Activities of José Manuel GARCÍA-MARGALLO Y MARFIL
Plenary speeches (13)
Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)
US tariffs on European goods following WTO's decision on the Airbus dispute (debate)
Situation in Bolivia (debate)
Compatibility between the current EU - Mercosur Free Trade Agreement and the Commission's proposal for a European Green Deal (topical debate)
Preparation of the European Council meeting of 19 June 2020 - Recommendations on the negotiations for a new partnership with the United Kingdom of Great Britain and Northern Ireland (debate)
Reforming the EU list of tax havens (debate)
Establishing the Recovery and Resilience Facility (debate)
Need for urgent update of the EU list of high-risk third countries for anti-money laundering and terrorist financing purposes (debate)
Failure of the Silicon Valley Bank and the implications for financial stability in Europe (debate)
Digital euro (debate)
Revision of the Stability and Growth Pact (debate)
EU/Chile Advanced Framework Agreement - EU/Chile Advanced Framework Agreement (Resolution) - Interim Agreement on Trade between the European Union and the Republic of Chile (joint debate - EU-Chile agreements)
The sixth Anti-Money Laundering Directive - Anti-Money Laundering Regulation - Establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (joint debate - Anti-money laundering)
Shadow reports (6)
RECOMMENDATION on the draft Council decision on the conclusion, on behalf of the Union, of the Agreement between the European Union and the Republic of Chile pursuant to Article XXVIII of the General Agreement on Tariffs and Trade (GATT) 1994 relating to the modification of concessions on all the tariff rate quotas included in the EU Schedule CLXXV as a consequence of the United Kingdom’s withdrawal from the European Union
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro
REPORT on the proposal for a regulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
RECOMMENDATION on the draft Council decision on the conclusion of the Interim Agreement on Trade between the European Union and the Republic of Chile
RECOMMENDATION on the draft Council decision on the conclusion, on behalf of the European Union, of the Advanced Framework Agreement between the European Union and its Member States, of the one part, and the Republic of Chile, of the other part
INTERIM REPORT on the proposal for a Council decision on the conclusion, on behalf of the European Union, of the Advanced Framework Agreement between the European Union and its Member States, of the one part, and the Republic of Chile, of the other part
Shadow opinions (1)
OPINION on proposals of the European Parliament for the amendment of the Treaties
Institutional motions (4)
MOTION FOR A RESOLUTION on the negative impact of the bankruptcy of Thomas Cook on EU tourism
on the Russian aggression against Ukraine
JOINT MOTION FOR A RESOLUTION on violence against opposition activists in Equatorial Guinea, notably the case of Julio Obama Mefuman
MOTION FOR A RESOLUTION on Commission Delegated Regulation of 14 April 2024 amending Delegated Regulation (EU) 2016/1675 as regards adding Kenya and Namibia to the table in point I of the Annex and deleting Barbados, Gibraltar, Panama, Uganda and the United Arab Emirates from that table
Oral questions (2)
Effects of the bankruptcy of the Thomas Cook Group
Medicine shortages and strategic healthcare autonomy in the EU
Written questions (27)
Health checks
Third countries and corporate social responsibility
Russia and the crisis in Crimea
Labour rights - third countries
Third countries and environmental accountability
Agreement with Mercosur and Economic Partnership Agreement
Standardised approach for counterparty credit risk (SA-CCR)
Capital Requirements Regulation Article 500 on ‘massive disposals’ of non-performing loans
Article 47(a) of the Capital Requirements Regulation on the pillar 1 backstop and non‑performing loan securitisations
Harmonisation of measures against COVID-19 and for mobility
Harmonisation of measures against COVID-19 and for mobility
Harmonisation of measures against COVID‑19 and for mobility
Increase in personal income tax in Spain
Spanish digital services tax (Google tax)
EU’s position on Cuban repression
Russian interference and Catalan independence
Sending an electoral observation mission to Venezuela
Commission-Spain operational agreement
Governance of national recovery and resilience plans
Recovery plan operational arrangement
Repatriation of Ukrainian minors to host families in Member States
Report of the independent international fact-finding mission on the Bolivarian Republic of Venezuela
Platform Work Directive
Platform Workers Directive
Disqualifications of presidential candidates in Venezuela
Unlawful arrests of Vente Venezuela staffers
EU election exploratory mission to Venezuela
Amendments (1409)
Amendment 6 #
2023/2064(INI)
Motion for a resolution
Citation 4
Citation 4
– having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the 3(3) and (4) of the Treaty on European Union (TFEU),
Amendment 7 #
2023/2064(INI)
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
– having regard to Articles 3(1), 5(1), 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 48 #
2023/2064(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a fundamental prerequisite for it to fulfil its mandate of maintaining price stability in the euro area and thus contribute to economic growth and job creation;
Amendment 53 #
2023/2064(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; balanced economic growth, respect for the open market economy with free competition, aiming at full employment, economic, social and territorial cohesion, coordination of monetary policy, proper functioning of public finances and the green and digital transitions; stresses that price stability is essential for attracting investments, driving economic growth, creating jobs, developing new investment projects and contributing to improved economic prosperity in the long term; calls for the Union’s economic policies to include support for the joint fiscal effort resulting from NextGenerationEU and for monetary policies to be aligned with effective implementation of national recovery and resilience plans;
Amendment 60 #
2023/2064(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 70 #
2023/2064(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; believes that inflation rates are particularly affecting the effective implementation of recovery and resilience plans by driving up costs and reducing return on investment; recalls that such a situation causes economic uncertainty, is a disincentive for saving and increases the cost of living for citizens, affecting those who have fixed or limited incomes in particular; stresses that this can lead to inflation expectations, which sustain a cycle of price hikes and undermine economic stability;
Amendment 80 #
2023/2064(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails; notes that the situation is worse in the euro area than in non-euro area Member States, especially the deterioration of economic stability and investor confidence, which has a negative impact on economic growth and long-term prosperity; notes that the situation is worse in the euro area than in non-euro area Member States; recalls that responsibly addressing public deficit and debt levels is crucial to avoid the risks associated with the current inflation in order to maintain a stable economy and sustainable growth; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regard;
Amendment 87 #
2023/2064(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets Russia’s ongoing aggression against Ukraine; agrees with member of the Executive Board Isabel Schnabel on the risk the war entails in terms of negative supply side shocks; welcomes the inclusion of REPowerEU in recovery and resilience plans in order to reduce energy dependence on Russia, support strategic autonomy and address supply side shocks;
Amendment 94 #
2023/2064(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following the implementation of the European Green Deal, the rise of fragmentation and protectionism in global trade, the demographic challenges posed by a smaller workforce and higher state costs, and an impending subsidy race of protectionist policies between states;
Amendment 104 #
2023/2064(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; calls for fiscal efforts to focus on productive investments and reforms resulting from proper implementation of the Recovery and Resilience Facility; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms, such as removing the excessive regulatory burden, that promote competition and free trade and investment in infrastructure;
Amendment 112 #
2023/2064(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s support for a well thought out completion of the banking union and the capital markets union; recalls that this would contribute to a larger spread of risks within and the enhanced financial stability of the monetary union and to the EU’s economic and social recovery, the reduction of bank loans’ dependence on capital, and competition with the Asian and American markets; reiterates the need to remove bureaucratic barriers to cross-border investments in the EU, alleviate the tax burden on companies, simplify legal frameworks to attract capital, encourage SMEs’ entry into financial markets and foster financial literacy among citizens to raise awareness of the benefits of investments; recalls the need for clear political will to advance the completion of the banking union and the capital markets union;
Amendment 121 #
2023/2064(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and the need to take into account improvements in economic productivity;
Amendment 133 #
2023/2064(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine; deplores, however, that the ECB only started to tackle inflation in June 2022, even though the COVID-19 crisis proved that it is able to act in a timely manner; notes that other central banks acted more promptly; observes that the ECB should act swiftly, fulfilling its mandate to base all decisions on economic and financial indicators;
Amendment 142 #
2023/2064(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review its models and their role in its policymaking in order to adjust them to new economic trends and trends in EU and global financial markets;
Amendment 145 #
2023/2064(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 157 #
2023/2064(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability, preserving enough scope to reap the benefits offered by price stability while at the same time providing enough scope to cut the risk of deflation;
Amendment 197 #
2023/2064(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Points out the need to adapt monetary policy to employment performance in Europe. By stabilising internal demand, conditions are created for nominal salaries to increase and, ultimately, for employment to grow, which is what drives income growth today. That creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 200 #
2023/2064(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Notes the close link between monetary policy and employment policy in Europe, which creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 207 #
2023/2064(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cash and must respect the privacy of citizens and businesses; points out that the ECB should hear and respect the European Parliament and its decisions as the representative of EU citizens and be willing to freeze the digital euro project if it is deemed that support is insufficient to begin the implementation stage;
Amendment 211 #
2023/2064(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Shares the ECB’s concern regarding the rise of the shadow banking sector and the risk it may pose to financial stability; stresses the need for adequate regulation in this fieldview that it is necessary to work to achieve a regulation that is adequate for non-bank financial intermediaries, which allow the sector to compete on an equal footing with the banking sector and contribute together to financial stability;
Amendment 219 #
2023/2064(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Welcomes the fact that the ECB adapts its systems to technological developments such as the integration of artificial intelligence into its data processing and analysis models; welcomes the initiative which will help improve monetary analysis and decision-making; stresses that all those developments should always be made within the safety parameters to avoid operational risks;
Amendment 1 #
2023/0260R(NLE)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
– having regard to the Commission Communication of 18 February 2021 entitled ‘Trade Policy Review – An Open, Sustainable and Assertive Trade Policy’,
Amendment 1 #
2023/0260R(NLE)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
– having regard to the Commission Communication of 18 February 2021 entitled ‘Trade Policy Review – An Open, Sustainable and Assertive Trade Policy’,
Amendment 2 #
2023/0260R(NLE)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
– having regard to the Joint Communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 1 December 2021 entitled 'Global Gateway' (JOIN(2021)0030),
Amendment 2 #
2023/0260R(NLE)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
– having regard to the Joint Communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 1 December 2021 entitled 'Global Gateway' (JOIN(2021)0030),
Amendment 3 #
2023/0260R(NLE)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
– having regard to the statement made by President von der Leyen with Chilean President Boric on 14 June 2023,
Amendment 3 #
2023/0260R(NLE)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
– having regard to the statement made by President von der Leyen with Chilean President Boric on 14 June 2023,
Amendment 4 #
2023/0260R(NLE)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
– having regard to the United Nations General Assembly Resolution ES- 11/1,
Amendment 4 #
2023/0260R(NLE)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
– having regard to the United Nations General Assembly Resolution ES- 11/1,
Amendment 12 #
2023/0260R(NLE)
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
– having regard to the Commission Joint Communication of 20 June 2023 on European Economic Security Strategy (JOIN/2023/20 final),
Amendment 12 #
2023/0260R(NLE)
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
– having regard to the Commission Joint Communication of 20 June 2023 on European Economic Security Strategy (JOIN/2023/20 final),
Amendment 16 #
2023/0260R(NLE)
Motion for a resolution
Recital A
Recital A
A. whereas Chile and the EU are close partners in tackling regional and global challenges and are united by shared values and close cultural, human, economic and political ties; whereas Chile is a highly important and reliable partner of the European Union;
Amendment 16 #
2023/0260R(NLE)
Motion for a resolution
Recital A
Recital A
A. whereas Chile and the EU are close partners in tackling regional and global challenges and are united by shared values and close cultural, human, economic and political ties; whereas Chile is a highly important and reliable partner of the European Union;
Amendment 20 #
2023/0260R(NLE)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas two projects with Chile are being implemented as part of the Global Gateway: the Team Europe initiative for the development of renewable hydrogen in Chile, with an initial budget of EUR 225 million, and the initiative for the development of critical raw material value chains for lithium and copper;
Amendment 20 #
2023/0260R(NLE)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas two projects with Chile are being implemented as part of the Global Gateway: the Team Europe initiative for the development of renewable hydrogen in Chile, with an initial budget of EUR 225 million, and the initiative for the development of critical raw material value chains for lithium and copper;
Amendment 21 #
2023/0260R(NLE)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas a ministerial meeting between the European Union and the Latin American Committee for Internal Security (CLASI), of which Chile is a member, was held in Brussels on 28 September, culminating in the adoption of a joint declaration on the need to step up cooperation on security and combating drug trafficking;
Amendment 21 #
2023/0260R(NLE)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas a ministerial meeting between the European Union and the Latin American Committee for Internal Security (CLASI), of which Chile is a member, was held in Brussels on 28 September, culminating in the adoption of a joint declaration on the need to step up cooperation on security and combating drug trafficking;
Amendment 22 #
2023/0260R(NLE)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas recent geopolitical developments have shown the need for the EU to diversify its supply chains and to secure access to critical raw materials; whereas, the current state of global politics highlights the need for democratic partners that share our values and the importance of keeping good relations with those partners;
Amendment 22 #
2023/0260R(NLE)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas recent geopolitical developments have shown the need for the EU to diversify its supply chains and to secure access to critical raw materials; whereas, the current state of global politics highlights the need for democratic partners that share our values and the importance of keeping good relations with those partners;
Amendment 35 #
2023/0260R(NLE)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas lithium is a strategic raw material in the current context; whereas Chile is the world's second largest producer of lithium; whereas increasing our imports of lithium from Chile would help to reduce our dependence on China in this regard;
Amendment 35 #
2023/0260R(NLE)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas lithium is a strategic raw material in the current context; whereas Chile is the world's second largest producer of lithium; whereas increasing our imports of lithium from Chile would help to reduce our dependence on China in this regard;
Amendment 45 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights the geopolitical significance of strong bi-regional relations between the EU and the countries of Latin America and the Caribbean, and the political importance of robust bilateral relations between the EU and Chile based on the modernisation of the association agreement, among others; stresses the agreement's importance in countering China's presence in the country;
Amendment 45 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights the geopolitical significance of strong bi-regional relations between the EU and the countries of Latin America and the Caribbean, and the political importance of robust bilateral relations between the EU and Chile based on the modernisation of the association agreement, among others; stresses the agreement's importance in countering China's presence in the country;
Amendment 47 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Notes that due to the diversity and heterogeneity of Latin American countries, makes it difficult to find regional dialogue frameworks where Latin America can speak with a unified voice;
Amendment 47 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Notes that due to the diversity and heterogeneity of Latin American countries, makes it difficult to find regional dialogue frameworks where Latin America can speak with a unified voice;
Amendment 48 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Insists that the relationship between Europe and Latin America should become more significant, based on historical, linguistic, cultural and social elements where a more homogeneous common ground is found;
Amendment 48 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Insists that the relationship between Europe and Latin America should become more significant, based on historical, linguistic, cultural and social elements where a more homogeneous common ground is found;
Amendment 49 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1 c. Emphasizes that European business and investment presence in the region require a determined effort to defend legal security, fostering trust and predictability;
Amendment 49 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1 c. Emphasizes that European business and investment presence in the region require a determined effort to defend legal security, fostering trust and predictability;
Amendment 54 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises that the EU’s strategy for Latin America and the Caribbean needs to be implemented swiftly based on joint priorities; highlights the importance of joining forces with CELAC countries to promote peace and security, democracy, the rule of law and human rights, as well as to tackle global challenges such as climate change and migration;
Amendment 54 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises that the EU’s strategy for Latin America and the Caribbean needs to be implemented swiftly based on joint priorities; highlights the importance of joining forces with CELAC countries to promote peace and security, democracy, the rule of law and human rights, as well as to tackle global challenges such as climate change and migration;
Amendment 56 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses the importance of the Global Gateway projects in Chile; applauds the significant progress made in the initiative for the development of Green Hydrogen in Chile; welcomes the signing of a memorandum of understanding between the European Union and Chile on a strategic partnership on sustainable raw material value chains and calls for decisive steps to be taken towards its rapid implementation;
Amendment 56 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses the importance of the Global Gateway projects in Chile; applauds the significant progress made in the initiative for the development of Green Hydrogen in Chile; welcomes the signing of a memorandum of understanding between the European Union and Chile on a strategic partnership on sustainable raw material value chains and calls for decisive steps to be taken towards its rapid implementation;
Amendment 58 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the support of many partners in Latin America and the Caribbean has been and remains very valuable with regard to voting in the UN General Assembly on Russia’s unjustified, unprovoked and illegal war of aggression against Ukraine; welcomes the fact that Chile voted in favour of UN General Assembly resolutions condemning Russia’s aggression against Ukraine and the unambiguous stance taken by its authorities on Russian aggression; encourages Chile to join up to some of the restrictive measures taken by Western countries against Russia;
Amendment 58 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the support of many partners in Latin America and the Caribbean has been and remains very valuable with regard to voting in the UN General Assembly on Russia’s unjustified, unprovoked and illegal war of aggression against Ukraine; welcomes the fact that Chile voted in favour of UN General Assembly resolutions condemning Russia’s aggression against Ukraine and the unambiguous stance taken by its authorities on Russian aggression; encourages Chile to join up to some of the restrictive measures taken by Western countries against Russia;
Amendment 73 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is concerned about the increase in organised crime and drug trafficking in Latin American countries, including Chile, which also has an impact on the European Union; Considers it important that the Agreement contains provisions on cooperation on drug issuescombating organised crime and drug trafficking in order to ensure an integrated, balanced and evidence-based approach; calls for a substantial increase in bi-regional cooperation to combat these scourges;
Amendment 73 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is concerned about the increase in organised crime and drug trafficking in Latin American countries, including Chile, which also has an impact on the European Union; Considers it important that the Agreement contains provisions on cooperation on drug issuescombating organised crime and drug trafficking in order to ensure an integrated, balanced and evidence-based approach; calls for a substantial increase in bi-regional cooperation to combat these scourges;
Amendment 82 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 18
Paragraph 18
18. ConsiderWelcomes the Agreement to beas an important signal in support of open, fair and rules- and values-based trade, at a time of increasing economic fragmentation and protectionism; believes that the Agreement will contribute to enhancing long-term economic development, job creation, diversification and value added production processes;
Amendment 82 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 18
Paragraph 18
18. ConsiderWelcomes the Agreement to beas an important signal in support of open, fair and rules- and values-based trade, at a time of increasing economic fragmentation and protectionism; believes that the Agreement will contribute to enhancing long-term economic development, job creation, diversification and value added production processes;
Amendment 94 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomAcknowledges the inclusion of a stand- alone dedicated chapter on trade and gender, the first of its kind in an EU trade agreement, which includes a number of binding commitments to eliminate discrimination against women, promote women’s economic empowerment and ensure that international trade benefits all; expects the Commission to build on this precedent in all future trade negotiations;
Amendment 94 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomAcknowledges the inclusion of a stand- alone dedicated chapter on trade and gender, the first of its kind in an EU trade agreement, which includes a number of binding commitments to eliminate discrimination against women, promote women’s economic empowerment and ensure that international trade benefits all; expects the Commission to build on this precedent in all future trade negotiations;
Amendment 105 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 bis. Welcomes the fact the Agreement contains a series of actions for both the EU and Chile in support of efforts to combat illegal, unreported and unregulated (IUU) fishing practices and to help deter trade in products from species harvested from those practices; further welcomes the fact that both EU and Chile recently joined the IUU Fishing Action Alliance Pledge, aiming to stimulate ambition and action in the fight against IUU fishing;
Amendment 105 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 bis. Welcomes the fact the Agreement contains a series of actions for both the EU and Chile in support of efforts to combat illegal, unreported and unregulated (IUU) fishing practices and to help deter trade in products from species harvested from those practices; further welcomes the fact that both EU and Chile recently joined the IUU Fishing Action Alliance Pledge, aiming to stimulate ambition and action in the fight against IUU fishing;
Amendment 107 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Believes that EU trade policy should contribute to helping partner countries to achieve and implement the highest food safety, social, environmental and human rights standards;
Amendment 107 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Believes that EU trade policy should contribute to helping partner countries to achieve and implement the highest food safety, social, environmental and human rights standards;
Amendment 108 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21 b. Stresses the importance of improving policy coherence of Union initiatives, with particular regard to trade, on one hand, and fisheries and agriculture on the other;
Amendment 108 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21 b. Stresses the importance of improving policy coherence of Union initiatives, with particular regard to trade, on one hand, and fisheries and agriculture on the other;
Amendment 109 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21 c. Calls on the Commission and Member States to ensure a level-playing field for all fishery and aquaculture products marketed in the Union regardless of their origin, including those originating in Chile;
Amendment 109 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21 c. Calls on the Commission and Member States to ensure a level-playing field for all fishery and aquaculture products marketed in the Union regardless of their origin, including those originating in Chile;
Amendment 115 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Welcomes the fact that the outermost regions have been taken into account in the Agreement's bilateral safeguard measures;
Amendment 115 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Welcomes the fact that the outermost regions have been taken into account in the Agreement's bilateral safeguard measures;
Amendment 118 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Is convinced that the new market access commitments concerning trade in services will open up new business opportunities for EU and Chilean companies, in particular SMEs; notes that the Agreement contains a state-of-the-art chapter on digital trade that will facilitate electronic commerce and protect customers online;
Amendment 118 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Is convinced that the new market access commitments concerning trade in services will open up new business opportunities for EU and Chilean companies, in particular SMEs; notes that the Agreement contains a state-of-the-art chapter on digital trade that will facilitate electronic commerce and protect customers online;
Amendment 125 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the dedicated chapter on small and medium-sized enterprises (SMEs), which account for a large proportion of EU-Chile trade; calls on the Commission to assist SMEs in taking full advantage of the opportunities provided by the modernised agreement, including by providing guidance to exporting and importing businesses on the new market access opportunities; providing administrative and technical support, simplifying procedures and addressing technical barriers to trade that disproportionately affect SMEs;
Amendment 125 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the dedicated chapter on small and medium-sized enterprises (SMEs), which account for a large proportion of EU-Chile trade; calls on the Commission to assist SMEs in taking full advantage of the opportunities provided by the modernised agreement, including by providing guidance to exporting and importing businesses on the new market access opportunities; providing administrative and technical support, simplifying procedures and addressing technical barriers to trade that disproportionately affect SMEs;
Amendment 128 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector will require massive investments, including from EU companies; welcomesin this regard, believes that the Global Gateway strategy should allow the creation of joint strategic projects and enhance capacity-building; welcomes in this context the creation of a European initiative for the development of renewable hydrogen in Chile;
Amendment 128 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector will require massive investments, including from EU companies; welcomesin this regard, believes that the Global Gateway strategy should allow the creation of joint strategic projects and enhance capacity-building; welcomes in this context the creation of a European initiative for the development of renewable hydrogen in Chile;
Amendment 129 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector will require massive investments, including from EU companies; welcomes the creation of a European initiative for the development of renewable hydrogen in Chile, which will foster the development of this strategic industry in that country and help create jobs while boosting exports of renewable hydrogen to Europe as well as other parts of the world;
Amendment 129 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector will require massive investments, including from EU companies; welcomes the creation of a European initiative for the development of renewable hydrogen in Chile, which will foster the development of this strategic industry in that country and help create jobs while boosting exports of renewable hydrogen to Europe as well as other parts of the world;
Amendment 131 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector, including renewable energy infrastructure, will require massive investments, including from EU companies; welcomes the creation of a European initiative for the development of renewable hydrogen in Chile;
Amendment 131 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights that Chile has the potential to play a major role in the global green and just transitions; notes that the development and scaling up of the Chilean renewable energy sector, including renewable energy infrastructure, will require massive investments, including from EU companies; welcomes the creation of a European initiative for the development of renewable hydrogen in Chile;
Amendment 135 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Emphasises Chile’s leading role as a major supplier of critical raw materials, including those that are essential for the green and digital transitions, such as lithium and copper; stresses that the Agreement will ensure non-discriminatory access of EU companies to Chilean raw materials, while leaving sufficient policy space for Chile to create local added value; believes that the EU should actively support Chile in its efforts to move up the value chain; is convinced that the exploitation of raw materials should be carried out in an environmentally and socially sustainable manner, and that it should benefit both companies and local communities, including indigenous communities; notably in the framework of the Memorandum of Understanding on sustainable critical raw materials supply chains signed by the EU and Chile in July 2023;
Amendment 135 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Emphasises Chile’s leading role as a major supplier of critical raw materials, including those that are essential for the green and digital transitions, such as lithium and copper; stresses that the Agreement will ensure non-discriminatory access of EU companies to Chilean raw materials, while leaving sufficient policy space for Chile to create local added value; believes that the EU should actively support Chile in its efforts to move up the value chain; is convinced that the exploitation of raw materials should be carried out in an environmentally and socially sustainable manner, and that it should benefit both companies and local communities, including indigenous communities; notably in the framework of the Memorandum of Understanding on sustainable critical raw materials supply chains signed by the EU and Chile in July 2023;
Amendment 144 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that the chapter on trade and sustainable development (TSD) contains ambitious and binding commitments on environmental and labour standards; notes that in their joint statement on trade and sustainable development attached to the Agreement, the EU and Chile commit to reviewing the Agreement’s TSD provisions upon its entry into force; recalls that this should be done following meaningful consultations with all relevant stakeholders;
Amendment 144 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that the chapter on trade and sustainable development (TSD) contains ambitious and binding commitments on environmental and labour standards; notes that in their joint statement on trade and sustainable development attached to the Agreement, the EU and Chile commit to reviewing the Agreement’s TSD provisions upon its entry into force; recalls that this should be done following meaningful consultations with all relevant stakeholders;
Amendment 147 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes the inclusion of the rights of indigenous peoples under the TSD chapter; notes that ILO Convention No 169 is not explicitly mentioned; acknowledges that this convention is key for upholding the rights of indigenous peoples in Chile and the EU when it comes to our trade relations; stresses the importance of abiding by ILO Convention No 169;
Amendment 147 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes the inclusion of the rights of indigenous peoples under the TSD chapter; notes that ILO Convention No 169 is not explicitly mentioned; acknowledges that this convention is key for upholding the rights of indigenous peoples in Chile and the EU when it comes to our trade relations; stresses the importance of abiding by ILO Convention No 169;
Amendment 150 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Welcomes the fact that the agreement has been modernised on the basis of the WTO Trade Facilitation Agreement; in this respect, stresses that it is crucial to keep administrative burden to a minimum and simplify export processes throughout the implementation of the Agreement;
Amendment 150 #
2023/0260R(NLE)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Welcomes the fact that the agreement has been modernised on the basis of the WTO Trade Facilitation Agreement; in this respect, stresses that it is crucial to keep administrative burden to a minimum and simplify export processes throughout the implementation of the Agreement;
Amendment 123 #
2023/0212(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) On 2 October 2020, the European Central Bank published its “Report on a digital euro”23 . The report formed the basis for seeking views on the benefits and challenges of issuing a digital euro and on its possible design. In said report, the European Central Bank stated the need for a comprehensive and balanced assessment of the issuance of the digital euro, requiring the involvement of the private sector and potential users. __________________ 23 European Central Bank, Report on a digital euro, October 2020.
Amendment 123 #
2023/0212(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) On 2 October 2020, the European Central Bank published its “Report on a digital euro”23 . The report formed the basis for seeking views on the benefits and challenges of issuing a digital euro and on its possible design. In said report, the European Central Bank stated the need for a comprehensive and balanced assessment of the issuance of the digital euro, requiring the involvement of the private sector and potential users. __________________ 23 European Central Bank, Report on a digital euro, October 2020.
Amendment 124 #
2023/0212(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Central bank money in the form of banknotes and coins cannot be used for online payments. Today, online payments rely entirely on commercial bank money. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore necessary to introduce a new form of official currency with legal tender which is risk free and helps visualise the convertibility at par of the money issued by various commercial bankIt is therefore necessary to assess the need to issue a new digital form of official currency with legal tender to complement the current cash offering for citizens and businesses to use for everyday payments.
Amendment 124 #
2023/0212(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Central bank money in the form of banknotes and coins cannot be used for online payments. Today, online payments rely entirely on commercial bank money. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore necessary to introduce a new form of official currency with legal tender which is risk free and helps visualise the convertibility at par of the money issued by various commercial bankIt is therefore necessary to assess the need to issue a new digital form of official currency with legal tender to complement the current cash offering for citizens and businesses to use for everyday payments.
Amendment 129 #
2023/0212(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). These emerging needs must be assessed before being met by the digital euro. The assessment must be carried out in cooperation with the public sector, the better positioning of which will allow for an analysis of new needs. The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.
Amendment 129 #
2023/0212(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). These emerging needs must be assessed before being met by the digital euro. The assessment must be carried out in cooperation with the public sector, the better positioning of which will allow for an analysis of new needs. The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.
Amendment 132 #
2023/0212(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”24 . That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge25 . A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. Despite this, reports such as the Bank of Spain’s 2023 report 230526 a show that numerous private, public and public-private initiatives have been developed at national and European level to combat monetary exclusion in the digital age. For its part, Directive 2019/882 on the accessibility requirements for products and services also combats such exclusion. For all these reasons, a digital euro could continue to foster financial inclusion on the basis of all the measures taken previously. __________________ 24 https://documents1.worldbank.org/curated/ en/806481470154477031/pdf/Payment- Aspects-of-Financial-Inclusion.pdf 25 Study on New Digital Payment Methods (europa.eu), March 2022. According to the World Bank, financial inclusion means that individuals have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance”. 26 a https://www.bde.es/f/webbde/SES/Seccion es/Publicaciones/PublicacionesSeriadas/ DocumentosOcasionales/23/Fich/do2305. pdf
Amendment 132 #
2023/0212(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”24 . That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge25 . A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. Despite this, reports such as the Bank of Spain’s 2023 report 230526 a show that numerous private, public and public-private initiatives have been developed at national and European level to combat monetary exclusion in the digital age. For its part, Directive 2019/882 on the accessibility requirements for products and services also combats such exclusion. For all these reasons, a digital euro could continue to foster financial inclusion on the basis of all the measures taken previously. __________________ 24 https://documents1.worldbank.org/curated/ en/806481470154477031/pdf/Payment- Aspects-of-Financial-Inclusion.pdf 25 Study on New Digital Payment Methods (europa.eu), March 2022. According to the World Bank, financial inclusion means that individuals have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance”. 26 a https://www.bde.es/f/webbde/SES/Seccion es/Publicaciones/PublicacionesSeriadas/ DocumentosOcasionales/23/Fich/do2305. pdf
Amendment 139 #
2023/0212(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. AShould these risks materialise, a digital euro wcould therefore be importantbe a useful tool to maintain the role of the euro in the digital age.
Amendment 139 #
2023/0212(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. AShould these risks materialise, a digital euro wcould therefore be importantbe a useful tool to maintain the role of the euro in the digital age.
Amendment 141 #
2023/0212(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) It is thereforShould the above scenarios come to pass, and having assessed the need to adopt the digital euro together with the public sector, it shall be necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins. Before issuing the digital euro, the European Central Bank shall provide the European Parliament, Council and European Commission with a report justifying the need to issue the digital euro with a detailed analysis of the decisions adopted and of the impact assessments. The adoption in turn shall take place within a realistic time frame without overburdening the private sector nor altering the good functioning of the monetary union.
Amendment 141 #
2023/0212(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) It is thereforShould the above scenarios come to pass, and having assessed the need to adopt the digital euro together with the public sector, it shall be necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins. Before issuing the digital euro, the European Central Bank shall provide the European Parliament, Council and European Commission with a report justifying the need to issue the digital euro with a detailed analysis of the decisions adopted and of the impact assessments. The adoption in turn shall take place within a realistic time frame without overburdening the private sector nor altering the good functioning of the monetary union.
Amendment 155 #
2023/0212(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euroestablishments, natural or legal persons acting on their own behalf who do not wish to accept it as a means of payment. Union policies and actions should reduce regulatory burdens for enterprises of this size. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non- profit legal entitiesthose that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Microenterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.
Amendment 155 #
2023/0212(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euroestablishments, natural or legal persons acting on their own behalf who do not wish to accept it as a means of payment. Union policies and actions should reduce regulatory burdens for enterprises of this size. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non- profit legal entitiesthose that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Microenterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.
Amendment 251 #
2023/0212(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
11. Funding: ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, creating a means of payment with legal tender status, representing a direct liability of the European Central Bank or a national central bank towards that digital euro user;
Amendment 251 #
2023/0212(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
11. Funding: ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, creating a means of payment with legal tender status, representing a direct liability of the European Central Bank or a national central bank towards that digital euro user;
Amendment 275 #
2023/0212(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to a decision for issuance in accordance with paragraph 3.
Amendment 275 #
2023/0212(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to a decision for issuance in accordance with paragraph 3.
Amendment 281 #
2023/0212(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. Prior to the issuance of the digital euro, the ECB shall provide the European Parliament, the Council and the Commission with a report justifying the need for the issuance and an in-depth analysis of the impact of the digital euro on the payments market. The ECB shall guarantee the smooth and orderly coexistence with existing models, ensuring that such issuance does not have a negative impact on financial stability and uncontrolled credit provision
Amendment 281 #
2023/0212(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. Prior to the issuance of the digital euro, the ECB shall provide the European Parliament, the Council and the Commission with a report justifying the need for the issuance and an in-depth analysis of the impact of the digital euro on the payments market. The ECB shall guarantee the smooth and orderly coexistence with existing models, ensuring that such issuance does not have a negative impact on financial stability and uncontrolled credit provision
Amendment 377 #
2023/0212(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial system, the use of the digital euro as a store of value mayshall be subject to limits.
Amendment 377 #
2023/0212(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial system, the use of the digital euro as a store of value mayshall be subject to limits.
Amendment 379 #
2023/0212(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro paymentservices, the level of charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, shall be subject to limits.
Amendment 379 #
2023/0212(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro paymentservices, the level of charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, shall be subject to limits.
Amendment 391 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. For the purpose of Article 15(1), the European Central Bank and the Single Resolution Mechanism shall develop instruments to limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in this Article. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1) shall apply these limits to digital euro payment accounts.
Amendment 391 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. For the purpose of Article 15(1), the European Central Bank and the Single Resolution Mechanism shall develop instruments to limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in this Article. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1) shall apply these limits to digital euro payment accounts.
Amendment 398 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point a
Article 16 – paragraph 2 – point a
(a) safeguard the objectives set out in Article 15(1), in particular financial stability, especially as regards credit institutions and their lending capacity;
Amendment 398 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point a
Article 16 – paragraph 2 – point a
(a) safeguard the objectives set out in Article 15(1), in particular financial stability, especially as regards credit institutions and their lending capacity;
Amendment 430 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework of this Regulation, tThe digital euro shall not bear interest.
Amendment 430 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework of this Regulation, tThe digital euro shall not bear interest.
Amendment 470 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 470 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 475 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point a
Article 17 – paragraph 5 – point a
Amendment 475 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point a
Article 17 – paragraph 5 – point a
Amendment 479 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point b
Article 17 – paragraph 5 – point b
Amendment 479 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point b
Article 17 – paragraph 5 – point b
Amendment 482 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point c
Article 17 – paragraph 5 – point c
Amendment 482 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point c
Article 17 – paragraph 5 – point c
Amendment 487 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point d
Article 17 – paragraph 5 – point d
(d) the methodology to be developed by the European Central Bank for the monitoring and the calculations of the amounts referred to in paragraphs 2 shall band 3 shall ensure that the amounts referred to in paragraph 2 are uniform and applied in a non-discriminatory manner across the euro area.
Amendment 487 #
2023/0212(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point d
Article 17 – paragraph 5 – point d
(d) the methodology to be developed by the European Central Bank for the monitoring and the calculations of the amounts referred to in paragraphs 2 shall band 3 shall ensure that the amounts referred to in paragraph 2 are uniform and applied in a non-discriminatory manner across the euro area.
Amendment 530 #
2023/0212(COD)
Proposal for a regulation
Article 26 – paragraph -1 (new)
Article 26 – paragraph -1 (new)
-1 To ensure that the rules governing digital payment services in euro meet market needs and technological developments over time, following a transparent process including the active involvement of all stakeholders, the rulebook for the digital euro system shall be jointly governed by the European Central Bank and a payment system operator representing European payment service providers and users.
Amendment 530 #
2023/0212(COD)
Proposal for a regulation
Article 26 – paragraph -1 (new)
Article 26 – paragraph -1 (new)
-1 To ensure that the rules governing digital payment services in euro meet market needs and technological developments over time, following a transparent process including the active involvement of all stakeholders, the rulebook for the digital euro system shall be jointly governed by the European Central Bank and a payment system operator representing European payment service providers and users.
Amendment 545 #
2023/0212(COD)
Proposal for a regulation
Article 27 – paragraph 3
Article 27 – paragraph 3
Amendment 545 #
2023/0212(COD)
Proposal for a regulation
Article 27 – paragraph 3
Article 27 – paragraph 3
Amendment 565 #
2023/0212(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Payment Service Providers executing digital euro payment transactions shall verify whether any of their digital euro users are listed persons or entities. Payment service providers shall carry out such verifications immediately24 hours after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available, and at least once every calendar day.
Amendment 565 #
2023/0212(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Payment Service Providers executing digital euro payment transactions shall verify whether any of their digital euro users are listed persons or entities. Payment service providers shall carry out such verifications immediately24 hours after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available, and at least once every calendar day.
