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9 Amendments of Frances FITZGERALD related to 2021/0341(COD)

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c

(6) the following new Article 21c is inserted: Article 21c Requirement to establish a branch for the provision of banking services by third country undertakings and exception for the reverse solicitation of services 1. undertakings established in a third country as referred to in Article 47(1) and (2) to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph (1) of that Article in the relevant Member State. 2. counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. Without prejudice to intragroup relationships, where a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client. 3. counterparty as referred to in paragraph 2 shall not entitle the third-country undertaking to market other categories of products, activities or services than those that the client or counterparty had solicited, other than through a third country branch established in a Member State.; ’deleted Member States shall require Where a retail client, an eligible An initiative by a client or

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – introductory part

1. This Chapter lays down the ~~rule~~minimum requirements concerning the carrying out in a Member State of:

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point a

~~(a) any of the activities listed in Annex I to this Directive by an undertaking established in a third country;~~deleted

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point b

(b) the activities referred to in Article 4(1), point (b), of Regulation (EU) 575/2013, by an undertaking established in a third country that fulfils any of the criteria laid down in points (i) to (iii) of that point.deleted

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 2

2. By derogation from paragraph 1, where the undertaking in the third country is not a credit institution or an undertaking that meets the criteria of paragraph 1, point (b), the carrying out of any of the activities listed in Annex I, points (4), (5), and (7) to (15), to this Directive by that undertaking in a Member State shall be subject to Title II, Chapter IV, of Directive 2014/65/EU.deleted

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 3 a (new)

3 a. EBA or ESMA shall assess whether the EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 should be further harmonized and draft a report by [1 year after entry into force]. EBA or ESMA shall take regulation in other jurisdictions as well as the current market access regulation of the member states into account. Based on this report, the Commission may issue a legislative proposal regarding this EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 no later than [2] years after entry into force of this directive. Between the entry into force of this directive and the entry into force of the legislative proposal mentioned in the first sub-paragraph, a Member State allowing third country entities to (continue to) conduct activities listed in Annex I of this Directive, other than those listed in points 1, 2, 3, and 6, without requiring third country entities to establish a branch on its territory, shall provide to EBA and ESMA a justification on the reasons for which the Member State does not require the establishment of a branch, within 1 year after entry into force of this directive.

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 1 – point a

(a) the third country branch has engaged in ~~the past or currently engages in interconnected activities with other third country branches or subsidiary institutions of the same group or in~~ one of the activities referred to in Article 47(1) with customers or counterparts in other Member States in contravention of the internal market rules; or

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 1 – introductory part

1. The third country branch or branches in the Union that belong to the same third country group shall be subject to the assessment laid down in paragraph 2 of this Article where the aggregate amount of assets, excluding any assets held for the purposes of intragroup financing activities or for deposit with the ECB or another EU Member State central bank, that they hold on their books in the Union as reported in accordance with Sub-section 4 is equal to or higher than EUR 340 billion, either:

2022/08/22
Committee: ECON

Frances FITZGERALD

Proposal for a directive
Article 1 – paragraph 1 – point 28 a (new)

Directive 2013/13/EU
Article – paragraph

(28a) Provided that insurance undertakings are subject to prudential requirements, directly on an individual or consolidated basis, in accordance with Directive 2009/138/EC, or legal prudential requirements of a third country at least equivalent to those Union acts, exposures to such insurance undertakings for which a credit assessment by a nominated ECAI is available shall be treated as financial institutions and therefore assigned a risk weight according to Table 3 in Article 120 Paragraph 1, which corresponds to the credit assessment of the ECAI in accordance with Article 136.

2022/08/22
Committee: ECON