81 Amendments of Werner LANGEN related to 2012/0242(CNS)
Amendment 72 #
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past decades, the Union has made considerably little progress in creating an internal market for banking services. ConsequentlyWhile, in many Member States, banking groups with their headquarters established in other Member States hold a significant market share, and credit institutions have geographically diversified their business, especially within the Euro area, banking supervision remains uneven.
Amendment 82 #
Proposal for a regulation
Recital 2
Recital 2
(2) Maintaining and deepening the internal market for banking services is essential in order to foster economic recovery in the Union. However this proves increasingly challenging. Evidence shows that the integration of banking markets in the Union is coming to a halt, as banks are in difficulties in some countries.
Amendment 84 #
Proposal for a regulation
Recital 3
Recital 3
(3) At the same time, in addition to the adoption of more stringent legislation in the EU, supervisors must step up their supervisory scrutiny to take account of the lessons of the financial crisis in recent years, and be able to oversee highly complex and inter-connected markets and institutions.
Amendment 88 #
Proposal for a regulation
Recital 4
Recital 4
(4) Competence for day-to-day supervision of individual banks in the Union remains mostlysts at national level. This limits the effectiveness of sSupervision and the ability of supervisors to reach a common understanding of the soundness of the banking sector throughout the Union must be substantially improved and the powers of the EBA enhanced to this end. In order to preserve and increase the positive effects of market integration on growth and welfare, integration of supervisory responsibilities should therefore be enhanced and these responsibilities should be exercised in accordance with the same rules.
Amendment 98 #
Proposal for a regulation
Recital 5
Recital 5
(5) The solidity of credit institutions is in many instances still closely linked to the economic performance and financial capacities of the Member State in which they are established. Doubts about the sustainability of public debt, economic growth prospects, and the viability of credit institutions have been creating negative, mutually reinforcing market trends. This, together with the fact that taxpayers bear liability for the banking sector, may lead to risks for the viability of some credit institutions as well as for the stability of the financial system, and may impose a heavy burden for already strained public finances of the Member States concerned (as the example of Ireland shows). The problem poses specific risks within the euro area where the single currency increases the likelihood that negative developments in one Member State can create risks for economic development and the stability of the Euro area as a whole.
Amendment 102 #
Proposal for a regulation
Recital 6
Recital 6
(6) The European Banking Authority (EBA), established in 2011 by Regulation (EU) No. 1093/2010 of the European Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), and the European System of Financial Supervision established by Article 2 of that Regulation and of Regulation (EU) No 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (EIOPA), and Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (ESMA) have significantly improved cooperation between banking supervisors within the Union, despite initial widespread opposition. EBA is making important contributions to the creation of a single rulebook for financial services in the Union, and has been crucial in implementing in a consistent way the recapitalisation of major Unioneuro area credit institutions agreed by the European Council in October 2011. , as well as the guidelines and conditions relating to State aid whose adoption the independent EU competition authority has succeeded in securing.
Amendment 107 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 114 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution framework. In view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the participation of other Member Statesentailing harmonisation of national deposit insurance schemes and a common resolution framework.
Amendment 131 #
Proposal for a regulation
Recital 10
Recital 10
(10) As a first step towards the banking union, a single supervisory mechanism should ensure that the Union's policy relating to the prudential supervision of credit institutions is implemented in a coherent and effective way, that the single rulebook for financial services is applied equally to systemic credit institutions in all Member States concerned, and that those credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations. AThe single supervisory mechanism is the basis for the next steps towards the banking union. This reflects the principle that any introduction of common intervention mechanisms in case of crises should be preceded by common controls to reduce the likelihood that intervention mechanisms will have to be usedshould apply to the whole of the internal market and be established under codecision with democratic participation by the European Parliament.
Amendment 155 #
Proposal for a regulation
Recital 12
Recital 12
(12) The ECB should be conferred only those specific supervisory tasks which are crucial to ensure a coherent and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while otherfor the stability of the euro area, while national supervisory, inspection and authorisation tasks should remain with national authorities. The ECB's tasks should primarily include measures taken in pursuance of macro-prudential stability.