Amendment 568 #
2023/0212(COD)
Proposal for a regulation
Article 29 – paragraph 3
Article 29 – paragraph 3
Amendment 568 #
2023/0212(COD)
Proposal for a regulation
Article 29 – paragraph 3
Article 29 – paragraph 3
Amendment 665 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – introductory part
Article 40 – paragraph 2 – introductory part
2. Before the planned issuance of the digital euro and ahead of the implementation of any changes of the parameters and use of the instrumentNo later than 6 months rbeferred to in Article 16 or at least every three years after theore the planned issuance of the digital euro, the European Central Bank shall provide to the European Parliament, the Council and the Commission:
Amendment 665 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – introductory part
Article 40 – paragraph 2 – introductory part
2. Before the planned issuance of the digital euro and ahead of the implementation of any changes of the parameters and use of the instrumentNo later than 6 months rbeferred to in Article 16 or at least every three years after theore the planned issuance of the digital euro, the European Central Bank shall provide to the European Parliament, the Council and the Commission:
Amendment 668 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – point a
Article 40 – paragraph 2 – point a
(a) information on the instruments to limit the use of the digital euro as referred to in Article 16 and the parameters that the European Central Bank plans to adopt in view of the prevailing financial and monetary environment as well as the plan to ensure an orderly and smooth coexistence with the existing models so as to foster financial stability;
Amendment 668 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – point a
Article 40 – paragraph 2 – point a
(a) information on the instruments to limit the use of the digital euro as referred to in Article 16 and the parameters that the European Central Bank plans to adopt in view of the prevailing financial and monetary environment as well as the plan to ensure an orderly and smooth coexistence with the existing models so as to foster financial stability;
Amendment 673 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – point b a (new)
Article 40 – paragraph 2 – point b a (new)
(ba) the report referred to in Article 4(3) with the justification and determinants of the issuance of the digital euro and the corresponding impact assessment.
Amendment 673 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 – point b a (new)
Article 40 – paragraph 2 – point b a (new)
(ba) the report referred to in Article 4(3) with the justification and determinants of the issuance of the digital euro and the corresponding impact assessment.
Amendment 675 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 a (new)
Article 40 – paragraph 2 a (new)
2a. Any possible changes to the parameters and instruments referred to in Article 16 shall respond only to a change in the payment needs of customers, ensuring that the caps continue to meet the objectives defined in Article 16(2a).
Amendment 675 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 a (new)
Article 40 – paragraph 2 a (new)
2a. Any possible changes to the parameters and instruments referred to in Article 16 shall respond only to a change in the payment needs of customers, ensuring that the caps continue to meet the objectives defined in Article 16(2a).
Amendment 676 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 b (new)
Article 40 – paragraph 2 b (new)
2b. No later than 6 months before any modification of the parameters and instruments referred to in Article 16 or at least every three years after the issuance of the digital euro, the European Central Bank shall provide the European Parliament, the Council and the Commission with the reports referred to in points (b) and (c) of paragraph 2.
Amendment 676 #
2023/0212(COD)
Proposal for a regulation
Article 40 – paragraph 2 b (new)
Article 40 – paragraph 2 b (new)
2b. No later than 6 months before any modification of the parameters and instruments referred to in Article 16 or at least every three years after the issuance of the digital euro, the European Central Bank shall provide the European Parliament, the Council and the Commission with the reports referred to in points (b) and (c) of paragraph 2.
Amendment 126 #
2023/0210(COD)
Proposal for a regulation
Recital 82
Recital 82
(82) To assess possible negligence or gross negligence on the part of the payment service user, account should be taken of all circumstances. The evidence and degree of alleged negligence should generally be evaluated according to national law. However, while the concept of negligence implies a breach of a duty of care, ‘gross negligence’ should mean more than mere negligence, involving conduct exhibiting a significant degree of carelessness; for example, keeping the credentials used to authorise a payment transaction beside the payment instrument in a format that is open and easily detectable by third parties. The fact that a consumer has already received a refund from a payment service provider after having fallen victim of bank employee impersonation fraud and is introducing another refund claim to the same payment service provider after having been again victim of the same type of fraud could be considered as ‘gross negligence’ as that might indicate a high level of carelessness from the user who should have been more vigilant after having already be victim of the same fraudulent modus operandi.
Amendment 157 #
2023/0210(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point j – point iii
Article 2 – paragraph 2 – point j – point iii
(iii) instruments valid only in a single Member State, which are provided at the request of an undertaking or a public sector entity and regulated by a national or regional public authority for specific social or tax purposes to acquire specific goods or services from suppliers having a commercial agreement with the issuer which cannot be converted into cash;
Amendment 357 #
2023/0210(COD)
Proposal for a regulation
Article 52 – paragraph 1 – point b
Article 52 – paragraph 1 – point b
(b) notify the payment service provider, or the entity specified by the payment service provider, without undue delay on becoming aware of the loss, theft, misappropriation or unauthorised use of the payment instrument and/or its personalised security credentials.
Amendment 395 #
2023/0210(COD)
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
1. Where a payment services user who is a consumer was manipulated by a third party pretending to be an employee of the consumer’s payment service provider using the name or e-mail address or telephone number of that payment service provider unlawfully and that manipulation gave rise to subsequent fraudulent authorised payment transactions, the payment service provider shall refund the consumer the full amount of the fraudulent authorised payment transaction under the condition that the consumer has, without any delay, submitted reasonable documentation to prove the occurrence of the impersonation fraud, reported the fraud to the police and notified its payment service provider.
Amendment 409 #
2023/0210(COD)
Proposal for a regulation
Article 59 – paragraph 2 – point b
Article 59 – paragraph 2 – point b
(b) where the payment service provider has reasonable grounds to suspect a fraud or a gross negligence by the consumer or where the payment service provider can demonstrate that the consumer has not observed obligations established in the framework contract or communicated in the form agreed within the framework contract, provide a justification for refusing the refund and indicate to the consumer the bodies to which the consumer may refer the matter in accordance with Articles 90, 91, 93, 94 and 95 if the consumer does not accept the reasons provided.
Amendment 421 #
2023/0210(COD)
Proposal for a regulation
Article 59 – paragraph 5
Article 59 – paragraph 5
5. Where informed by a payment service provider of the occurrence of theany type of fraud as referred to in paragraph 1, electronic communications services providers shall immediately cooperate closely with payment service providers and act swiftly to ensure that appropriate organizational and technical measures are in place to safeguard the security and confidentiality of communications in accordance with Directive 2002/58/EC, including with regard to calling line identification and electronic mail address.
Amendment 434 #
2023/0210(COD)
Proposal for a regulation
Article 65 – paragraph 1 – subparagraph 2
Article 65 – paragraph 1 – subparagraph 2
The payment service provider shall provide or make available the notification in an agreed manner at the earliest opportunity, and in any case within the periods specified in Article 69. Where the PSP refuses to execute the payment based on objective grounds to suspect a fraudulent payment transaction in accordance with Article 83(1), the notification shall take into account the information necessary for the payment service user to resolve the suspicious transaction.
Amendment 437 #
2023/0210(COD)
Proposal for a regulation
Article 65 – paragraph 1 – subparagraph 3
Article 65 – paragraph 1 – subparagraph 3
The framework contract may include a condition that the payment service provider may charge a reasonable fee for such a refusal if the refusal is objectively justified, but not in the case of a refusal due to a suspected fraudulent transaction.
Amendment 458 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 1 – point c
Article 83 – paragraph 1 – point c
(c) enable all payment service providers to prevent and detect, detect and resolve potentially fraudulent payment transactions, including transactions involving payment initiation services.
Amendment 460 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 2 – subparagraph 1 – introductory part
Article 83 – paragraph 2 – subparagraph 1 – introductory part
Transaction monitoring mechanisms shall be based on the analysis of previous payment transactions and access to payment accounts online as well as on the fraud data shared and observed fraud patterns. Processing shall be limited to the following data required for the purposes referred to in paragraph 1:
Amendment 464 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 2 – subparagraph 1 a (new)
Article 83 – paragraph 2 – subparagraph 1 a (new)
When the monitoring mechanisms provide strong evidence to suspect a fraudulent transaction, or when a police report is notified by the user to the payment service provider, payment service providers shall have the right to block the execution of the payment order, or block and recover the related funds. That evidence should be understood as objectively justified reasons relating to the security of the payment transaction, the suspicion of unauthorised or fraudulent transactions.
Amendment 466 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 2 – subparagraph 2 – introductory part
Article 83 – paragraph 2 – subparagraph 2 – introductory part
Payment service providers shall not store data referred to in this paragraph longer than necessary for the purposes set out in paragraph 1, and not, in any event, not later than 10 years after the termination of the customer relationship. Payment service providers shall ensure that the transaction monitoring mechanisms take into account, at a minimum, each of the following risk- based factors:
Amendment 472 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 3
Article 83 – paragraph 3
3. To the extent necessary to comply with paragraph 1, point (c), payment service providers may exchange the unique identifier of a payee, law enforcement agents and public authorities may exchange fraud-relevant data with other payment service providers who are subject to information sharing arrangements as referred to in paragraph 5, when the payment service provider has sufficient evidence to assume that there was a fraudulent payment transaction. Sufficient evidence for sharing unique identifiersfraud-relevant data shall be assumed when at least two different payment services users who are customers of the same payment service provider have informed that a unique identifier of a payee was used to make a fraudulent credit transfer. Payment service providers shall not keep unique identifiersfraud-relevant data obtained following the information exchange referred to in this paragraph and paragraph 5 for longer than it is necessary for the purposes laid down in paragraph 1, point (c).
Amendment 490 #
2023/0210(COD)
Proposal for a regulation
Article 83 – paragraph 6
Article 83 – paragraph 6
6. The processing of personal data in accordance with paragraph 4 shall not lead to termination of the contractual relationship with the customer by the payment service provider or affect their future on-boarding by another payment service provider unless a thorough fraud investigation conducted by the relevant authorities has concluded that the customer participated in the fraudulent activity.
Amendment 121 #
2023/0177(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) Rules on ESG rating providers should not apply to private ESG ratings produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription or other means. Neither should such rules apply to ESG ratings produced by European financial undertakings that are used for internal purposes. ESG ratings developed by European or national authorities and by cmembers of the European System of Central bBanks (ESCB) should also be exempted from such rules. Finally, such rules should not apply to the provision of ESG data that do not include an element of rating or scoring and are not subject to any modelling or analysis resulting in the development of an ESG rating.
Amendment 123 #
2023/0177(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) It is important to lay down rules ensuring that ESG ratings provided by ESG rating providers authorised in the Union are of adequate quality, are subject to appropriate requirements, recognizing the existence of different business models, and ensure market integrity. Those rules would apply to overall ESG ratings capturing Environmental, Social and Governance factors, and to ratings that are only looking at a single Environmental, Social or Governance factor or sub- component of that factor.
Amendment 131 #
2023/0177(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) To ensure the quality and reliability of ESG ratings, ESG rating providers should use rating methodologies that are rigorous, systematic, objective, continuous and subject to validation. However, it is key to leave it to the ESG rating providers themselves to determine their own methodologies according to the above principles. ESG rating providers should review ESG ratings methodologies on an on-going basis and at least annually.
Amendment 136 #
2023/0177(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) To ensure a higher-level transparency, ESG rating providers should disclose information to the public on the methodologies, models and key rating assumptions which those providers use in their ESG rating activities and in each of their ESG ratings product. In light of the uses of ESG ratings by investors, the rating products should explicitly disclose which dimension of the double materiality the rating addresses, whether it is both material financial risk to the rated entity and the material impact of the rated entity on the environment and society in general or whether it takes into account only one of them. They should also explicitly disclose whether the rating addresses other dimensions. For the same reason, ESG rating providers should provide more detailed information on the methodologies, models and key rating assumptions to subscribers of ESG ratings. That information should enable users of ESG ratings to perform their own due diligence when assessing whether to rely or not on those ESG ratings. Disclosure of information concerning models should however not reveal sensitive business information or impede innovation. The non-disclosure of information related to their intellectual capital, intellectual property and other information qualified as trade secrets, is key to the viability of these companies and the promotion of innovation.
Amendment 141 #
2023/0177(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) ESG rating providers should ensure that they provide ESG ratings that are independent, objective and of adequate quality. It is important to introduce organisational requirements ensuring the prevention and mitigation of potential conflicts of interests. To ensure their independence, ESG rating providers should avoid situations of conflict of interest and manage those conflicts adequately where they are unavoidable. ESG rating providers should disclose conflicts of interest in a timely manner. They should also keep records of all significant threats to the independence of the ESG rating provider and that of its employees and other persons involved in the rating process, and the safeguards applied to mitigate those threats. In addition, to avoid potential conflicts of interest, ESG rating providers should not be allowed to offer a number of other services including consulting services, credit ratings, benchmarks, investment activities, audit, or banking, insurance and reinsuranceconsulting services and audit activities. Finally, to prevent, identify, eliminate or manage and disclose any conflicts of interest and ensure the quality, integrity and thoroughness of the ESG rating and review process at all times, ESG rating providers should establish appropriate internal policies and procedures in relation to employees and other persons involved in the rating process. Such policies and procedures should, in particular, include internal control mechanisms and a compliance function.
Amendment 156 #
2023/0177(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) ESG ratings produced by regulated financial undertakings in the Union that are neither published nor provided to clients and are used for internal purposes or for providing in-house financial services and products, including services to other entities that are part of the same group;
Amendment 180 #
2023/0177(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point i – introductory part
Article 2 – paragraph 2 – point i – introductory part
(i) ESG ratings produced by cmembers of the European System of Central bBanks (ESCB) that fulfil all of the following conditions:
Amendment 183 #
2023/0177(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point i – point b
Article 2 – paragraph 2 – point i – point b
(b) they are not disclosed to the publicproduced or disseminated for commercial purposes;
Amendment 185 #
2023/0177(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point i – point c
Article 2 – paragraph 2 – point i – point c
Amendment 187 #
2023/0177(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point i – point d
Article 2 – paragraph 2 – point i – point d
Amendment 198 #
2023/0177(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) ‘ESG rating’ means an opinion, a score or a combination of both, regarding an entity, a financial instrument, a financial product, or an undertaking’s ESGnvironmental, Social and/or Governance profile or characteristics or exposure to ESG risks or the impact on people, society and the environment, that are based on both an established methodology and defined ranking system of rating categories and that are provided to third parties, irrespective of whether such ESG rating is explicitly labelled as ‘rating’ or ‘ESG score’;
Amendment 200 #
2023/0177(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) ‘ESG rating’ means an ESG opinion, a ESG score or a combination of both, regarding an entity, a financial instrument, a financial product, or an undertaking’s ESG profile or characteristics or exposure to ESG risks or the impact on people, society and the environment, that are based on an established methodology and defined ranking system of rating categories and that are provided to third parties, irrespective of whether such ESG rating is explicitly labelled as ‘rating’ or ‘ESG score’;
Amendment 204 #
2023/0177(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘ESG opinion’ means an ESG assessment that based on a rules-based methodology and defined ranking system of rating categories, involving directly a rating analyst in the rating process or systems process;
Amendment 206 #
2023/0177(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 3
Article 3 – paragraph 1 – point 3
(3) ‘ESG score’ means a ESG measure derived from data, using a rule-based methodology, and based only on a pre- established statistical or algorithmic system or model, without any additional substantial analytical input from an analyst;
Amendment 237 #
2023/0177(COD)
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5 a. After its notification according to Article 48(1), the rating provider shall be registered as temporarily authorised in the register referred to in Article 13 and be permitted to continue providing services in the Union until its application has been approved or denied.
Amendment 247 #
2023/0177(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point d a (new)
Article 9 – paragraph 1 – point d a (new)
(d a) establishment in the EU would be disproportionate to the nature scale and complexity of the ESG rating providers' ESG rating activities in the EU;
Amendment 249 #
2023/0177(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point d b (new)
Article 9 – paragraph 1 – point d b (new)
(d b) the third country rating provider has been authorised by ESMA in accordance with Article 5.
Amendment 255 #
2023/0177(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
For the purposes of point (a), the Commission shall take into account whether the legal framework and supervisory practice of a third country ensures at least compliance with the IOSCO recommendations for ESG Ratings published in November 2021.
Amendment 267 #
2023/0177(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
For the purposes of point (b) of the first subparagraph, ESMA may consider as a baseline that compliance of the provision of the ESG rating to be endorsed with the IOSCO recommendations for ESG ratings is equivalent to compliance with the requirements of this Regulation.
Amendment 270 #
2023/0177(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Within 930 working days of receipt of the application for endorsement referred to in paragraph 1, ESMA shall examine the application and decide eitassess whether the application is complete. Where the application is not complete, ESMA shall notify the ESG rating provider that applied for endorsement and shall set a deadline by which the ESG rating provider that applied for endorsement is to provide additional information. Where to authorise the endorsement or to refuse ithe application is complete, ESMA shall notify the ESG rating provider. Within 45 working days of receipt of a complete application for recognition, ESMA shall verify that the requirements laid down in paragraphs 1 and 2 are fulfilled. ESMA shall publicly notify the decision to endorse provided by a third country ESG rating provider.
Amendment 284 #
2023/0177(COD)
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 1
Article 11 – paragraph 2 – subparagraph 1
Third country ESG rating providers that wish to be recognised as referred to in paragraph 1 shall comply with the requirements established in this Regulation and apply for recognition to ESMA. ESG rating providers may fulfil that condition by applying the IOSCO recommendations on ESG ratings provWhen ESMA assesses whether third country ESG providers comply with the requirements of this Regulation, it shall considedr that suche application is equivalent to compliance with the requirements established in this Regulationof the IOSCO recommendations as the minimum standard.
Amendment 286 #
2023/0177(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article12a Third country regime review 1. ESMA shall submit a report to the European Parliament, the Council and the Commission by [three years after the date of entry into force of this Regulation] on the adequacy of the requirements of Articles 9, 10 and 11 in order that third- country ESG rating providers may offer ther services in the European Union. 2. The Comission shall consider the results of the report and submit, where appropriate, a legislative proposal.
Amendment 288 #
2023/0177(COD)
Proposal for a regulation
Article 13 – paragraph 8 – subparagraph 2
Article 13 – paragraph 8 – subparagraph 2
Before developing the draft implementing technical standards, ESMA shall carry out a cost-benefit analysis. For the purposes of point (c), ESMA shall assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests in cooperation with ESG rating providers.
Amendment 299 #
2023/0177(COD)
Proposal for a regulation
Article 14 – paragraph 8
Article 14 – paragraph 8
8. ESG rating providers shall review the rating methodologies referred to in paragraph 67 on an on-going basis and at least annually.
Amendment 310 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. ESG rating providers shall not provide any of the followingconsulting activity to investors or undertakings nor any audit activities:y.
Amendment 312 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 315 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
Amendment 319 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
Amendment 323 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point d
Article 15 – paragraph 1 – point d
Amendment 325 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
Amendment 326 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point f
Article 15 – paragraph 1 – point f
Amendment 329 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
Amendment 331 #
2023/0177(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. ESG rating providers shall ensure that the provision of other services than those referred to in paragraph 1 and 1a does not create risks of conflicts of interest within its ESG rating activities.
Amendment 336 #
2023/0177(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. ESG rating providers shall ensure that rating analysts, employees and any other natural person whose services are placed at its disposal or under its control and who are directly involved in the provision of ESG ratings, including analysts directly involved in the rating process and persons involved in the provision of scores, are appropriately trained and have the knowledge and experience that is necessary for the performance of the duties and tasks assigned.
Amendment 342 #
2023/0177(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Persons as referred to in paragraph 1 shall not take up a key management position within a rated entity which they have been involved in rating for six monthsone year after the provision of such rating.
Amendment 351 #
2023/0177(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. ESG rating providers shall have in place and publish on their website procedures for receiving, investigating and retaining records concerning non- anonymous complaints made.
Amendment 353 #
2023/0177(COD)
Proposal for a regulation
Article 18 – paragraph 2 – point a – point 5
Article 18 – paragraph 2 – point a – point 5
(5) other decisions in relation to the ESG rating that appear inconsistent with the applicable methodologies, policies or procedures of the ESG rating provider;
Amendment 362 #
2023/0177(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. ESG rating providers shall not oOutsourceing of important operational functions where such outsourcing wouldshall not materially impair the quality of the ESG rating provider’s internal control policies and procedures, orand the ability of the European Supervisory and Markets Authority (ESMA) to supervise the ESG rating provider’s compliance with its obligations under this Regulation.
Amendment 367 #
2023/0177(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) the ESG rating provider is a small or medium-sized undertaking according to the criteria laid down in Article 3 of Directive 2013/34/EU;
Amendment 376 #
2023/0177(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. ESG rating providers shall disclose on their website, as a minimum, the methodologies, models and key rating assumptions they use in their ESG rating activities, including the information referred to in point 1 of Annex III.
Amendment 383 #
2023/0177(COD)
Proposal for a regulation
Article 21 – paragraph 3 a (new)
Article 21 – paragraph 3 a (new)
3 a. ESMA shall develop draft implementing technical standards to specify the data standards and formats for the elements that are to be disclosed in accordance with paragraph 1. ESMA shall submit those draft implementing technical standards to the Commission by XX XXXX XXXX
Amendment 389 #
2023/0177(COD)
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3 a. ESMA shall develop draft implementing technical standards to specify the data standards and formats for the elements that are to be disclosed in accordance with paragraph 1. ESMA shall submit those draft implementing technical standards to the Commission by XX XXXX XXXX
Amendment 397 #
2023/0177(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
Where there is a risk of a conflict of interest within an ESG rating provider due to the ownership structure, controlling interests, or activities of that ESG rating provider, of any entity owning or controlling the ESG rating provider, of an entity that is owned or controlled by the ESG rating provider, or of any the ESG rating provider’s affiliates, ESMA may require the ESG rating provider to take measures to mitigate that risk. Such measures may include the establishment of an independent oversight function representing stakeholders, including users of the ESG ratings and contributors to such ratings, in a balanced manner.
Amendment 401 #
2023/0177(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
Where a conflict of interest as referred to in the first subparagraph cannot be adequately managed, ESMA mayshall require the ESG rating provider to cease the activities or relationships that create the conflict of interest, or mayshall require the ESG rating provider to cease providing the ESG ratings.
Amendment 404 #
2023/0177(COD)
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
2. ESG rating providers shall establish specific internal control procedures to ensure the integrity and reliability of the employee or person determining the ESG rating, including internal sign-off by management before the dissemination of the ESG rating. ESMA may require ESG rating providers to provide information about these control procedures.
Amendment 409 #
2023/0177(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. ESG rating providers shall take steps that are adequate to ensure that fees charged to clients are fair, reasonable, transparent, and non-discriminatory and are based on costs.
Amendment 413 #
2023/0177(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. For the purposes of paragraph 1, ESMA may require ESG rating providers to provide it with documented evidence, may take supervisory measures in accordance with Article 33, and may decide to impose fines in accordance with Article 34 where it finds that fees from ESG rating providers are not fair, reasonable, transparent, and non- discriminatory and not based on actual costs.
Amendment 425 #
2023/0177(COD)
Proposal for a regulation
Article 31 – paragraph 1 – point c
Article 31 – paragraph 1 – point c
(c) summon and ask any person referred to in Article 30(1),or their representatives or staff for oral or written explanations on facts or documents related to the subject matter and purpose of the inspecvestigation and to record the answers;
Amendment 427 #
2023/0177(COD)
Proposal for a regulation
Article 32 – paragraph 1
Article 32 – paragraph 1
1. In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at the business premises and land of the legal persons referred to in Article 30(1). Where the proper conduct and efficiency of the inspection so require, ESMA may carry out the on-site inspection without prior announcement.
Amendment 430 #
2023/0177(COD)
Proposal for a regulation
Article 33 – paragraph 1 – introductory part
Article 33 – paragraph 1 – introductory part
1. Where ESMA’ finds that a ESG rating provider has not complied with its obligations under this Regulation, it shall require the ESG rating provider to bring the infrigement to an end. In addition, ESMA may take one or more of the following supervisory measures:
Amendment 432 #
2023/0177(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point d
Article 33 – paragraph 1 – point d
Amendment 438 #
2023/0177(COD)
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
1a. An infringement shall be considered to have been committed intentionally if ESMA finds objectives which demonstrate that a person acted deliberately to commit the infringement.
Amendment 451 #
2023/0177(COD)
Proposal for a regulation
Article 42 – paragraph 1
Article 42 – paragraph 1
ESMA and the competent authorities, shall, without undue delay, provide each other with the information required for carrying out their duties under this Regulation or under their respective supervisory responsability.
Amendment 459 #
2023/0177(COD)
Proposal for a regulation
Article 48 – paragraph 1
Article 48 – paragraph 1
Amendment 466 #
2023/0177(COD)
Proposal for a regulation
Article 49 – paragraph 3 a (new)
Article 49 – paragraph 3 a (new)
3 a. ESMA shall submit a report to the European Parliament, to the Council and to the Commission by [three years after entry into force of this Regulation], assessing whether the scope of this Regulation is sufficient to ensure confidence in the market and reach its objectives, including the need to extend the scope to ESG data providers. The report may be accompanied, if appropriate, by a legislative proposal.
Amendment 469 #
2023/0177(COD)
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
It shall apply from [612 months after the entry into force of this Regulation].
Amendment 474 #
2023/0177(COD)
(j a) where applicable, a provisional list of the class of ESG rating the ESG rating provider expects to endorse;
Amendment 507 #
2023/0177(COD)
Proposal for a regulation
Annex III – Part 2 – paragraph 1 – point a – point 7 a (new)
Annex III – Part 2 – paragraph 1 – point a – point 7 a (new)
(7 a) timing of data used for evaluation.
Amendment 255 #
2023/0138(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure the implementation of the medium-term fiscal- structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue with the European Parliament. The role of the European Parliament in the European Semester process itself should be preserved.
Amendment 304 #
2023/0138(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 331 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and, other budgetary variables outside the control of the government, as set outdefined in Annex II, point (a);. Costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility shall be included in the calculation of the net expenditure.
Amendment 373 #
2023/0138(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 430 #
2023/0138(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public granting by all means transparency in the procedure including all data, assumptions and calculations refered to the technical trayectory.
Amendment 439 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) by the publicend of the adjustment period, at the latest, the 10-year debt tratio is put or remains on a plausibly downward path,jectory in the absence of further budgetary measures is on a plausibly downward path, leading to sustainable debt reduction or stays at prudent levels;
Amendment 478 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 482 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(d a) the public debt ratio is reduced by at least 0,5% of GDP per year on average over the adjustment period, if the GDP growth is between 0% and 2% per year;
Amendment 484 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)
Article 6 – paragraph 1 – point d b (new)
(d b) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period, if the GDP growth is at least at 2% of per year;
Amendment 505 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Points (da) and (db) shall not apply if there is a negative GDP growth per year on average over the adjustment period.
Amendment 621 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the differenceprojections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission. The explanation and justification need to be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 651 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Cliincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, matde Plans and the National Digital Decade Roadmapspursuant to Article 121(4) TFEU;
Amendment 717 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii
Article 13 – paragraph 2 – subparagraph 2 – point ii
(ii) supportimprove fiscal sustainability;
Amendment 760 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 767 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. 1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a newrevised national medium- term fiscal-structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Inflation, revisions to potential growth estimates, or other circumstances that make it easier for a government to implement the original national medium-term fiscal- structural plan is requested by a new government. cannot be the basis for a request to revise the plan and thus do not constitute objective circumstances. Where the Commission considers that the reasons put forward by the Member State concerned do not justify revision of the national medium-term fiscal-structural plan, it shall reject the request within the period referred to in Article 15 (1), after having given the Member State concerned the possibility to present its observations within one month of the communication of the Commission’s conclusions. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State concerned.
Amendment 800 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding two months.
Amendment 856 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory.
Amendment 883 #
2023/0138(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.
Amendment 938 #
2023/0138(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path, taking into account the requirements set out under article 25 of this Regulation, when it applies.
Amendment 942 #
2023/0138(COD)
Proposal for a regulation
Article 21 – paragraph 2 a (new)
Article 21 – paragraph 2 a (new)
A Member State will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth.
Amendment 966 #
2023/0138(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. In the event of a significant or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 979 #
2023/0138(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviationlimit as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.
Amendment 994 #
2023/0138(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
On a recommendation from the Commission, along with an independent evaluation of the respective national IFI and the EFB, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviationas well as a maximum to the size of the deviation per Member States which would not lead to a breach of medium-term fiscal sustainability.
Amendment 1007 #
2023/0138(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
The Council, on a recommendation from the Commission and the independent evaluation of the respective national IFI and the EFB, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.
Amendment 1028 #
2023/0138(COD)
Proposal for a regulation
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
2 a. Information shall be prepared and transmitted by the Commission to the Council and any of its preparatory bodies in the context of this Regulation or its implementation and shall be made available to the European Parliament simultaneously and on equal terms without undue delay, subject to confidentiality arrangements if necessary.
Amendment 1035 #
2023/0138(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.
Amendment 68 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and, other budgetary variables outside the control of the government, as defined in Annex II, point (a) of Regulation (EU) of the European Parliament and of the Council [on the preventive arm]*. Costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility shall be included in the calculation of the net expenditure;
Amendment 93 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126(2), point (b), TFEU if the Member State concerned respects its net expenditure path and the control account does not exceed the threshold set in Article 21 of the Regulation (EU) [on the preventive arm].
Amendment 112 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission, when preparing a report under Article 126(3) TFEU, shall take into account as a key relevant factor the degree of debt challenges in the Member State concerned. In particular, where the Member State faces substantial public debt challenges according to the most recent Debt Sustainability Monitor, it shall be considered aone of the key factors leading to the opening of an excessive deficit procedure as a rule.
Amendment 127 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point b
Article 2 – paragraph 3 – subparagraph 3 – point b
(b) the developments in the medium- term budgetary positions, including, in particular, the size of the actual deviation from the net expenditure path, in annual and cumulative terms as measured by the control account, and the extent to which the deviation is due to a severe economic downturn in the euro area or in the Union as a whole or to exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Articles 24 and 25 of Regulation (EU) [on the preventive arm]. Where relevant, the deviation compared to the technical trajectory shall also be taken into account when considering the size of the deviation. To safeguard the counter cyclical properties of the expenditure path, higher than anticipated economic growth, lower than expected interest expenditure, any expenditure and revenue windfalls or favourable stock-flow adjustments in the government debt ratio, relative to the forecasts underlying the net expenditure path, shall not be taken into account as relevant factors when assessing the existence of an excessive deficit based on deviations from the net expenditure path in accordance with paragraph 1a;
Amendment 142 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d
Article 2 – paragraph 3 – subparagraph 3 – point d
(d) the implementation of reforms and investments including, in particular policies to prevent and correct excessive macroeconomic imbalances and policies to implement the common growth and employment strategy of the Union including those supported by NextGenerationEU, and the overall quality of public finances, in particular the effectiveness of national budgetary frameworks, long-term national strategic investments and public-private partnership investments. Non- implementation of reforms and investments will also be taken into account.
Amendment 145 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d a (new)
Article 2 – paragraph 3 – subparagraph 3 – point d a (new)
(da) Where applicable, temporary above average government investment in defence compared to the average over the four-year period before the plan.
Amendment 154 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3a (new)
Article 2 – paragraph 3a (new)
3a. After the Commission´s report referred in paragraph 3, Member State shall have the power, in the observations submitted under Art. 126(6) TFEU, may propose a rectification plan to comply with its net expenditure path.
Amendment 176 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 6
Article 2 – paragraph 6
If the Council, acting under Article 126(6) TFEU, decides that an excessive deficit exists in a Member State, the Council and the Commission shall, in the subsequent procedural steps of that Article of the TFEU, take into account the relevant factors referred to in paragraph 3 and 3a of this Article, as they affect the situation of the Member State concerned, including as specified in Article 5(2) of this Regulation, in particular in establishing a deadline for the correction of the excessive deficit and eventually extending that deadline. However, those relevant factors shall not be taken into account for the decision of the Council under Article 126(12) TFEU on the abrogation of some or all of its decisions under Article 126(6) to (9) and (11) TFEU.’;
Amendment 179 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Within two weeks of the adoption by the Commission of a report issued in accordance with Article 126(3) TFEU, the European Fiscal Board shall formulate an opinion as advice to the Commission, the Economic and Financial Committee and the Council. The opinion of the European Fiscal Board shall be made public. Within four weeks of the adoption by the Commission of a report issued in accordance with Article 126(3) TFEU, the Economic and Financial Committee shall formulate an opinion in accordance with Article 126(4) TFEU. The opinion of the Economic and Financial Committee shall be made public.
Amendment 190 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The Council recommendation made in accordance with Article 126(7) TFEU shall establish a maximum deadline of six months for effective action to be taken by the Member State concerned. When warranted by the seriousness of the situation, the deadline for effective action may be three months. The Council recommendation shall also establish a deadline for the correction of the excessive deficit. In its recommendation, the Council shall also request that the Member State implements a corrective net expenditure path, which ensures that the general government deficit remains or is brought and maintained below the reference value and ensures that the value of the control account is brought to zero within the deadline set in the recommendation. For the years when the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP in the structural primary balance as a benchmark.
Amendment 202 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 6
Article 3 – paragraph 6
6. Where effective action has been taken in compliance with a recommendation under Article 126(7) TFEU or whereand where Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm] or exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Article 25 of Regulation (EU) [on the preventive arm], including on the respect of the corrective net expenditure path recommended by the Council pursuant to paragraph 4 of this Article, occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) TFEU. The revised recommendation, taking into account the relevant factors referred to in Article 2(3) of this Regulation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule. In case the Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm], the Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) TFEU provided that this does not endanger fiscal sustainability in the medium term. The revised recommendation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.;
Amendment 218 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implements a corrective net expenditure path which ensures that the general government deficit remains or is brought and maintained below the reference value and ensures that the value of the control account is brought to zero within the deadline set in the notice. For the years where the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP as a benchmarkin the structural primary balance as a benchmark. Any potential exclusions from the net expenditure definition regarding to expenditure on co- financing of programmes financed by the Union or costs related to the borrowing of funds for the loans related to the Recovery and Resilience Facility shall not apply to the calculations regarding the 0.5% annual adjustment above.
Amendment 227 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Article 1 – paragraph 1 – point 4 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Where effective action has been taken in compliance with a notice under Article 126(9) TFEU or whereand where Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm] or exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned, in accordance with Article 25 of Regulation (EU) [on the preventive arm], or unexpected adverse economic events with major unfavourable consequences for government finances including on the respect of the corrective net expenditure path referred to in paragraph 1 of this Article, occur after the adoption of that notice, the Council may decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU. The revised notice, taking into account the relevant factors referred to in Article 2(3) of this Regulation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule. In case the Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm], the Council may also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU, on condition that it does not endanger fiscal sustainability in the medium term. The revised notice may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.;
Amendment 276 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 2
Article 11c – paragraph 2
2. In the situation referred to in paragraph 1, Member States shall ensure that the competent authority requests the credit institution toshall submit a remediation plan to the designated authority and the DGS describing the steps the credit institution will take to ensure or restore compliance with supervisory requirements, to ensure its long- term viability and to repay the due amount contributed by the DGS to the preventive measure, as well as the associated timeframe. The designated authority and the DGS shall consult the competent authority as regards the measures envisaged in the remediation plan submitted by the credit institution that aim to ensure or restore compliance with supervisory requirements.
Amendment 279 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 3
Article 11c – paragraph 3
3. Where the competentdesignated authority is not satisfied that the remediation plan is credible or feasible, the DGS shall not grant any further preventive measures to that credit institution.
Amendment 316 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point d
Article 1 – paragraph 1 – point 14 – point d
Directive 2014/49/EU
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS the contributions due for the last 12 months preceding the change of DGS membership, net of relative share in case of pay-out events, if any, occurred during the membership of the DGS, with the exception of the extraordinary contributions referred to in Article 10(8).;
Amendment 317 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point d
Article 1 – paragraph 1 – point 14 – point d
Directive 2014/49/EU
Article 14 – paragraph 3b (new)
Article 14 – paragraph 3b (new)
3b. In order to specify the methodology for calculating the contributions to be transferred in accordance with paragraph 3, the EBA shall draft Regulatory technical standards within 6 months from the entry into force of this regulation.
Amendment 8 #
2022/2188(INI)
Draft opinion
Recital J a (new)
Recital J a (new)
Ja. whereas Article 774(3) of the TCA excludes its application in the territory of Gibraltar; whereas, since 2021, the United Kingdom and the European Union have been negotiating an agreement with regard to Gibraltar; whereas the Political Agreement of 25 November 2018 between the European Commission, the European Council and the Kingdom of Spain makes it compulsory for any decision affecting the territory of Gibraltar to be subject to the prior agreement of the Kingdom of Spain.
