is lower than in the case of credit institutions. The risks faced and posed by some investment firms are thus substantially different to the risks faced and posed by credit institutions and such difference should be clearly reflected in the prudential framework of the Union.
Amendment 87 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point a
Article 12 – paragraph 1 – subparagraph 1 – point a
(a) AUM (or assets under management) calculated in accordance with Article 17 is less than EUR 1.2 billion;
Amendment 93 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point c
Article 12 – paragraph 1 – subparagraph 1 – point c
(c) ASA (or assets safeguarded and administered) calculated in accordance with Article 19 is zeroEUR 50 million;
Amendment 95 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point d
Article 12 – paragraph 1 – subparagraph 1 – point d
(d) CMH (or client money held) calculated in accordance with Article 18 is zeroEUR 5 million;
Amendment 103 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point f
Article 12 – paragraph 1 – subparagraph 1 – point f
(f) NPR (net position risk) or CMG (clearing member guarantee) calculated in accordance with Articles 22 and 23 is zeroEUR 5 million;
Amendment 105 #
Proposal for a regulation
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1a. An investment firm dealing on own account shall be deemed a small and non-interconnected investment firm for the purposes of this Regulation for a period of no more than three years, as long as it employs less than 50 persons (full time equivalent) and where the fixed overhead requirement calculated in accordance with Article 13 does not exceed EUR 3.5 million.
Amendment 112 #
Proposal for a regulation
Article 12 – paragraph 5
Article 12 – paragraph 5
Amendment 130 #
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1
Article 18 – paragraph 1 – subparagraph 1
For the purposes of calculating K-CMH, CMH shall be the rolling average of the value of total daily client money held, measured at the end of each business day for the previous 312 calendar months.
Amendment 133 #
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 2
Article 18 – paragraph 1 – subparagraph 2
CMH shall be the average or simple arithmetic mean of the daily measurements in the 312 calendar months.
Amendment 136 #
Proposal for a regulation
Article 18 – paragraph 2 – introductory part
Article 18 – paragraph 2 – introductory part
2. Where an investment firm has been holding client money for less than 312 months, it may use business projections to calculate K-CMH, subject to the following cumulative requirements:
Amendment 147 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
The RtM K-factor requirement for the trading book positions of an investment firm dealing on own account, whether for itself or on behalf of a client shall be the higher ofeither K-NPR calculated in accordance with Article 22 or K-CMG calculated in accordance with Article 23.
Amendment 197 #
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 2
Article 32 – paragraph 1 – subparagraph 2
DTF shall be the average or simple arithmetic mean of the daily measurements for the remaining 3 calendar months, excluding the twenty days with the lowest trading flow and the twenty days with the highest trading flow. K-DTF shall also not exceed an amount equal to six months of the fixed overhead requirement, as calculated under the provisions laid out in Article 13.
Amendment 201 #
Proposal for a regulation
Article 32 – paragraph 2 – introductory part
Article 32 – paragraph 2 – introductory part
2. DTF shall be measured as the sum of the absolute value of buys and the absolute value sells for both cash trades and derivatives in accordance with the following:. ESMA shall develop draft regulatory technical standards specifying the calculation method for determining the absolute value of buys and sells taking into account the specifics of each asset class to enable a DTF measurement that is proportionate to the activities of each investment firm. ESMA shall submit those draft regulatory technical standards to the Commission by (insert date 9 months after entry into force of this regulation). Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 202 #
Proposal for a regulation
Article 32 – paragraph 2 – point a
Article 32 – paragraph 2 – point a
Amendment 203 #
Proposal for a regulation
Article 32 – paragraph 2 – point b
Article 32 – paragraph 2 – point b
Amendment 327 #
Proposal for a regulation
Article 61 – paragraph 1 – point 2 – point c a (new)
Article 61 – paragraph 1 – point 2 – point c a (new)
Regulation (EU) No 600/2014
Article 47 – paragraph 5 a (new)
Article 47 – paragraph 5 a (new)
(ca) the following paragraph is added: “5a. The Commission shall make ad hoc assessments of equivalence provisions based on reasoned requests from the European Parliament, the Council, ESMA and where relevant the ECB, NCAs and the ESRB.’’