Amendment 164 #
Proposal for a regulation
Recital 13
Recital 13
(13) SThe crisis on the financial markets and the latest analysis by the IMF have shown that safety and soundness of large banks is essential to ensure the stability of the financial system. However, recentTherefore, the ECB should be able to experience shows that smaller banks can also pose a threat to financial stability. Therefore, the ECB should be ablecise specific and clearly defined supervisory tasks in relation to banks of European systemic importance as defined in this Regulation. The ECB also needs to exercise supervisorythese tasks in relation to all banks of participating Member Stateswhich have received or which have requested public financial assistance.
Amendment 173 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) National competent authorities should continue to supervise the credit institutions that fall outside the scope of direct ECB supervision. The ECB, together with the EBA and the national supervisory authorities, should create a supervisory framework for the supervision of those credit institutions which are not directly supervised by the ECB. As part of their duties under the supervisory framework, national competent authorities should submit a report to the ECB on a quarterly basis.
Amendment 190 #
Proposal for a regulation
Recital 14
Recital 14
(14) Prior authorisation for taking up the business of systemic credit institutions in the euro area is a key prudential technique to ensure that only operators with a sound economic basis, an organisation capable of dealing with the specific risks inherent to deposit taking and credit provision, and suitable directors carry out those activities. The ECB should therefore have the task to authorise credit institutions and should be responsible for the withdrawal of authorisations.
Amendment 196 #
Proposal for a regulation
Recital 15
Recital 15
(15) In addition to the conditions set out in Union legislative acts for authorisation of systemic credit institutions in the euro area and the cases for withdrawal of such authorisations, Member States may currently provide for further conditions for authorisation and cases for withdrawal of authorisation. The ECB should therefore carry out its task to authorise credit institutions and to withdraw the authorisation in case of non- compliance with national law upon a proposal by the relevant national competent authority, which assesses compliance with the relevant conditions set out by national law.
Amendment 200 #
Proposal for a regulation
Recital 16
Recital 16
(16) An assessment of the suitability of any new owner prior to the purchase of a significant stake in a credit institution is an indispensable tool to ensure the continuous suitability and financial soundness of credit institutions’ owners. The ECB as a Union institution is well-placed to carry out such an assessment without imposing undue restrictions to the internal market. The ECBin order to be able to make binding recommendations to the competent national authorities. The ECB, jointly with the EU competition authority, should also have the task to assess the acquisition and disposal of significant holdings in credit institutions.
Amendment 206 #
Proposal for a regulation
Recital 17
Recital 17
(17) Compliance with Union rules requiring credit institutions to hold certain levels of capital against risks inherent to the business of credit institutions, to limit the size of exposures to individual counterparties, to publicly disclose information on a credit institutions’ financial situation, to dispose of sufficient liquid assets to withstand situations of market stress, and to limit leverage is a prerequisite for credit institutions’ prudential soundness. TIn the case of systemic banks, the ECB should habe given the task to ensure compliance with those rules and to setpower to make a binding proposal to national supervisory authorities concerning higher prudential requirements and apply additional measures to credit institutions in the cases specifically set out in Union acts.
Amendment 217 #
Proposal for a regulation
Recital 18
Recital 18
(18) Additional capital buffers, including a capital conservation buffer and a countercyclical capital buffer to ensure that credit institutions accumulate during periods of economic growth a sufficient capital base to absorb losses in stressed periods, are key prudential tools to ensure the availability of adequate loss absorbency. The ECB should have the task, jointly with the EBA, to impose such buffers and ensure credit institutions comply with them.
Amendment 226 #
Proposal for a regulation
Recital 19
Recital 19
(19) The safety and soundness of a credit institution depend also on the allocation of adequate internal capital, having regard to the risks to which it may be exposed, and on the availability of appropriate internal organisation structures and corporate governance arrangements. The ECB should therefore have the task to apply requirements ensuring that systemic credit institutions have in place robust governance arrangements, processes and mechanisms, including strategies and processes for assessing and maintaining the adequacy of their internal capital. In case of deficiencies it should also have the task to impose appropriate measures including specific additional own funds requirements, specific publication requirements, and specific liquidity requirements.
Amendment 233 #
Proposal for a regulation
Recital 20
Recital 20
(20) Risks for the safety and soundness of a credit institution can arise both at the level of an individual credit institution and at the level of a banking group or of a financial conglomerate. Specific supervisory arrangements to mitigate these risks are important to ensure the safety and soundness of credit institutions. In addition to supervision of individualsystemic credit institutions, the ECB's tasks should include supervision at the consolidated level, supplementary supervision, supervision of financial holding companies and supervision of mixed financial holding companies in so far as this is legally permitted under Article 127(6) TFEU.