Amendment 56 #
2022/2188(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 20 #
2022/2150(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas, according to European Commission data, the GDP of some Member States will not reach pre- pandemic levels until 2024, while that of the euro area as a whole is already two percentage points higher;
Amendment 42 #
2022/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is concerned that the EU is one of the most exposed advanced economies to downward risks, given its geographical proximity to Ukraine and heavy reliance on gas imports from Russia; acknowledges the initiatives of the Commission and the Council to tackle this problem and its effects; notes that the impact of high energy prices and inflation leads to the erosion of household purchasing power; highlights that a reduction in aggregate demand, combined with less favourable financing conditions, could lead to a sharp decline in investment and therefore in economic growth;
Amendment 59 #
2022/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that while the primary objective of the European Central Bank (ECB) is to maintain price stability, the primary objectives of the Union as a whole should be to minimise the impact of current turbulences on the real economy, thereby defending the wellbeing of its citizens and preserving its production structure and the international competitiveness of its companiesEuropean Union are also those set out in Article 3 TEU; underlines, in this regard, the importance of adequate and coordinated fiscal, structural and regulatory policies that complement the ECB’s monetary policy actions, which are also capable of supporting household incomes and providing targeted support to companies suffering from supply bottlenecks and high energy costs;
Amendment 79 #
2022/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Observes the sizeable impact of the NextGenerationEU (NGEU) instrument as estimated by the Commission, the ECB and the International Monetary Fund, in particular an increase in GDP growth of up to 1.5 % higher than without NGEU investment if the instrument is implemented effectively; stresses that the European Court of Auditors, in its Special Report 21/2022, calls for greater transparency and further action to improve the control mechanisms proposed by the Member States;
Amendment 83 #
2022/2150(INI)
3a. Highlights the role of the SURE mechanism as a crucial element in protecting citizens and mitigating the consequences of the coronavirus pandemic;
Amendment 189 #
2022/2150(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that while monetary policy is conceived and designed as a single instrument, the overall fiscal policy is the result of aggregating 19 individual fiscal policies; underlines that, apart from the recommendation on the economic policy of the euro area, coordination of actions has thus far been limited and the situation and challenges of the euro area have not been easy to factor in; highlights that it is still largely random if the aggregation of national fiscal policies results in a euro area fiscal stance which is appropriate and consistent with monetary policy; regrets that the Commission’s communication does not encompass rules or instruments that allow for the management of the euro area fiscal stance; highlights the benefits that the inclusion of the Eurogroup in the Treaties would bring to ensure greater coordination in the euro area;
Amendment 217 #
2022/2150(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the better law-making agreement reiterates that the European Parliament and the Council are to exercise their powers as co-legislators on an equal footing and that the Commission therefore needs to treat them equally; calls for greater involvement of the European Parliament in the European Semester to ensure fair and equal cooperation between co-legislators; stresses the role and responsibility of national parliaments;
Amendment 18 #
2022/2146(INI)
Motion for a resolution
Citation 28 a (new)
Citation 28 a (new)
– having regard to the statement of the Organisation for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) entitled ‘Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy’, which had been joined and agreed to by 137 out of 141 members as of 4 November 2021
Amendment 33 #
2022/2146(INI)
Motion for a resolution
Recital B
Recital B
Amendment 40 #
2022/2146(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. Whereas as of the 4 November 2021, 137 out of 141 members of the OECD/G20 Inclusive Framework on BEPS, including all EU Member States, agreed on the reform of the international tax system through a two-pillar solution to address the challenges stemming from the digitalisation of the economy, including placing multilaterally agreed limitations on profit shifting;
Amendment 42 #
2022/2146(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. Whereas SMEs currently account for almost all European Union (EU-28) non-financial business sector enterprises (99.8%), two-thirds of total EU-28 employment (66.6%) and slightly less than three-fifths (56.8%) of the value added generated by the nonfinancial business sector according to the Commission’s report on Tax compliance costs for SMEs: An update and a complement of January 2022;
Amendment 71 #
2022/2146(INI)
Motion for a resolution
Recital F
Recital F
F. wWhereas tax policy fragmentation creates various obstacles for citizens and companies in the single market, particularly small and medium-sized enterprises (SMEs); including legal uncertainty, red tape, the risk of double taxation and difficulties claiming tax refunds whereas these obstacles discourage cross-border economic activity and can distort the single market;
Amendment 76 #
2022/2146(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. Whereas according to the Commission’s study of January 2022, companies are estimated to spend an annual total amount estimated around EUR 204 billion to comply with obligations related to CIT, VAT, wage related taxes and contributions, property and real estate taxes and local taxes;
Amendment 79 #
2022/2146(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. Whereas the average corporate income tax rate in the EU in 2022 was 21.2% according to the Commission;
Amendment 86 #
2022/2146(INI)
Motion for a resolution
Recital G
Recital G
G. wWhereas the debt-equity bias in corporate taxation allows for generous tax deductions on interest payments; whereas equity financing costs cannot be deducted in a similar manner. Whereas there is a structural disadvantage facing companies that rely on equity financing, in particular if they are young and small companies with poor access to credit;
Amendment 88 #
2022/2146(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. Whereas private companies play a fundamental role in society by being the main generators of employment. Through their business activity, these organisations create job opportunities for millions of people, which in turn drives the economic and social development of the communities in which they operate. By fostering competition and innovation, private enterprises promote efficiency in the allocation of resources, resulting in increased productivity and economic growth. Whereas, by generating employment, these enterprises provide people with the possibility of earning an income, improving their quality of life and meeting their basic needs. Private business activity also generates tax revenues for the state, which can be used to finance essential public services. Private enterprises, as the main generators of employment, play an essential role in the economic and social development of societies, promoting progress and improving people's quality of life;
Amendment 94 #
2022/2146(INI)
Motion for a resolution
Recital G b (new)
Recital G b (new)
Gb. Whereas the proposal for the Retail Investor Strategy was published by the European Commission on 24 May. Stresses that it is a unique opportunity to protect our SMEs, allowing them to be less dependent on bank credit and to have the capital and investment they need for their projects. Regrets that it has been published at the end of the legislature, putting at risk that it could be adopted this legislature;
Amendment 97 #
2022/2146(INI)
Motion for a resolution
Recital G c (new)
Recital G c (new)
Gc. Whereas InvestEU is a European Union fund that supports sustainable investment, innovation and job creation in Europe with the aim of triggering investments. Regrets the low level of implementation where only five states have applied for the funds and is at 19% mobilisation. Encourages the Commission to make a proposal to speed up the arrival of funds to boost job creation;
Amendment 131 #
2022/2146(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. TRecognizes EU’s past actions against aggressive profit shifting in line with international developments at the level of the OECD/G20; takes note of the numerous tax directives since 2011 that have led to fairer, simpler and more effective corporate taxation in the EU, and to a high number of tax compliance obligations on companies within the EU21 ; _________________ 21 See notably the Anti-Tax Avoidance Directives (ATAD I and ATAD II), the amendments of the Directive on administrative cooperation in the field of taxation (DAC 1 to DAC 7), the revision of the Parent Subsidiary Directive, the EU Dispute Settlement Directive, the Public Country-by-Country Reporting Directive, or the Pillar Two Directive.
Amendment 137 #
2022/2146(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Deplores the fact that the Member States have implemented and applied tax directives in a divergent manner, undermining the proper functioning of the single market and leading to misalignment in tax bases, more red tape and higher compliance costs; deplores, in this regard, the observation of the Commission of January 2022 that national tax systems, tax administrations and, in general, differences in the broader public administration of the countries do have an impact on the burden of compliance;
Amendment 141 #
2022/2146(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes note of the Council agreement of November 2022 on broadening the scope of the Code of Conduct on Business Taxation;; calls on the Code of Conduct Group on Business to Taxation to make full use of its revised mandate;
Amendment 163 #
2022/2146(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to present an overall evaluation of previous actions taken on corporate taxation since 2011 and to immediately ease the burden on businesses by invoking a regulatory moratorium and delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023;
Amendment 169 #
2022/2146(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Welcomes the REPowerEU Plan and its priorities and calls on Member States to integrate tax breaks measures and tax incentives to speed up the execution of funds, to achieve greater competitiveness and to help SMEs, companies and industry sector in achieving the objectives of this programme in their modified NRRPs as suggested by the Commission;
Amendment 199 #
2022/2146(INI)
12. Takes note of the two-pillar solution reached at the OECD/G20 Inclusive Framework on the allocation of taxing rights and the application of a minimum effective tax rate of 15 % on the global profits of MNEs; calls on the Commission to report back to Parliament on the success of the ratification process of the pillar 2 agreement in non-EU countries;
Amendment 201 #
2022/2146(INI)
12a. Takes note that Member States reached an agreement in principle on 12 December 2022 to implement at EU level the minimum taxation component, known as Pillar 2; takes note, in this regard, of its position of 19 May 2022 on minimum level of taxation for multinational groups; urges the Commission to present a legislative proposal on a definition of a maximum rate on the global profits of MNEs mirroring the pillar 2 agreement on a minimum rate;
Amendment 209 #
2022/2146(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules, further OECD guidance and further interpretations by individual Member States; ; calls on the Commission to give companies breathing space and enough time to prepare for the possible new BEFIT rules;
Amendment 237 #
2022/2146(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 265 #
2022/2146(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Highlights the idea of a one-stop- shop allowing for the filing of one consolidated tax return; calls o, in the Commission to introduce a one-stop-shop for the application of the BEFIT rules in a test phase and to incorporate it as a permanent feature of BEFIT if the test phase is successfulis regard, on Member States to step up their efforts in introducing electronic filing system that benefits the taxpayer; calls on the Commission to assess whether the One-Stop-Shop could potentially be tested for groups operating in the single market and applying the Pillar Two rules and as a follow-up to incorporate later the new BEFIT rules; welcomes in this regard the Commission communication of 16.3.2023 highlighting the usefulness of one-stop- shops for bringing down barriers;
Amendment 277 #
2022/2146(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Takes note of the Commission proposal of 11 May 2022 addressing the debt-equity bias; deplores the Council decision of 6 December 2022 to suspend the examination of the proposal; calls on the Council to relaunch negotiations on this proposal and adopt the Commission’s proposal with amendments as soon as possible ;
Amendment 287 #
2022/2146(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Highlights that tax incentives applied in a fiscally responsible manner for private research and development (e.g. via tax credits, enhanced allowances or adjusted depreciation schedules) can help lift an economy’s overall spending towards research and development, which often comes with positive externalities; recalls that corporate spending on research and development was equal to 1.5 % of EU GDP in 2020, compared to 2.6 % in the US and Japan, according to the European Investment Bank’s 2022/2023 investment report; welcomes in this regard the Commission communication of 16 of March 2023 encouraging Member States to provide general tax-based incentives for research and innovation activities; calls on the Commission to present an assessment of tax incentives for private research and development;
Amendment 118 #
2022/2080(INI)
14. Calls on the governments of the Member States to reverse the trend of curbing the taxes of top earners and proceed with the adoption of net wealth taxes; considers that such taxes should have a tailored scope to fit the asset portfolio of the wealthiest individuals, focusing on property, succession, financial assets and luxury goods above certain thresholds; calls on the Commission to promote initiatives at EU level to coordinate the implementation of such taxes in order to prevent evasion and avoidance in the single market; Observes that, from an efficiency and an equity perspective, there are limited arguments for having a net wealth tax when broad-based personal income taxes are in place. Acknowledges that net wealth taxes entail different risks such as double taxation, negative effects on entrepreneurship and liquidity concerns1a; _________________ 1a OECD. Publishing, 2018. The Role and Design of Net Wealth Taxes in the OECD. OECD.
Amendment 21 #
2022/2061(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Banking Union (BU) currently consists of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism; whereas although the Deposit Guarantee Schemes Directive4 sets out high minimum standards in the area of deposit protection, the BU remains unfinished because the third pillar that would guarantee economic and monetary union – the European deposit insurance scheme (EDIS) – has not yet been established; _________________ 4 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).
Amendment 26 #
2022/2061(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the establishment of a European Deposit Guarantee Scheme (EDIS) remains a priority as the two existing pillars are insufficient to ensure a strong Banking Union;
Amendment 44 #
2022/2061(INI)
Motion for a resolution
Recital F
Recital F
Amendment 51 #
2022/2061(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas sustainability is important for the financial sector, as banks are exposed to both credit and reputational risk;
Amendment 52 #
2022/2061(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the digitalisation of finance provides extensive opportunities for the banking sector, but also poses challenges, including with regard to cyber riskswhich should be exploited to strengthen and consolidate the sector, facilitate access for retail investors and improve the coordination and interconnection of the Banking Union;
Amendment 57 #
2022/2061(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the finalisation of the anti- money laundering (AML) package should strengthen AML rules and ensure a consistentn appropriate and effectiveicient implementation of these rules that strengthens the European banking system;
Amendment 64 #
2022/2061(INI)
Motion for a resolution
Recital I
Recital I
I. whereas ensuring high-level and equal protection ofpromoting the inclusion of and access for all investors and depositors is at the core of the BU and the Capital Markets Union;
Amendment 71 #
2022/2061(INI)
Motion for a resolution
Recital J
Recital J
Amendment 81 #
2022/2061(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the banking sector plays a crucial role in supporting Europe's economic recovery and growth, particularly through the channelling of key financing to foster investment and thus create business opportunities and jobs;
Amendment 85 #
2022/2061(INI)
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas the successful completion of the Banking Union depends on other EU projects and major ambitions, such as the Capital Markets Union; whereas both projects are interconnected, and developing one should lead to progress and advances with the other; whereas both the Banking Union and the Capital Market Union are indispensable for the economic strengthening of the Union;
Amendment 93 #
2022/2061(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Condemns in the strongest possible terms the Russian aggression against Ukraine and its devastating impact on the Ukrainian people; notes that the Russian invasion has also had social, economic and financial consequences for the EU, including exacerbating inflation trends; notes that banks’ direct exposures to Russia and Ukraine are limited, but that the banking sector may be affected by indirect impacts with a fall in net profit and revenues;
Amendment 98 #
2022/2061(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the banking sector, in conjunction with public support measures, has acted as a shock absorber for the economic crisis triggered by the COVID- 19 pandemic; acknowledges that strengthening the prudential requirements implemented after 2008 has improved the EU banking sector’s resilience, as well as the ability of the banking sector to improve risk management and ensure lending activities during economic downturns;
Amendment 108 #
2022/2061(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the EU should fairly and fully implement the Basel III reform in a timely mannerso that the European banking system can compete internationally and become more attractive and safer for investors;
Amendment 137 #
2022/2061(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. WelcomesTakes note of the ongoing work by the ECB on the digital euro; looks forward to the Commission’s legislativwarns of the need for clear objectives to be set with the proposal, and the ECB Governing Council’s decision on the digital euros well as for a robust risk/benefit assessment of the implementation of the digital euro; encourages thorough reflection on the added value of this proposal before any legislative proposal is launched by the Commission;
Amendment 151 #
2022/2061(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. UrgInvites the EU Member States who are not yet part of the BU to take steps towards joining it;
Amendment 154 #
2022/2061(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Encourages banks to take advantage of the opportunities offered by the digitalisation of the economy, while maintaining a high level of consumer and investor protection to better serve consumers and customers as well as to foster financial inclusion through financial education and literacy;
Amendment 178 #
2022/2061(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. NotWelcomes that the banking sector’s profitability has increased over the past year to its best level in 14 years;
Amendment 194 #
2022/2061(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that banks’ exposures to domestic sovereign debt remain high; recalls that one of the main objectives of the BU is to break the link between bank andimprove the manner in which sovereign debt is dealt with; points to the downward trend in sovereign riskexposures;
Amendment 204 #
2022/2061(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Highlights that banks have a crucial role to play in enablfacilitating the transition towards a sustainable economy; calls for environmental, social and governance (ESG) risks to be included in the prudential frameworkstresses the responsible conduct of the banking sector in this respect;
Amendment 211 #
2022/2061(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 224 #
2022/2061(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 274 #
2022/2061(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Takes note of the appointment of a new SRB Chair and of a new Board member; points out the lack of gender balance within the Board and across the SRB’s management positions; urges the SRB to address this issue and ensure a more balanced representation of genders in its management positions based on the candidates' merit and ability;
Amendment 300 #
2022/2061(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Points out that any EDIS should take into account clear rules for the participation of non-euro-area Member Statesaddress the participation of Member States that do not form part of the euro area, analysing the risks that they may present and developing all appropriate mechanisms for their participation;
Amendment 17 #
2022/2060(INI)
Motion for a resolution
Recital B
Recital B
B. whereas competition policy should aim to support the European Green Deal and Digital Compass goals;
Amendment 35 #
2022/2060(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that EU competition policy protects market structures against concentrations and accumulations of market power, just as it advances efficient market structures and consumer welfare;
Amendment 50 #
2022/2060(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates that competition policy cannot be pursued in isolation, as an end in itself, without reference to the legal, economic, political and social context, as well as new competitive market dynamics;
Amendment 97 #
2022/2060(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to safeguard the integrity of the internal market and a level playing field and is deeply concerned about the risk of increasing fragmentation within the internal market due to excessive use of subsidies in response to the US Inflation Reduction Act; understands the need for additional public investments; considers the introduction of dedicated permanent, if necessary debt-financed, European investment funds to be a better policy response;
Amendment 129 #
2022/2060(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the Commission to consider that the response to the US Inflation Reduction Act shall not be solely based on State aid; any EU response should seek to deepen the single market and to include a renewed competition framework, with greater trust and flexibility for European companies, which are the enablers of the solutions needed to make EU industry more competitive;
Amendment 180 #
2022/2060(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the evaluation of Regulation (EC) No 1/2003 and Regulation (EC) No 773/2004 initiated by the Commission; considers a legislative review of these regulations necessary; calls the Commission to speed up antitrust procedures to ensure the effectiveness of EU antitrust rules and the well- functioning of the internal market; calls the Commission to introduce time limits for antitrust proceedings; calls for stronger use of structural remedies, and therefore for the primacy of behavioural remedies to be removed from Regulation (EC) No 1/2003;
Amendment 193 #
2022/2060(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Underlines the importance of adopting interim measures limited in time in the enforcement of competition law, particularly in relation to dynamic and fast- developing markets such as digital markets; therefore supports the Commission in enhancing the use of interim measures under the existing Regulation (EC) No 1/2003; calls for legislative action to lower the burden associated with the use of interim measures for the Commission and for national competition authorities;
Amendment 197 #
2022/2060(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to establish a publicly accessible database of all European and national competition law cases, including summaries in English; likewise, calls the Commission to ensure transparency in the exchange of information among the agencies;
Amendment 245 #
2022/2060(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Stresses that it is crucial for Europe´s competitiveness that both ability and incentives to invest in future digital infrastructure are strengthened to modernise infrastructures, drive innovation and foster inclusive and sustainable digitisation of society and businesses;
Amendment 266 #
2022/2060(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission to reassess its State aid framework in line with the Inflation Reduction Act, while promoting the level playing field of the internal market and the fiscal sustainability of Member States. In particular, the Commission shall ease and streamline procedures which are currently too long to deliver timely results to the European industry;
Amendment 10 #
2022/2051(INL)
Draft opinion
Paragraph 1
Paragraph 1
1. Insists on more democratic legitimacy, accountability and scrutiny of the Union economic policies; stresses for the framework, institutions and tools for EU economic governance to be under the Community method; calls for any Treaty revision to grant the Parliament its role as co-legislator and democratic oversight in these policies;
Amendment 13 #
2022/2051(INL)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Welcomes the proposals made by the plenary of the Conference on the Future of Europe on 9 May 2022, particularly the proposal 16 regarding fiscal and tax policies whose goal is a greater harmonization and coordination of tax policies within the Member States, the introduction of a common corporate tax base and the strength of the oversight of the absorption and use of EU funds;
Amendment 21 #
2022/2051(INL)
Draft opinion
Paragraph 2
Paragraph 2
2. Supports an economic governance framework that ensures stability, full employment, strategic and sustainable investiscal sustainability, effective enforcements, democratic accountability and ownership, and fiscal policies and instruments, such as fiscal buffers, to counteract shocks;
Amendment 40 #
2022/2051(INL)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for the economic governance to be redesignedreview to takinge into account lessons learned from the NGEU governance structure and SURE processes;
Amendment 57 #
2022/2051(INL)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges that the framework of the ECB’s accountability to Parliament be improved; Calls for a moreWelcomes comprehensive definition of the price stability and the ways to achieve it;
Amendment 94 #
2022/2051(INL)
Draft opinion
Paragraph 6
Paragraph 6
6. Highlights the new challenges for Union’s competition policy, which require that the Treaty be amended to align it with the goals of the Green Deal and the pillar of social rights and support the Union´s strategic autonomyensures a level playing field in key sectors;
Amendment 104 #
2022/2051(INL)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Supports the creation of a High Representative for Economic and Financial Affairs/Vice-President of the European Commission who would also hold the presidency of the Eurogroup. The European Council, acting by qualified majority, will propose the candidate and, prior to the vote in the plenary of the European Parliament, the nominee will have to undergo a hearing before the relevant parliamentary committees;
Amendment 105 #
2022/2051(INL)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Welcomes the reform of Article 136 of the TFEU in 2011 that allowed for the creation of the European Stability Mechanism. Stresses the importance of going further and expresses the need for the inclusion of the ESM in the Treaties;
Amendment 106 #
2022/2051(INL)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Highlights that the economic effects of COVID-19 and the Russian invasion of Ukraine have revealed the limits of the current European fiscal framework and welcomes the initiative taken by the European Commission to reform them;
Amendment 107 #
2022/2051(INL)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Following the resolution of the European Parliament of 9 June 2022, it is essential to introduce QMV instead of unanimity for the passerelle clauses, as set out in Article 48(7)TEU;
Amendment 108 #
2022/2051(INL)
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6 d. Stresses the importance of the European Semester as the main instrument for coordinating European economic policy and, in this regard, calls for greater involvement of the European Parliament to ensure fair and equitable cooperation between co-legislators;
Amendment 29 #
2022/2006(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the crisis caused by the COVID-19 pandemic led to an increase in social, territorial, intergenerational, economic and gender- based inequalities;
Amendment 60 #
2022/2006(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemic, although the rate of growth is uneven across Member States; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the European economy;
Amendment 89 #
2022/2006(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the crisis triggered by the COVID-19 pandemic has been especially severe for enterprises, mostly for small and medium-sized enterprises (SMEs), inas well as tourism, hospitality and culture enterprises; recognises the notion of European solidarity underpinning the establishment of the RRF;
Amendment 102 #
2022/2006(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that the successful roll- out of the RRF will help to make EU economies and societies more prosperous, sustainable, inclusive, resilient and better prepared for the green and digital transitions;
Amendment 207 #
2022/2006(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that the COVID-19 pandemic has had a significant impact on women; emphasises the importance of increasing women’s participation in the economy, including inclusive participation in the digital economy and transformation, reinforcing existing EU maternity support policies, and ensuring more inclusive growth as part of the solution to the post- pandemic recovery, which will help to increase jobs, economic prosperity and competitiveness across the EU;
Amendment 8 #
2022/0404(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2013/36/EU
Article 104 – paragraph 1
Article 104 – paragraph 1
Amendment 210 #
2022/0403(COD)
Proposal for a regulation
Recital 11
Recital 11
Amendment 214 #
2022/0403(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) It is necessary to explore additional means of enhancing the attractiveness of EU CCPs. This objective must be pursued while safeguarding the competitiveness of EU firms and upholding the freedom of choice for clearing market participants. To achieve a proportionate approach that bolsters EU capital markets, maintains financial stability, and strengthens the competitiveness of the Union's clearing system on a global scale, the implementation of an incentives regime is necessary to encourage businesses to move to EU CCPs.
Amendment 240 #
2022/0403(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) To ensure consistent harmonisation of rules and supervisory practice on applications for authorisation, extension of authorisation and model validations the active account requirement and the CCP participation requirements, the Commission should be empowered to adopt regulatory technical standards developed by ESMA with regard to the following: the documents CCPs are required to submit when applying for authorisation, extension of authorisation and validation of model changes; the proportion of activity in the relevant derivative contracts that should be held in active accounts at Union CCPs and the calculation methodology to be used to calculate that proportion; the scope and details of the reporting by Union clearing members and clients to their competent authorities on their clearing activity in third-country CCPs and whilst providing the mechanisms triggering a review of the values of the clearing thresholds following significant price fluctuations in the underlying class of OTC derivatives to also review the scope of the hedging exemption and thresholds for the clearing obligation to apply; and the elements to be considered when laying down the admission criteria to a CCP. The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 254 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a (new)
Article 7 a (new)
Amendment 25 #
2022/0341(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The European Central Bank (ECB) and national central banks, when not acting in their capacity as monetary authorities or other public authorities, should be able to limit their offering of a payment service of sending and receiving instant credit transfers in euro to the period of time during which they receive and send non-instant credit transfer transactions in euro, where such limitation is needed to ensure compliance with Article 123 TFEU.
Amendment 26 #
2022/0341(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) There is a variety of interfaces through which PSUs can place a payment order for a credit transfer in euro, including via online banking, a mobile application, an automated teller machine, a self-service terminal, in a branch, or by phone. To ensure that all PSUs have access to instant credit transfers in euro, there should be no difference in terms of the interfaces through which PSUs can place payment orders for instant and other types of credit transfer transactions; considering that the features of the different interfaces do not in all cases foresee the possibility to place a payment order on an uninterrupted basis. Moreover, where it is possible for a PSU to submit to a PSP payment orders for credit transfers packaged together, that same possibility should also be available with respect to instant credit transfers in euro. PSPs should be able to offer all credit transfers in euro initiated by their PSUs as instant by default. Regarding automated teller machines, only those that offer the possibility to place a payment order should offer the option to place instant payment orders.
Amendment 32 #
2022/0341(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) It would not be proportionate to impose on payment institutions and electronic money institutions an obligation to offer the service of sending and receiving instant credit transfers in euro, because those institutions cannot be admitted as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council36 . Those institutions may therefore experience difficulties in accessing the infrastructure necessary to execute instant credit transfers. It is therefore appropriate to exclude payment institutions and electronic money institutions from the obligation to offer the service of sending and receiving instant credit transfers in euro as long as they are not considered to be institutions in accordance with Article 2, point (b) of the Settlement Finality Directive. Therefore, Directive 98/26/EC should be amended to allow payment institutions and electronic money institutions to act as participants in a payment system designated in accordance with that Directive. __________________ 36 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
Amendment 48 #
2022/0341(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and ensuring their use. Payers intending to send a credit transfer to a given payee may, as a result of fraud or error, provide a payment account identifier which does not correspond to an account held by that payee. Under Directive (EU) 2015/2366 of the European Parliament and of the Council37 , the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, and PSPs are not required to verify the name of the payee. In the case of instant credit transfers, there is not enough time for the payer to realise the occurrence of a fraud or error and to try to recover the funds before they are credited to the payee’s account. PSPs should therefore verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer, and notify the payer placing a payment order for an instant credit transfer in euro about any such discrepancies detectedprovide a service to verify the identity of the payee based on the payment account identifier. To avoid undue frictions or delays in the processing of the transaction instantly, the payer’s PSP should provide such notification within no more than a few seconds from the moment the payer provided the payee information. To allow the payer to decide whether to proceed with the intended transaction, the payer’s PSP should provide such notification before the payer authorises the transaction. PSPs should offer that service free of charge to PSUs. __________________ 37 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
Amendment 50 #
2022/0341(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Some instant credit transfer initiation solutions could be available to payers that allow them to place a payment order without being required to insert the payment account identifier. In such cases, that identifier is provided on behalf of the payer by the provider of the initiation solution, for example a PISP, proxy provider or even the PSP. When the identifier is provided on behalf of the payer by the PSP or any third party, it should be possible to adapt the verification process to the PSU interface.
Amendment 56 #
2022/0341(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Some attributes of the name of the payee to whose account the payer wishes to make an instant credit transfer may increase the likelihood of a discrepancy being detected by the PSP, including the presence of diacritics or different possible transliterations of names in different alphabets, differences between habitually used names and names indicated on formal identification documents in case of natural persons, or differences between commercial and legal names in case of legal persons. To avoid undue frictions in the processing of instant credit transfers in euro and facilitate the payer’s decision on whether to proceed with the intended transaction, PSPs shouldmight indicate the degree of such discrepancy, including by indicating in the notification that there is ‘no match’ or ‘close match’.
Amendment 60 #
2022/0341(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee. In such cases, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in Article 88 of Directive (EU) 2015/2366. PSPs should inform PSUs about the implications for PSP liability and PSU refunds rights of their choice to ignore the notified discrepancy. PSUs should be able to opt out from using that service at any time during their contractual relationship with the PSP. After opting out, PSUs should be able to opt in to again avail of the service.
Amendment 68 #
2022/0341(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various methods, based on their individual choice or on the guidance provided by the national authorities concerned. The practice of complying with obligations stemming from Union sanctions by screening the payer and the payee involved in each credit transfer transaction, either national or cross-border, leads to a very high number of credit transfers being flagged as potentially involving listed persons or entities. However, the large majority of such flagged transactions turn out, after verification, not to involve any such persons or entities. Due to the nature of instant credit transfers, it is impossible for PSPs to verify, within short time limits, such flagged transactions instantly and, as a result, they are rejected. That situation creates operational challenges for PSPs to offer instant credit transfers to their PSUs across the Union in a reliable and predictable way. To provide for greater legal certainty, increase the efficiency of PSPs’ efforts to comply with their obligations stemming from Union sanctions in the context of instant credit transfers in euro, and to prevent unnecessary hindering of such transactions, PSPs should thus verify, at least daily, whether their PSUs are listed persons or entities, and should no longer apply transaction-based screening. The use of the Legal Entity Identifier (LEI) could play a beneficial role in that context by facilitating the screening of sanctions.
Amendment 74 #
2022/0341(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) To prevent the initiation of instant credit transfers from payment accounts belonging to listed persons or entities and to immediately freeze funds sent to such accounts, PSPs should carry out verifications of their PSUs as soon as possible following the entry into forcepublication in the Official Journal of the European Union of a new restrictive measure adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available, thus ensuring that PSPs comply with their obligations stemming from Union sanctions in an effective manner.
Amendment 75 #
2022/0341(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Without prejudice to the above obligations, the Commission should work on the elaboration of a Union-wide harmonised sanctions list which covers Union sanctions, national sanctions and direct international sanctions regimes.
Amendment 80 #
2022/0341(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) PSPs need sufficient time to meet the obligations laid down in this Regulation. It is therefore appropriate to introduce those obligations gradually, allowing PSPs a more efficient use of their resources. The obligation to offer the service of sending instant credit transfers should therefore apply later, preceded by the obligation to offer the service of receiving instant credit transfers, since the sending of instant credit transfers tends to be more costly and complex of the two services to implement and therefore necessitates more time. The service of notifying detected discrepancies between the name and payment account identifier of the payee to the payer is only relevant for PSPs offering the service of sending instant credit transfers. The obligation to offer that service should therefore apply from the same time as the obligation to offer the service of sending instant credit transfers. The obligations related to charges and harmonised procedure to ensure compliance with obligations stemming from Union sanctions should apply as soon as PSPs are obliged to offer the service of receiving instant credit transfers. To allow PSPs located in Member States whose currency is not the euro to efficiently allocate the resources needed for the implementation of instant credit transfers in euro, the obligations laid down in this Regulation should apply to such PSPs as of a later date than to PSPs located in Member States whose currency is the euro with the same gradual approach for introducing various obligations as for PSPs located in the euro area.
Amendment 109 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 2
Article 5a – paragraph 1 – subparagraph 2
However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 as long as they cannot be participants in a payment system designated in accordance with Directive 98/26/EC.
Amendment 112 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
The ECB and national central banks, when not acting in their capacity as monetary authorities or other public authorities, may limit the offering of a payment service of sending and receiving instant credit transfers in euro to their PSUs to the period of time during which they receive and send non-instant credit transfer transactions in euro.
Amendment 142 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
When a multiple payment orders package has been placed by the PSU, the payer’s PSP shall start to convert that package into individual transactions as soon as possible. The time of receipt of an individual payment order belonging to that package shall be the moment when the payer’s PSP sends the ensuing payment transaction to the payee’s PSP.
Amendment 145 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 3 a (new)
Article 5a – paragraph 3 a (new)
Amendment 149 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the service of receiving instant credit transfers in euro by … [PO please insert the date = 612 months after the date of entry into force of this Regulation], and the service of sending instant credit transfers in euro by … [PO please insert the date = 12 months after the date of entry into force of this Regulation].
Amendment 160 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
PSPs as referred to in paragraph 1 located in a Member State whose currency is not the euro shall offer PSUs the service of receiving instant credit transfers in euro by …[ PO please insert the date = 306 months after the date of entry into force of this Regulation], and the service of sending instant credit transfers in euro by …[ PO please insert the date = 36 months after the date of entry into force of this Regulation].
Amendment 167 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5b – paragraph 1
Article 5b – paragraph 1
1b. In 4 years after the entry in force of this legislation, EBA must conduct a study on the impact of this provision in the prices of both instant and regular payments; the Commission must consider the results of such study in possible future revisions of this legislation.
Amendment 171 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 612 months after the date of entry into force of this Regulation].
Amendment 178 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date = 306 months after the date of entry into force of this Regulation].
Amendment 182 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Amendment 194 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1 – subparagraph 1
Article 5c – paragraph 1 – subparagraph 1
With regard to instant credit transfers, a payer’s PSP shall verify whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, that PSP shall notify the payer of any discrepancies detected and the degree of any such discrepancyprovide, free of charge, a service to verify the identity of the payee using the payment account identifier.
Amendment 198 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
PSPs shall provide that service immediately after the payer provided to its PSP the payment account identifier of the payee and the name of the payeelaces the payment order, and before the payer is offered the possibility to authorise the instant credit transfer. The outcome of that verification mechanism shall be notified to the payer before the payer authorises the transaction.
Amendment 208 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 3
Article 5c – paragraph 3
Amendment 215 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 4
Article 5c – paragraph 4
4. PSPs shall inform their PSUs that authorising a transaction despite a detected and notified discrepancy or opting out from receiving the service referred to in paragraph 1negative outcome of the verification service may lead to transferring the funds to a payment account not held by the payee indicated by the payer. PSPs shall provide that information at the same time as the notification of discrepancies referred to in paragraph 1 or when PSU opts out from receiving the service referred to in that paragraph.
Amendment 218 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 4a (new)
Article 5c – paragraph 4a (new)
(4 a) Where the payer’s PSP fails to provide accurate information to the payer in accordance with paragraph 1, it shall compensate any financial damage caused to the payer. Where such failure occurs due to the fact that the payee’s PSP has not provided accurate information regarding the payment account identifier and the name of the payee, the payee’s PSP shall compensate the financial damage caused to the payer’s PSP.
Amendment 251 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5d – paragraph 1 – subparagraph 2
Article 5d – paragraph 1 – subparagraph 2
PSPs shall carry out such verifications immediately afteras soon as possible after the publication in the Official Journal of the European Union, and before the entry into force, of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available , and at least once every calendar day.
Amendment 271 #
2022/0341(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 260/2012
Article 11 – paragraph 1a – subparagraph 1a (new)
Article 11 – paragraph 1a – subparagraph 1a (new)
No penalty shall be applied in respect of Article 5a(2), point (c). where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to a planned downtime of all SEPA Instant Credit Transfer (SCT Inst) or where, due to a duly motivated suspicion of fraud, PSPs suspend the instant credit service, and if PSPs offer alternative options to PSUs.
Amendment 24 #
2022/0068(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Pursuant to the statement in the minutes of the European Council meeting of 25 November 2018, any future agreement between the EU and the United Kingdom concerning Gibraltar will require the prior agreement of the Kingdom of Spain. Given Gibraltar's particular geographical situation, its status under international law, its specific characteristics and its special relationship with Spain, measures adopted by the EU under this Regulation which affect the territory of Gibraltar or any agreement concluded between the EU and the United Kingdom concerning that territory should also require the prior consent of the Kingdom of Spain.
Amendment 62 #
2022/0068(COD)
Proposal for a regulation
Article 2 – paragraph 7 a (new)
Article 2 – paragraph 7 a (new)
7a. Where they concern the territory of Gibraltar or any agreement between the EU and the United Kingdom relating to that territory, the adoption of measures pursuant to paragraph 1 of this Article shall require the prior consent of the Kingdom of Spain.
Amendment 3 #
2021/2251(INI)
Motion for a resolution
Citation 9 a (new)
Citation 9 a (new)
— having regard to the Opinion of the European Committee of the Regions of 1 December 2021 on the implementation of the Recovery and Resilience Facility5a, __________________ 5a OJ C 97, 28.2.2022, p. 21–25.
Amendment 4 #
2021/2251(INI)
Motion for a resolution
Citation 9 b (new)
Citation 9 b (new)
— having regard to the Opinion of the European Economic and Social Committee of 20 October 2021 on the Annual Sustainable Growth Strategy 20215b, __________________ 5b ECO/556-EESC-2021.
Amendment 36 #
2021/2251(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights that the Recovery and Resilience Facility (RRF) is an unprecedented instrument of solidarity and a cornerstone of the Next Generation EU (NGEU) instrument, ending in 2026, as the main tool in the EU’s response to the COVID-19 pandemic to prepare the economies of the EU to face the new challenges; helping European economies growth thanks to a more competitive economy and being the pillars of growth business, SMEs, private investment and, finally, the EU's strategic autonomy.
