30 Amendments of Pervenche BERÈS related to 2014/0020(COD)
Amendment 91 #
Proposal for a regulation
Recital 1
Recital 1
(1) The Union’s financial system includes over 8,000 banks of different sizes, corporate structures and business models, a few of which exist in the form of large banking groups carrying out an all- encompassing set of activities. Those groups comprise a complex web of legal entities and intra-group relationships. They are highly connected to each other through interbank borrowing and lending and through derivatives markets. The impact of possible failures of these large banks can be extremely widespread and significant. Moreover, the financial crisis has demonstrated that important risks could stem from medium-sized banks. In this respect, this Regulation should have a wide scope that encompasses a significant number of credit institutions. It should also complement Regulation (EU) No 575/2013 (CRR), Directive 2013/36/EU (CRD4) and Directive 2014/59/EU (BRRD) by mitigating risks of trading entities that are not sufficiently addressed by existing legislation and be further complemented by the forthcoming TLAC standard being developed by the FSB.
Amendment 239 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2 a Implementation of TLAC Amendment to Article 129 of BRRD The Commission shall review the implementation of Article 45 for systemically important institutions, based on the work being developed by the FSB on TLAC and the report of EBA referred to in Articles 45(19) and 45(20), and present, where appropriate, a legislative proposal to improve the resolvability of systemically important institutions with the view of reducing the systemic risk that they pose to the financial stability of the Union.
Amendment 254 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that forhas, or within a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activitie- but not retroactively covering any period before this Regulation entered into force - has had total assets amounting at least to EUR 710 billion or 10 per cent of its total assets, without prejudice of Article 8(1a):
Amendment 278 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the soleprimary purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web-based. This definition includes any such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in the short term or in the longer term, or is in fact realised. Unless an institution demonstrates and proves to the satisfaction of the competent authority that an activity is not covered by this definition it shall be deemed to be proprietary trading platforms; ;
Amendment 328 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
Amendment 357 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7 a Competent authorities shall have the power to ban specific financial products that threaten the orderly functioning and integrity of financial markets or the stability of whole or part of the Union financial system. Before taking their decision, competent authorities shall consult EBA. EBA may decide to temporarily prohibit or restrict certain financial activities in accordance with Article 9 of Regulation No 1093/2010.
Amendment 398 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1 a. The requirements of this Chapter shall apply to all credit institutions subject to the direct supervision of the ECB and to every entity referred to in point b of Article 3(1) that has, or within a period of three consecutive years - but not retroactively covering any period before this Regulation entered into force - has had total trading activities amounting to at least EUR 30 billion or 10 per cent of its total assets.
Amendment 403 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
Amendment 462 #
Proposal for a regulation
Article 9 – paragraph 2 – point h a (new)
Article 9 – paragraph 2 – point h a (new)
Amendment 467 #
Proposal for a regulation
Article 9 – paragraph 2 – point h b (new)
Article 9 – paragraph 2 – point h b (new)
(h b) the compliance framework implementing this regulation;
Amendment 469 #
Proposal for a regulation
Article 9 – paragraph 2 – point h c (new)
Article 9 – paragraph 2 – point h c (new)
(h c) the compensation schemes for traders;
Amendment 473 #
Proposal for a regulation
Article 9 – paragraph 2 – point h d (new)
Article 9 – paragraph 2 – point h d (new)
(h d) additional quantitative data such as inventory turnover, value-at-risk variations, 'day 1 profit and loss', limits on trading desks and geographic diversification of the trading activities.