Amendment 238 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to preserve financial stability, the deterioration of an institution's financial and economic situation must be remedied before that institution reaches a point at which authorities have no other alternative than to resolve it. The ECB, together with the EBA, should have the task to carry out early intervention actions as defined in relevant Union law. It should however coordinate its early intervention action with the relevant resolution authorities. Pending the conferral of resolution powers on a European body, the ECB should moreover coordinate appropriately with the national authorities concerned to ensure a common understanding about respective responsibilities in case of crises, in particular in the context of the cross border crisis management groups and the future resolution colleges established for these purposes.
Amendment 243 #
Proposal for a regulation
Recital 22
Recital 22
(22) Specific supervisory tasks not conferred on the ECB should remain withsupplement the powers of the EBA and of national authorities. Those tasks should include the power to receive notifications fromissuing permits to credit institutions in relation to the right of establishment and the free provision of services, to supervise bodies which are not covered by the definition of credit institutions under Union law but which are supervised as credit institutions under national law, to supervise credit institutions from third countries establishing a branch or providing cross-border services in the Union, to supervise payments services, to carry out day-to-day verifications of credit institutions, to carry out the function of competent authorities over credit institutions in relation to markets in financial instruments and the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
Amendment 250 #
Proposal for a regulation
Recital 23
Recital 23
(23) The ECB should carry out the specific tasks conferred on it with a view to ensuring the safety and soundness of systemic credit institutions and the stability of the financial system of the Union and the unity and integrity of the Internal Market, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the single rulebook for financial services in the Union.
Amendment 259 #
Proposal for a regulation
Recital 24
Recital 24
(24) TPursuant to Article 114 TFEU, the conferral of supervisory tasks on the ECB for some of the Member States shouldmust be consistent with the framework of the European System of Financial Supervision (ESFS) set up in 2010 and its underlying objective to develop the single rulebook and enhance convergence of supervisory practices across the whole Union. Cooperation between the banking supervisors and the supervisors of insurance and securities markets is important to deal with issues of joint interest and to ensure proper supervision of credit institutions operating also in the insurance and securities sectors. The ECB should therefore be required to cooperate closely with the EBA, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, within the framework of the EFSF.
Amendment 270 #
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between specific supervisory responsibilities conferred on the ECB and decision making within the EBA, the ECB should coordinate a common position amongst representatives of the national authorities of the participating Member States in relation to matters falling within its competence.
Amendment 271 #
Proposal for a regulation
Recital 26
Recital 26
(26) The ECB should carry out its tasks subject to and in compliance with any Union law rule including the whole of primary and secondary Union law, Commission decisions in the area of State aids, competition rules and merger control and the single rulebook applying to all Member States. The EBA is entrusted with developing draft technical standards and guidelines and recommendations ensuring supervisory convergence and consistency of supervisory outcomes within the Union. The ECB should not replace the exercise of these tasks by the EBA, and should therefore not exercise powers to adopt regulations in accordance with Article 132 TFEU only where Union acts adopted by the European Commission upon drafts developed by the EBA or guidelines and recommendations issued by the EBA do not deal with certain aspects necessary for the proper exercise of the ECB’s tasks or do not deal with them in sufficient detail.
Amendment 277 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to ensure that supervisory rules and decisions are applied by credit institutions, financial holding companies and mixed financial holding companies, effective, proportionate and dissuasive sanctions should be imposed in case of breaches. In accordance with Article 132(3) TFEU and Council Regulation (EC) No. 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, the ECB is entitled to impose fines or periodic penalty payments on systemic undertakings for failure to comply with obligations under its regulations and decisions. Moreover, in order to enable the ECB to effectively carry out its tasks relating to the enforcement of supervisory rules set out in directly applicable Union law, the ECB should be empowered to impose pecuniary sanctions on credit institutions, financial holding companies and mixed financial holding companies for breaches of such rules. National authorities should remain able to apply sanctions in case of failure to comply with obligations stemming from national law transposing Union Directives. Where the ECB considers it appropriate for the fulfilment of its tasks that a sanction is applied for such breaches, it should be able to refer the matter to national authorities for those purposes.