Amendment 50 #
2021/2251(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fact that even if the economic effects of the RRF cannot be fully disentangled from other developments, it seems fair to conclude that, so far, the RRF has had positive effects on gross domestic product (GDP) and that its effective implementation will be key for the EU’s economic growth; recognisesso far, the RRF has been an instrument that has created a lot of expectations to all stakeholders and institutions, deeper than what legislators had in mind and that its effective implementation will be key for the EU’s economic growth; it is contributing to readjusting national priorities and public knowledge of the effort carried out by the Union; we have confidence that on a medium term basis it can be recognized that the RRF has helped to cushion EU economies and citizens from the most acute impacts of the COVID-19 pandemic and is positively contributing to the EU’s recovery and resilience;
Amendment 71 #
2021/2251(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reiterates the importance of the successful implementation by the Member States of national recovery and resilience plans (NRRPs) in order to ensure a long- term impact on the EU economy and society; recalls that the RRF is a performance-based mechanism, that should respond to growth objectives not just procedure milestones whereby funding is disbursed upon completion of milestones and targets related to measures; Recalls that for its success it is crucial the participation of local, regional and national institutions that are those responsible for developing those policies, as stated in Articles 18 and 28 of the RRF Regulation
Amendment 78 #
2021/2251(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Is concerned about the low level of effective disbursement or take-up of RRF funds in some Member States; warns that the RRF will only mitigate the social and economic impact of the crisis if funds are effectively absorbed and spent, so that they reach the real economy; calls on Member States to take the appropriate decisions on organisational structure and resources and to implement legal reforms if necessary in orden to ensure the timely expenditure of RRF funds;
Amendment 86 #
2021/2251(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises that the packages of reforms and investments, particularly growth-enhancing ones under the RRF, should also generate EU added value taking into account the European Semester and Country Specific Recommendations, as well as the acquis communitaire, being as it is essential the coherent legislative and political development ; emphasises that the packages of reforms and investments under the RRF should also contribute to the implementation of the European Pillar of Social Rights;
Amendment 90 #
2021/2251(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Deplores the fact that women20 , children21 , young people, the elderlconsequences that European citizens have suffered and continue to be most impacted by the COVID-19 crisis; emphasizes the role that primary aind vulnerable groups have been the most impacted by the COVID-19 crisiustry has had in keeping the economy alive and the effort carried out by SME’S as to maintain the productive network in the amidst of epidemiological and regulatory uncertainty, and many times without the alleviation of Member States administration’s; recalls the need to ensure that the EU leaves no one behind, and that it tackles gender- specific socio-economic impacts on its path to recovery; __________________ 20 European Parliament, Directorate- General for Internal Policies, Policy Department for Citizens’ Rights and Constitutional Affairs, COVID-19 and its economic impact on women and women’s poverty – Insights from 5 European Countries, May 2021. https://www.europarl.europa.eu/RegData/et udes/STUD/2021/693183/IPOL_STU(202 1)693183_EN.pdf 21 Eurochild, Growing up in lockdown: Europe’s children in the age of COVID-19, 17 November 2020. https://www.eurochild.org/resource/growin g-up-in-lockdown-europes-children-in-the- age-of-covid-19/
Amendment 147 #
2021/2251(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Looks forward to more granular and disaggregated data allowing for a better understanding of the additionality impacts of the RRF; urges the Member States to provide detailed information to the Commission in order to ensure effective reporting of the impact of the RRF; , so that as guardian of the treaties should look out for the correct implementation of European Union norms and the Parliament as budgetary control organism, in order to ensure effective reporting of the impact of the RRF; Shows its concern over the difficulties encountered on its access to information received by the Commission and transmitted by the Member States; Parliament must have access to all documents and communications from the Commission to each Member State, both of its plans and their implementation, and of the evaluations made or received.
Amendment 180 #
2021/2251(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes the fact that the Commission’s assessments concluded that all approved NRRPs address all six pillars of the RRF and satisfactorily fulfil all assessment criteria as set out in RRF Regulation and represent a balanced package of reforms and investments; considers that Member States could have better aligned their NRRPs to the six RRF pillars and the requirements of the RRF Regulation; stresses that the fast approval of the NRRP without direct participation by regional and local authorities is hindering its implementation; it expects the European Commission to collaborate with Member States on the improvement of these deficiencies.
Amendment 225 #
2021/2251(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that the Commission estimates social spending in the NRRPs to account for around 20 % of the grants and loans requested; observes that this expenditure focuses on employment incentives for specific disadvantaged groups, reforms of employment protection legislation and labour contract regulation; shows concern about certain measures might develop into budgetary compromises on a medium term basis regrets that social investment measures have been rather limited to social infrastructure and that only some NRRPs contain measures for the development of proper care services and temporary support measures; considers that it will be necessary to acknowledge investments due to the illegal invasion of Ukraine and the accommodation of refugees, supports the Commission’s aim, through the RRF, of building a more resilient and inclusive labour market;
Amendment 256 #
2021/2251(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Emphasises that the RRF should not be used to substitute recurring national budgetary expenditure, unless duly justified, and calls on the Commission to ensure compliance with this principle; is concerned that independent fiscal authorities in certain Member States have warned that some investments in NRRPs have a high risk of becoming a recurring expenditure in national budgets; notes that the Commission has only approved NRRPs to cover the initial costs of setting up and launching reforms;
Amendment 301 #
2021/2251(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Urges the Commission and Member States to uphold the principles of transparency, equal treatment, open competition, and sound procedural management when launching public procurement for the implementation of investments; is firmly opposed to any type of misuse of powers or arbitrariness when allocating RRF funds;
Amendment 346 #
2021/2251(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34 a. Reminds that implementation of the RRF and of NRRPs' measures shall respect all relevant laws, including the principle of subsidiarity, respect to regional and local self-government and the right to good administration under EU Law;
Amendment 351 #
2021/2251(INI)
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34 b. Is concerned about the insufficient clarity in many Member States on the NRRPs governance systems and the distribution of responsibilities for their implementation between the central, regional and local levels;
Amendment 353 #
2021/2251(INI)
Motion for a resolution
Paragraph 34 c (new)
Paragraph 34 c (new)
34 c. Reiterates its regret at the fact that many Member States have not or only inadequately involved local and regional authorities (LRAs) in the preparation process of NRRPs, and that the extent to which their input has been incorporated in most cases cannot be ascertained; calls on Member States to ensure the involvement of LRAs in the implementation of the RRF to the maximum extent possible under the national legislation and urges the Commission to present guidance to that end; recalls that LRAs are different to other stakeholders because they are at the forefront of implementing EU law;
Amendment 361 #
2021/2251(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Welcomes the launch in December 2021 of the recovery and resilience scoreboard, which will allow every citizen to monitor the implementation of the RRF; regrets, however, that the scoreboard does not reflect the extent to which Member States are effectively channelling funds to finance their projects and executing amounts;
Amendment 366 #
2021/2251(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Calls on the Commission and the Member States to periodically assess and publish the level of effective disbursement of RFF funds; expects the review report on the implementation of the RRF prepared by the Commission to provide extensive data and analysis on the level of effective spending and absorption, the disbursement of funds to the various implementing bodies (such as LRAs) and the possible existence of bottlenecks in national public administrations that prevent the adequate implementation of NRRPs;
Amendment 368 #
2021/2251(INI)
Motion for a resolution
Paragraph 35 b (new)
Paragraph 35 b (new)
35 b. Points out that national public administrations face a considerable challenge in absorbing all RRF funding in such a short space of time; urges the European Commission to actively support Member States that have experienced problems absorbing EU funds in addressing this issue, so that RRF funds are successfully disbursed across the Union;
Amendment 370 #
2021/2251(INI)
Motion for a resolution
Paragraph 35 c (new)
Paragraph 35 c (new)
35 c. Welcomes the initiative of the European Ombudsman of preparing 'Good Practice Principles for governing transparency in the use of recovery funds';
Amendment 381 #
2021/2251(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Calls on the Commission to fully take into account Parliament’s views in the upcoming review report on the implementation of the RRF, which the Commission shall present to Parliament and the Council by 31 July 2022; calls on the Commission to also take into account the input of LRAs when drafting said report;
Amendment 384 #
2021/2251(INI)
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37 a. Points out that LRAs have, in many cases, statutory powers and competences in policy areas that are key for the RRF; stresses that involving LRAs in the RRF is essential for the effectiveness of its implementation, as they play a key role in the design and implementation of many policies and investments; calls for a more active involvement of LRAs and a broader ownership of these authorities in the implementation of the NRRPs;
Amendment 385 #
2021/2251(INI)
Motion for a resolution
Paragraph 37 b (new)
Paragraph 37 b (new)
37 b. Calls on Member States to clearly define the role of LRAs in the implementation, further planning and evaluation of NRRPs in the agreements concluded with the European Commission on operational arrangements and the individual legal commitments on financial contributions, in accordance with their national constitutional provisions and distribution of powers; requests that Member States include in their reports on the implementation of the RRF a section on the involvement of LRAs;
Amendment 390 #
2021/2251(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Instructs its President to forward this resolution to the Council, the Commission, the European Committee of the Regions and to the governments and parliaments of the Member States.
Amendment 16 #
2021/2185(INI)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
Amendment 23 #
2021/2185(INI)
Motion for a resolution
Recital A
Recital A
A. whereas EU competition policy has an important fundamental role – especially at times of uncertainty and transformation – in ensuring effective competition to encourage innovation, set fair economic conditions and provide greater choice for consumersjobs, growth, competitiveness, entrepreneurship; whereas it sets fair economic conditions and provides consumers with greater opportunities for fair choice;
Amendment 49 #
2021/2185(INI)
Motion for a resolution
Recital C
Recital C
C. whereas international exchange and cooperation is essential to achieve a global and competitive level playing field, and tackle the challenges of the twin digital and green transition in a coordinated mannerwhereas EU competition policy must be the pillar underpinning the robustness of the single market, while contributing to achieving the Union’s priorities, in particular by facilitating the twin digital and green transition;
Amendment 79 #
2021/2185(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls for the development of an effective system of well-adjusted and complementing regulatory and enforcement instruments to facilitatencourage the digital and green transition;
Amendment 132 #
2021/2185(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of safeguarding the competitiveness of European companies in a globalised arenacontext of increasing global competition, of striving for reciprocity, and of ensuring fair competition for regional markets in the single market and of safeguarding European interests, especially in strategic sectors for the Union;
Amendment 139 #
2021/2185(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the Commission’s proposal for a new regulation on foreign subsidies in order to curtail potentially distortive effects on the single market, close the enforcement gap, safeguard the Union’s interests and level the playing field for European companies by using EU competition law instruments and their key building blocks;
Amendment 151 #
2021/2185(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to continue to rigorously enforce competition policy while striving for continued constructive dialogue and cooperation on key technological and economic issues with like-minded partners and stakeholders;
Amendment 155 #
2021/2185(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. WEnthusiastically welcomes the launch of the EU-US Trade and Technology Council (TTC), which will seek to deepen economic and transatlantic relations based on common values; notes with appreciation that the transformation of the EU’s rules vis-à-vis digital platform companies is mirrored by comparable legislative initiatives and individual investigations in the US;
Amendment 184 #
2021/2185(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the recent judgment by the General Court of the EU3, which confirms the Commission’s assessment as regards a dominant market position and is proof and an example of the effective application of traditional EU competition rules in the context of a digital economy, in particular in respect of the regulation of global digital platforms and their interaction with other European companies; __________________ Judgment of the General Court of 10 November 2021, Google and Alphabet v Commission, T-612/17, ECLI:EU:T:2021:763.
Amendment 16 #
2021/2178(INI)
Motion for a resolution
Citation 35 a (new)
Citation 35 a (new)
— having regard to the Commission communication of 23 March 2022 entitled Safeguarding food security and reinforcing the resilience of food system (COM(2022)133),
Amendment 18 #
2021/2178(INI)
Motion for a resolution
Citation 35 b (new)
Citation 35 b (new)
— having regard the European Council Conclusions of 16 December 2021,
Amendment 22 #
2021/2178(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the 6th Summit of the EU and the AU in 2022 led to an agreement on ‘A Joint Vision for 2030’, to drive our common priorities, shared values and international law, by preserving together our interests and common public goods, the security and prosperity of our citizens, the protection of human rights for all, gender equala new mutually- beneficial joint strategy which reflects the interests of both sides and strengthens the ties between the two continents and will allow for closer cooperation on issues of mutual convergences in the area of trade, development, security, and women’s empowerment good governance, while creating all spheres of life partnership of equals; whereas both Unions recognised the importance of food security and nutrition;
Amendment 24 #
2021/2178(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the geopolitical global context has been subject to considerable change, as Russian Federation launched an unprovoked and unjustified invasion of Ukraine on 24 February 2022 with geopolitical effects, including on the relations between the EU and Africa, in particular on access to food and to raw materials;
Amendment 25 #
2021/2178(INI)
Motion for a resolution
Recital B
Recital B
B. whereas achieving the SDGs by 2030 must become the benchmark of success of EU-Africa cooperation, including the contribution of trade and investment relations to combat poverty in the long term;
Amendment 28 #
2021/2178(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas migration is part of the (SDG 10.7) to facilitate orderly, safe, regular and responsible migration and mobility of people;
Amendment 31 #
2021/2178(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the EU Trade Policy Review acknowledges the strategic importance of deepening active and fair engagementtrade relations with the African continent and African states by proposing several strands of action to strengthen trade and economic links between the two continents;
Amendment 33 #
2021/2178(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the EU should pursue a "Team Europe" approach in its cooperation with Africa, including more coordination between different Commission directorates general, European development financing institutions, European export credit agencies, commercial banks and Member States;
Amendment 35 #
2021/2178(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the EU is one of the most important trading partners for Africaand its Member States constitute Africa’s biggest partner on all counts in terms of trade, investment, Official Development Assistance (ODA), humanitarian assistance and security; whereas, the positive effects of the EU trade tools towards Africa, such as the GSP and Aid for Trade, are significant; whereas in 2020, over 61 % of goods imported to the EU from Africa were primary goods and almost 70 % of goods exported from the EU to Africa were manufactured goods;
Amendment 41 #
2021/2178(INI)
Motion for a resolution
Recital E
Recital E
E. whereas strengthening the intra- continental trade in Africa is essential for its economic development; whereas the entry into force of the African Continental Free Trade Area (AfCFTA)African and European private sector have a shared interest in its successful and effective implementation , notably with regards to the economic growth and job opportunities it is expected to create; whereas the entry into force of the African Continental Free Trade Area (AfCFTA), as the flagship project of the First-Ten-Year Implementation Plan (2014-2023) under the African Union’s Agenda 2063, gives new momentum to pan-African trade and investment opportunities and will increase Euro-African connectivity;
Amendment 48 #
2021/2178(INI)
Motion for a resolution
Recital F
Recital F
F. whereas AfCFTA will become the world’s largest free-trade area in terms of participating countries – a market of 1.2 billion people, including a fast-growing middle class, with a combined GDP of USD 3 trillion, which is expected to more than double by 2050 and to eliminate tariffs on 90 percent of product lines on the continent; in this context, Africa´s GDP could increase by one percent, total employment by1.2 percent per year and intra-African trade by 33 percent; whereas the creation of the AfCFTA represents a major opportunity for the UE but will also depend in large part on its ability to mobilize investments and to foster trade exchanges and corporate presence in the Africa;
Amendment 54 #
2021/2178(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
G a. whereas African states are not homogeneous; whereas the African continent is particularly vulnerable to the external “shocks” given its high rate dependency not only from external financial resources and revenues such as foreign remittances, foreign direct investment, tourism or external aid, but also from imports of manufactured goods;
Amendment 61 #
2021/2178(INI)
Motion for a resolution
Recital H
Recital H
H. whereas Africa is a continent of hope and opportunity and perceived as such by a growing number of its young population; whereas Africa is the youngest continent in the world with a median age of 19.8 years and 60 percent of the population under age 25; whereas by 2050, the population of Africa will have doubled, from some 1.2billion people to some 2.4 billion and that, by the same year, 50% of the global population less than 25 years old will be in Africa;
Amendment 67 #
2021/2178(INI)
Motion for a resolution
Recital I
Recital I
I. whereas climate change and environmental degradation are existential threats to Africa, the EU and the entire world, and require joint responsiveness and substantive investments in sustainable and inclusive economic development and; whereas the EU-Africa trade relations play a crucial role to address the climate transition and foster common efforts towards achieving long term sustainable growth and development, notably through the provismotion of access to public goodssustainable supply chains and trade diversification in the transition to a low- carbon economy;
Amendment 76 #
2021/2178(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the COVID-19 pandemic and its economic consequences set back growth across Africa in 2020, may have thrown an additional 30 million people into poverty and exacerbated the prevalence of child labour; whereas the EU and the AU have committed to supporting the full- fledged African health sovereigntyystem and capacities, in order for the continent to respond to future public health emergencies, and to supporting, to this end, a common agenda for manufacturing vaccines, medicines, diagnostics, therapeutics and health products in Africa, including investment in production capacities, voluntary technology transfers as well as strengthening of the regulatory framework to enable equitable access to vaccines, diagnostics and therapeutics;
Amendment 91 #
2021/2178(INI)
Motion for a resolution
Recital O
Recital O
O. whereas respecting fair conditions on the EU-Africa trade in agricultural products needs to be revisedshould be the baseline for European exports and imports of food and other agricultural products, as well as the need to ensure that agricultural exports do no contradict the goal to establish a more resilient food sector in Africa;
Amendment 101 #
2021/2178(INI)
Motion for a resolution
Recital P
Recital P
P. whereas the AU’s Digital Transformation Strategy for Africa (2020- 2030) envisions a secured digital single market for Africa by 2030; and the digital economy in Africa offers prospects for increased job creation, particularly for SMEs, which account for an estimated 80 percent of jobs across the continent and are the backbone of the African economy;
Amendment 105 #
2021/2178(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
P a. whereas our African partners are also actively seeking EU´s assistance in enhancing Africa´s digital infrastructure and ensuring proper connectivity and Internet access across the continent;
Amendment 111 #
2021/2178(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Affirms that EU-Africa trade and investment relations form part of our joint endeavour to achieve thebring enormous benefits in terms of stimulating economic growth, regional integration, poverty reduction and job creation; underlines that geographical proximity and long historical and cultural ties are increasingly reinforced by growing trade exchanges; in this respect, the EU should invest more efforts in taking the partnership beyond the traditional "donor-recipient" relationship; additionally, the EU and Africa should continue to work together in favour of common objectives and shared interests, including the realisation of UN SDGs by 2030 and the objectives of the Paris Agreement; stresses that the modernisation of EU-AU trade and investment relations must adhere to the principle of policy coherence for development and contribute to the recovery from the COVID-19 pandemic by means of the green and digital transformation of the economies in both the EU and the AU, as well as among our global trading partners;
Amendment 118 #
2021/2178(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Stresses that efforts towards supply chain diversification create opportunities for both continents and believes that the EU and the UA should work together to create the conditions and incentives to support the diversification of investments and production of EU and African companies;
Amendment 126 #
2021/2178(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Underlines the fundamental role of functioning state institutions, authorities and infrastructures, and considers that their absence can be a major obstacle to trade; in this regard, stresses that all African countries must improve legal certainty as it is vital for any kind of trade to develop; calls on the Commission to work closely with its African counterparts to guarantee a business environment that is conducive to investment;
Amendment 127 #
2021/2178(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Stresses the need to adapt the economic and trade proposals of the New Agenda for the Mediterranean, adopted by the European Commission on the 9 February 2021, to the current emergency situation; and, calls to smoothly implement the trade-related projects of the Economic and Investment Plan as soon as possible;
Amendment 131 #
2021/2178(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. UnderlinBelieves that the EU needs an entirely new foundation for itsSummit set the path for a renewed economic partnership with Africa, on equal grounds and based on mutual respect and understanding, and is a unique opportunity to revive trade relations between both continents;
Amendment 142 #
2021/2178(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Supports the objectives of AfCFTA notably the aim to create a single market for goods, services, facilitated by movement of persons in order to deepen the economic integration of the African continent; stresses that indicators in measuring economic success should be improved and diversified beyond GDP growth;
Amendment 144 #
2021/2178(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Regrets that despite the fact that the EU is already the most open market for African exports and the UE is by far Africa´s largest export market and its main customer, accounting that the total trade in goods between the 27 EU Members States and Africa was worth 225 billion euros in 2020, compared to 115 billion euros for China and 38 billion euros for the United States, non-tariff barriers to EU-Africa trade remain significant and quality standards still diverge widely in certain cases;
Amendment 147 #
2021/2178(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Regrets that the activity of foreign investors as well as the take-off of African businesses is hampered by fragmented markets, inefficient transit regimes and border crossings procedures for goods, services and people, as well as poor implementation of regional integration commitments; highlights, in this context, that the timely, effective and comprehensive implementation of the AfCFTA is of utmost importance;
Amendment 148 #
2021/2178(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4 c. Stresses that the UE is still the largest source of foreign direct investment in Africa and still maintains an important level of competitiveness, but upward trends of activity from other international actors challenge the EU’s economic leadership on the African continent given that competitiveness of an individual firm is driven not only by internal factors, but also external factors such as the number of competitors and types of competition; in this sense, European companies are facing growing pressure from foreign competition;
Amendment 150 #
2021/2178(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to facilitate the development of regional value chains and better regional infrastructures in Africa; specially, points out the need to significantly invest in the transport infrastructure, connectivity and digitalisation to facilitate intra-African trade; in this sense, notes that removing barriers to intra-African trade can facilitate the growth of regional value chains, which can facilitate means for African companies, and in particular SMEs, to internationalise;
Amendment 154 #
2021/2178(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Underlines the need to establish a constructive public-private dialogue and to make cultures evolve with a view to an intelligent network of ecosystems, up to the hybridization between the public sphere and the private sector; with this backdrop the EU must continue to work with African countries on facilitating and promoting private investment on the continent, as the public investment is not enough on its own; calls to further increase public and private trilateral partnerships to develop new trade relations in sectors of common interest such as energy, industry, transport;
Amendment 156 #
2021/2178(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Asks to the European Commission to put special emphasis on digitalisation under the "Global Gateway Initiative" with regard to Africa;
Amendment 157 #
2021/2178(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Considers that trade relations should be given further momentum, not only on the negotiations of the DCFTAs with Morocco and Tunisia, but with our trade agreements in the whole of the Mediterranean; notes that there is still a lack of presence of the EU companies in region; considers trade relations to be essential to reduce the influence of other powers such as China or Russia;
Amendment 159 #
2021/2178(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to assist and create conditions for African countries to integrate into the world economy, not only as the source countries of primary commodities, but as exporters of intermediate and final products, while maintaining policy space for the safeguarding of infant industries; highlights, in this context, the opportunity it represents for both continents developing and investing on emerging markets, in particular in the manufacturing sector; further stresses the importance of strengthening linkages between European and African operators in this regard to help creating value and raising standards and therefore improve competitiveness;
Amendment 163 #
2021/2178(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the future of the international trading system depends on the revitalising of the WTO and finalising the Doha Round, on which African countries have placed their hopes; emphasises that the reform and modernisation of the WTO and the WTO rulebook is an important area for cooperation between EU and African Union, since both are strongly committed to a rules-based multilateral trading system, and that a stronger cooperation on the multilateral trade agenda will greatly contribute to addressing the current global threats and challenges, including growing protectionism worldwide and the “weaponisation” of trade;
Amendment 167 #
2021/2178(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Highlights that the WTO-led Aid- for-Trade initiative aims to help Least developed countries, in particular, to build the supply-side capacity and trade-related infrastructure they need to implement and benefit from WTO agreements and more broadly expand their trade; in this sense, this initiative is a key component in trade relations with Africa, particularly in the aftermath of the COVID-19 crisis;
Amendment 173 #
2021/2178(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 176 #
2021/2178(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Stresses that the Union should favour a constructive engagement on all aspects of migration, forced displacement and mobility, working to ensure that migration takes place in a safe and well- regulated manner. It is essential to build a long- term shared strategy to link trade, development and migration policies, as has been established by several European Council Conclusions, in particular the ones adopted on 16 December 2021, as it could play a key role to fight human smuggling and illegal migration routes from African countries to the EU;
Amendment 178 #
2021/2178(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for a greener and more sustainable post-pandemic world to be built back, which necessitatesNotes the impact of the COVID-19 on supply chains; insists on the importance of building more resilient supply chains in the post-pandemic world by reinforcing strategic autonomy, identifying dependencies, better addressing vulnerabilities and supply disruptions, diversifying production and investing more in game-changing enterprises that have integrated social, environmental and health objectives into their business models;
Amendment 182 #
2021/2178(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Regrets the major impact caused of the unprovoked and unjustified Russian Federation invasion of Ukraine on the increased price of energy, fuels, raw materials and agricultural products causing a severe increase in production costs which is jeopardising production continuity and might lead to supply chain disruptions; calls for reinforced action at international level to ensure that policy decision-making has food security at its core, in order to avoid scarcity and ensure nutritional security in the most vulnerable countries, particularly in the African continent, addressing it by trade means and preventing obstacles to the international trade in food and raw materials;
Amendment 193 #
2021/2178(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to foster investment in the African continent through innovative financial instruments to increase capital flows and reduce risk, reduce risks and helping to strengthen competitiveness for EU exports investments; to achieve those objectives, cooperation between the European InvestmentBank (EIB) and the European Bank for Reconstruction and Development (EBRD), together with Development Finance Institutions (DFIs) in a "Team Europe"approach is essential, with an adequate policy steer from the Commission, in order to boost the investment opportunities in Africa particularly by providing more risk capital and guarantees aimed to facilitate large scale investments while maintaining EU support for smaller scale local projects; in this sense,welcomes the European Fund for Sustainable Development Plus (EFSD+) which allows DFIs to take more risk in their investment programs;
Amendment 197 #
2021/2178(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Urges the Commission to prepare an effective and easily accessible microcredit scheme; in this sense, also urges the European Investment Bank (EIB), as the lending arm of the European Union, to strengthen its capacities to support private sector development in Africa and, in this regard, calls on the EIB to dedicate more funds to African Micro, Small and Medium Enterprises (MSMEs) through the EFSD+ blended budget; also underlines, in this context, the high potential of Public-Private Partnership and microfinancing to further empower SMEs and local farmers;
Amendment 202 #
2021/2178(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
Amendment 203 #
2021/2178(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Stresses that implementation, widening and deepening of current trade agreements between the EU and African countries, as well as the conclusion of sustainable investment facilitation deals with selected countries in Africa opens up new opportunities for fruitful partnerships between the EU and African SMEs building on predictable legal frameworks for trade and investment; notes that these agreements can help businesses to diversify exports from Africa to the EU and move up the value chains; underlines that promoting an open, non- discriminatory and stable business environment favourable to private sector investment, as well as access to relevant digital platforms, is crucial for both EU and African SMEs; welcomes, in that regards, the IP Helpdesk for SMEs in Africa, which provides European SMEs with first-line support on how to protect and enforce their intellectual property rights (IP), as well as the new rules of origin self-assessment tool (ROSA); calls for a more innovative financing mechanisms for the private sector, that would improve market access for SMEs and mitigate risks, facilitate access to finance while reducing regulatory and administrative burden to a minimum; stresses that all these issues should be better integrated in trade agreements with Africa, with the systematic inclusion of an SME chapter;
Amendment 207 #
2021/2178(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the EU to reinforce its support to the African countries and the AU on combating illicit financial flows and tax evasion by multinational companies;
Amendment 211 #
2021/2178(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that least developed countries (LDCs) have an interest in and are strong supporters of rules-based multilateral trading systems and their integration into the international trading system should also be improved; is aware of the fact that special and differentiated treatment is a founding principle of the WTO;
Amendment 220 #
2021/2178(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses that the trade partnership between the EU and Africa must prioritise quality nutrition self-sufficiencyand food security by boosting safe, resilient and sustainable agri-food systems in order to increase the efforts to reach the Sustainable Development Goal of ‘Zero Hungerin 2030’;
Amendment 233 #
2021/2178(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Reiterates that the different EPAs should contribute to developing intra- African integration and to the development of a fair and sustainable trade modelerve as building blocks for the African Continental Free Trade Area and are key instruments to boost economic relations between Africa and the EU, promote long- term sustainable development, improve regional integration and reduce poverty ; to fully play this role and be conducive to the integration of European and African value chains, the EPAs should be implemented and modernised to include provisions that support cross-border value chains, including deeper disciplines, such as services trade, investment, intellectual property rights or competition, which may enable business environment to give assurances to economic operators and investors;
Amendment 264 #
2021/2178(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Appreciates the initiative by the Council and the Commission to organise the first Africa-Europe Week, which was held in February 2022 in Brussels and underscores the importance of promoting ahead of coming initiatives greater cooperation between all stakeholders, including business organisations;
Amendment 268 #
2021/2178(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that transport networks are critical enablers of trade and prosperous economies; stresses the need to better connect African rural and urban areas; notes, in particular, that a crucial challenge in the context of food insecurity is the lack of proper transportation networks and due to that, farmers are frequently restrained from delivering agricultural products over certain distances; encourages further EU engagement to facilitate market access for farmers;
Amendment 271 #
2021/2178(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Stresses that education and professional training that provide people with the skills required by the labour market are key factors for development; in this context, cooperation between universities, research institutions and vocational education and training (VET) programmes from both continents need to be strengthened; in that regards, private sector-driven initiatives on VET as well as entrepreneurship in Africa should be supported and better coordinated, as the pandemic has emphasised the importance of both digital skills and digital learning methods;
Amendment 279 #
2021/2178(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the EU’s Africa-EU Green Energy Initiative and the EU’s continued support to the African Single Electricity Market; stresses that access to energy must be guaranteed at an affordable price to everyone as a common good and a basic rightand the future energy demand are key issues that the EU and Africa should address together; notes the need to leverage the new renewable energy potential in Africa and invest in sectors with higher added value such as green steel and green hydrogen, notably by improving technology cooperation and increasing clean energy exports; points out, that technical assistance regarding energy market legislation is needed and should be provided through EU-African cooperation, as well as the development of common standards; points out that sustainable energy cooperation should be one the main features of the "Global Gateway Initiative" with regard to Africa;
Amendment 282 #
2021/2178(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Insists on the importance on building partnerships to improve the sustainability of raw materials value chains, building on the Critical Raw Materials Action Plan and making use of all EU external policy instruments;
Amendment 288 #
2021/2178(INI)
25. Calls for reinforced cooperation on EU-AU digital agendas based on the principles of democratic governance, effective regulatory mechanisms across the digital domain and global-to-local governance mechanisms for data and digital infrastructures that place people- centred development at the coreenable European companies, particularly SMEs to take full advantage of trade opportunities; in that regards, also recommends that a digital transition goes in line with the principles of data protection;
Amendment 11 #
2021/2097(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas withholding taxes are a source of revenue for Member States and serve to collect revenue which is used to finance public expenditure;
Amendment 12 #
2021/2097(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas the EU committed itself to completing the Capital Market Union project and to fostering a genuine European market that incentivises cross- border operations; whereas putting an end to the problems arising from burdensome withholding tax relief procedures should be a priority in order to achieve the Capital Market Union; whereas the European Parliament’s position on the Capital Market Union is set out in its resolution of 8 October 2020 on developing the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation (2020/2036(INI));
Amendment 22 #
2021/2097(INI)
Motion for a resolution
Recital D
Recital D
D. whereas withholding taxes can reduce the risk of tax evasion and avoidance, thus remaining a reliable policy tool until thebut can also lead to the undesirable effect of double taxation, it is necessary to speed up the process of implementation ofing the above-mentioned agreement by the G20/OECD Inclusive Framework on BEPS in order thus to eliminate all the problems of this transition process;
Amendment 56 #
2021/2097(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that despite continuous efforts, the system of withholding taxes in the EUbetween Member States has remained largely fragmented, creating loopholes and legal uncertainty which could be abused to shift profits, which could result in the undesired effect of double taxation and barriers to cross-border investments in the single market;
Amendment 61 #
2021/2097(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the agreement reached by the G20/OECD Inclusive Framework on a two-pillar reform, including a global minimum effective tax rate; considers this an important step towards ending the practice of shifting profits to low-tax make free tax competition fairer between jurisdictions and to ensure companies pay the taxes due in each jurisdictions; regrets the fact that the scope is limited to multinational enterprises with a global consolidated turnover of at least EUR 750 million; considers it also necessary to reflect on the overall maximum effective tax rate;
Amendment 68 #
2021/2097(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. . Is pleased that 136 countries and jurisdictions have supported the G20/OECD Inclusive Framework agreement on a two-pillar reform; regretwelcomes the fact that one Member State is not part of the Inclusive Frameworkall G20 members, all OECD members and all EU Member States are parties to the agreement;
Amendment 73 #
2021/2097(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets the fact that base erosion and profit shifting are still ongoing and are facilitated by the tax regimes of certain Member StatesNotes that a simple, coherent and fair tax system is a key factor for commercial success and for improving the EU’s competitiveness because tax harmonisation based on widespread tax increases cannot be the only solution; recalls that the Commission, in the context of the European Semester and the assessment of the National Recovery and Resilience Plans, found that more reforms are needed in order to address aggressive tax planning in six Member States, where the absence or limited application of withholding taxes on outbound payments are likely to be misused for aggressive tax planning;
Amendment 81 #
2021/2097(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission and the Member States to set up a harmonised withholding tax framework thatTakes note of the Commission’s announcement of a legislative initiative to introduce a common, standardised system at EU level for the reduction of withholding tax, accompanied by a mechanism for the exchange of information and cooperation between tax administrations; Calls on the Commission and the Member States to negotiate the setting up of a common, standardised system of withholding tax that, while respecting the Member States’ freedom to set their own tax systems, ensures that all dividend, interest and royalties payments flowing outgenerated in the EU are taxed at a minimum effective tax rate;
Amendment 91 #
2021/2097(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls the proposal by 10 Member States to include an effective minimum tax rate for royalties and interest in the contextosition of the European Parliament on corporation tax :'Common system of taxation applicable to interest and royalty payments. European Parliament legislative resolution of 11 September 2012 ofn the IRD; urges the Council to swiftly resume and conclude the negotiations on the IRD and encourages the inclusion of such a measureproposal for a Council directive on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States (recast 2011/0314(CNS))' has been blocked in the annCounced directive for the implementation of Pillar IIil since 2012 due to divergent views of Member States on the principle of introducing a clause on minimum effective taxation and its scope;
Amendment 99 #
2021/2097(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that the lack of an effective minimum tax rate on dividend payments to shareholders has triggercreated a rspace to the bottom in this field; calls for the adopthat may have favoured tax avoidance, asks the Commission ofor an effective minimum tax rate for dividend payments to shareholders in the EU,analysis and legislative proposal to address this issue thereby reducing harmful tax competition in this realm;
Amendment 115 #
2021/2097(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the inquiry and final report by the European Securities and Markets Authority into cum-ex, cum-cum and withholding tax reclaim schemes, as requested by Parliament; calls on the Commission to propose measures to link tax reclaims to the underlying distribution of dividends, or to entrust a single entity with responsibility for collecting the withholding tax and issuing the relevant certificate; extend coordination in the exchange of mandatory information to capital gains tax and withholding tax (including dividend tax), in addition to the existing exchange of information on corporation tax;
Amendment 125 #
2021/2097(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to enhance cooperation and mutual assistance between tax authorities, financial market supervisory authorities and, where appropriate, law enforcement bodies regarding the detection and prosecution of withholding tax reclaim schemes; values the Commission’s efforts and Parliament’s initiatives to strengthen cooperation on taxation between Member States, for example with the Fiscalis programme;
Amendment 141 #
2021/2097(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes the Commission’s intention to put forward a proposal by the end of 2022 establishing a European withholding tax framework for dividend, interest or royalty payments, accompanied by a mechanism for the exchange of information and cooperation among tax administrations; recalls the Commission’s commitment to complete the Capital Market Union project, which is key to responding to many of the needs outlined in this report; calls on the Commission, in this connection and for 2022, to carry out an impact assessment of the implementation of the measures set out in the action plan launched in 2019;
Amendment 147 #
2021/2097(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Encourages the development of a harmonised EU procedure for withholding tax refunds for all Member Statescommon and standardised system of tax relief in the EU, thereby addressing the concerns about regulatory discrepancies;
Amendment 47 #
2021/2074(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. Whereas fiscal measures should not hinder private initiatives that generate economic growth, revive countries' economies and promote job creation in the EU;
Amendment 60 #
2021/2074(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Amendment 76 #
2021/2074(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a Recalls that free tax competition between EU Member States must be coordinated in order to facilitate and encourage cross-border operations by individuals and companies, and to make the EU an attractive market for international investment both at national level in each Member State and in the Union as a whole;
Amendment 78 #
2021/2074(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b Recalls that harmful tax practices can come in many guises and also encompass very high effective tax rate policies; stresses that the notion of fair tax regimes does not necessarily mean raising taxes across the board; points out that the impacts on the internal market of both extremes should be considered as market distortions;
Amendment 80 #
2021/2074(INI)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c Takes the view that countries' tax policies should be geared towards making businesses more competitive, encouraging private investment, generating more jobs and ensuring that states continue to raise revenues so as to be able to finance their essential functions and sustainable economic and social growth over time;
Amendment 88 #
2021/2074(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Warns of the risks and impacts that the creation of new green and digital taxes at the national level may have on SMEs, both in terms of high conduct standards and excessive compliance costs associated with these new tax obligations;
Amendment 95 #
2021/2074(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that tax base harmonisation such as the common corporate tax base or the BEFIT ‘Business in Europe: Framework for Income Taxation’ could reduce the cost of tax compliance for SMEs that operate in more than one Member State;
Amendment 97 #
2021/2074(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Points out that the publication of the Commission's BEFIT proposal is expected by 2023 and that its adoption may take several years. Encourages the Commission and Member States to seek more short-term solutions to promote intra-EU transactions by SMEs and reduce tax compliance costs.