Amendment 498 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (hd) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 519 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justifiedlevant trading activities do not pose a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 537 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
Article 10 – paragraph 3 – subparagraph 4
For purpose of paragraph 2, where the competent authority decides to allow the core credit institution to carry out trading activities the competent authority shall adopt a decision addressed to the core credit institution to that effect. The competent authority may in particular authorise the core credit institution to carry out those market making activities which do not pose a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 701 #
Proposal for a regulation
Article 21 – title
Article 21 – title
Amendment 706 #
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to a credit institution taking deposits from individuals and SMEs that areis subject to national primary legislation adopted before 29 January 2014 when the national legislation complies withrequiring structural separation of deposits and adopted before 29 January 2014 shall be deemed compliant with the requirements in this Chapter as regards to the requirement not to carry out trading activities or certain trading activities when the institution meets the following requirements:
Amendment 710 #
Proposal for a regulation
Article 21 – paragraph 1 – point a
Article 21 – paragraph 1 – point a
(a) its structure aims at preventing financial stress or failure and systemic risk referred to in Article 1;
Amendment 714 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
(b) its structure prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide forits structure may foresee limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers;
Amendment 717 #
Proposal for a regulation
Article 21 – paragraph 1 – point c – introductory part
Article 21 – paragraph 1 – point c – introductory part
(c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group, ithe group's structure ensures that the credit institution is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets, and the national legislation specifiguarantees the following:
Amendment 720 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
Amendment 725 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Article 21 – paragraph 2 – subparagraph 2
Once the Commission has all the information it considers necessary for appraisal of the request for derogat decision, it shall within one month notify the requesting Member Statecredit institution that it is satisfied with the information.
Amendment 729 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Article 21 – paragraph 2 – subparagraph 3
Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt an implementingthe decision declaring the national legislation not incompatible with this Chapter and granting the derogation to the credit institutions specified in the request referred to in paragraph 1. Where the Commission intends to declare the national legislacompliance of the credit institution with this Chapter. Where the Commission intends not to affirm the credit institution in's compatible and to not grant the derogationliance referred to in paragraph 1, it shall set out its objections in detail and provide the requesting Member Statecredit institution with the opportunity to submit written comments within one month from the date of notification of the Commission objections. The Commission shall within three months from the end of the time limit for submission adopt an implementing further decision granting or rejecting the derogationrequest for an affirmation of compliance referred to in subparagraph 1.
Amendment 734 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Article 21 – paragraph 2 – subparagraph 4
Where the national legislation is amended, the Member Staterelevant structure of the credit institution is changed or is foreseen to be changed, the credit institution shall notify the amendmentchanges to the Commission. TAs a consequence, the Commission may review the implementingany decision referred to in the third subparagraphis paragraph and withdraw it.
Amendment 738 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Article 21 – paragraph 2 – subparagraph 5
Where the national legislation not declared incompatiblecredit institution that was declared to be compliant with this Chapter is no longer applies to a credit institution that has been granted derogation from the requirements of this Chaptersubject to the national legislation referred to in paragraph 1, thate derogation shall be withdrawn with regard to that credit institutiocision of compliance shall be withdrawn.
Amendment 742 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
Article 21 – paragraph 2 – subparagraph 6
The Commission shall notify the EBA of its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a derogationreceived a decision concerning their compliance in accordance with this Articleparagraph. The list shall be continuously kept up-to-date.
Amendment 789 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b
Article 28 – paragraph 1 – subparagraph 1 – point b
(b) any holding back or manipulation of information to be submitted in accordance with Article 24(1).
Amendment 791 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
(b a) breach of the duty to uphold the objectives of separation referred to in Article 13(9).
Amendment 793 #
Proposal for a regulation
Article 28 – paragraph 3 – subparagraph 1
Article 28 – paragraph 3 – subparagraph 1
Where Member States have chosen to lay down criminal sanctions for the breaches of the provisions referred to in paragraph 1, they shall ensure that appropriate measures are in place so that a competent authority has all the necessary powers to liaise with judicial authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for possible violations of Article 6 and f, for holding back or manipulating information to be submitted in accordance with 24(1) and breaching the duty to uphold the objectives of separation referred to in Article 13(9), and to provide the same to other competent authorities and EBA to fulfil their obligation to cooperate with each other and, where relevant with EBA for the purposes of paragraph 1.
Amendment 817 #
Proposal for a regulation
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) appropriate protection for persons working under a contract of employment, who report breaches or who are accused of breaches, against retaliation, discrimination or other types of unfair treatment. This includes prohibiting an institution from trying to investigate the source of the information;