Amendment 282 #
Proposal for a regulation
Recital 28
Recital 28
(28) National supervisors have important and long-established expertise in the supervision of credit institutions within their territory and their economic, organisational and cultural specificities. They have established a large body of dedicated and highly qualified staff for these purposes. Therefore, in order to ensure high quality European supervision national supervisors should assist the ECB in the preparation and implementation of any acts relating to the exercise of the ECB supervisory tasks. This should include in particular the ongoing day-to-day assessment of a bank'sthe situation of all banks and related on site verifications.
Amendment 285 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB shouldmust cooperate closely with the competent authorities of non participating Member States. As a competent authority for specific tasks relating to systemic credit institutions, the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre- condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to systemic credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those representatives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making process.
Amendment 299 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to carry out its taskspecific tasks for systemic credit institutions, the ECB should have appropriate supervisory powers. Union law on the prudential supervision of credit institutions provides for certain powers to be conferred on competent authorities designated by the Member States for those purposes. To the extent that these powers fall within the scope of the supervisory tasks conferred on the ECB, for participating Member States the ECB should be considered the competent authority and should have the powers conferred on competent authorities by Union law. This includes powers conferred by those acts on the competent authorities of the home and the host Member States and the powers conferred on designated authorities.
Amendment 323 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Regulation No 1 determining the languages to be used by the European Economic Community1 applies to the ECB by virtue of Article 342 TFEU.
Amendment 326 #
Proposal for a regulation
Recital 34 b (new)
Recital 34 b (new)
(34b) This Regulation is without prejudice to the right of the European Parliament to set up a temporary Committee of Inquiry to investigate alleged contraventions or maladministration in the implementation of Union law pursuant to Article 226 TFEU.
Amendment 327 #
Proposal for a regulation
Recital 34 c (new)
Recital 34 c (new)
(34c) Pursuant to Article 263 TFEU, the Court of Justice of the European Union must review the legality of acts of, inter alia, the ECB, other than recommendations and opinions, intended to produce legal effects vis-à-vis third parties.
Amendment 329 #
Proposal for a regulation
Recital 35
Recital 35
(35) The ECB is responsible for carrying out monetary policy functions with a view to maintaining price stability in accordance with Article 127(1) TFEU. The exercise of supervisory tasks has the objective to protect the safety and soundness of credit institutions and the stability of the financial system. In order to avoid conflicts of interests and to ensure that each function is exercised in accordance with the applicable objectives, the ECB should ensure they are carried out in full separation, while ensuring that members of the ECB Governing Board are not permitted to take responsibility for executive duties in the field of supervision.
Amendment 333 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the European Parliament on a proposal from the ECB Governing Council and composed, in addition, of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice- Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able tomust delegate certain clearly defined supervisory tasks and related decisions to the independent supervisory board, subject to the oversight and responsibility of; the Governing Council, which can may not give instructions and directions to that bodyto the supervisory board. The supervisory board mayshould be supported by a steering committee with ano more limited compositionthan six members.
Amendment 351 #
Proposal for a regulation
Recital 37
Recital 37
(37) The supervisory board, the steering committee and staff of the ECB carrying out supervisory duties should be subject to appropriate professional secrecy requirements. Similar requirements should apply to the exchange of information with the staff of the ECB not involved in supervisory activities. This should not prevent the ECB from exchanging information within the limits and under the conditions set out in the relevant Union legislation, including with the European Commission for the purposes of its tasks under Articles 107 and 108 TFEU and under Union law on enhanced economic and budgetary surveillance.