Amendment 112 #
2021/2074(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that the EU has developed coordination mechanisms such as peer review procedures within the Code of Conduct Group and country-specific recommendations in the context of the European Semester; points out that the Commission has recommended to six Member States that they curb aggressive tax planning as part of the 2020 country- specific recommendations; points out that there is a need for stronger cooperation between Member States in order to boost the role of fiscal policies as a tool for the EU's economic recovery;
Amendment 123 #
2021/2074(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that the ideal level for tax policy coordination is on the international stage through the G20/OECD; notes that EU tax proposals based on international agreements have historically been more likely to be adopted by the Council; recalls that the Commission announced, in its Communication on Business Taxation for the 21st Century, a proposal for a directive that will reflect the OECD Model Rules with the necessary adjustments for the implementation of Pillar II on minimum effective taxation;
Amendment 141 #
2021/2074(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that digitalisation and a heavy reliance on intangible assets that pose challenges to the current tax system warrant a high degree of policy coordination; deplores the fact that some Member States have pressed ahead with the introduction of national digital taxes despite ongoing negotiations at EU and OECD levels; stresses that these national measures should be phased out following the implementation of an effective international solution, one which does not undermine the competitiveness of national and European markets or harm companies in the digital and other strategic sectors, especially SMEs;
Amendment 184 #
2021/2074(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a Welcomes the fact that tax competition in Europe has been able to influence the lowering of corporate tax rates, bringing the European average corporate tax rate below the OECD average1 a; _________________ 1aIMF report, Taxing Multinationals in Europe, 2021:
Amendment 30 #
2021/2063(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas, according to the Commission’s estimates, some Member States will return to their pre-pandemic levels of GDP by the end of 2021, while others will not do so until the end of 2022;
Amendment 105 #
2021/2063(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
Amendment 211 #
2021/2061(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for a focus on fiscal structural reforms, including reforms enhancing efficient spending, and acknowledges that high-quality public finance resource management is crucial, and the due ex-ante and ex- post control by independent authorities of the use of those resources is crucial for the correct application of funding in the pursuit of economic recovery;
Amendment 1678 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23
Annex 1 – part 16/23
Add the following to the core network: - El Ferrol - A Coruña (rail freight / ≥ 200 km/h.) - El Ferrol - Lugo - Monforte (rail freight / ≥ 200 km/h.)
Amendment 1680 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23
Annex 1 – part 16/23
Add the following to the core network: - Zaragoza-Tardienta (freight rail)
Amendment 1682 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23
Annex 1 – part 16/23
Add the following to the core network: - Zaragoza-Lleida-Tarragona (freight/conventional)
Amendment 1688 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 17/23
Annex 1 – part 17/23
Add the following to the core network: - Orense- Santiago (passenger rail/ ≥ 200 km/h)
Amendment 1689 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23 and part 17/23
Annex 1 – part 16/23 and part 17/23
Add the following to the core network: - Santiago – Vigo (rail freight / ≥ 200 km/h) - Port of Bahía de Cádiz
Amendment 1690 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23 and part 17/23
Annex 1 – part 16/23 and part 17/23
Add the following to the comprehensive network: - Astorga – Zamora – Salamanca – Plasencia (passenger and freight rail / Conventional/New Constr.)
Amendment 1692 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 16/23 and part 17/23
Annex 1 – part 16/23 and part 17/23
Add the following to the comprehensive network: - Granada – Motril (passenger and freight rail / Conventional / New Constr.)
Amendment 1701 #
2021/0420(COD)
Add the following to the core network: - Medina del Campo – Salamanca – Fuentes de Oñoro (passenger rail / ≥ 200 km/h) - Madrid – Adanero – Tordesillas – Benavente – Ponferrada – Lugo – A Coruña (Road) - Astorga – León – Carrión de los Condes – Burgos (Road) - Port of Bahía de Cádiz - Vigo - Porto (passenger rail/ ≥ 200 km/h)
Amendment 1702 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 17/23
Annex 1 – part 17/23
Add the following to the core network: - Vigo - Porto (passenger rail/ ≥ 200 km/h)
Amendment 1703 #
2021/0420(COD)
Add the following to the extended core network: - Sevilla – Huelva – Faro (passenger rail / ≥ 200 km/h / New Constr.) - Córdoba - Jaén – Granada (Conventional) - Madrid – Alcázar de San Juan – Jaén (Conventional) - Bilbao – Santander (passenger and freight rail / ≥ 200 km/h / New Constr.)
Amendment 1704 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 17/23
Annex 1 – part 17/23
Add the following to the comprehensive network: - Astorga – Zamora – Salamanca – Plasencia (rail freight / Conventional) - Aguilar de Campoo – Venta de Baños (Road) - Plasencia – Navalmoral de la Mata (Road) - Almería – Guadix (Road) - Cuenca – Tarancón – Ocaña (Road) - Soria – Aranda de Duero – Valladolid (Road)
Amendment 1705 #
2021/0420(COD)
Proposal for a regulation
Annex 1 – part 17/23
Annex 1 – part 17/23
Add the following to the core network: - Utrera- Granada- Almería (passenger and freight rail/ ≥ 200 km/h)
Amendment 1740 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Algeciras Rail road terminals: Core (San Roque)
Amendment 1742 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Cádiz Maritime port: Comprehensivre (Bahía de Cádiz)
Amendment 1743 #
2021/0420(COD)
Node name: Castellón Maritime port: Comprehensivre
Amendment 1745 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Ferrol Maritime port: Comprehensivre
Amendment 1747 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Gandía Maritime port: Comprehensive
Amendment 1750 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Santander Maritime port: Comprehensivre
Amendment 1752 #
2021/0420(COD)
Proposal for a regulation
Annex 2 - table - section ES
Annex 2 - table - section ES
Node name: Vigo Maritime port: Comprehensivre
Amendment 1754 #
2021/0420(COD)
Node name: Vilagarcía de Arousa Maritime port: Comprehensive
Amendment 1789 #
2021/0420(COD)
Proposal for a regulation
Annex 3 - part 2/14
Annex 3 - part 2/14
Add the following to the Atlantic Corridor: - Madrid – Adanero – Tordesillas – Benavente – Ponferrada – Lugo – A Coruña (Road) - Astorga – León – Carrión de los Condes – Burgos (Road) - A Coruña – Gijón – Santander - Bilbao (Road) - Santiago – Vigo (Rail freight) - Bilbao – Santander (Rail passengers) - Port of Bahía de Cádiz - Sevilla – Huelva – Faro (Rail passengers)
Amendment 1810 #
2021/0420(COD)
Proposal for a regulation
Annex 3 - part 10/14
Annex 3 - part 10/14
Add the following to the Mediterranean Corridor: - Maintain the route of the Mediterranean Corridor, including across Hungary
Amendment 1813 #
2021/0420(COD)
Add the following to the Mediterranean Corridor: - Córdoba - Jaén – Granada (Rail passengers) - Madrid – Alcázar de San Juan – Jaén (Rail passengers)
Amendment 37 #
2021/0343(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 130 a
Article 4 – paragraph 1 – point 130 a
(130a) ‘relevant third-country authority’ means a third-country authority as defined in Article 2(1), point (90), of Directive 2014/59/EU;, taking into account the requirements of Article 33 of Regulation (EU) No 1093/2010. (The following point (130(a) shall be inserted (into Article 4(1) of Regulation 575/2013))
Amendment 387 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point l
Article 1 – paragraph 1 – point 1 – point l
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 52a
Article 4 – paragraph 1 – point 52a
Amendment 392 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point l
Article 1 – paragraph 1 – point 1 – point l
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 52b
Article 4 – paragraph 1 – point 52b
Amendment 395 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point l
Article 1 – paragraph 1 – point 1 – point l
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 52c
Article 4 – paragraph 1 – point 52c
Amendment 398 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point l
Article 1 – paragraph 1 – point 1 – point l
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 52d
Article 4 – paragraph 1 – point 52d
(52d) ‘environmental, social or governance (ESG) risk’ means the risk of losses arising from any negative financial impact on the institution stemming from the current or prospective impacts of environmental, social or governance (ESG) factors on the institution’s counterparties or invested assets; ESG risks are not a separate type of risk, but rather a risk driver impacting other risk categories, such as credit risk, operational risk and market risk.
Amendment 433 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point t
Article 1 – paragraph 1 – point 1 – point t
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 79
Article 4 – paragraph 1 – point 79
(79) ‘ADC exposures’ or ‘land acquisition, development and construction exposures’ means loans exposures to corporates or special purpose entities financing any land acquisition for development and construction purposes, or financing development and construction of any residential or commercial immovable property;;
Amendment 458 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 575/2013
Article 5 – point 9 – subparagraph 2 – point a
Article 5 – point 9 – subparagraph 2 – point a
(a) contractual arrangements where the institution receives no fees or commissions to establish or maintain those contractual arrangements;
Amendment 463 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 575/2013
Article 5 – point 9 – subparagraph 2 – point d
Article 5 – point 9 – subparagraph 2 – point d
(d) contractual arrangements where the institution is required tothe institution’s decision on the execution of each drawdown is only made after assessing the creditworthiness of the client immediately prior to deciding on the execution of each drawdown;
Amendment 467 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 575/2013
Article 5 – point 9 – subparagraph 2 – point e
Article 5 – point 9 – subparagraph 2 – point e
(e) contractual arrangements that are offered to a credit institution or a corporate entity, including an SME, that is closely monitored on an ongoing basis.
Amendment 484 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) No 575/2013
Article 39 – paragraph 2 – introductory part
Article 39 – paragraph 2 – introductory part
"Deferred tax assets that do not rely on future profitability shall be limited to deferred tax assets which were created before 23 November 2016 and which arise from temporary differences, where all the following conditions are met: " Or. en (Regulation 575/2013)
Amendment 488 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) No 575/2013
Article 47a – paragraph 7a (new)
Article 47a – paragraph 7a (new)
(11 a) in Article 47a, the following paragraph is added:. 7a. For the purposes of point (m) of Article 36(1), when an eligible protection provider compensates credit losses according to the original scheduled payment dates of the guaranteed exposure, and that payment is effective, the eligible protection provider shall replace the guaranteed party as debtor.
Amendment 491 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11 b (new)
Article 1 – paragraph 1 – point 11 b (new)
Regulation (EU No 575/2013
Article 47a – paragraph 7b (new)
Article 47a – paragraph 7b (new)
(11 b) in Article 47a, the following paragraph is added:. 7b. For the purposes of point (m) of Article 36(1), the competent authority may consider specific circumstances which may make the expectations for prudential provisioning inappropriate for a specific portfolio/exposure. Institutions shall notify the competent authority without delay when such specific circumstances apply along with the explanatory rationale and the internal governance applied to that decision.
Amendment 502 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 13 a (new)
Article 1 – paragraph 1 – point 13 a (new)
Regulation (EU) No 575/2013
Article 49 –title
Article 49 –title
(13 -a) in Article 49, the title is changed by the following : Requirement for deduction where consolidation, supplementary supervision or institutional protection schemes are applied (13 -a) in Article 49, the title is changed by the following : Or. en (Regulation 575/2013)
Amendment 504 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 13 -a (new)
Article 1 – paragraph 1 – point 13 -a (new)
Regulation (EU) No 575/2013
Article 49 – paragraph 1 – point b
Article 49 – paragraph 1 – point b
(13 -a) in Article 49(1) point b is replaced by the following : (b) that insurance undertaking, re-insurance undertaking or insurance holding company is included in the same supplementary supervision under Directive 2002/87/EC as the parent institution, parent financial holding company or parent mixed financial holding company or institution that has the holding; are part of a financial conglomerate as defined in Directive 2002/87/EC. Or. en (Regulation 575/2013)
Amendment 508 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) No 575/2013
Article 49 – paragraph 4 – subparagraph 1
Article 49 – paragraph 4 – subparagraph 1
4. The holdings in respect of which deduction is not made in accordance with paragraph 1 shall qualify as exposures and shall be risk weighted in accordance with Part Three, Title II, Chapter 2 of the present Regulation.
Amendment 510 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) No 575/2013
Article 49 – paragraph 4 – subparagraph 2
Article 49 – paragraph 4 – subparagraph 2
The holdings in respect of which deduction is not made in accordance with paragraphs 2 or 3 shall qualify as exposures and shall be risk weighted at no more than 100 %.;
Amendment 515 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 575/2013
Article 84 – paragraph 1 – point a – introductory part
Article 84 – paragraph 1 – point a – introductory part
(a) the Common Equity Tier 1 capital of the subsidiary minus the lower of the following:
Amendment 526 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 575/2013
Article 84 – paragraph 1 – point a – point i – introductory part
Article 84 – paragraph 1 – point a – point i – introductory part
Amendment 531 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 575/2013
Article 84 – paragraph 1 – point a – point i – indent 1
Article 84 – paragraph 1 – point a – point i – indent 1
— where the subsidiary is an institution, the sum of the requirement laid down in Article 92(1), point (a), the requirements referred to in Articles 458 and 459 , the specific own funds requirements referred to in Article 104 and 104 a of Directive 2013/36/EU, the combined buffer requirement defined in Article 128, point (6), of that Directive, or any local supervisory regulaand the Common Equity Tier 1 capital of the subsidiary required at local level to avoid restrictions ion third countries insofar as those requirements are to be met by Common Equity Tier 1 capital, as applicabledividend payments. In case of third countries measured shall be based on local own funds requirements ;
Amendment 535 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 575/2013
Article 84 – paragraph 1 – point a –pointi – indent 2
Article 84 – paragraph 1 – point a –pointi – indent 2
— where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific own funds requirements referred to in Article 39(2), point (a), of Directive (EU) 2019/2034, or any local supervisory regulations in third countries, insofar as those requirements are to be met by Common Equity Tier 1 capital, as applicable; In case of third countries measured shall be based on local own funds requirements;
Amendment 537 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 575/2013
Article 84 – paragraph 1 – point a – point ii
Article 84 – paragraph 1 – point a – point ii
Amendment 547 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 575/2013
Article 85 – paragraph 1 - point a – introductory part
Article 85 – paragraph 1 - point a – introductory part
(a) the Tier 1 capital of the subsidiary minus the lower of the following:
Amendment 559 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 575/2013
Article 85 – paragraph 1 – point a – point i – introductory part
Article 85 – paragraph 1 – point a – point i – introductory part
(i) the amount of Tier 1 capital of the subsidiary required to meet the following:-
Amendment 564 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 575/2013
Article 85 – paragraph 1 – point a – point i – indent 1
Article 85 – paragraph 1 – point a – point i – indent 1
— where the subsidiary is an institution, the sum of the requirement laid down in Article 92(1), point (b), the requirements referred to in Articles 458 and 459, the specific own funds requirements referred to in Article 104 and 104a of Directive 2013/36/EU, the combined buffer requirement defined in Article 128, point (6), of that Directive, or any local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 Capital, as applicable;and the Tier 1 capital of the subsidiary required at local level to avoid restrictions on dividend payments. In case of third countries measured shall be based on local own funds requirements
Amendment 568 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 575/2013
Article 85 – paragraph 1 – point a – point i – indent 2
Article 85 – paragraph 1 – point a – point i – indent 2
— where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific own funds requirements referred to in Article 39(2), point (a), of Directive (EU) 2019/2034, or any local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 capital, as applicable; In case of third countries measured shall be based on local own funds requirements
Amendment 570 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 575/2013
Article 85 – paragraph 1 – point a – point ii
Article 85 – paragraph 1 – point a – point ii
Amendment 586 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20 a (new)
Article 1 – paragraph 1 – point 20 a (new)
Regulation (EU) No 575/2013
Article 87 – paragraph 1 – point a
Article 87 – paragraph 1 – point a
(a) the own funds of the subsidiary minus the lower of the following: (i)20 a) in Article 87(1), point (a) is replaced by the following: "(a) the own funds of the subsidiary: the amount of own funds that relates tof the subsidiary that is required to meet the following: —on a consolidated basis to meet the sum of the requirement laid down in point (c) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 and 104a of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries, — where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific 2013/36/EU, the requirements referred to in Article 500 and any additional local supervisory own funds requirement in third countries and the own funds of the subsidiary required at local level to avoid restrictions own funds requirements referred to in point (a) of Article 39(2) of Directive (EU) 2019/2034, and any additional local supervisory regulations in third countries; dividend payments. In case of third countries measured shall be based on local own funds requirements;; Or. en (Regulation 575/2013)
Amendment 665 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 575/2013
Article 111 paragraph 4
Article 111 paragraph 4
Amendment 675 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 38
Article 1 – paragraph 1 – point 38
Regulation (EU) No 575/2013
Article 120 – paragraph 2 – introductory part
Article 120 – paragraph 2 – introductory part
2. Exposures with an origin residual maturity of three months or less for which a credit assessment by a nominated ECAI is available and exposures which arise from the movement of goods across national borders Trade Finance exposures as referred to Article 4(1), point (80) with an originresidual maturity of six monthsone year or less and for which a credit assessment by a nominated ECAI is available, shall be assigned a risk weight in accordance with Table 4 which corresponds to the credit assessment of the ECAI in accordance with Article 136.
Amendment 677 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 38 a (new)
Article 1 – paragraph 1 – point 38 a (new)
Regulation (EU) No 575/2013
Article 120 – paragraph 3
Article 120 – paragraph 3
(38 a) in Article 120, paragraph 3 is replaced by the following: "3. The interaction between the treatment of short term credit assessment under Article 131 and the general preferential treatment for short term exposures set out in paragraph 2 shall be as follows: (a) If there is no short-term exposure assessment, the general preferential treatment for short-term exposures as specified in paragraph 2 shall apply to all exposures to institutions of up to three months residual maturity; (b) If there is a short-term assessment and such an assessment determines the application of a more favourable or identical risk weight than the use of the general preferential treatment for short- term exposures, as specified in paragraph 2, then the short-term assessment shallmay be used for that specific exposure only. Other short-term exposures shall follow the general preferential treatment for short- term exposures, as specified in paragraph 2; (c) If there is a short-term assessment and such an assessment determines a less favourable risk weight than the use of the general preferential treatment for short- term exposures, as specified in paragraph 2, then the general preferential treatment for short-term exposures shall not be used and all unrated short-term claims shall be assigned the same risk weight as that applied by the specific short-term assessment. for that specific exposure. " Or. en (Regulation 575/2013)
Amendment 682 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 39
Article 1 – paragraph 1 – point 39
Regulation (EU) No 575/2013
Article 121 – paragraph 2 – point a – point i
Article 121 – paragraph 2 – point a – point i
(i) the exposure has an origin residual maturity of three months or less;
Amendment 683 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 39
Article 1 – paragraph 1 – point 39
Regulation (EU) No 575/2013
Article 121 – paragraph 2 – point a – point ii
Article 121 – paragraph 2 – point a – point ii
(ii) the exposure has an origin residual maturity of six monthsone year or less and arises from the movement of goods across national bordersis a trade finance exposure as referred to in Article 4(1), point (80).
Amendment 685 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 40 – point a a (new)
Article 1 – paragraph 1 – point 40 – point a a (new)
Regulation (EU) No 575/2013
Article 122 – paragraph 1 a (new)
Article 122 – paragraph 1 a (new)
1a. Exposures with a residual maturity of three months or less for which a credit assessment by a nominated ECAI is available and trade finance exposures as referred to Article 4(1), point (80) with a residual maturity of one year or less and for which a credit assessment by a nominated ECAI is available, shall be assigned a risk weight in accordance with Table 4 which corresponds to the credit assessment of the ECAI in accordance with Article 136.
Amendment 724 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122 a – paragraph 3 – point c – point ii – introductory part
Article 122 a – paragraph 3 – point c – point ii – introductory part
(ii) provided that the adjustment to own funds requirements for credit risk referred to in Article 501a is not applied, 80 % where the project to which the exposure is related is in the operational phase and the exposure meets all of the following criteria:
Amendment 767 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 42
Article 1 – paragraph 1 – point 42
Regulation (EU) No 575/2013
Article 123 – paragraph 1 – point a – point ii
Article 123 – paragraph 1 – point a – point ii
(ii) an exposure to an SME within the meaning of Article 5, point (8) of this Regulation, where the total amount owed to the institution, its parent undertakings and its subsidiaries, by the obligor or group of connected clients, including any exposure in default but excluding exposures secured by residential property up to the property value shall not, to the knowledge of the institution, which shall take reasonable steps to confirm the situation, exceed EUR 1 million;
Amendment 773 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 42
Article 1 – paragraph 1 – point 42
Regulation (EU) No 575/2013
Article 123 – paragraph 4 – subparagraph 1 a (new)
Article 123 – paragraph 4 – subparagraph 1 a (new)
When the competent authorities of a third country which apply supervisory and regulatory arrangements at least equivalent to those applied in the Union assign a specific risk weight in exposures where condition “a” of this paragraph is met, institutions may risk weight such exposures in the same manner.’
Amendment 818 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 45
Article 1 – paragraph 1 – point 45
Regulation (EU) No 575/2013
Article 125 – paragraph 1 – subparagraph 1 a (new)
Article 125 – paragraph 1 – subparagraph 1 a (new)
As an alternative to the approach described in the first subparagraph, for an exposure secured by a residential property that complies with any of the conditions laid down in Article 124(2), point (a), points (i) to (iv),institutions may determine the risk weight to be assigned to the total exposure amount based on the exposure’s LTV ratio in Table 6aab:
Amendment 819 #
2021/0342(COD)
Table 6aab LTV50 50%LT 60%LT 80%LT 90%LT LTV100 V60% V80% V90% V100% % Risk 20% 25% 30% 40% 50% 70% weight
Amendment 845 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 50 a (new)
Article 1 – paragraph 1 – point 50 a (new)
Regulation 575/2013
Article 129 – paragraph 1 – introductory part
Article 129 – paragraph 1 – introductory part
(50 a) Article 129(1), introductory part, is replaced by the following "1. To be eligible for the preferential treatment set out in paragraphs 4 and 5 of this Article, covered bonds as defined in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council ( 22 )1) and the counterparties of derivative contracts defined in article 11 of Directive (EU) 2019/2162 shall meet the requirements set out in paragraphs 3, 3a and 3b of this Article and shall be collateralised by any of the following eligible assets: " Or. en (Regulation 575/2013)
Amendment 864 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 52
Article 1 – paragraph 1 – point 52
Regulation (EU) No 575/2013
Article 133 – paragraph 4 – subparagraph 2
Article 133 – paragraph 4 – subparagraph 2
By way of derogation from the first subparagraph, long-term equity investment, including investments in equities of corporate clients with which the institution has or intends to establish a long-term business relationship as well as venture capital firms, when they are related to activities which are part of the bank’s strategy approved by the Board, such as digitalization and sustainability, and debt- equity swaps for corporate restructuring purposes shall be assigned a risk weight in accordance with paragraph 3 or 5, as applicable. For the purposes of this Article, a long-term equity investment is an equity investment that is held for three years or longer or incurred with the intention to be held for three years or longer as approved by the institution’s senior management.
Amendment 865 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 52
Article 1 – paragraph 1 – point 52
Regulation 575/2013
Article 133 – paragraph 4b (new)
Article 133 – paragraph 4b (new)
4b. Equity exposures in sufficiently diversified portfolios, including exposures to venture capital funds, shall be given a 190% risk weight.
Amendment 924 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 66 – point c a (new)
Article 1 – paragraph 1 – point 66 – point c a (new)
Regulation (EU) No 575/2013
Article 153 – paragraph 5 – subparagraph 1 – table 1
Article 153 – paragraph 5 – subparagraph 1 – table 1
Amendment 925 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 66 – point c a (new)
Article 1 – paragraph 1 – point 66 – point c a (new)
Regulation 575/2013
Article 153– paragraph 5 – subparagraph 2 a (new)
Article 153– paragraph 5 – subparagraph 2 a (new)
For exposures with a remaining maturity equal or more than 2,5 years, on category 1 and 2, risk weights of 50% and 70% may be assigned, respectively, provided that the underwriting and other risk characteristics are substantially stronger than specified for the category. EBA shall develop draft regulatory technical standards to specify the conditions to be assigned the preferential RW. EBA shall submit those draft regulatory technical standard to the Commission by (12 months after the entry into force of this Regulation). " Or. en (Regulation 575/2013)
Amendment 927 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 71
Article 1 – paragraph 1 – point 71
Regulation (EU) No 575/2013
Article 159 – point c a (new)
Article 159 – point c a (new)
(c a) the sum of credit valuation adjustments related to those exposures that have been recognised by the institution as an incurred write-down
Amendment 937 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point a
Article 1 – paragraph 1 – point 75 – point a
Regulation (EU) No 575/2013
Article 162 – paragraph 1 – subparagraph 1
Article 162 – paragraph 1 – subparagraph 1
1. For exposures for which an institution has not received permission of the competent authority to use own estimates of LGD, and for exposures for which an institution applies own estimates of LGD, the maturity value (‘M’) shall beither be set at 2,5 years, except for exposures arising from securities financing transactions, for which M shall be 0,5 years or, alternatively, be calculated in accordance with paragraph 2.
Amendment 940 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point a
Article 1 – paragraph 1 – point 75 – point a
Regulation (EU) No 575/2013
Article 162 – paragraph 1 – subparagraphe 2
Article 162 – paragraph 1 – subparagraphe 2
Amendment 954 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 77 – point d
Article 1 – paragraph 1 – point 77 – point d
Regulation (EU) No 575/2013
Article 164 – paragraph 4b
Article 164 – paragraph 4b
4b. Where an institution is not able to recognise the effects of the FCP securing one of the exposures of that type of exposures in the own LGD estimates, the institution shall be permitted to apply the formula set out in Article 230 as the institution applies IRB approach without own estimates of LGD or CCF, with the exception that the LGDU term in that formula shall be the institution’s own LGD estimate. In that case, the FCP shall be eligible in accordance with Chapter 4 and the institution own LGD estimate used as LGDU term shall be calculated based on underlying losses data excluding any recoveries arising from that FCP.;
Amendment 1022 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 111 a (new)
Article 1 – paragraph 1 – point 111 a (new)
Regulation (EU) No 575/2013
Article 222 – paragraph 1
Article 222 – paragraph 1
(111 a) in Article 222, paragraph.1 is replaced by the following : "1. Institutions may use the Financial Collateral Simple Method only where they calculate risk-weighted exposure amounts under the Standardised Approach or under the IRB approach foreseen in Article 153(5). Institution shall not use both the Financial Collateral Simple Method and the Financial Collateral Comprehensive Method, except for the purposes of Articles 148(1) and 150(1). Institutions shall not use this exception selectively with the purpose of achieving reduced own funds requirements or with the purpose of conducting regulatory arbitrage. " Or. en (Regulation 575/2013)
Amendment 1023 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 117 – point a a (new)
Article 1 – paragraph 1 – point 117 – point a a (new)
Regulation (EU) No 575/2013
Article 228 – paragraph1b (new)
Article 228 – paragraph1b (new)
(a a) the following paragraph is inserted : 1b. Under the IRB Approach, institutions shall use E* as calculated under Article 223(5) as the exposure value for the purposes of Article 153(5). In the case of off-balance sheet items listed in Annex I, institutions shall use E* as the value to which the percentages indicated in Article 166(8) shall be applied to arrive at the exposure value.
Amendment 1033 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 123 – point b
Article 1 – paragraph 1 – point 123 – point b
Regulation (EU) No 575/2013
Article 235 – point g
Article 235 – point g
g = the risk weight of exposures to the protection provider as specified in Chapter 2 or in Chapter 3 if the institution has been granted permission to use IRB Approach for the exposure class that the protection provider belongs.
Amendment 1035 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 130 – point -a (new)
Article 1 – paragraph 1 – point 130 – point -a (new)
(- a) paragraph 2 is replaced by the following: 2. Institutions shall calculate the exposure value of a netting set under the standardised approach for counterparty credit risk as follows: Exposure value = α ·· (RC + PFE) where: RC = the replacement cost calculated in accordance with Article 275; and PFE = the potential future exposure calculated in accordance with Article 278; α = 1,4. for netting sets with non-financial counterparties as defined in point (9) of Article 2 of Regulation (EU) No 648/2012, or with non-financial counterparties established in a third country α= 1.4 for all other nettings sets
Amendment 1045 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph 2 – subparagraph 3
Article 314 – paragraph 2 – subparagraph 3
IC = the interest component, determined at jurisdiction level for the purposes of taking into consideration high and low net interest margin jurisdictions, which is the institution’s interest income from all financial assets and other interest income, including finance income from financial and income from operating leases and profits from leased assets, minus the institution’s interest expenses from all financial liabilities and other interest expenses, including interest expense from financial and operating leases, depreciation and impairment of, and losses from, operating leased assets, calculated as the annual average of the absolute values of the difference over the previous three financial years;
Amendment 1047 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph 2 – subparagraph 4
Article 314 – paragraph 2 – subparagraph 4
AC = the asset component, determined at jurisdiction level for the purposes of taking into consideration high and low net interest margin jurisdictions, which is the sum of the institution’s total gross outstanding loans, advances, interest bearing securities, including government bonds, and lease assets, calculated as the annual average over the previous three financial years on the basis of the amounts at the end of each of the respective financial years;
Amendment 1055 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph 6 – subparagraph 2
Article 314 – paragraph 6 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18 months after publication in the OJEU.
Amendment 1056 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph7 – subparagraph 2
Article 314 – paragraph7 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 246 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18 months after publication in the OJEU.
Amendment 1057 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 315 – paragraph 1
Article 315 – paragraph 1
1. Institutions shall include business indicator items of merged or acquired entities or activities in their business indicator calculation from the time of the merger or acquisition, as applicable, and shall cover the previous three financial years. When the business indicator of the acquired entity applies a lower marginal factor than the business indicator of the acquiring entity, the difference between the business indicator of the acquired entity calculated using the marginal coefficient of the acquiring entity and the business indicator of the acquired entity calculated using the marginal coefficient of the acquired entity will be applied the following coefficients: a) 33.34% during the first year following the acquisition of the acquired entity b) 66.67% during the second year following the acquisition of the acquired entity c) 100% from the third year following the acquisition of the acquired entity
Amendment 1058 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 315 – paragraph 2
Article 315 – paragraph 2
2. Institutions may request permission fromwill notify the competent authority to exclude business indicator items related to disposed entities or activities from the calculation of their business indicator, through formal communication with tacit agreement (60 days silence procedure).
Amendment 1059 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 315 – paragraph 3 – subparagraph 2
Article 315 – paragraph 3 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation].
Amendment 1060 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 315 – paragraph3 – subparagraph 3 a (new)
Article 315 – paragraph3 – subparagraph 3 a (new)
The application date of the regulatory technical standards will at least be 18 months after publication in the OJEU.
Amendment 1074 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 317 – paragraph 9 – subparagraph 1
Article 317 – paragraph 9 – subparagraph 1
Amendment 1075 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 317 – paragraph 9 – subparagraph 2
Article 317 – paragraph 9 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18 months after publication in the OJEU.
Amendment 1076 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 319 – paragraph1
Article 319 – paragraph1
1. To calculate an annual operational risk loss as required by Article 316(1), institutions shall take into account from the loss data set operational risk events with a net loss, calculated in accordance with Article 318, that are equal to or above EUR 20 000 for banks in bucket and equal to or above EUR 100.000 for banks in buckets 2 and 3.
Amendment 1080 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 320 – paragraph 1 – introductory parat
Article 320 – paragraph 1 – introductory parat
1. Competent authorities may permit an institution toInstitutions may notify competent authorities by formal communication with Tacit agreement (60 days silence procedure) the excludesion from the calculation of the institution’s annual operational risk losses exceptional operational risk events that are no longer relevant to the institution’s risk profile, where all of the following conditions are fulfilled:
Amendment 1083 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 320 – paragraph 1 – point b – point i
Article 320 – paragraph 1 – point b – point i
(i) equal to or above 15 % of the institution’s average annual operational risk loss, calculated based on the threshold referred to in Article 319(1), where the operational risk loss event refers to activities that are still part of the business indicator;
Amendment 1085 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 320 – paragraph3 – subparagraph 2
Article 320 – paragraph3 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18months after publication in the OJEU.
Amendment 1086 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18months after publication in the OJEU.
Amendment 1089 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 322 – paragraph 2
Article 322 – paragraph 2
2. Competent authorities shall periodically review the quality of the loss data of an institution that calculates annual operational risk losses in accordance with Article 316(1). Competent authorities shall carry out such review at least every three years for an institution with a business indicator above EUR 1 billion.
Amendment 1092 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 323 – paragraph 2 – subparagraph 1
Article 323 – paragraph 2 – subparagraph 1
EBA shall develop draft regulatory technical standards to specify the obligations under paragraph 1, points (a) to (h), taking into consideration institutions’ size and complexity. In addition, EBA shall align the entities’ reporting requirements on operational risk with the current regulation.
Amendment 1093 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 323 paragraph 2 – subparagraph 2
Article 323 paragraph 2 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 186 months after entry into force of this Regulation]. The application date of the regulatory technical standards will at least be 18 months after publication in the OJEU.
Amendment 1169 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 187
Article 1 – paragraph 1 – point 187
(d) the business indicator, calculated in accordance with Article 314(1), and the amounts of each of the business indicator sub-itemscomponents, which are ILDC, SC and FC, for each of the three years relevant for the calculation of the business indicator;
Amendment 1177 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 189
Article 1 – paragraph 1 – point 189
Regulation (EU) No 575/2013
Article 449a – paragraph 2
Article 449a – paragraph 2
The information referred to in the first paragraph shall be disclosed on an annual basis by small and non-complex institutions and on a semi-annual basis by other institutions.
Amendment 1389 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196 a (new)
Article 1 – paragraph 1 – point 196 a (new)
Regulation (EU) No 575/2013
Article 465a – paragraph 2 a (new)
Article 465a – paragraph 2 a (new)
2a. By way of derogation from Part Three, Title II, Chapter 6, Sections 3 and 4, parent institutions, parent financial holding companies or parent mixed financial holding companies, stand alone institutions in the EU or stand-alone subsidiary institutions in Member States shall, until 31 December 2029, replace alpha by 1 in the calculation of the exposure value for the contracts listed in Annex II in accordance with the approaches set out in Part Three, Title II, Chapter 6, Sections 3 and 4.The Commission may, having taken into account the EBA report referred to in Article 514 and taking due account of Article 465.4 second subparagraph, adopt a delegated act in accordance with Article 462 to permanently modify the value of alpha, where appropriate.
Amendment 1404 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495a – paragraph 3
Article 495a – paragraph 3
3. By way of derogation from Article 133, institutions may continue to assign the same risk weight that was applicable as of [OP please insert the date = one day before the date of entry into force of this amending Regulation] to equity exposures to entities of which they have been a shareholder at [adoption date] for six consecutive years and over which they exercise significant influence or control in the meaning of Directive 2013/34/EU, or the accounting standards to which an institution is subject under Regulation (EC) No 1606/2002, or a similar relationship between any natural or legal person and an undertaking. or when an institution is in the capacity to name at least one member of the management body of the entity.
Amendment 1452 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – pragragraph 2 – subparagraph 1
Article 495d – pragragraph 2 – subparagraph 1
2. EBA shall prepare a report to assess whether the derogation referred to in paragraph 1, point (a), should be extended beyond 31 December 20329 and, where necessary, the conditions under which that derogation should be maintained.
Amendment 1473 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199 a (new)
Article 1 – paragraph 1 – point 199 a (new)
Regulation (EU) No 575/2013
Article 500 da (new)
Article 500 da (new)
(199 a)the following article is inserted: Article 500da 1. For the purpose of calculating loss in accordance with point (2) of Article 5, the artificial cashflow may reflect: (i) principal: total outstanding amount of the full loan at the moment of cure, but only the amount of missed payments (i.e. actual past due payments) accrued up to the moment of cure, but only the amount of missed payments (i.e. actual past due payments) accrued up to the moment of cure should be discounted; (ii) interest: amount accrued between the moment of default and the moment of cure; (iii) fees: amount accrued between the moment of default and the moment of cure; (iv) additional observed recoveries: total amount received up to the moment of cure; (v) additional drawings: firms should follow the requirements of CRR Articles 182(1)(c), 181(2)(b) and 182(3). Additional drawings included in the artificial cash flow should be treated in the same way as the principal; and (vi) costs: amount accrued between the moment of default and the moment of cure. 2. In applying point 1, the “moment of cure” may be defined as the moment when no triggers of default continue to apply at the start of the final probation period. 3. The artificial cash flow may be discounted over the actual period of default only (i.e. between the moment of default and the moment of cure) and, therefore, should not be discounted over any additional time period after the moment of cure, such as the final probation period. The rate at which artificial cash flow may be discounted should be based solely on the primary interbank offered rate during the period of default.
Amendment 1490 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 201 – point b a (new)
Article 1 – paragraph 1 – point 201 – point b a (new)
Regulation (EU) No 575/2013
Article 501a – paragraph 1 – point o – introductory part
Article 501a – paragraph 1 – point o – introductory part
Amendment 1496 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 202
Article 1 – paragraph 1 – point 202
Regulation (EU) No 575/2013
Article 501c – paragraph 1 – introductory part
Article 501c – paragraph 1 – introductory part
EBA, after consulting the ESRB, shall, on the basis of available data and the findings of the Commission High-Level Expert Group on Sustainable Finance, assess whether a dedicated prudential treatment of exposures, both under the standardised and internal approaches, related to assets, including securitisations, or activities subject tosubject to material positive or negative impacts from environmental and/or social factors would be justified. In particular, EBA shall assess:
Amendment 1497 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 202
Article 1 – paragraph 1 – point 202
Regulation (EU) No 575/2013
Article 501c – paragraph 1– point a
Article 501c – paragraph 1– point a
(a) methodologies for the assessment of the effective riskiness of exposures related to assets and activities subject to material positive or negative impacts from environmental and/or social factors compared to the riskiness of other exposure;
Amendment 1505 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 202 a (new)
Article 1 – paragraph 1 – point 202 a (new)
Regulation (EU) No 575/2013
Article 501ca (new)
Article 501ca (new)
(202 a)the following article is inserted: ‘Article 501ca EBA shall, by 12 months after entry into force of this regulation, report to the Commission on the appropriateness of the calibration of risk weights and expected loss for exposures of specialized lending under articles 153(5) and 158 (6). On the basis of the report of the EBA, the Commission may, where appropriate, adopt a delegated act to amend articles 153(5) and 158(6).’
Amendment 1512 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 203
Article 1 – paragraph 1 – point 203
Regulation (EU) No 575/2013
Article 506 – paragraph 1
Article 506 – paragraph 1
By 31 December 20264, EBA shall in cooperation with EIOPA report to the Commission on the eligibility and use of policy insurance as credit risk mitigation techniques and on the appropriateness of the associated risk parameters referred to in Part Three, Title II, Chapter 3 and 4.
Amendment 1514 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 203
Article 1 – paragraph 1 – point 203
Regulation (EU) No 575/2013
Article 506 – paragraph 1
Article 506 – paragraph 1
Based on the report by EBA, the Commission shall be empowered to amend this Regulation by adopting a delegated act, where appropriate, in accordance with Article 462, to amend the treatment applicable to credit insurance referred to in Part Three, Title II.; Until the Delegated Act is in force, transitional arrangements for credit insurance policies would apply as follows: By way of derogation from articles 236 (1a) and 236a(2), the LGD applicable to credit insurance policies shall be the applicable insurers’ LGD provided for in Article 161(1), multiplied by the following factors: (a) 30 % during the period from 1January 2025 to 31 December 2028; (b) 70 % during the period from 1January 2029 to 31 December 2030;80% during the period from 1 January 2031.
Amendment 1516 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 204 a (new)
Article 1 – paragraph 1 – point 204 a (new)
Regulation (EU) No 575/2013
Article 506ca (new)
Article 506ca (new)
Amendment 1526 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 205
Article 1 – paragraph 1 – point 205
Regulation (EU) No 575/2013
Article 519d – paragraph 1 – introductory part
Article 519d – paragraph 1 – introductory part
By [OP please insert the date = 60 months after date of application of Part Three, Title III], the EBA shall report to the Commission on all of the following:
Amendment 1529 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 205
Article 1 – paragraph 1 – point 205
Regulation (EU) No 575/2013
Article 519d – paragraph 1 – point a
Article 519d – paragraph 1 – point a
(a) the use of insurance in the context of the calculation of the own funds requirements for operational risk, including the use of insurance policies as a mitigation technique for operational risk own funds requirements;
Amendment 1536 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 205
Article 1 – paragraph 1 – point 205
Regulation (EU) No 575/2013
Article 519d – paragraph 2
Article 519d – paragraph 2
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by [OP please insert the date = 726 months after date of application of Part Three, Title III].;
Amendment 1542 #
2021/0342(COD)
Proposal for a regulation
Annex – table – bucket 2
Annex – table – bucket 2
Regulation (EU) No 575/2013
Annex 1
Annex 1
Bucket Items 2 2 Note issuance facilities (NIFs) and revolving underwriting facilities (RUFs) regardless of the maturity of the underlying facility; Performance bonds, bid bonds, warranties and standby letters of credit related to particular transactions and similar transaction- related contingent items; Off-balance sheet items not constituting a credit substitute where not explicitly included in any other category. Trade finance off-balance sheet items, namely documentary credits issued or confirmed (see also ‘Bucket 4’); Other off-balance sheet items: (i) shipping guarantees, customs and tax bonds; (ii) undrawn credit facilities (agreements to lend, purchase securities, provide guarantees or acceptance facilities) with an original maturity of more than one year; (iii) note issuance facilities (NIFs) and revolving underwriting facilities (RUFs) regardless of the maturity of the underlying facility; Other off-balance sheet items carrying similar risk, as communicated to to EBA.
Amendment 1553 #
2021/0342(COD)
Proposal for a regulation
Annex -– table – column 2 – row 13 -a (new)
Annex -– table – column 2 – row 13 -a (new)
Regulation (EU) No 575/2013
Annex 1
Annex 1
Amendment 117 #
2021/0297(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The general objectives of the GSP are to support eradication of poverty in all its forms, in line with Agenda 2030 and Sustainable Development Goal 17.12 and, to promote the sustainable development agenda, and to encourage exports diversification from GSP beneficiary countries while averting harm to EU industry’s interests. The 2018 GSP Mid- term Evaluation and the 2021 supporting Study for the Impact Assessment underpinning this Regulation concluded that the GSP framework under Regulation (EU) No 978/2012 has delivered on these main objectives, which were at the core of the 2012 overhaul of Council Regulation (EC) No 732/200815 . _________________ 15 Council Regulation (EC) No 732/2008 of 22 July 2008 applying a scheme of generalised tariff preferences from 1 January 2009 and amending Regulations (EC) No 552/97, (EC) No 1933/2006 and Commission Regulations (EC) No 1100/2006 and (EC) No 964/2007 (OJ L 211, 6.8.2008, p. 1).
Amendment 121 #
2021/0297(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Those objectives remain relevant in the current global context and they are consistent with the analysis and perspective of the recent Commission Communication Trade Policy Review “An Open, Sustainable and Assertive Trade Policy”16 (‘TPR’). According to the TPR, the Union has a “strategic interest to support the enhanced integration into the world economy of vulnerable developing countries” and it “must fully use the strength provided by its openness and the attractiveness of its Single Market” to support multilateralism and to ensure adherence to universal values. For GSP specifically, the TPR notes its important role in “promoting respect for core human and labour rights” and sets the objective for the GSP “to further increase trading opportunities for developing countries to reduce poverty and create jobs based on international values and principles”. Together with openness to trade, the scheme should support GSP beneficiary countries to develop a strong industrial base and to create an infrastructure that facilitates access to knowledge and information to foster diversification of trade flows. Moreover, the scheme should assist beneficiaries in recovering from the COVID-19 impact and in re-building their economies in a sustainable manner, including with respect to international human rights, labour, environmental and good governance standards. By prioritising diversification of exports from GSP beneficiary countries, the scheme should focus preferences on less competitive products which should ultimately contribute to sustainable development and poverty eradication. Coherence should be ensured between the GSP and its objectives and the assistance provided to beneficiary countries, in line with Union’s Policy Coherence for Development (PCD), which constitutes a key pillar of Union’s efforts to enhance the positive impact and increase effectiveness of development cooperation17 . _________________ 16 COM(2021) 66 final, 18 February 2021 17 Article 208 of the Treaty on the Functioning of the EU concerning PCD reads: “The Union shall take account of the objectives of development cooperation in the policies that it implements which are likely to affect developing countries”.
Amendment 132 #
2021/0297(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) By providing preferential access to the Union market, the scheme should assist developing countries in their efforts to reduce poverty and achieve and promote good governance and sustainable development by helping them to generate additional revenue through international trade, which can then be re-invested for the benefit of their own development and, in addition, to diversify their economies. The scheme's tariff preferences should focus on less competitive products originating from those developing countries that have greater development, trade and financial needs.
Amendment 148 #
2021/0297(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) The implementation of the generalized scheme of tariff preferences should also integrate the current discussions on reciprocal environmental and health production standards for Union products and products imported from third countries in conformity with the WTO (“mirror clauses”) with the aim of subjecting imported products to certain production requirements applied in the Union in line with the Paris Agreement.
Amendment 166 #
2021/0297(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Such a tTariff reductions should be sufficiently attractive, in order to motivate traders to make use of the opportunities offered by the scheme. Therefore, the ad valorem duties should generally be reduced by a flat rate of 3,5 percentage points from the 'most favoured nation' duty rate, while such duties for leather, leather products, textiles and textile goods should be reduced by 20 %. Specific duties should be reduced by 30 %. Where a minimum duty is specified, that minimum duty should not apply.
Amendment 169 #
2021/0297(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23 a) Safeguards are essential mechanisms to reduce beneficiary countries’ dependency on a few products, to focus preferences on less competitive products and to stimulate economic growth. The scheme should reinforce the Union’s financial and economic interests by providing effective and enforceable safeguards to sensitive products which should at the same time improve the diversification of their economies and the implementation of social and environmental rights in beneficiary countries.
Amendment 190 #
2021/0297(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) Orderly international migration, safe, regular and responsible international migration and mobility of people, including through the implementation of planned and well- managed migration policies, as the Sustainable Development Goals target 10.7 establishes, can bring important benefits to the countries of origin and destination of migrants and contribute to their sustainable development needs . Increasing coherence between trade, development and migration policies, as it has been adopted by several European Council Conclusions, in particular the ones adopted on 16th December 2021, is key to ensure that the benefits of migration accrue mutually to both the origin and destination countries. In this respect, it is essential for both origin and destination countries to address common challenges, such as, stepping up cooperation on readmission of own nationals and their sustainable reintegration in the country of origin, in particular in order to avoid a constant drain in active population in the countries of origin, with the ensuing long- term consequences on development, and to ensure that migrants are treated with dignity.
Amendment 201 #
2021/0297(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9 a (new)
Article 2 – paragraph 1 – point 9 a (new)
(9 a) ‘sensitive products’ means goods whose utilisation rate by standard GSP beneficiary countries could negatively impact the Union industry and primary sector;
Amendment 235 #
2021/0297(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The Commission shall, every three years, review the list referred to in paragraph 2 of this Article and adopt an implementing act in the year preceding the review year, in accordance with the advisory procedure referred to in Article 39(2), in order to suspend or to re-establish the tariff preferences referred to in Article 7. That implementing act shall apply as of 1 January of the year following its entry in force.
Amendment 238 #
2021/0297(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The list referred to in paragraphs 2 and 3 of this Article shall be established on the basis of the data available on 1 September of the year in which the review is conducted and of the two years preceding the review year. It shall take into account imports from GSP beneficiary countries listed in Annex I as applicable at that time. However, the value of imports from GSP beneficiary countries, which upon the date of application of the suspension no longer benefit from the tariff preferences under Article 4(1), point (b), shall not be taken into account.
Amendment 290 #
2021/0297(COD)
Proposal for a regulation
Article 15 – paragraph 9
Article 15 – paragraph 9
9. Where the Commission considers that the findings justify temporary withdrawal for the reasons referred to in paragraph 1 of this Article, it is empowered to adopt delegated acts, in accordance with Article 36, to amend Annex I and Annex II in order to temporarily withdraw the tariff preferences provided under the special incentive arrangement for sustainable development and good governance referred to in Article 1(2), point (b). In adopting the delegated act the Commission may, when appropriate, consider the socio- economic effect of the temporary withdrawal of tariff preferences in the beneficiary country.
Amendment 322 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point d
Article 19 – paragraph 1 – point d
(d) serious and systematic unfair trading practices including those affecting the supply of raw materials, which have an adverse effect on the Union industry and which have not been addressed by the beneficiary country. For those unfair trading practices, which are prohibited or actionable under the WTO Agreements, the application of this Article shall be based on a previous determination to that effect by the competent WTO body; Commission following a Trade Barrier investigation under Council Regulation (EC) No 3286/94 of 22 December 1994 laying down Community procedures in the field of the common commercial policy in order to ensure the exercise of the Community's rights under international trade rules, in particular those established under the auspices of the World Trade Organization. For the other unfair trading practices, including - but not limited to – breaches of intellectual property rights, trade distorting investment practices, trafficking and smuggling, breaches of competition rules and any other unfair trading practices that may hinder market access and the national treatment principle, the application of this Article shall be based on a previous determination to that effect under the conditions laid down in Paragraph 3;
Amendment 333 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. Where the Commission, acting upon a complaint or on its own initiative, considers that there are sufficient grounds justifying temporary withdrawal of the tariff preferences provided under any preferential arrangement referred to in Article 1(2) on the basis of the reasons referred to in paragraph 1 of this Article it shall adopt an implementing act to initiate the procedure for temporary withdrawal in accordance with the advisory procedure referred to in Article 39(2). The Commission shall inform the European Parliament and the Council of the adoption of that implementing act. Sufficient grounds justifying temporary withdrawal of the tariff preferences provided under any preferential arrangement referred to in Article 1(2) on the basis of the reasons referred to in paragraph 1 of this Article are prima facie deemed to exist in case a Trade Barrier investigation has already been concluded by the Commission in relation to the unfair trading practices at stake.
Amendment 344 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
5. The Commission shall provide the beneficiary country concerned with every opportunity to cooperate during the monitoring and evaluation period of six months from the date of publication of the noticmonitoring and evaluation period will be of six months from the date of publication of the notice. During this period, the Commission shall provide the beneficiary country concerned with every opportunity to cooperate.
Amendment 347 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. Within three months from the expiry of the period referred to in paragraph 5, the Commission shall submit a report on its findings and conclusions to the beneficiary country concerned. The beneficiary country has the right to submit its comments on the report. The period for comments shall not exceed one month. This paragraph does not apply in case a trade barrier investigation has already been concluded in relation to the unfair trading practices at stake.
Amendment 351 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 8 – introductory part
Article 19 – paragraph 8 – introductory part
8. Within sixthree months from the expiry of the period referred to in paragraph 4, point (b)5, the Commission shall decide:
Amendment 353 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 10
Article 19 – paragraph 10
10. Where the Commission considers that the findings justify temporary withdrawal for the reasons referred to in paragraph 1 of this Article, it is empowered to adopt delegated acts, in accordance with Article 36, to amend Annex I and Annex II, in order to temporarily withdraw the tariff preferences provided under the preferential arrangements referred to in Article 1(2). In adopting the delegated act the Commission may, where appropriate, consider the socio-economic effect of the temporary withdrawal of tariff preferences in the beneficiary country.
Amendment 358 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 12
Article 19 – paragraph 12
12. Where the Commission decides on temporary withdrawal, such delegated act shall become applicable sixthree months after its adoption.
Amendment 364 #
2021/0297(COD)
Proposal for a regulation
Article 19 – paragraph 16
Article 19 – paragraph 16
16. Where the Commission considers that there is sufficient evidence to justify temporary withdrawal for the reason set out in paragraph 1, point (a) and the exceptional gravity of the violations calls for a rapid response in view of the specific circumstances in the beneficiary country, it shall initiate the procedure for temporary withdrawal in accordance with paragraphs (3) to (15). However, the period referred to in paragraph 4, point (b)5 is reduced to 21 months and the deadline referred to in paragraph 8 is reduced to 53 months.
Amendment 374 #
2021/0297(COD)
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3 a. “directly competing products” means a product which, after or prior to an industrial transformation, can be compared to another product.
Amendment 378 #
2021/0297(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
4. An investigation, including the procedural steps referred to in Articles 25, 26 and 27, shall be concluded within 12 9 months from its initiation.
Amendment 381 #
2021/0297(COD)
Proposal for a regulation
Chapter VI – Section II – title
Chapter VI – Section II – title
II Safeguards in the Textile, Footwear, Leather, Agriculture and Fisheries Sectors
Amendment 386 #
2021/0297(COD)
Proposal for a regulation
Article 29 – paragraph 1 – introductory part
Article 29 – paragraph 1 – introductory part
1. Without prejudice to Section I of this Chapter, on 1 January of each year, the Commission, on its own initiative and in accordance with the advisory procedure referred to in Article 39(2), shall adopt an implementing act in order to remove the tariff preferences referred to in Articles 7 and 12 with respect to the products from GSP sections S-11a8a, S-8b, S-11a , S-11b and S-11b2a or to products falling under Combined Nomenclature codes 1006, 1701, 2207 10 00, 2207 20 00, 2909 19 10, 3814 00 90, 3820 00 00, 38249956, 38249957, 38249992, 38248400, 38248500, 38248600, 38248700, 38248800, 38249993, and 38249996 and 43021980 where imports of such products, originate in a beneficiary country and their total value:
Amendment 393 #
2021/0297(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) for products falling under Combined Nomenclature codes 2207 10 00, 2207 20 00, 2909 19 10, 3814 00 90, 3820 00 00, and 38249956, 38249957, 38249992, 38248400, 38248500, 38248600, 38248700, 38248800, 38249993, and 38249996 their total value exceeds the share referred to in point 1 of Annex IV of the value of Union imports of the same products from all countries and territories listed in Annex I, columns A and B C, during a calendar year
Amendment 401 #
2021/0297(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b
Article 29 – paragraph 1 – point b
(b) for products under GSP sections S- 11a and S-11b8a, S-8b, S-11a, S-11b and S-12a their total value exceeds the share referred to in point 3 of Annex IV of the value of Union imports of products in GSP sections S-11a8a, S-8b, S-11a, S-11b and S-11b2a from all countries and territories listed in Annex I, columns A and B C, during a calendar year.
Amendment 405 #
2021/0297(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b a (new)
Article 29 – paragraph 1 – point b a (new)
Amendment 406 #
2021/0297(COD)
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Paragraph 1 shall not apply to EBA beneficiary countries, nor shall it apply to countries with a share for the relevant products referred to in paragraph 1 not exceeding 6 % of total Union imports of the same products.
Amendment 421 #
2021/0297(COD)
Proposal for a regulation
Annex IV – subheading 1
Annex IV – subheading 1
Modalities for the application of Article 8 and Article 29
Amendment 427 #
2021/0297(COD)
Proposal for a regulation
Annex IV – point 1
Annex IV – point 1
1. Article 8 and Article 29 shall apply when the percentage share referred to in paragraph 1 of thatose Articles exceeds 470 %.
Amendment 429 #
2021/0297(COD)
Proposal for a regulation
Annex IV – point 2
Annex IV – point 2
2. Article 8 shall apply for each of the GSP sections S-2a, S-3 and S-5 of Annex III, when the percentage share referred to in paragraph 1 of that Article exceeds 17,50 %. Article 29 shall apply for products falling under Combined Nomenclature codes 1006 and 1701 when the percentage share referred to in paragraph 1 of that Article exceeds 10 %.
Amendment 436 #
2021/0297(COD)
Proposal for a regulation
Annex IV – point 3
Annex IV – point 3
3. Article 8 and Article 29 shall apply for each of the GSP sections S-11a8a, S-8b, S- 11a , S-11b and S-11b2a of Annex III, when the percentage share referred to in paragraph 1 of that Article exceeds 37 0%.
Amendment 394 #
2021/0250(COD)
Proposal for a directive
Article 7 – paragraph 2 – point c
Article 7 – paragraph 2 – point c
(c) the most widespread means used to launder illicit proceeds, including, where available, those particularly used in transactions between Member States and third countries, independently of the identification of a third country or territory pursuant to Section 2 of Chapter III of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final];
Amendment 823 #
2021/0250(COD)
Proposal for a directive
Article 30 – paragraph 2 – point d
Article 30 – paragraph 2 – point d
(d) information on third countries or territories identified pursuant to Section 2 of Chapter III of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final];
Amendment 170 #
2021/0239(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) The consistent implementation of group-wide AML/CFT policies and procedures is key to the robust and effective management of money laundering and terrorist financing risks within the group. To this end, group-wide policies, controls and procedures should be adopted and implemented by the parent undertaking. Obliged entities within the group should be required to exchange information when such sharing is relevant for preventing money laundering and terrorist financing. Information sharing should be subject to sufficient guarantees in terms of confidentiality, data protection and use of information. AMLA should have the task of drawing up draft regulatory standards specifying the minimum requirements of group-wide procedures and policies, including minimum standards for information sharing within the group and the role and responsibilities of parent undertakings that are not themselves obliged entities. These draft regulatory rules should be proportionate, seeking to avoid imposing an excessive burden on obliged entities and providing a framework for competition between sectors.
Amendment 172 #
2021/0239(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) In addition to groups, other structures exist, such as networks or partnerships, in which obliged entities might share common ownership, management and compliance controls. To ensure a level playing field across the sectors whilst avoiding overburdening it, AMLA should identify those situations where similar group-wide policies should apply to those structures in a proportionate manner, without undermining the sector's competitiveness.
Amendment 174 #
2021/0239(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) There are circumstances where branches and subsidiaries of obliged entities are located in third countries where the minimum AML/CFT requirements, including data protection obligations, are less strict than the Union AML/CFT framework. In such situations, and in order to fully prevent the use of the Union financial system for the purposes of money laundering and terrorist financing and to ensure the highest standard of protection for personal data of Union citizens, those branches and subsidiaries should comply with AML/CFT requirements laid down at Union level. Where the law of a third country does not permit compliance with those requirements, for example because of limitations to the group's ability to access, process or exchange information due to an insufficient level of data protection or banking secrecy law in the third country, obliged entities should take additional measures to ensure the branches and subsidiaries located in that country effectively handle the risks. AMLA should be tasked with developing draft technical standards specifying the type of such additional measures with a view to striking a balance between underpinning the EU's guarantee requirements and creating a level playing field for obliged entities located in third countries.
Amendment 192 #
2021/0239(COD)
Proposal for a regulation
Recital 50
Recital 50
(50) Third countries “subject to a call for action” by the relevant international standard-setter (the FATF) present significant strategic deficiencies of a persistent nature in their legal and institutional AML/CFT frameworks and their implementation which are likely to pose a high risk to the Union’s financial system. The persistent nature of the significant strategic deficiencies, reflective of the lack of commitment or continued failure by the third country to tackle them, signal a heightened level of threat emanating from those third countries, which requires an effective, consistent and harmonised mitigating response at Union level. Therefore, obliged entities should be required to apply the whole set of available enhanced due diligence measures to occasional transactions and business relationships involving those high-risk third countries to manage and mitigate the underlying risks. Furthermore, the high level of risk justifies the application of additional specific countermeasures, whether at the level of obliged entities or by the Member States. Such approach would avoid divergence in the determination of the relevant countermeasures, which would expose the entirety of Union’s financial system to risks. Given its technical expertise, AMLA can provide useful input to the Commission in identifying the appropriate countermeasurescountermeasures proportionate to the level of risk. When particular circumstances so warrant, AMLA and the Commission may consider third countries 'subject to a call for action' those territories which, while part of a State that does not pose a threat to the EU's financial system, have particular characteristics that pose a significant threat to the EU's financial system.
Amendment 195 #
2021/0239(COD)
Proposal for a regulation
Recital 51
Recital 51
(51) Compliance weaknesses in both the legal and institutional AML/CFT framework and its implementation of third countries which are subject to “increased monitoring” by the FATF are susceptible to be exploited by criminals. This is likely to represent a risk for the Union’s financial system, which needs to be managed and mitigated. The commitment of these third countries to address identified weaknesses, while not eliminating the risk, justifies a mitigating response, which is less severe than the one applicable to high-risk third countries. In these cases, Union’s obliged entities should apply enhanced due diligence measures to occasional transactions and business relationships when dealing with natural persons or legal entities established in those third countries that are tailored to the specific weaknesses identified in each third country. Such granular identification of the enhanced due diligence measures to be applied would, in line with the risk-based approach, also ensure that the measures are proportionate to the level of risk. To ensure such consistent and proportionate approach, the Commission should be able to identify which specific enhanced due diligence measures are required in order to mitigate country-specific risks or risks in the territory in question. Given AMLA’s technical expertise, it can provide useful input to the Commission to identify the appropriate enhanced due diligence measures proportionate to the level of risk of the activities carried out in third countries.
Amendment 199 #
2021/0239(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) Countries that are not publicly identified as subject to calls for actions or increased monitoring by international standard setters might still pose a threat to the integrity of the Union’s financial system. To mitigate those risks, it should be possible for the Commission to take action by identifying, based on a clear set of criteria and with the support of AMLA, third countries posing a specific and serious threat to the Union’s financial system, which may be due to either compliance weaknesses or significant strategic deficiencies of a persistent nature in their AML/CFT regime, and the relevant mitigating measures. Those third countries should be identified by the Commission. According to the level of risk posed to the Union’s financial system, the Commission should require the application of either all enhanced due diligence measures and country-specific countermeasures, as it is the case for high-risk third countries, or the territory in question, or country-specific enhanced customer due diligence, such as in the case of third countries with compliance weaknesses.
Amendment 421 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Obliged entities shall appoint one executive member of their board of directors or, if there is no board, of its equivalent governing body who shall be responsible for the implementationtaking of measures to ensure compliance withsupervise the implementation of this Regulation (‘compliance manager’). Where the entity has no governing body, the function should be performed by a member of its senior management. This paragraph is without prejudice to national provisions on joint civil or criminal liability of governing bodies.
Amendment 428 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The compliance manager shall be responsible for implementingsupervising the implementation of the obliged entity’s policies, controls and procedures and for receiving information on significant or material weaknesses in such policies, controls and procedures. The compliance manager shall regularly report on those matters to the board of director or equivalent governing body. For parent undertakings, that person shall also be responsible for overseeing group-wide policies, controls and procedures.
Amendment 437 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 3 – introductory part
Article 9 – paragraph 3 – introductory part
3. Obliged entities shall have a compliance officer, to be appointed by the board of directors or governing body, who shall be in charge of the day-to-day operation of the obliged entity’s anti- money laundering and countering the financing of terrorism (AML/CFT) policies. That person shall also be responsible for reporting suspicious transactions to the Financial Intelligence Unit (FIU) in accordance with Article 50(6).
Amendment 500 #
2021/0239(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
The first subparagraph shall not apply to notaries, external and in-house lawyers and other independent legal professionals, auditors, external accountants and tax advisors, to the strict extent that those persons ascertain the legal position of their client, or perform the task of defending or representing that client in, or concerning, judicial proceedings, including providing advice on instituting or avoiding such proceedings.
Amendment 576 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Third countries with significant strategic deficiencies in their national AML/CFT regimes shall be identified by the Commission and designated as ‘high- risk third countries’. The Commission shall also identify as a ‘high-risk territory’ jurisdictions whose strategic deficiencies pose a particular threat to the EU financial system, even if they are part of a third country that does not qualify as a ‘high-risk third country’.
Amendment 577 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 2 – introductory part
Article 23 – paragraph 2 – introductory part
2. In order to identify the countries or territories referred to in paragraph 1, the Commission is empowered to adopt delegated acts in accordance with Article 60 to supplement this Regulation, where:
Amendment 578 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point a
Article 23 – paragraph 2 – point a
(a) significant strategic deficiencies in the legal and institutional AML/CFT framework of the third country or territory have been identified; or
Amendment 579 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point b
Article 23 – paragraph 2 – point b
(b) significant strategic deficiencies in the effectiveness of the third country’s or territory’s AML/CFT system in addressing money laundering or terrorist financing risks have been identified;
Amendment 583 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 4
Article 23 – paragraph 4
4. Where a third country or territory is identified in accordance with the criteria referred to in paragraph 3, obliged entities shall apply enhanced due diligence measures listed in Article 28(4), points (a) to (g) with respect to the business relationships or occasional transactions involving natural or legal persons from that third country or territory.
Amendment 585 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. The delegated act referred to in paragraph 2 shall identify among the countermeasures listed in Article 29 the specific countermeasures mitigating country-specific risks stemming from high- risk third countries or territories.
Amendment 587 #
2021/0239(COD)
Proposal for a regulation
Article 23 – paragraph 6
Article 23 – paragraph 6
6. The Commission shall review the delegated acts referred to in paragraph 2 on a regular basis to ensure that the specific countermeasures identified pursuant to paragraph 5 take account of the changes in the AML/CFT framework of the third country or territory and are proportionate and adequate to the risks.
Amendment 590 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Third countries or territories with compliance weaknesses in their national AML/CFT regimes shall be identified by the Commission.
Amendment 591 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 2 – introductory part
Article 24 – paragraph 2 – introductory part
2. In order to identify the countries or territories referred to in paragraph 1, the Commission is empowered to adopt delegated acts in accordance with Article 60 to supplement this Regulation, where:
Amendment 592 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 2 – point a
Article 24 – paragraph 2 – point a
(a) compliance weaknesses in the legal and institutional AML/CFT framework of the third country or territory have been identified;
Amendment 593 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 2 – point b
Article 24 – paragraph 2 – point b
(b) compliance weaknesses in the effectiveness of the third country’s or territory’s AML/CFT system in addressing money laundering or terrorist financing risks have been identified.
Amendment 597 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
4. The delegated act referred to in paragraph 2 shall identify the specific enhanced due diligence measures among those listed in Article 28(4), points (a) to (g), that obliged entities shall apply to mitigate risks related to business relationships or occasional transactions involving natural or legal persons from that third country or territory.
Amendment 601 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The Commission is empowered to adopt delegated acts in accordance with Article 60 identifying third countries or territories that pose a specific and serious threat to the financial system of the Union and the proper functioning of the internal market other than those covered by Articles 23 and 24.
Amendment 605 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 2 – point a – introductory part
Article 25 – paragraph 2 – point a – introductory part
(a) the legal and institutional AML/CFT framework of the third country or territory, in particular:
Amendment 610 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 2 – point b
Article 25 – paragraph 2 – point b
(b) the powers and procedures of the third country’s or territory’s competent authorities for the purposes of combating money laundering and terrorist financing including appropriately effective, proportionate and dissuasive sanctions, as well as the third country’s practice in cooperation and exchange of information with Member States’ competent authorities;
Amendment 611 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 2 – point c
Article 25 – paragraph 2 – point c
(c) the effectiveness of the third country’s or territory’s AML/CFT system in addressing money laundering or terrorist financing risks;
Amendment 620 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. For the purposes of determining the level of threat referred to in paragraph 1, the Commission may request AMLA to adopt an opinion aimed at assessing the specific impact on the integrity of the Union’s financial system due to the level of threat posed by a third country or territory.
Amendment 625 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 5
Article 25 – paragraph 5
5. Where the identified specific and serious threat from the concerned third country or territory amounts to a significant strategic deficiency, Article 23(4) shall apply and the delegated act referred to in paragraph 2 shall identify specific countermeasures as referred to in Article 23(5).
Amendment 626 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 6
Article 25 – paragraph 6
6. Where the identified specific and serious threat from the concerned third country or territory amounts to a compliance weakness, the delegated act referred to in paragraph 2 shall identify specific enhanced due diligence measures as referred to in Article 24(4).
Amendment 627 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 7
Article 25 – paragraph 7
7. The Commission shall review the delegated acts referred to in paragraph 2 on a regular basis to ensure that the measures referred to in paragraphs 5 and 6 take account of the changes in the AML/CFT framework of the third country or territory and are proportionate and adequate to the risks.
Amendment 630 #
2021/0239(COD)
Proposal for a regulation
Article 25 a (new)
Article 25 a (new)
Amendment 663 #
2021/0239(COD)
Proposal for a regulation
Article 28 – paragraph 6
Article 28 – paragraph 6
6. Enhanced customer due diligence measures shall not be invoked automatically with respect to branches or subsidiaries of obliged entities established in the Union which are located third countries or territories referred to in Articles 23, 24 and 25 where those branches or subsidiaries fully comply with the group-wide policies, controls and procedures in accordance with Article 14.
Amendment 665 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point a – introductory part
Article 29 – paragraph 1 – point a – introductory part
(a) countermeasures that obliged entities are to apply to persons and legal entities involving high-risk third countries or territories and, where relevant, other countries posing a threat to the Union’s financial system consisting in:
Amendment 666 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point a – point iii
Article 29 – paragraph 1 – point a – point iii
(iii) the limitation of business relationships or transactions with natural persons or legal entities from those third countries or territories;
Amendment 667 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – introductory part
Article 29 – paragraph 1 – point b – introductory part
(b) countermeasures that Member States are to apply with regard to high-risk third countries or territories and, where relevant, other countries posing a threat to the Union’s financial system consisting in:
Amendment 668 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – point i
Article 29 – paragraph 1 – point b – point i
(i) refusing the establishment of subsidiaries or branches or representative offices of obliged entities from the country concerned, or otherwise taking into account the fact that the relevant obliged entity is from a third country or territory that does not have adequate AML/CFT regimes;
Amendment 669 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – point ii
Article 29 – paragraph 1 – point b – point ii
(ii) prohibiting obliged entities from establishing branches or representative offices of obliged entities in the third country or territory concerned, or otherwise taking into account the fact that the relevant branch or representative office would be in a third country or territory that does not have adequate AML/CFT regimes;
Amendment 670 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – point iii
Article 29 – paragraph 1 – point b – point iii
(iii) requiring increased supervisory examination or increased external audit requirements for branches and subsidiaries of obliged entities located in the third country or territory concerned;
Amendment 671 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – point iv
Article 29 – paragraph 1 – point b – point iv
(iv) requiring increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in the third country or territory concerned;
Amendment 673 #
2021/0239(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b – point v
Article 29 – paragraph 1 – point b – point v
(v) requiring credit and financial institutions to review and amend, or if necessary terminate, correspondent relationships with respondent institutions in the third country or territory concerned.
Amendment 676 #
2021/0239(COD)
Proposal for a regulation
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
With respect to cross-border correspondent relationships, including relationships established for securities transactions or fund transfers, involving the execution of payments with a third-country or third- territory respondent institution, in addition to the customer due diligence measures laid down in Article 16, credit institutions and financial institutions shall be required, when entering into a business relationship, to:
Amendment 874 #
2021/0239(COD)
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
2. Notaries, external and in-house lawyers and other independent legal professionals, auditors, external accountants and tax advisors shall be exempted from the requirements laid down in Article 50(1) to the extent that such exemption relates to information that they receive from, or obtain on, one of their clients, in the course of ascertaining the legal position of their client, or performing their task of defending or representing that client in, or concerning, judicial proceedings, including providing advice on instituting or avoiding such proceedings, whether such information is received or obtained before, during or after such proceedings.
Amendment 83 #
2021/0214(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The initiative for a carbon border adjustment mechanism (‘CBAM’) is a part of the ‘Fit for 55 Package’. That mechanism is to serve as an essential element of the EU toolbox to meet the objective of a climate-neutral Union by 2050 in line with the Paris Agreement by addressing risks of carbon leakage resulting from the increased Union climate ambition. The CBAM is also consistent with the EU's objective of Open Strategic Autonomy.
Amendment 88 #
2021/0214(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Existing mechanisms to address the risk of carbon leakage in sectors or sub- sectors at risk of carbon leakage are the transitional free allocation of EU ETS allowances and financial measures to compensate for indirect emission costs incurred from GHG emission costs passed on in electricity prices respectively laid down in Articles 10a(6) and 10b of Directive 2003/87/EC. However, free allocatExisting carbon leakage measures are based on strict benchmarks established by the best- performing installations. These measures also represents an incentive to reduce emissions under the EU ETS weakens the price signal that the system provideshile also providing a carbon price signal for emissions above the benchmark level; they have proven so foar the installations receiving it compared to full auctioning and thus affects the incentives for investment into further abatement of emissionso be effective in reducing the risk of carbon leakage, although in the context of lower carbon prices than those experienced recently and those forecasted by 2030.
Amendment 96 #
2021/0214(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The CBAM seeks to replacestrengthen carbon leakage protection in view of higher EU climate ambitions by 2030 and thereafter replace progressively these existing mechanisms by addressing the risk of carbon leakage in a different way, namely by ensuring equivalent carbon pricing for imports and domestic products. To ensure a gradual transition from the current system of free allowances to the CBAM, the CBAM should be progressively phased in while free allowances in sectors covered by the CBAM are phased out and by ensuring that EU products exported in the global market are not replaced by more carbon intensive products, which would undermine the objective of reducing global emissions. To ensure a gradual transition from the current system of free allowances to the CBAM, free allowances should only be phased out once the CBAM regulation has proven its effectiveness in terms of protection from the risk of carbon leakage both for imports and exports, not before 2030 and only following a three years test phase running from 2026 to 2028 during which the effectiveness of the mesure will be throughly assessed by the Commission. The combined and transitional application of EU ETS allowances allocated free of charge and of the CBAM should in no case result in more favourable treatment for Union goods compared to goods imported into the customs territory of the Union.
Amendment 111 #
2021/0214(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) While the objective of the CBAM is to prevent the risk of carbon leakage, this Regulation would also encourage the use of more GHG emissions-efficient technologies by producers from third countries, so that less emissions per unit of output are generated. Therefore, it will be relevant to export more sustainable products manufactured in the EU and avoid substitutes at a global level with higher carbon footprint.
Amendment 114 #
2021/0214(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) While the surrenderingof CBAM certificates for EU importers addresses the risk of carbon leakage on the EU market, it is essential that the CBAM would also seek to reduce the possibility of European low-carbon exports being replaced by carbon-intensive items on third country markets or by goods that are not subject to equivalent climate policy and carbon costs, undermining the goal of lowering global emissions. It is therefore necessary to continue addressing the risk of carbon leakageassociated with European exports to third countries that have not yet limited or priced GHG emissions at the same levels as the EU.