Amendment 353 #
Proposal for a regulation
Recital 38
Recital 38
Amendment 371 #
Proposal for a regulation
Recital 41
Recital 41
(41) Given the globalisation of banking services and the increased importance of international standards, the ECB should carry out its tasks in respect of international standards and in dialogue and close cooperation with supervisors outside the Union, without duplicating or restricting the international role of the EBA. It should be empowered to develop contacts and enter into administrative arrangements with the supervisory authorities and administrations of third countries and with international organisations, subject to coordination with the EBA and while fully respecting the existing roles and respective competences of the Member States and the Union institutions
Amendment 376 #
Proposal for a regulation
Recital 44
Recital 44
(44) In order to ensure that credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations and that the negative mutually reinforcing impacts of market developments concerns banks and Member States is addressed in a timely and effective way, the ECB should start carrying out specific supervisory tasks for banks of systemic importance as soon as possible. However, the transfer of supervisory tasks from national supervisors to the ECB requires a certain amount of preparation. Therefore, an appropriate phasing-in period should be provided for. The number of banks subject to the supervision of the ECB should increase progressively, taking into account the relevance of theApart from supervision of those banks to ensure financial stability. As a first step the ECB should be able to apply its supervisory tasks to any banks, in particular to banks which have received or requested public financial assistance. As a second step, banks of European cific tasks, ECB supervision should cover only credit institutions of systemic importance, as reflected in their total exposures and, their cross- jurisdictional activities should be coveredand the potential risk. Total exposures should be calculated in light of the methodologies defined in the Basel III accord of the Basel Committee on Banking Supervisors on the calculation of the leverage ratio and on the definition of common equity tier 1 capital. The phasing- in process should be completed within one year from the entry into force of this Regulation at the latest.
Amendment 391 #
Proposal for a regulation
Recital 47
Recital 47
(47) Since the objectives of this Regulation, namely setting up an efficient and effective framework for the exercise of specific supervisory tasks over credit institutions by a Union institution, and ensuring the consistent application of the single rulebook to credit institutions, cannot be sufficiently achieved at the Member State level and can therefore, by reason of the pan-Union structure of the banking market and the impact of bank failures on other Member States, be better achieved at the Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation – where it applies to cross- border banks of systemic importance – does not go beyond what is necessary in order to achieve those objectives.
Amendment 404 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of cross- border credit institutions with systemic importance, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, with due regard fortaking as much account as possible of the unity and integrity of the internal market.
Amendment 415 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) "participating Member State" means a Member State whose currency is the euro or which has entered into close cooperation with the ECB in accordance with Article 6;
Amendment 442 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
The ECB shall carry out its specific tasks in accordance with this Regulation and without prejudice to the competences and tasks of the other participants in the context of the single supervisory mechanism and the ESFS.
Amendment 450 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law and in close cooperation with the EBA within a single supervisory mechanism, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to allsystemically important cross-border credit institutions established in the participating Member States:
Amendment 463 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) To authorise credit institutions and to withdraw authorisation of systemically important cross-border credit institutions;
Amendment 466 #
Proposal for a regulation
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) To ensure compliance with any Union acts imposing prudential requirements on systemically important cross-border credit institutions in the areas of own funds requirements, large exposure limits, liquidity, leverage, and reporting and public disclosure of information on those matters;
Amendment 469 #
Proposal for a regulation
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
(d) only in the cases specifically set out in Union acts, to set higher prudential requirements and apply additional measures to systemically important cross- border credit institutions;
Amendment 476 #
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
(e) To impose capital buffers to be held by systemically important cross-border credit institutions in addition to own funds requirements referred to in (c), including setting countercyclical buffer rates and any other measures aimed at addressing systemic or macro-prudential risks in the cases specifically set out in Union acts;
Amendment 478 #
Proposal for a regulation
Article 4 – paragraph 1 – point f
Article 4 – paragraph 1 – point f
(f) To apply requirements for systemically important cross-border credit institutions to have in place robust governance arrangements, processes and mechanisms and effective internal capital adequacy assessment processes;
Amendment 480 #
Proposal for a regulation
Article 4 – paragraph 1 – point g
Article 4 – paragraph 1 – point g
(g) To determine whether the arrangements, strategies, processes and mechanisms put in place by credit institutions and the own funds held by these institutions ensure a sound management and coverage of their risks, and on the basis of that supervisory review to impose on systemically important cross- border credit institutions specific additional own funds requirements, specific publication requirements, specific liquidity requirements and other measures in the cases specifically set out in Union acts;
Amendment 482 #
Proposal for a regulation
Article 4 – paragraph 1 – point h
Article 4 – paragraph 1 – point h
(h) To carry outorder supervisory stress-tests on credit institutions to support the supervisory reviewto be carried out on systemically important cross-border credit institutions to support the supervisory review, these tests to be coordinated and implemented by the EBA;
Amendment 489 #
Proposal for a regulation
Article 4 – paragraph 1 – point i
Article 4 – paragraph 1 – point i
(i) To carry out supervision on a consolidated basis over systemically important cross-border credit institutions' parents established in one of the participating Member States, including over financial holding companies and mixed financial holding companies, and to participate in supervision on a consolidated basis, including in colleges of supervisors, in relation to parents not established in one of the participating Member State;
Amendment 491 #
Proposal for a regulation
Article 4 – paragraph 1 – point j
Article 4 – paragraph 1 – point j
(j) To participate in supplementary supervision of a financial conglomerate in relation to the systemically important cross-border credit institutions included in it and assume the tasks of a coordinator where the ECB is appointed as the coordinator for a financial conglomerate in accordance with the criteria set out relevant Union law;
Amendment 498 #
Proposal for a regulation
Article 4 – paragraph 1 – point k
Article 4 – paragraph 1 – point k
(k) To carry out supervisory tasks in relation to early intervention where a systemically important cross-border credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authorities and the EBA;
Amendment 507 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
(l) To coordinate and express a common position of representatives from competent authorities of the participating Member States when participating in the Board of Supervisors and the Management Board of the European Banking Authority, for issues relating to the tasks conferred on the ECB by this Regulation.