Amendment 116 #
2021/0214(COD)
Proposal for a regulation
Recital 12 b (new)
Recital 12 b (new)
(12 b) This Regulation does not apply to goods exported from the EU and therefore does not address carbon leakage associated with exports. Consequently, the Commission should monitor and evaluate the mechanism’s impact on export markets and, if the assessment of the effectiveness of the CBAM in tackling carbon leakage on the EU market is positive, after the three year test period, the Commission shall present a report to the European Parliament and Council accompanied with a legislative proposal to address the carbon leakage risk on export markets while starting the free allocation phase out as set out in the ETS directive.
Amendment 119 #
2021/0214(COD)
Proposal for a regulation
Recital 12 c (new)
Recital 12 c (new)
(12 c) If European industries producing goods subject to the CBAM face significant difficulties as a result of its implementation, the Commission develops an in-depth assessment in close collaboration with the industrial secotrs. This assessment should be completed as soon as possible to determine whether the mechanism is effective and practible.
Amendment 121 #
2021/0214(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) As an instrument to prevent carbon leakage and reduce GHG emissions the CBAM should ensure that imported products are subject to a regulatory system that applies carbon costs equivalent to the ones that otherwise would have been borne under the EU ETS. The CBAM is a climate measure which should prevent the risk of carbon leakage and support the Union’s increased ambition on climate mitigation, while ensuring WTO compatibility. However, the CBAM should be combined with rules addressing the exports component, such as the implementation of full or partial export duty exemptions, in order to fully eliminate concerns of carbon leakage and protect the competitiveness of European exported goods. Such a mechanism would be in line with the rules provided by the WTO Agreement on Subsidies and Countervailing Measures (ASCM).
Amendment 132 #
2021/0214(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In order to exclude from the CBAM third countries or territories fully integrated into, or linked, to the EU ETS and where the carbon cost burden is equivalent to that under the EU ETS, in the event of future agreements, the power to adopt acts in accordance with Article 290 of TFEU should be delegated to the Commission in respect of amending the list of countries in Annex II. Conversely, those third countries or territories should be excluded from the list in Annex II and be subject to CBAM whereby they do not effectively charge the ETS price on goods exported to the Union.
Amendment 135 #
2021/0214(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) The implementing act pursuant to Article 7(6) shall include all input materials that contribute significantly to GHG emissions. In the case of stainless steel (CN codes 7218-7223), ferro-alloys shall be included in the list of input materials as they fulfil this criterion.
Amendment 147 #
2021/0214(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) The CBAM system has some specific features compared with the EU ETS, including on the calculation of the price of CBAM certificates, on the possibilities to trade certificates and on their validity over time. These are due to the need to preserve the effectiveness of the CBAM as a measure preventing carbon leakage over time and to ensure that the management of the system idoes not add excessively burdensome administrative burden to EU companies in terms of obligations imposed on the operators and of resources for the administration, while at the same time preserving an equivalent level of flexibility available to operators under the EU ETS.
Amendment 156 #
2021/0214(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23 a) Given the unique nature of the CBAM and the need forclose EU coordination, a CBAM authority at the EU level should be established to properly implement and monitor the provisions contained in this regulation.
Amendment 157 #
2021/0214(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) In terms of sanctions, Member Statesthe EU Central Authority should apply penalties to infringements of this Regulation and ensure that they are implemented. The amount of those penalties should be identical to penalties currently applied within the Union in case of infringement of EU ETS according to Article 16(3) and (4) of Directive 2003/87/EC. However, in case of circumvention or absorption practices or in case of repeated infringements of the provisions of the present Regulation, stronger penalties should apply to avoid undermining the effectiveness of the CBAM regime.
Amendment 202 #
2021/0214(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) The Commission should evaluate the application of this Regulation before the end of the transitional period and report to the European Parliament and the Council. The report of the Commission should in particular focus on possibilities to enhance climate actions towards the objective of a climate neutral Union by 2050. The Commission should, as part of that evaluation, initiate collection of information necessary to prevent distortion of competition in the EU and in global markets and possibly extend the scope to indirect emissions, as well as to other goods and services at risk of carbon leakage, and to develop methods of calculating embedded emissions based on the environmental footprint methods47 . With regard to indirect emissions, the evaluation shall take into account the exposure of EU producers to carbon costs passed on in electricity prices due to the functioning of the EU energy market. _________________ 47 Commission Recommendation 2013/179/EU of 9 April 2013 on the use of common methods to measure and communicate the life cycle environmental performance of products and organisations (OJ L 124, 4.5.2013, p. 1).
Amendment 216 #
2021/0214(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) The Commission should strive to engage in an even handed manner and in line with the international obligations of the EU, with the third countries whose trade to the EU is affected by this Regulation, to explore possibilities for dialogue and cooperation with regard to the implementation of specific elements of the Mechanism set out this Regulation and related implementing acts. It should also explore possibilities for concluding agreements to take into account their carbon pricing mechanism, provided that they deliver equivalent GHG emissions reductions and carbon costs constraints.
Amendment 232 #
2021/0214(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a carbon border adjustment mechanism (the ‘CBAM’) for addressing greenhouse gas emissions embedded in the goods referred to in Annex I, upon their importation into the customs territory of the Union, in order to prevent the risk of carbon leakage from the EU and contribute to the reduction of global carbon emissions.
Amendment 235 #
2021/0214(COD)
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The mechanism willshould progressively become an alternative to the mechanisms established under Directive 2003/87/EC to prevent the risk of carbon leakage, notably the allocation of allowances free of charge in accordance with Article 10a of that Directive, if it has been proven to be effective in preventing carbon leakage both for imports into and exports from the Union’s custom territory, and without prejudice to maintaining EU ETS allowances free of charge at benchmark level until a test period with actual surrendering obligation by declarants running until 2030 has proven such effectiveness.
Amendment 262 #
2021/0214(COD)
Proposal for a regulation
Article 2 – paragraph 12
Article 2 – paragraph 12
12. The Union, may conclude agreements with third countries with a view to take account of carbon pricing mechanisms in these countries in the application of Article 9. These agreements shall not lead to undue preferential treatment of imports from third countries as regards the CBAM certificates to be surrendered and they must not take into account any carbon pricing mechanisms that are considered to be circumvention practices under Article 27.
Amendment 290 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The Commission is empowered to adopt implementing acts concerning detailed rules regarding the elements of the calculation methods set out in Annex III, including determining system boundaries of production processes, emission factors, installation-specific values of actual emissions and default values and their respective application to individual goods as well as laying down methods to ensure the reliability of data on the basis of which the default values shall be determined, including the level of detail and the verification of the data. Where necessary, those acts shall provide that the default values can be adapted to particular areas, regions or countries to take into account specific objective factors such as geography, natural resources, market conditions, prevailing energy sources, or industrial processes. The implementing acts shall build upon existing legislation for the verification of emissions and activity data for installations covered by Directive 2003/87/EC, in particular Implementing Regulation (EU) No 2018/2067.
Amendment 298 #
2021/0214(COD)
Proposal for a regulation
Article 8 – paragraph 3 – introductory part
Article 8 – paragraph 3 – introductory part
3. The Commission is empowered to adopt implementing acts concerning the principles of verification referred to in paragraph 1 as regards the possibility to waive the obligation for the verifier to visit the installation where relevant goods are produced and the obligation to set thresholds for deciding whether misstatements or non-conformities are material and concerning the supporting documentation needed for the verification report. Provisions laid down in such implementing acts shall be equivalent to the provisions set in Regulation 2018/2067.
Amendment 304 #
2021/0214(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The authorised declarant shall keep records of the documentation, certified by an independent person, verifier accredited pursuant to art. 18 and in line with the competences established in art. 8(1) concerning the verification of embedded emissions. The accredited verifier is required to demonstrate that the declared embedded emissions were subject to a carbon price in the country of origin of the goods and keep evidence of the proof of the actual payment for that carbon price which should not have been subject to an export rebate or any other form of compensation on exportation.
Amendment 313 #
2021/0214(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The Commission shall, upon request by a register the information on operators of an installations located in a third country, register the information on that operator and on itsies and on those installations in a central database referred to in Article 14(4).
Amendment 317 #
2021/0214(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The records referred to in paragraph 5, point (c), shall be sufficiently detailed to enable the verification in accordance with paragraph 5, point (b), and to enable any competent authority to verify and to review, in accordance with Article 19(1), the CBAM declaration made by an authorised declarant to whom the relevant information was disclosed in accordance with paragraph 8.
Amendment 322 #
2021/0214(COD)
Proposal for a regulation
Article 10 – paragraph 8
Article 10 – paragraph 8
8. The operator may, at any timefter 5 years and with previous notification, ask to be deregistered from the database.
Amendment 325 #
Amendment 327 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 1 – introductory part
Article 11 – paragraph 1 – introductory part
1. A central CBAM authority at the EU level is established for the purpose of implementing and managing this Regulation.Its composition and tasks shall be established by way of separate Regulation. Each Member State shall designate the national competent authority to carry out the obligations and cooperate with the EU CBAM authority under this Regulation and inform the CommissionEU CBAM authority thereof.
Amendment 331 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
The Commission shall make available to the Member States a list of all competent national authorities and publish this information in the Official Journal of the European Union.
Amendment 332 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Member States shall require that national competent authorities exchange any information that is essential or relevant to the exercise of their functions and duties through a network established under the responsibility of the EU CBAM authority.
Amendment 337 #
Amendment 339 #
2021/0214(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
The CommissionEU CBAM authority shall be assisted by the competent national authorities in carrying out their obligations under this Regulation and coordinate their activities.
Amendment 342 #
2021/0214(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
All information acquired by the central and national competent authorityies in the course of performing itstheir dutyies which is by its nature confidential or which is provided on a confidential basis shall be covered by an obligation of professional secrecy. Such information shall not be disclosed by the competent authority without the express permission of the person or authority that provided it. It may be shared with customs authorities, the Commission and the European Public Prosecutors Office and shall be treated in accordance with Council Regulation (EC) No 515/97.
Amendment 349 #
2021/0214(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The information in the database referred to in paragraph 2 shall be confidentialmade available to the public, unless it is proven that it is business confidential according to the relevant EU legislation. Non- confidential summaries must be included with confidential information. Information equivalent to the one made publicly available for EU producers under the EU ETS central database shall be made public.
Amendment 351 #
2021/0214(COD)
Proposal for a regulation
Article 14 – paragraph 4
Article 14 – paragraph 4
4. The CommissionEU CBAM authority shall establish a central database accessible to the public containing the names, addresses and contact details of the operators and the location of installations in third countries in accordance with Article 10(2). An operator may choose not to have its name, address and contact details accessible to the public.The central database should insofar as possible, mirror the ETS database
Amendment 352 #
2021/0214(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The CommissionEU CBAM authority shall act as central administrator to maintain an independent transaction log recording the purchase of CBAM certificates, their holding, surrender, re-purchase and cancellation and ensure coordination of national registries.
Amendment 355 #
2021/0214(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. If irregularities are identified as a result of the controls carried out under paragraph 2, the Commission shall inform the Member State or Member States concerned for further investigation in order to correct the identified irregularities. Identified irregularities shall be corrected as soon as possible from their identification and, where appropriate, penalties pursuant to article 27 shall apply.
Amendment 358 #
2021/0214(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The national competent authority shall assign to each authorised declarant a unique CBAM account number which will be registered with the EU CBAM Authority.
Amendment 359 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. The national competent authority shall authorise a declarant who submits an application for authorisation in accordance with Article 5(1), if the following conditions are fulfilled:
Amendment 361 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) the declarant hasand the operators of installations located in third countries from whom the declarants sources goods have respectively not been involved in a serious infringement or repeated infringements of customs legislation, circumvention of antidumping or antisubsidy duties, taxation rules and market abuse rules and has no record of serious criminal offences relating to its economic activity during the five years preceding the application;
Amendment 366 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Where the national competent authority finds that the conditions listed in paragraph 1 are not fulfilled, or where the applicant has failed to provide the information listed in Article 5(3), the authorisation of the declarant shall be refused.
Amendment 367 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. If the national competent authority refuses to authorise a declarant, the declarant requesting the authorisation may, prior to an appeal, object to the relevant authority under national law, who shall either instruct the national administrator to open the account or uphold the refusal in a reasoned decision, subject to requirements of national law that pursue a legitimate objective compatible with this Regulation and are proportionate.
Amendment 368 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 4 – introductory part
Article 17 – paragraph 4 – introductory part
4. A decision of the competent national authority authorising a declarant shall contain the following information
Amendment 370 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 6 – introductory part
Article 17 – paragraph 6 – introductory part
6. The competent national authority shall require the provision of a guarantee in order to authorise a declarant in accordance with paragraph 1, if the declarant was not established throughout the two financial years that precede the year when the application in accordance with Article 5(1) was submitted.
Amendment 371 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 6 – subparagraph 1
Article 17 – paragraph 6 – subparagraph 1
The competent national authority shall fix the amount of such guarantee at the maximum amount, as estimated by the competent authority, of the value of the CBAM certificates that the authorised declarant have to surrender, in accordance with Article 22.
Amendment 372 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 7
Article 17 – paragraph 7
7. The guarantee shall be provided as a bank guarantee, payable at first demand, by a financial institution operating in the Union or by another form of guarantee which provides equivalent assurance. Where the competent national authority establishes that the guarantee provided does not ensure, or is no longer certain or sufficient to ensure the amount of CBAM obligations, it shall require the authorised declarant either to provide an additional guarantee or to replace the initial guarantee with a new guarantee, according to its choice.
Amendment 373 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 8
Article 17 – paragraph 8
8. The competent national authority shall release the guarantee immediately after 31 May of the second year in which the authorised declarant has surrendered CBAM certificates in accordance with Article 22.
Amendment 375 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 9
Article 17 – paragraph 9
9. The competent national authority shall revoke the authorisation for a declarant who no longer meets the conditions laid down in paragraph 1, or who fails to cooperate with that authority.
Amendment 376 #
2021/0214(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 378 #
2021/0214(COD)
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
Amendment 380 #
2021/0214(COD)
1. The competententral and national authorityies may review the CBAM declaration within the period ending with the fourth year after the year in which the declaration should have been submitted. The review may consist in verifying the information provided in the CBAM declaration on the basis of the information communicated by the customs authorities in accordance with Article 25(2) and any other relevant evidence, and on the basis of any audit deemed necessary, including at the premises of the authorised declarant.
Amendment 382 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point 1 (new)
Article 19 – paragraph 1 – point 1 (new)
(1) The national competent authority shall inform the EU CBAM authority of the quantity and installation source of the exports. The EU CBAM authority shall inform the Commission of the data received so as to allow the Commissionto to make adjustments to the allowances to be surrendered for the intallation source of the exports.
Amendment 387 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. Where a CBAM declaration in accordance with Article 6 has not been submitted, the competent authority of the Member State of establishment of the authorised declarant shall assess the CBAM obligations of that declarant on the basis of the information at its disposal and calculate the total number of CBAM certificates due at the latest by the 31 December of the fourth year following that when the CBAM declaration should have been submitted.
Amendment 408 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 4 a (new)
Article 26 – paragraph 4 a (new)
4 a. In case of repeated failure to surrender a number of CBAM certificates corresponding to the emissions embedded in goods imported during the previous year, or in case of submission of false information in the CBAM declaration, an authorized declarant, and any of its related parties, maybe automatically excluded from the register for a given period from the date of exclusion. The respective verifier – and any of its related parties - who has certified the accuracy of the information in the CBAM declaration should have its certification withdrawn by the central CBAM authority.
Amendment 412 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
5. Member StatesThe central CBAM authority may apply administrative or criminal sanctions for failure to comply with the CBAM legislation in accordance with their national rules in addition to penalties referred to in paragraphs 2 and 4a. Such sanctions shall be effective, proportionate and dissuasive.
Amendment 417 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. Practices of circumvention include situations where a change in the pattern of trade in relation to goods included in the scope of this Regulation whether slightly modified or not, stems from a practice, process or work, has insufficient due cause or economic justification other than avoiding obligations as laid down in this Regulation and consist in replacing those goods with slightly modified products, which are not included in the list of goods in Annex I but belong to a sector included in the scope of this Regulation.
Amendment 419 #
2021/0214(COD)
2 a. The practice, process or work referred to in the first subparagraph include, inter alia: (a) the slight modification of the product concerned to make it fall under customs codes which are normally not subject to the obligations of this Regulation, provided that the modification does not alter its essential characteristics; (b) false declarations as to the identity of the producer of the product concerned or of the nature of the product concerned or the production process involved in making it; (c) the consignement of the product concerned via third countries to which no or more favourable obligations apply; (d) the reorganisation by exporters or producers of their patterns and channels of sales in order to eventually avoid obligations as laid down in this Regulation,or undermine their effects, including on overall GHG emissions and on prices of the like products, for instance via practices of resource shuffling;For thepurpose of this point, resource shuffling shall be defined as any practice, process or work that have insufficient due cause or economic justification other than avoiding obligations as laid down in this Regulation, or undermining their effects, without delivering environmental benefits on global GHGemissions; (e) any other measure to eventually avoid or evade obligations as laid down in this Regulation, or undermine their effects, including onoverall GHG;
Amendment 429 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 3
Article 27 – paragraph 3
Amendment 434 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 3 a (new)
Article 27 – paragraph 3 a (new)
3 a. Following a notification from a Member State, an interested party or on its own initiative, the Commission may decide, following an investigation, to extend obligations laid down in this regulation, in whatever way is necessary to prevent future circumvention of the mechanism, when circumvention of the measures in force is taking place.
Amendment 437 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 5
Article 27 – paragraph 5
Amendment 445 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 5 a (new)
Article 27 – paragraph 5 a (new)
5 a. Decisions referred to in the third paragraph shall be subject to theappeal procedure as set out in Article 30.
Amendment 446 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 5 b (new)
Article 27 – paragraph 5 b (new)
5 b. The Commission shall always investigate possible circumvention when notified by a Member State or an interested party. Initiations shall be made by means of a Commission regulation which shall also instruct customs authorities of Member States to subject imports to registration. The Commission shall provide information to the Member States once a party or a Member State has submitted a request to initiate an investigation and the Commission has completed its analysis thereof, or where the Commission has itself determined that there is a need to initiate an investigation.
Amendment 449 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 5 c (new)
Article 27 – paragraph 5 c (new)
5 c. Investigations shall be carried out by the Commission. The Commission may be assisted by customs authorities and the investigation shall be concluded in due time.
Amendment 451 #
2021/0214(COD)
Proposal for a regulation
Article 27 – paragraph 5 d (new)
Article 27 – paragraph 5 d (new)
5 d. The Commission Decision finding circumvention shall impose a penalty pursuant to article 26 on an Authorised Declarant involved in the circumvention and, if appropriate, the operator of the installation located in the third country that is linked to the Authorised Declarant. Where appropriate, the penalty shall also entail the withdrawal of import authorisation and be extended to the operator.
Amendment 453 #
2021/0214(COD)
Proposal for a regulation
Article 27 a (new)
Article 27 a (new)
Article 27 a Absorption 1. If any party submits sufficient evidence that, following the entry into force of this Regulation, an Authorised Declarant has been absorbing the cost of the CBAM Certificates, resulting in no or insufficient movement in the resale prices or subsequent selling prices of the imported product in the Union, and that such a situation has insufficient due cause or economic justification other than undermining the effects of the obligations as laid down in this Regulation, the Commission shall open an investigation. Once a party has presented sufficient evidence justifying the opening of an inquiry and the Commission hasfinished its study, the Commission will inform the Member States. 2. The investigation may also be opened, under the conditions set out in the first subparagraph, on the initiative of the Commission or at the request of a Member State. 3. During an investigation pursuant to this Article, any interested party shall be provided with an opportunity to clarify the situation with regard to resale prices and subsequent selling prices. 4. Investigations shall be carried out by the Commission. The Commission may be assisted by customs authorities and the investigation shall be concluded within in due time. 5. If it is concluded that the obligations as laid down in this Regulation should have led to movements in such prices, the Commission shall take appropriate measures to re-establish the effectiveness of the obligations as set out in this Regulation. Such measures imposed pursuant to this Article shall not exceed the amount of the penalties as set out in Article 26.
Amendment 473 #
2021/0214(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Before the end of the transitional period, the Commission shall present a report to the European Parliament and the Council on the application of this Regulation. The report shall contain, in particular, an in-depthe assessment ofdeveloped in cooperation with the sectors at risk of carbon leakage covered by this regulation of the rules to be applied in the testing period established pursuant art. 30bis and the possibilities to further extend the scope of embedded emissions to indirect emissions and to other goods at risk of carbon leakage than those already covered by this Regulation, as well as an assessment of the governance system as well as an assessment of the impact on competitiveness of the EU downstream industry. It shall also contain the assessment of the possibility to further extend the scope to embedded emissions of transportation services as well as to goods further down the value chain and services that may be subject to the risk of carbon leakage in the future. Such an extension should be considered only if a clear calculation methodology has been established by the Commission and once the mechanism has proven fully effective in terms of achieving its objective of carbon leakage protection.
Amendment 494 #
2021/0214(COD)
Proposal for a regulation
Article 30 a (new)
Article 30 a (new)
Article 30 a Before phasing out free allocation to sectors at risk of carbon leakage covered by this rule, the Commission will monitor and assess the mechanism's efficacy in terms of the risk of carbon leakage. To this purpose, the Commission shall publish a report to the European Parliament and the Council, following consultation with the sectors subject by this Regulation,evaluating: a. the first three years (2026-2028) of thesurrendering obligation pursuant to article 22; b. the risk of carbon leakage on export markets. If the assessment is positive, the report shall be accompanied by a legislativeproposal to phase out free allocation to sectors subject to this regulation and to adopt a solution to mitigate the risk of carbon leakage on the export market.
Amendment 542 #
2021/0214(COD)
Proposal for a regulation
Annex III – point 3 – paragraph 2 – introductory part
Annex III – point 3 – paragraph 2 – introductory part
Where AttrEmg are the attributed emissions of goods g, and ALg the activity level of the goods, the latter being the amount of goods produced in the reporting period in that installation, and EEInpMat are the embedded emissions of the input materials (precursors) consumed in the production process. Only input materials listed as relevant to the system boundaries of the production process as specified in the implementing act adopted pursuant to Article 7(6) are to be considered. The implementing act pursuant to Article 7 (6) shall include all input materials that contribute significantly to GHG emissions. In the case of stainless steel (CN codes 7218-7223), ferro-alloys shall be included in the list of input materials as they fulfil this criterion. The relevant EEInpMat are calculated as follows:
Amendment 547 #
2021/0214(COD)
Proposal for a regulation
Annex III – point 6
Annex III – point 6
Amendment 135 #
2021/0213(CNS)
Proposal for a directive
Recital 20
Recital 20
(20) Energy products should essentially be subject to a Union framework when used as heating fuel or motor fuel. To that extent, it is in the nature and the logic of the tax system to exclude from the scope of the framework dual uses and non-fuel uses of energy products as well as mineralogical processes. Electricity used in similar ways should be treated on an equal footing.
Amendment 220 #
2021/0213(CNS)
Proposal for a directive
Article 3 – paragraph 1 – point b – indent 3 a (new)
Article 3 – paragraph 1 – point b – indent 3 a (new)
- mineralogical processes: "Mineralogical processes" shall mean the processes classified in the NACE nomenclature under code 23 ‘manufacture of other non-metallic mineral products’ in Regulation (EC) No 1893/2006 on the statistical classification of economic activities in the European Community
Amendment 60 #
2021/0114(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) No existing Union instruments address distortions caused by foreignre such as to deter foreign governments from distorting the internal market through subsidies. Trade defence instruments enable the Commission to act when subsidised goods are imported into the Union, but not when foreign subsidies take the form of subsidised investments, or when services and financial flows are concerned. Under the WTO Agreement on Subsidies and Countervailing Measures, the Union has the possibility to initiate State-to-State dispute settlement against certain foreign subsidies granted by WTO members and limited to goods.
Amendment 69 #
2021/0114(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) To ensure a level playing field throughout the internal market and consistency in the application of this Regulation, the Commission should be the sole authority competent to apply this Regulation. The Commission should have the power to examine any foreign subsidy to the extent it is in the scope of this Regulation in any sector of the economy on its own initiative relying on information from all available sources. To ensure effective control, in the specific case of large concentrations (mergers and acquisitions) and public procurement procedures above certain thresholds, the Commission should have the power to review foreign subsidies based on a prior, mandatory notification by the undertaking to the Commission.
Amendment 87 #
2021/0114(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) When applying these indicators, the Commission could take into account different elements such as the size of the subsidy in absolute terms or in relation to the size of the market or to the value of the investment. For instance, a concentration, in the context of which a foreign subsidy covers a substantial part of the purchase price of the target, is likely to be distortive. Similarly, foreign subsidies covering a substantial part of the estimated value of a contract to be awarded in a public procurement procedure are likely to cause distortions. If a foreign subsidy is granted for operating costs, it seems more likely to cause distortions than if it is granted for investment costs. Foreign subsidies to small and medium-sized undertakings may be considered less likely to cause distortions than foreign subsidies to large undertakings. Furthermore, the characteristics of the market, and in particular the competitive conditions on the market, such as barriers to entry, should be taken into account. Foreign subsidies leading to overcapacity by sustaining uneconomic assets or by encouraging investment in capacity expansions that would otherwise not have been built are likely to cause distortions. A foreign subsidy to a beneficiary that shows a low degree of activity in the internal market, measured for instance in terms of turnover achieved in the Union, is less likely to cause distortions than a foreign subsidy to a beneficiary that has a more significant level of activity in the internal market. Finally, foreign subsidies not exceeding EUR 51 million should be deemed, as a general rule, unlikely to distort the internal market within the meaning of this Regulation.
Amendment 95 #
2021/0114(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The Commission should take into account the positive effects of the foreign subsidy on the development of the relevant subsidised economic activity. The Commission should weigh these positive effects against the negative effects of a foreign subsidy in terms of distortion on the internal market in order to determine, if applicable, the appropriate redressive measure or accept commitments. It is of utmost importance to ensure a level playing field to support the economic recovery of the European Union. The balancing may also lead to the conclusion that no redressive measures should be imposed. Categories of foreign subsidies that are deemed most likely to distort the internal market are less likely to have more positive than negative effects.
Amendment 199 #
2021/0114(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the situation of the undertaking and the markets concerned. For a subsidiary of a foreign company established outside the Union, the situation of the parent company in its respective market;
Amendment 208 #
2021/0114(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
(2) A foreign subsidy is unlikely to distort the internal market if its total amount is below EUR 51 million over any consecutive period of three fiscal years.
Amendment 262 #
2021/0114(COD)
Proposal for a regulation
Article 6 – paragraph 3 – point h a (new)
Article 6 – paragraph 3 – point h a (new)
Amendment 274 #
2021/0114(COD)
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
(6) Where the undertaking concerned proposes to repay the foreign subsidy including an appropriate interest rate, the Commission shall accept such repayment as commitment if it can ascertain that the repayment is transparent and effective, while taking into account the risk of circumvention, provided that the Commission considers that the distortion caused in the internal market will be fully corrected by the repayment of the subsidy.
Amendment 371 #
2021/0114(COD)
Proposal for a regulation
Article 18 – paragraph 3 – point a
Article 18 – paragraph 3 – point a
(a) the acquired undertaking or at least one of the merging undertakings is established in the Union and generates an aggregate turnover in the Union of at least EUR 2500 million; and
Amendment 381 #
2021/0114(COD)
Proposal for a regulation
Article 18 – paragraph 4 – point a
Article 18 – paragraph 4 – point a
(a) the joint venture itself or one of its parent undertakings is established in the Union and generates an aggregate turnover in the Union of at least EUR 2500 million; and
Amendment 419 #
2021/0114(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
(2) For the purpose of Article 28, a notifiable foreign financial contribution in an EU public procurement procedure shall be deemed to arise where the estimated value of that public procurement is equal or greater than EUR 250 million.
Amendment 436 #
2021/0114(COD)
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
(2) The obligation to notify foreign financial contributions under this paragraph shall extend to economic operators, groups of economic operators referred to in Article 26(2) of Directive 2014/23/EU, Article 19(2) of Directive 2014/24/EU and Article 37(2) of Directive 2014/25/EU, main subcontractors and main suppliers. A subcontractor or supplier shall be deemed to be main where their participation ensures key elements of the contract performance and in any case where the economic share of their contribution exceeds 3015% of the estimated value of the contract.
Amendment 467 #
2021/0114(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
(2) Where the undertaking concerned does not offer commitments or where the Commission considers that the commitments referred to in paragraph 1 are neither appropriate nor sufficient to fully and effectively remove the distortion it shall adopt a decision prohibiting the award of the contract to the undertaking concerned (“decision prohibiting the award of the contract”). Where circumstances so warrant, the Commission may exclude the undertaking concerned from participation in future public procurement procedures.
Amendment 19 #
2020/2254(INL)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas SMEs make up 99% of businesses in the EU and create two out of three private-sector jobs, but the cost of compliance with tax rules accounts for 30% of their tax burden, while for large companies it is only 2%.
Amendment 23 #
2020/2254(INL)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the European Court of Auditors' 2021 Special Report on Exchanging Tax Information in the EU1 a found the information exchanged by Member States to be outdated, inaccurate and incomplete. _________________ 1a Special Report No 03/2021 of the European Court of Auditors of 26 January 2021 ‘Exchanging tax information in the EU: solid foundation, cracks in the implementation'.
Amendment 180 #
2020/2254(INL)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Expresses the need to continue efforts to increase administrative cooperation between Member States in order to reduce fraud and tax evasion. believes it necessary not only to increase the quantity but also to improve the quality of the data exchanged, with a view to having a more efficient system.
Amendment 10 #
2020/2176(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Considers that the responsibilities of the Authorities have progressively increased since their creation; notes that budget increases should be gradual and continuous over time in line with the increase in competencies; considers that the future responsibilities arising, inter alia, from the Digital Finance Strategy as well as the responsibilities inherent in the fight against money laundering require an adaptation of the Authorities' financing;
Amendment 13 #
2020/2176(DEC)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Points out that the Authority has been given more powers in the area of direct supervision and strengthening of convergence; welcomes this assignment of responsibility but warns that, to be effective, this process must be gradual and continuous;
Amendment 14 #
2020/2176(DEC)
Draft opinion
Paragraph 2 c (new)
Paragraph 2 c (new)
2 c. Underlines that in certain cases the mandates adopted at level 1 of the legislation do not take into account the minimum timeframes required for the Authorities to carry out the necessary work to develop and adopt level 2 measures, thereby making reallocations of resources necessary and causing delays in the implementation of certain measures;
Amendment 15 #
2020/2176(DEC)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Recognises that the composition of the Board of Supervisors seems appropriate to address the Authority's regulatory powers, but less so with regard to its supervisory functions; considers that its ability to obtain accurate information from financial institutions is not sufficient to exercise its various responsibilities;
Amendment 18 #
2020/2176(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Reiterates that surpluses and deficits from fees charged to credit rating agencies and trade repositories can lead to a cross-financing of activities, which should be brought to an end; calls on the Commission to present a legislative proposal to this affect;
Amendment 20 #
2020/2176(DEC)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Warns that in order to achieve good supervision it is essential that the Authority has the capacity to adopt measures to adjust to risks or problems that may arise on the market; considers that the calculation of resources should be made on an annual basis;
Amendment 23 #
2020/2176(DEC)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Welcomes the fact that the Authority has intensified its administrative cooperation with the European Banking Authority in terms of public procurement procedures; calls for the spirit of synergy to continue in the interests of the efficiency of both authorities;
Amendment 25 #
2020/2176(DEC)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Points out that the Authority, when carrying out its activities, needs to pay attention to ensuring compliance with Union law, to respecting the principle of proportionality and to complying with the fundamental principles which govern the internal market;
Amendment 27 #
2020/2176(DEC)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Is of the opinion that the combination of public-private experience that its staff brings is beneficial to the Authority; considers that systems should be explored to attract talent from the private sector to the public sector and vice versa, with minimum safeguards in place to promote the independence of both sectors; believes that the implementation of the rules in this area should be monitored by common bodies of the Union and should take into account the specific circumstances of each case;
Amendment 29 #
2020/2176(DEC)
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6 d. Believes that the Authority should take account of new digital challenges and those related to sustainability; considers that the fulfilment of these established objectives and their integration into the regulatory and supervisory framework must always be in line with the strengthening of the market, without undermining its competitiveness and without placing an excessive burden on market actors, especially small and medium-sized ones; considers that the monitoring of the implementation of these objectives must be met with adequate resources;
Amendment 9 #
2020/2175(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Considers that the responsibilities of the Authorities have progressively increased since their creation; notes that budget increases should be gradual and continuous over time in line with the increase in competencies; considers that the future responsibilities arising, inter alia, from the Digital Finance Strategy as well as the responsibilities inherent in the fight against money laundering require an adaptation of the Authorities' financing;
Amendment 10 #
2020/2175(DEC)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Underlines that in certain cases the mandates adopted at level 1 of the legislation do not take into account the minimum timeframes required for the Authorities to carry out the necessary work to develop and adopt level 2 measures, thereby making reallocations of resources necessary and causing delays in the implementation of certain measures;
Amendment 11 #
2020/2175(DEC)
Draft opinion
Paragraph 2 c (new)
Paragraph 2 c (new)
2 c. Considers that the Authority should have some flexibility in the recruitment of its staff and the management of its resources, as they have to respond to the urgent, precise and technical needs of the sectors which they supervise;
Amendment 15 #
2020/2175(DEC)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Stresses that much work remains to be done to combine regulatory tasks with the increase in supervisory tasks; considers that further efforts are needed in terms of budget and recruitment and governance of management and procedures in order to foster supervisory convergence, thereby contributing to the single market;
Amendment 16 #
2020/2175(DEC)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Believes that the Authority should take account of new digital challenges and those related to sustainability; considers that the fulfilment of these established objectives and their integration into the regulatory and supervisory framework must always be in line with the strengthening of the market, without undermining its competitiveness and without placing an excessive burden on market actors, especially small and medium-sized ones; considers that the monitoring of the implementation of these objectives must be met with adequate resources;
Amendment 17 #
2020/2175(DEC)
Draft opinion
Paragraph 4 c (new)
Paragraph 4 c (new)
4 c. Points out that the Authority, when carrying out its activities, needs to pay attention to ensuring compliance with Union law, to respecting the principle of proportionality and to complying with the fundamental principles which govern the internal market;
Amendment 18 #
2020/2175(DEC)
Draft opinion
Paragraph 4 d (new)
Paragraph 4 d (new)
4 d. Is of the opinion that the combination of public-private experience that its staff brings is beneficial to the Authority; considers that systems should be explored to attract talent from the private sector to the public sector and vice versa, with minimum safeguards in place to promote the independence of both sectors; believes that the implementation of the rules in this area should be monitored by common bodies of the Union and should take into account the specific circumstances of each case;
Amendment 10 #
2020/2174(DEC)
Draft opinion
Paragraph 2
Paragraph 2
2. Shares with concern the Court’s observation that to compensate for a shortage of posts the Authority relies on interim staff, which may cause dependencies on the interim work agencies and pose risks of inadequate supervision of complex work by external contractors and contractual litigation issues; is aware that, up to the time of its relocation, the Authority had been governed by UK labour law, which implies differences with regard to temporary subcontracting; calls on the Authority to enhance clarity from now on in its recruitment of staff in line with EU labour standards;
Amendment 12 #
2020/2174(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Considers that the responsibilities of the Authorities have progressively increased since their creation; notes that budget increases should be gradual and continuous over time in line with the increase in competencies. Considers that the future responsibilities arising, inter alia, from the Digital Finance Strategy as well as the responsibilities inherent in the fight against money laundering require an adaptation of the Authorities' financing;
Amendment 15 #
2020/2174(DEC)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Underlines that in certain cases the mandates adopted at level 1 of the legislation do not take into account the minimum timeframes required for the Authorities to carry out the necessary work to develop and adopt level 2 measures, thereby making reallocations of resources necessary and causing delays in the implementation of certain measures;
Amendment 27 #
2020/2174(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Acknowledges that the composition of the Board of Supervisors seems appropriate to deal with the EBAs’ rulemaking responsibilities, but less so for their supervisory roles; considers that its ability to obtain accurate information from financial institutions is not sufficient to exercise its various responsibilities;
Amendment 33 #
2020/2174(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Is concernedNotes that in contrast to the established budget, the contributions of EFTA Members’ National Competent Authorities (NCA) were not calculated according to the formula set out in that very same budget and thus reduced the payments of EU and EFTA NCAs by EUR 0.7m; notes that the calculation of pension contributions needs further clarification; is aware that the calculation is an estimate and that it is subject to the composition of the staff during the year and to the possibility of making adjustments annually;
Amendment 38 #
2020/2174(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. NotesWelcomes the fact that the Authority has intensified its administrative cooperation with the European Securities and Markets Authority (ESMA) in terms of public procurement procedures; calls for the spirit of synergy to continue in the interests of the efficiency of both authorities.