Amendment 515 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. The ECB shall carry out the tasks referred to in paragraph 1 for credit institutions which: (a) have received or applied for public financial aid from special European recapitalisation programmes, or (b) are of systemic importance owing to their size, the systemic risk and their cross-border activities.
Amendment 520 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. For systemically important credit institutions established in a non- participating Member State, which establish a branch or provide cross-border services in a participating Member State, the ECB shall carry out the tasks referred to in paragraph 1 for which the national competent authorities of the participating Member State are competent.
Amendment 530 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, in close cooperation with the EBA within a single supervisory mechanism, to the extent necessary to carry out the tasks conferred upon it by this Regulation.
Amendment 548 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB, the EBA and national competent authorities.
Amendment 562 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. NIn respect of the credit institutions referred to in Article 4(1a), national competent authorities shall assist the ECB on its request with the preparation and implementation of any acts relating to the tasks referred to in Article 4.
Amendment 593 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. National competent authorities shall continue to be responsible for supervising the credit institutions that fall outside the scope of Article 4(1a), without prejudice to the role of the ECB as set out in Articles 4b and 4c.
Amendment 597 #
Proposal for a regulation
Article 5 – paragraph 4 b (new)
Article 5 – paragraph 4 b (new)
4b. Competent national authorities shall notify the ECB without delay where (a) there are well-founded concerns about the safety and/or creditworthiness of any credit institution falling outside the scope of Article 4(1a) (b) the stability of the financial system is endangered by the situation of any credit institution, individually or as part of a group of credit institutions, falling outside the scope of Article 4(1a) or (c) a credit institution ceases to fall within the scope of Article 4(1a).
Amendment 600 #
Proposal for a regulation
Article 5 – paragraph 4 c (new)
Article 5 – paragraph 4 c (new)
4c. Following a decision by the supervisory board the ECB may take on the task of supervising credit institutions which fall outside the scope of Article 4(1a) where (a) the competent national authorities are not carrying out their duties or are not doing so adequately, (b) there is evidence that credit institutions, individually or as part of a group of credit institutions, are jeopardising the proper operation and integrity of the European financial market and/or the stability of the financial system or are exacerbating an existing situation of this kind, or (c) a credit institution falls within the scope of Article 4(1a) or threatens to do so.
Amendment 602 #
Proposal for a regulation
Article 5 – paragraph 4 d (new)
Article 5 – paragraph 4 d (new)
4d. In the cases covered by Article 4(1a) and by Article 5(2), (3), (4b) and (4c) a conciliation committee shall be set up between the ECB and the competent national authority to settle disputes. Procedural rules shall be drawn up to determine the details of the committee’s operation.
Amendment 676 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a Official language It must be ensured that the supervisory and investigatory powers laid down in the Regulation are exercised and implemented in the relevant official language appropriate to the seat of the credit institution, in accordance with Regulation No 1 determining the languages to be used by the European Economic Community in conjunction with Article 342 TFEU.
Amendment 714 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Where authorisation as referred to in paragraph 1 is applied for, the national judicial authority shall control that the decision of the ECB is authenticvalid and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask the ECB for detailed explanations, in particular relating to the grounds the ECB has for suspecting that an infringement of the relevant acts of Union law has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on the ECB's file. The lawfulness of the ECB's decision shall be subject to review only by the Court of Justice of the European Union.
Amendment 717 #
Proposal for a regulation
Article 13 – title
Article 13 – title
Authorisation of systemically important credit institutions
Amendment 718 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
Any application for an authorisation to take up the business of a systemically important credit institution to be established in a participating Member State shall be introduced with the national competent authorities of the Member State where the credit institution is to be established in accordance with the requirements set out in relevant national legislation.
Amendment 720 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2
Article 13 – paragraph 1 – subparagraph 2
If the credit institutionsystemically important credit institution under Article 4(1a) complies with all conditions of authorisation set out in national law of that Member State, the national competent authority shall take a decision to propose to the ECB to grant the authorisation. The decision shall be notified to the ECB and to the credit institution concerned.
Amendment 759 #
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Amendment 784 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The ECB shall carry out the tasks conferred upon it by this Regulation separately from its tasks relating to monetary policy and from any other tasks. The tasks conferred upon the ECB by this regulation shall not interfere with the ECB's tasks relating to monetary policy and any other tasks. The ECB staff engaged in implementing this Regulation shall be separate in terms of organisation from other ECB staff and shall be subject to separate reporting lines.
Amendment 799 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB, who may not be members either of the Executive Board or of the Governing Council, and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter "supervisory board"). The ECB's authority to issue instructions to national competent authorities pursuant to Article 5 or other provisions of this Regulation shall not apply in the framework of this Article.
Amendment 820 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECBand a Vice-Chair, who shall both be elected by the European Parliament on a proposal from the Governing Council. The Chair and Vice- Chair must have experience and extensive knowledge of financial institutions and the supervision thereof. They shall be elected by the European Parliament by means of an open selection procedure.
Amendment 834 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The Governing Council of the ECB may delegate clearly defined supervisory tasks and related decisions regarding individual or a set of identifiable credit institutions, financial holding companies or weighting of the votes of the representatives of the national authorities competent for the supervision of credit institutions in each participating Member State pursuant to Article 1 shall be determixned by the financial holding companies to the supervisory board, subject to the oversight and responsibility of the Governing Councilcontribution of each Member State to the European stability mechanism.
Amendment 882 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. The ECB shall submit each year to the European Parliament, the Council, the Commission and the Eurogroup aquarterly reports on the execution of the tasks conferred upon it by this Regulation.
Amendment 888 #
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The Chair of the supervisory board may, at the request of the European Parliament, be heard on the execution of itsEuropean Parliament shall also set up a standing committee consisting of Members from the participating Member States. That committee may hear the Chair of the supervisory board, his or her deputy and any other ECB staff member responsible for carrying out supervisory tasks and representatives of national supervisory authorities and financial institutions which are subject to supervision. In addition, when considering issues connected with the performance of supervisory tasks by the competent committees of the European Parliamentstanding committee shall have monitoring and investigative rights and the right to inspect documents. The standing committee shall have budgetary control rights in respect of the supervisory fees collected.
Amendment 896 #
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. The ECB shall reply orally or inAt the request of a national parliament of a participating Member State, a representative of the supervisory board, together writing to questions put to it by the European Parliament or by the Eurogrouph a representative of the competent national authority, shall appear before that parliament and answer questions about the performance of supervisory tasks.
Amendment 946 #
Proposal for a regulation
Article 26 – paragraph 1 – point c
Article 26 – paragraph 1 – point c
(c) the interaction between the ECB and, the European Banking Authority and national supervisory authorities;
Amendment 957 #
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
By 31 July 2013 the Commission shall publish a roadmap setting out by when and on what basis the supervisory arrangements are to cover all the EU Member States.
Amendment 964 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From the 1st of Jul1 January 20134, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, financial holding companies and mixed financial holding companies of European systemic importance at the highest level of consolidation, based on their size as reflected in, the sum of exposure values of all assets and off-balance sheet liabilities not deducted when determining the common equity tier 1 capital for regulatory purposes, and their cross- border activity as reflected in cross- jurisdictional claims such as deposits and other assets in respect of customers or other financial operators located in another country and cross-jurisdictional liabilities such as loans and notes in respect of customers or other financial operators located in another country, which together cover at least half of the banking sector in the Euro area as a whole, on 1 January 2013. The ECB shall adopt and make public the list of those institutions before 1 March 2013.
Amendment 971 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
Amendment 985 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
This Regulation shall enter into force on 1 Januaruly 20134.