Amendment 42 #
2020/2174(DEC)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Is of the opinion that the combination of public-private experience that its staff brings is beneficial to the Authority; considers that systems should be explored to attract talent from the private sector to the public sector and vice versa, with minimum safeguards in place to promote the independence of both sectors; believes that the implementation of the rules in this area should be monitored by common bodies of the Union and should take into account the specific circumstances of each case;
Amendment 44 #
2020/2174(DEC)
Draft opinion
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. Points out that the Authority, when carrying out its activities, needs to pay attention to ensuring compliance with Union law, to respecting the principle of proportionality and to complying with the fundamental principles which govern the internal market;
Amendment 45 #
2020/2174(DEC)
Draft opinion
Paragraph 7 c (new)
Paragraph 7 c (new)
7 c. Believes that the Authority should take account of new digital challenges and those related to sustainability; considers that the fulfilment of these established objectives and their integration into the regulatory and supervisory framework must always be in line with the strengthening of the market, without undermining its competitiveness and without placing an excessive burden on market actors, especially small and medium-sized ones; considers that the monitoring of the implementation of these objectives must be met with adequate resources;
Amendment 3 #
2020/2122(INI)
Motion for a resolution
Citation 29
Citation 29
Amendment 4 #
2020/2122(INI)
Motion for a resolution
Citation 32 a (new)
Citation 32 a (new)
— having regard to the paper entitled ‘Liquidity in resolution: comparing frameworks for liquidity provision across jurisdictions’ of the ECB’s Occasional Paper Series1a, _________________ 1aGrund, Sebastian, Nomm, Nele and Walch, Florian, ‘Liquidity in resolution: comparing frameworks for liquidity provision across jurisdictions’, Occasional Paper Series, No 251, ECB, Frankfurt am Main, December 2020, available at https://www.ecb.europa.eu/pub/pdf/scpops /ecb.op251~65a080c5b3.en.pdf
Amendment 14 #
2020/2122(INI)
Motion for a resolution
Recital A
Recital A
A. whereas overall, the banking sector has responded to the COVID-19 pandemic with resilience, mostly founded on the regulatory reformsoverhaul enacted since the global financial crisis and further, facilitated by the single European Rulebook and Single Supervision in the Banking Union, and supported by extraordinary public policy relief measures and capital conservation practices;
Amendment 19 #
2020/2122(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the Banking Union is open to all EU Member States; whereas Bulgaria and Croatia have joined ERM II and entered the Banking Union;
Amendment 21 #
2020/2122(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas a more stable, competitive and convergent Economic and Monetary Union requires a solid Banking Union and a more developed and safe Capital Markets Union; whereas the completion of the Banking Union would be a vital contributor to the international perception of the euro and its increased role in global markets;
Amendment 24 #
2020/2122(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
A c. whereas the Banking Union, with the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), ensures full alignment between supervision and management of banking crisis;
Amendment 27 #
2020/2122(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the completion of the Banking Union beyond its two pillars, the Single Supervisory Mechanism (SSM) and the Singlexisting pillars remains a priority; whereas targeted reforms in the Rresolution Mechanism (SRM), is pendingand deposit insurance area to complete the Banking Union should further enhance the robustness of banks and safeguard overall financial stability;
Amendment 29 #
2020/2122(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the backstop for the Single Resolution Fund (SRF) will be introduced by 2022, two years earlier than previously foreseen, providing a common system-wide safety net for banks in resolution;
Amendment 31 #
2020/2122(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
B c. whereas the shortcomings identified during the pandemic provide renewed impetus to move forward on improving crisis management, further integrating the banking sector, addressing the home-host balance and the regulatory treatment of sovereign exposures, as well as on the introduction of a European deposit insurance scheme; whereas embracing the lessons learned during the pandemic could pave the way for improved cost efficiency and more sustainable business models;
Amendment 33 #
2020/2122(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the lack of a solution to the treatment of sovereign debt exposures and national options and discretionsbanks have been developing concentrated exposures toward certain sovereigns but a solution to the treatment of sovereign debt exposures is still to be addressed; whereas a number of national discretions within legislative framework persists, undermining the European dimension of the Banking Union;
Amendment 51 #
2020/2122(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the urge for technological transformation has accelerated, increasing the efficiency of banks and their ambition for innovation, while exposing them at the same time to the new risks and challenges of the digital finance world, cybersecurity, reputational risks, data privacy, AML risks and consumer protection;
Amendment 53 #
2020/2122(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, despite strong EU consumer protection varies across the Banking Unrules, national rules implementing European consumer protection requirements vary across the Banking Union, pointing to the need for harmonisation;
Amendment 64 #
2020/2122(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the standards of the Basel Committee on Banking Supervision can serve as a global harmonising platform for banks, they should be enacted into European law in a timely fashion and with due regard for their goals, taking proper account of the specific characteristics of the European banking system, where appropriate, and the proportionality principle;
Amendment 67 #
2020/2122(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the withdrawal of the UK from the EU has resulted in the relocation of banking services to the EU; whereas the SSM played a crucial steering and monitoring role through its systematic “preparedness” guidance and coordination with significant banks on their operating models; whereas the full assessment of effectiveness of banking sector’s preparedness to the new reality will be tested in the mid and long term perspective;
Amendment 69 #
2020/2122(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the crisis management and deposit insurance (CMDI) framework (CMDI) should be proportional, moreensure consistent and efficient hand more coherent, and shouldling of all banks, regardless of size or business model, as well as, contribute to preserving financial stability, minimising the use of taxpayers’ money and ensuring a level playing field across the EU;
Amendment 77 #
2020/2122(INI)
Motion for a resolution
Recital J
Recital J
J. whereas supervision and resolution rules, as well as the resolution fund have been centralized, deposit guarantees schemes remain national and differ across Member States; whereas depositors across the Banking Union should enjoy the same level of protection;
Amendment 82 #
2020/2122(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the entry of Bulgaria and Croatia into the Banking Union; and the inclusion of the Bulgarian lev and the Croatian kuna in the exchange rate mechanism (ERM II); takes note of the decisions of the European Central Bank (ECB) to establish close cooperation with Bulgarian National Banks and Croatian National Banks, whereby Bulgaria and Croatia joined, as of 1 October 2020, the Single Supervisory Mechanism (SSM)and the Single Resolution Mechanism (SRM); highlights that the National Banks of Bulgaria and Croatia are duly represented in the ECB and the SRB’s Plenary Session and Extended Executive Sessions with the same rights and obligations as all other members, including voting rights;
Amendment 94 #
2020/2122(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the Banking Union has delivered the institutional set-up for greater market integration, through the SSM and the SRM, while a European deposit insurance scheme (EDIS) is still lacking; welcomes the possible revision of the resolution framework and supports the current reflection for further harmonisation of insolvency laws, with a view to increase the efficiency and coherence of crisis management of banks in the EU, as well as for the creation of a deposit insurance mechanism in the Banking Union aiming to enhance the level of deposit protection;
Amendment 98 #
2020/2122(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that banks’ were able to responsed to the current crisis demonstrates thatwith resilience as they were being better-capitalized and less-leveraged than a decade ago, demonstrating positive effects of the institutional set-up that has been put in place and the regulatory reforms following the past decade, as well as the institutional set-up, have resulted in better-capitalised and less- leveraged banks2008 financial crisis; contemplates, nevertheless, that the banking sector is characterised by certain structural inefficiencies, which can be further exacerbated by the current crisis; believes that the deteriorating asset quality of banks and persisting low interest rate environment may increase the level of NPLs in the banks’ balance sheet and impact the already subdued profitability, potentially leading to insolvency cases particularly for the most affected sectors; considers urgent and immediate action is required;
Amendment 103 #
2020/2122(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Finds that the RRF may provide impetus for the completion of the Banking Union; highlights the crucial role of the banking sector in providing access to credit and channelling available funding into the real economy, in particular into sustainable and socially responsible investments;
Amendment 106 #
2020/2122(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Observes that a fully-fledged Banking Union, together with fully integrated Capital Markets Union would support the functioning of the Economic and Monetary Union and a strengthened international role of the euro;
Amendment 111 #
2020/2122(INI)
4. Considers that while the good relationship between the SSM and the SRB has been fundamental from the inception of the system, a strengthened approach to cooperation between the two pillars is particularly important in the current context to ensure appropriate and timely action;
Amendment 129 #
2020/2122(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. NotWelcomes the ‘CRR quick fix’ with targeted changes to the Capital Requirements Regulation31 extending transitional arrangements in order to support banks’ lending capacity32 ; _________________ 31Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 32Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic (OJ L 204, 26.6.2020, p. 4). to households and businesses mitigating the economic impact of the COVID-19 pandemic and ensuring that the regulatory framework interacts smoothly with other measures addressing the crisis;
Amendment 141 #
2020/2122(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the ESAs’ recommendation of 31 March 2021 to prepare for an expected deterioration of asset quality; first joint risk assessment report of 20211a, advising banks to prepare for an expected deterioration of asset quality by adjusting provisioning models to ensure timely recognition of adequate levels of provision, to ensure sound lending practices and adequate pricing of risks, including after public support measures such as loan moratoria and public guarantee schemes will expire and to follow conservative policies on dividends and share buy-backs; further takes note of the ESA’s warning to financial institutions to continue to develop further actions to accommodate a “low-for-long” interest rate environment; _________________ 1a jc_2021_27_jc_spring_2021_report_on_ri sks_and_vulnerabilities.pdf(europa.eu)
Amendment 159 #
2020/2122(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. NotWelcomes the accelerated pace of digitalisation in the banking sector, while pointing to the insufficient level ofallowing banks to better serve clients remotely and with new products and providing opportunities for increased cost-efficiency; underlines that digitalisation requires considerable resources for investments in this areaIT systems, R&D and new operating models, which may expose banks to weak profitability in the short term, particularly for banks with lower capital levels and riskier exposures; considers that bank consolidation of small and medium-sized banks could facilitate their IT investment;
Amendment 164 #
2020/2122(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Underlines the importance to secure technological neutrality in regulatory and supervisory approaches; highlights the need to address challenges posed by the use of new innovative technologies related to banking supervision and the oversight of payment systems; strongly supports the European Commission’s new Digital Finance Strategy, which will facilitate the scaling of innovative technology cross-border whilst ensuring high standards of consumer protection and financial sector resilience;
Amendment 168 #
2020/2122(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the ECB’s repwortk on the digital euro and, its report as well as the outcome of its public consultation and expects further analysis of the implications of digital currency for the banking sector, in terms of financial intermediation, lending capacity and profitability; takes note of the objective for the digital euro to function alongside cash, as a means of secure and competitive digital payment; supports the ECB’s efforts in ensuring a high level of privacy protection, confidentiality of payments data, cyber resilience, and security;
Amendment 175 #
2020/2122(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes the postponement of the implementation of the Basel III reforms andat in March 2020, the Group of Central Bank Governors and Heads of Supervision (GHOS) revised the implementation timeline of the final elements of the Basel III framework; underlines the importance of sound global banking standards and their consistent implementation; awaits the Commission’s upcoming proposal on the implementation of the finalised standards, takingBasel III standards; recalls that the implementation should take into account the specificities and diversity of the EU banking sector; and business models and respect the principle of not significantly increasing overall capital requirements, while at the same time strengthening the overall financial position of European banks;
Amendment 200 #
2020/2122(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Appreciates the role of European banking supervision in ensuring temporary capital and operational relief to banks, so they can continue to provide financial support to businesses and households and absorb losses, while maintaining high quality of the supervision;
Amendment 202 #
2020/2122(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. NTakes notes that the SSM, in response to the COVID-19 pandemic, temporarily allowed banks to use extra capital buffers and provided flexibility for rebuilding them, which could allow banks to process quickly expected increase of NPLs; calls for guidance on the expected period and approach to rebuilding the buffers;
Amendment 204 #
2020/2122(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Highlights the importance of enhancing transparency and predictability of EU banking supervision and commends in this regard the recent practice of publishing bank specific Pillar 2 requirements; believes that individual requirements make SSM expectations more reliable and facilitate more informed investors’ decisions;
Amendment 205 #
2020/2122(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15 b. Expects that recent changes to the SSM organisational structure, while simplifying the system and incorporating technological innovation, will facilitate more risk focused supervision and internal institutional collaboration;
Amendment 206 #
2020/2122(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15 c. Finds merit in the November 2020 SSM analysis of potential vulnerabilities of banking sector under different scenarios, regarding effects of the shock on asset quality and capital;
Amendment 208 #
2020/2122(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that sound management of credit risk should remain the key priority for the SSM; shares SSM’s concerns that banks might change their models for credit risk and takes note, in this regard, of the SSM supervisory expectations for appropriate operational preparations in anticipation of NPLs increase and for robust credit risk management, as outlined in its letters to CEOs of significant institutions and its COVID-19 credit risk strategy1a; supports the SSM’s intensified oversight of high leveraged markets; notes that not all banks have been able to meet SSM's expectations on credit management, requiring further efforts; _________________ 1aIdentification and measurement of credit risk in the contextof the coronavirus (COVID-19) pandemic (europa.eu)
Amendment 212 #
2020/2122(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. SAcknowledges that Covid-19 induced crisis increases the risk of further build-up of NPLs; stresses that ensuring proper and timely management of deteriorated exposureasset quality in banks’ balance sheets will be key to preventing a build-up of non-performing loans (NPLs) in the short term; calls for the monitoring of any potential cliff edge effects particularly when temporary relief measures are withdrawn;
Amendment 222 #
2020/2122(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Underlines that banks should comply with applicable prudential rules and supervisory guidance on NPLs and maintain operational capacity to proactively manage distress debtors and control their balance sheets, accelerating early identification of bad loans in order to reduce the risk of weakening lending capacity in the time of great demand for recovery related investment; highlights existing flexibility in implementing ECB guidance on NPLs, including granting more time for banks with particularly high NPL levels for the submission of their NPLs reduction strategies;
Amendment 223 #
2020/2122(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17 b. Reminds that risk reduction in the banking sector would contribute a more stable, strong and economic growth oriented Banking Union; in this regard asks co-legislators to finalise the agreement on the Commission proposal for the Directive on credit servicers and credit purchasers, which will encourage the development of secondary markets for NPLs in the EU and aims to help banks to reduce the stocks of NPLs on their balance sheets; calls on the co-legislators to subsequently work on an agreement on the Commission proposal regarding accelerated extrajudicial collateral enforcement (AECE), which intends to provide banks, under certain conditions, with a mechanism to accelerate the value recovery from secured loans via an extrajudicial enforcement of procedures;
Amendment 225 #
2020/2122(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses that banks should diligently assess the financial soundness and viability of businesses, proactively engage with distressed debtors to manage their exposures, and offer financing and viable restructuring, or alternative suitable options to viable companies, in order to ensure that defaults are prevented where possible, and that businesses and consumers don’t risk over-indebtedness; urges banks to contemplate, as last resort, the exit of unviable companies from the market in a structured way; considers that the prudential framework should allow and encourage such options; calls upon EBA to give banks enough room to provide forbearance measures, and avoid counterproductive capital absorptions;
Amendment 239 #
2020/2122(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the expected credit losses, together with the current low interest environment, might further negatively affect the already subdued profitability of banks; points to the need for banks to readjust their business models towards more sustainable, cost-saving and technologically advanced strategies, and to perform strategic steering and prudent oversight of business functions; emphasises the importance to ensure that banks’ provisioning decisions to support the lending capacity of banks are not unduly postponed, particularly when the demand for credit picks up;
Amendment 248 #
2020/2122(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses the benefits of banking consolidation in addressing the overcapacities and fragmentation of the banking sector; , both within the EU and cross border, in addressing low profitability, overcapacities and fragmentation of the banking sector; acknowledges the encouraging trend in the banking sector towards engagement in consolidation and points in this context to the ECB Guide on the supervisory approach to consolidation, supporting well-designed and well-executed business combinations;
Amendment 259 #
2020/2122(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Is concerned that as Member States sell increasing amounts of sovereign bonds, their share of sovereign debt in banks’ balance sheets also grows, potentially aggravating the doom loopsovereign-bank nexus; considers that while the creation of Next Generation EU will provide high- quality low risk European assets, allowing for a rebalancing of sovereign bonds in banks’ balance sheets, the regulatory treatment of sovereign exposures is still lacking;
Amendment 270 #
2020/2122(INI)
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22 b. Stresses the important role of robust internal governance structures within banks, and points to the weakness identified thereof in the SSM’s 2020 Supervisory and Evaluation Process (SREP) focused on how banks handled crisis-linked risk to capital and liquidity, taking into account exceptional circumstances affecting individual banks; commends the targeted approach to collecting information for capital and liquidity assessment; underlines the importance of enacting the highest standards and a level playing field in the “fit and proper” assessments of board members of banks, which are currently construed differently across Member States due to the highly diverse transposition of the Capital Requirements Directive; endorses the ECB’s plan to revise its current Guide to fit and proper assessment in 2021 to outline its supervisory expectations on the quality of the board members; anticipates the ECB’s proposals for a package of measures aimed at enhancing the fit and proper supervision; encourages in that regard the consideration for integration of the ‘fit and proper’ requirements into the Capital Requirements Regulation;
Amendment 271 #
2020/2122(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes that the EU-wide stress test launched on 29 January 2021 aims to test capital trajectories of banks in a situation of worsening asset quality under the scenario of protracted low interest rate environment; notes that this stress test is a continuity of the past framework;
Amendment 283 #
2020/2122(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes the EBA’s role in leading, coordinating and monitoring the EU financial sector’s fight against money laundering and terrorist financing; welcomes EBA's support on individual functioning of AML supervisory powers implementation across Member countries and calls for further actions to ensure AML/CFT supervision is risk based, proportionate and effective; points to the differences in approaches taken to AML/CFT supervision by national authorities and in the application of the EU regulation, which may result in regulatory arbitrage; takes note of EBA's second mandate to build a database on AML, expected to be developed in 2021, and enhance cooperation and exchange of information across European authorities; stresses the important role AML colleges for cross border groups, comprising of all AML authorities of the jurisdictions where the group operates, play in assessing how the group is performing under AML;
Amendment 295 #
2020/2122(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. NTakes note of the UK’s withdrawal from the EU; acknowledges the progress that many significant banks have achieved on their post-Brexit target operating models as agreed with the SSM, and supports the SSM’s efforts to monitor progress towards these models in the areas of assets, staff and booking practices; reiterates that in the context of relocation of business in the EU, empty shell institutions are not acceptable in the euro area; considers that existing regulatory loopholes in the EU legal framework should be addressed in order to strengthen supervision and recalls that the SSM will assume direct responsibility for the prudential supervision of systemically relevant investment firms once the revised Investment Firms regulation comes into force in June 2021; notes the UK’s withdrawal from the EU; takes note of the progress that many significant banks have achieved on their post-Brexit target operating models as agreed with the SSM, and supports the SSM’s efforts to monitor progress towards these models in the areas of assets, staff and booking practices;
Amendment 296 #
2020/2122(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Notes the Memorandum of Understanding (MoU) between the ECB and the UK authoritiStresses the importance to maintain a level playing field in the regulatory space and to prevent a regulatory race to the bottom; notes in this context that the Memorandum of Understanding (MoU) between the ECB and the UK authorities, based on the template negotiated by EBA and covering the prudential supervision outside insurance and pension schemes, which entered into force on 1 January 2021, providinges a solid foundation for supervisory cooperation between the SSM and the UK Prudential Regulation Authority, focusing on information exchange and reciprocal treatment of cross-border banking groups and with a view to sharing responsibilities related to branch supervision; underlines the importance of a level playing field in the regulatory space and of preventing a regulatory race to the bottom; welcomes the agreement reached on 26 March 2021 between the EU and the UK on the MoU establishing a framework for voluntary regulatory cooperation in the area of financial services;
Amendment 299 #
2020/2122(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Trusts that the introduction of a backstop into the SRF in 2022, two years earlier than originally envisaged, is positive for the strengthening of the crisis management framework; n the form of a revolving credit line from the ESM, providing a safety net for bank resolutions in the Banking Union, will strengthen the crisis management framework and is an important step towards completing the Banking Union; notes that the significant build-up of the Single Resolution Fund together with the common backstop, will provide the SRB with access to combined funds at the level of €100 billion;
Amendment 302 #
2020/2122(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Calls for the consideration of some form of credible, public budget-backed guarantee mechanism to ensure that in resolution, banks with limited collateral can access liquidity, as observed in other jurisdictions, in order to ensure the smooth continuity of services and the stability of financial markets ; considers in this context that an example could be a SRB bond that is lent to the bank in resolution;
Amendment 304 #
2020/2122(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that while the SRB was not required to take resolution action in 2020, it nevertheless meticulously collaborated with the SSM regarding close- to-crisis cases; takes note of the relief measures and flexibility granted by the SRB for meeting MREL interim targets without endangering resolvability; takes note of the 2020 MREL policy developed by the SRB and dedicated reporting for MREL under both the BRRD I and BRRD II frameworks, while engaging in dialogue and maintaining cooperation with the banks to discuss the progress made towards resolvability; appreciates the advancement of the current resolution planning cycle for 2021, and reiterates that MRELproportionate MREL setting represents one of the key elements in enhancing banks’ resolvability while ensuring broader financial stability;
Amendment 310 #
2020/2122(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29 a. Points out that the existing overlaps between the requirements for the use of early intervention measures and standard supervisory powers of the ECB create confusion and can prevent the implementation of early intervention measures; insists therefore that this overlap should be removed and the legal basis for each instrument should be clarified in order to ensure appropriate and gradual application of the measures;
Amendment 313 #
2020/2122(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Considers it necessary to have in place an EUfacilitate liquidation regime forof banks for which the SRB or the national resolution authority assesses that there is no public interest in resolution; underlines in this context the need to prevent a situation where banks that are declared as failing or likely to fail and do not pass the PIA but where no action can be taken by the insolvency authorities ensuring the banks’ exit from the market because the insolvency criteria under national law are not met;
Amendment 324 #
2020/2122(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Invites the Commission to reflect on the necessary improvements of the crisis management and deposit insurance framework to ensure its consistent and effective application to all banks irrespective of their size or business model, focusing in particular on the choice of resolution tools, on proportionality in the conditions for accessing the SRF or the national resolution funds and on the potential for further harmonisation of specific aspects of existing national insolvency laws in order to ensuresuch as consistent and effective application of the crisiditionality on the use of external funding, so as to ensure an alignment of incentives management frameworkd a level playing field;
Amendment 328 #
2020/2122(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Finds merit, in particular, in adopting a targeted approach to the harmonisation of the creditor hierarchy in bank insolvency proceedings, including the treatment of covered and uncovered deposits, in order to increase the scope of the funding by the DGSs in resolution and in measures other than payouts, subject to the stringent application of a least-cost test; calls therefore on the Commission to bring more clarity to the least-cost principle and to the conditions for the use of DGS funds;
Amendment 330 #
2020/2122(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Considers it necessary to review the public interest assessment in order to allow resolution tools to be applied to a broader group of banks;increase transparency and ex-ante predictability on its expected outcome, and thus allow resolution tools to be applied to a broader group of banks and provide the clarity needed to ensure more coherent and proportionate MREL levels; further in that regard underlines the need to coherently revisit the State Aid rules and the Commission’s 2013 Banking Communication 1a to reflect the progress in the implementation of the crisis management framework and to achieve consistency with respect to BRRD requirements; _________________ 1a OJ C 216, 30.7.2013, p. 1.
Amendment 348 #
2020/2122(INI)
35. Notes the importance of depositors across the Banking Union enjoying the same level of protection of their savings; takes note of the Commission proposal to introduce a European Deposit Insurance Scheme in order to further strengthen citizens’ confidence in the protection of deposits by introducing an EDISand enhance financial stability; considers the importance of EDIS in helping reduce the link between sovereigns and banks;
Amendment 363 #
2020/2122(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Notes the Commission’s launch of the review of the CMDI framework, including the option of a hybrid EDISTakes note of the option for a hybrid EDIS contemplated in the context of the review of the CMDI framework, built around the idea of a new central fund coexisting with funds remaining at national DGS level which in the short term would provide liquidity support in case of shortfall of DGS means and in the long term might evolve to mutualisation of losses, combined with a commensurate increase in the role of the Single Resolution Board; stresses the strong interlinkages between crisis management and EDIS and the need to address them jointly to avoid the re-nationalisation of the Banking Union and maintain a level playing field;
Amendment 29 #
2020/2114(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the need to work closely with like-minded partners, and to engage with all members of the WTO that are committed to a positive agenda for reform; recognises that historically it has been EU- US cooperation that has been the main driving force for progress within multilateral trade negotiations, and therefore welcomes the positive statements on WTO reform made by the current US administration, which should provide a basis for renewed engagement on actionable outcomesthe functioning of the WTO appellate body; supports a forward- looking transatlantic agenda based on common interests and shared values, aiming to achieve meaningful WTO reform, including of dispute settlement, promoting trade on a level playing field, and redefining the concept of 'developing countries' and 'least developed countries';
Amendment 15 #
2020/2037(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the euro is currently supported as common currency by a majority of citizens in all 19 euro area Member States1a; _________________ 1aAccording to EC Flash Eurobarometer 481 of November 2019 the support for the euro has increased: two thirds of respondents think that having the euro is a good thing for their country, a proportion higher than in 2018 in 13 countries (and lower in four countries).
Amendment 16 #
2020/2037(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas the euro is the official currency of the euro area, currently comprised of 19 out of 27 EU member states; whereas Bulgaria, Croatia and Denmark have anchored their currencies to the euro through the Exchange Rate Mechanism (ERM II); whereas the euro is also the official currency1b, or “de facto” currency 1c of certain non-EU territories; _________________ 1bThe euro is used as official currency, on the basis of a formal arrangement with the European Union, by the Principality of Monaco, the Republic of San Marino, the Vatican City State the Principality of Andorra, as well as by Saint-Piette-et- Miquelon and the Island of Saint- Barthelemy which are both non-EU French overseas territories 1cThe euro became a de facto domestic currency in Kosovo and Montenegro, replacing the use of German mark, which was previously used as the de facto currency in these areas.
Amendment 18 #
2020/2037(INI)
Motion for a resolution
Recital B
Recital B
B. whereas despite the euro area’s economic size and influence in global trade, the use of the euro lags behind the US dollar by a wide margin, yet it is still ahead of all other competing currencies; as a medium of exchange2a, store of value2b, and unit of account2c for invoicing goods at global level, but ranks almost equally compared to the dollar in terms of proportion of international payments; whereas the euro remains the second most important currency in the international monetary system, ahead of all other competing currencies; _________________ 2aAccording to the June 2020 ECB report on “the international role of the euro” the share of the euro in the stock of international debt securities amounted to 22% at the end of 2019, after declining since themid-2000s, while that of the US dollar kept on increasing, being about 64%; 2bAccording the latest IMF COFER data release (30 September 2020), in 2020 the worldwide reserves in euro amounted to 20.27%, compared to 61.26% held in US dollars and 2.05% held in renminbi; 2c The use of the euro as an invoicing currency corresponds to 30% of global trade transactions in goods, but its use is still limited when transactions do not involve the euro area, unlike the US dollar;
Amendment 37 #
2020/2037(INI)
Ea. whereas a broad combination of factors determines the role of international currency; on the one hand the size of the euro area economy and free movement of capital fulfil basic prerequisites allowing to strengthen international role of euro, while on the other hand financial and capital markets remain fragmented and heavily bank based, fiscal architecture of the euro area is incomplete and a reliable supply of high quality assets to be used by global investors is inadequate;
Amendment 39 #
2020/2037(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas the pandemic situation has accelerated the digital transformation of finance, to underpin a strong international role of the Euro it is important that Europe develops digital finance and payments, with strong European players in the lead;
Amendment 56 #
2020/2037(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the crisis has generated a unique opportunity to move towards developing a digital euro, which will make the European currency better fit for the digital world, enabling the euro to expand in the area of digital payments, becoming easier to use, less costly and more efficient;
Amendment 64 #
2020/2037(INI)
Motion for a resolution
Recital I
Recital I
I. whereas new powers to issue recovery debt, including green bonds – which could make the EU the world’s biggest issuer of such debt –, require adequate implementation and enforcement capacities so as to avoid undermining the long-term credibility of the euro as a safe asset currency;
Amendment 87 #
2020/2037(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that, while not all the effects of the internationalisation of the euro can be easily quantified, strengthening the international role of the euro can generate benefits both in the short and long term; notes, however, that it also brings risks and responsibilities that must be taken into consideration in the process of complementing market forces with policy measures; underlines, in particular, that the international currency status of the euro can enhance monetary policy autonomy and reinforce its global transmission, make the euro more of an attractive investment, and provide exorbitant privilegeincrease the use of the euro as a reserve of value , lower external financing costs as well as provide a smooth adjustment of macroeconomic imbalances and lower exchange rate pass- through.;
Amendment 90 #
2020/2037(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines that a stronger euro will provide additional choice to market operators globally; gradually create deeper, more liquid and integrated European financial markets, which would provide for more reliable access to finance for European business and governments; improving in turn the overall resilience of the international financial system and economy, making them less vulnerable to exchange rate shocks; stresses that for those benefits to materialize a well-orchestrated policy efforts at European and national levels are needed, including contribution from ECB, SRB, ESAs, EIB.
Amendment 91 #
2020/2037(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Contemplates that the internationalisation of the euro could become a key factor in laying the foundation for a revitalised international monetary system, which will continue to rely on a limited number of currencies, making it more balanced and sustainable;
Amendment 96 #
2020/2037(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Points out that, in order for the potential benefits from the strengthened role of the euro to materialise, the Union has to complete the as yet unfinished infrastructure for the common currency and make more progress on its critical functions;
Amendment 109 #
2020/2037(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls the progress made in building the Banking Union and takes note of the agreement reached in the Eurogroup on the reform of the European Stability Mechanism and the advancement of the entry into force of the common backstop to the Single Resolution Fund; welcomes the ongoing review by the Commission of the crisis management and deposit insurance framework to increase the efficiency, proportionality and overall coherence of the framework to manage bank crises in the EU;
Amendment 111 #
2020/2037(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Recalls that the Banking Union still lacks a deposit insurance framework, as well as a mechanism to ensure that liquidity can be provided to a bank in resolution; takes note of the request by the Euro Summit of 11 December to the Eurogroup to prepare a stepwise and time-bound work plan on all outstanding elements needed to complete the Banking Union;
Amendment 112 #
2020/2037(INI)
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Finalising the banking union, and most notably putting in place a system to guarantee and protect EU bank deposits and the completing the mechanism dealing with failing banks, will strengthen the international role of euro;
Amendment 115 #
2020/2037(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines that making moreStresses that a stronger role of the euro requires support from deep and liquid euro denominated capital markets; underlines that progress in developing the CMU would increase both resilience to and independence from global developments and the attractiveness of euro-denominated assets; deplores the underdevelopment and segmentation of the euro area’s capital markets along national lines, which has resulted in small-sized markets; considers Brexit, in that regard, as both challenge and opportunity; calls for the reduction of national options and discretions in order to reduce cross-border barriers; further invites efforts to begin gradual and phased in minimum harmonisation of national insolvency rules;
Amendment 118 #
2020/2037(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Underlines that a stronger role of the Euro in the digital age must be underpinned by innovative digital finance solutions and effective digital payments in euro, with strong European players in the lead, and calls to promote this through implementing comprehensive strategies on digital finance and retail payments; Considers that in view of the digital transformation, the EU should put in place a framework with high standards of cybersecurity, including on the protection of privacy and on data protection, and ethically designed artificial intelligence;
Amendment 123 #
2020/2037(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Takes note that crypto-assets are becoming an innovative source of funding, with the potential to be an effective tool to fill funding gaps for SME and start-ups; stresses the need to have a clear and consistent guidance at EU level on the applicability of existing regulatory and prudential processes, which will promote more innovation and improve the use of the euro; welcomes in that regard the proposal of the European Commission for an EU Regulation aiming to foster the use of crypto assets in euro by improving legal certainty in the regulatory treatment of crypto-assets, preserve consumer protection and ensure financial stability;
Amendment 131 #
2020/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainable and sound fiscal and structural growth- enhancing policies that are based on a commitment to credible fiscal rules; calls for further reflection on the adequacy of the stability and growth pact framework despite the challenging circumstances; supports the plan outlined in Next Generation EU plan to use, in addition to monetary policy, a fiscal impulse, notably borrowing EUR 750 billion from capital markets bonds to finance the recovery and green transition, in addition to the issuance of EUR 100 billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intendaimed ato preserveing employment; applauds the high level of interest that investors have demonstrated in European bonds; vestors' interest in European bonds; notes that an efficient and developed financial system based on a large variety of financial instruments, well developed capital markets and liquid safe assets can strengthen the international role of the currency; considers in this context, that the Next Generation EU Recovery fund can become a useful instrument to improve the functioning of currently fragmented sovereign debt markets, facilitate the completion of the Banking Union and support progress towards Capital Markets Union;
Amendment 140 #
2020/2037(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes note of the EU green bonds, as an important element of the Recovery Fund; reiterates that the green bonds are debt instruments whose proceeds aim at financing sustainable and environmentally friendly investments; urges the Commission and Member States to provide investors with a strong degree of legal certainty that their investment will be used to the intended ends;
Amendment 143 #
2020/2037(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Encourages the EIB to issue a larger number of euro-denominated bonds, which would improve the availability of risk free assets denominated in euro;
Amendment 144 #
2020/2037(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Insists that the European Parliament should be granted stronger democratic role through political control in this process;
Amendment 145 #
2020/2037(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5d. The recent experience with SURE issuance confirms that the collective borrowing strengthen the trust in euro and makes it more attractive; acknowledges, therefore, that financing the recovery plan through a collective response to a common shock is the right approach;
Amendment 152 #
2020/2037(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that an adequate supply of safe assets is a precondition for international currency status, and expresses its regret at the limited availability of euro- denominated safe assets; underlines, therefore, the need to createconsiders that the development of adequate policy tools could facilitate the supply of European safe assets; considerbelieves that the proposed issuance of a common debt to finance recovery will provide an EU-level reserve asset benchmark and increase the supply of euro-denominated safe assets; expects the ECB to conduct in due course an assessment of the possibility of issuing certificates of deposit under its existing legal basis;
Amendment 154 #
2020/2037(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Welcomes the quick and substantial ECB monetary policy response to the COVID-19 crisis in the context of emergency and acknowledges the positive impact of such response on the economic situation of the euro area as well as on the attractiveness of the euro, by stabilising financial markets, supporting liquidity and funding conditions in the euro area economy and globally, as well as, in shoring up market confidence;
Amendment 158 #
2020/2037(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Stresses the irreversible nature of the single currency; emphasises that the euro is not only a monetary project but also a political one;
Amendment 159 #
2020/2037(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Draws attention to the requirement, laid down in the Treaties, for every Member State, except for Denmark, to adopt the single currency once they have met the Maastricht convergence criteria; welcomes Bulgaria and Croatia’s entry into ERMII in July 2020 and supports a swift target date for the adoption of the euro in both countries; encourages, in that regard, the European Commission to assess the potential impact of the further enlargement of the euro area on the process of strengthening the international role of euro;
Amendment 162 #
2020/2037(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Takes note of the role geopolitics plays in global currency competition in the global role of a currency; highlights the fact that the internationalisation of the euro will provide more space for the EU to influence global geopolitical decisions; which in turn will reinforce the global attractiveness of the euro; while the role of geopolitics in the global world of today should be part of the reflection on strengthening the international role of euro, in particular when currency internationalisation might produce positive security effects, the European Union should take into account its capabilities in the area of foreign and defence policy;
Amendment 173 #
2020/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is concerned that EMU’swith the lack of ability of the EMU to speak as a unified voice within international institutions can hold back the international role of euro; reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations and bodies, and most notably in the International Monetary Fund to help foster the euro’s global outreach;
Amendment 196 #
2020/2037(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that the global prominence of a currency is directly linked to the role that the issuing country has in global trade; stresses that the EU, as one of the world’s largest trading blocs, would benefit from a strengthened international role of its currency; underlines that stimulating the choice of the euro in trade will reduce exchange risk and other currency-related costs, especially for European SMEs; observes, however, that despite their position as large buyers and producers, European companies sometimes opt to trade in key strategic markets in US dollars or face difficulties for trading in euros due to market structures and path- dependencies; takes note of conducted studies that show that share of euro in invoicing by companies depends on many factors including the size of the company and the country it is located in, the homogeneity of goods and the existing supply chains; calls, therefore, on the Commission to foster the use of the euro in pricing and invoicing in trade transactions, and to make use of the high potential offered by financial instruments denominated in euros, by actively engaging with private stakeholders and trade partners and by promoting the use euro in EU trade agreements; points, in this context, to the potential offered by supply chains;
Amendment 198 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses in that regard the importance of global green energy and commodity markets as forerunners for globally traded goods denominated in euro, where hydrogen and EUAs under the EU-ETS help strengthening the role of the euro in international trade, as well as achieving the EU climate objectives; further calls for action to facilitate new innovative contracts, in particular related to sustainable energy sources and nascent energy markets, which will provide an opportunity for more energy contracts to be traded in euro, strengthening, thus, the international role of the euro; encourages the Commission to continue conducting consultation and studies aiming at identifying the potential to increase the use and role of euro in other sectors, notably with transport means, including in particular aircraft manufacturing, agriculture and food commodities, or metals and minerals; to further support and promote the use of euro for this type of contracts, calls the Commission, in addition to private engagement, to revisit the financial market rules, including MiFID and Benchmarks Regulations;
Amendment 204 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Holds that the European Commission could further promote the use of the euro in trade pricing and invoicing, and promote euro-denominated investments, by maintaining an open dialogue with private and public stakeholders, national authorities and institutional investors, providing comprehensive knowledge and understanding for its initiatives and various efforts aimed at reinforcing the attractiveness and resilience of the euro area and the euro;
Amendment 206 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Finds merit in maximizing the impact of European economic diplomacy by engaging in regular exchanges with G20 partners, as well as neighbourhood and enlargement countries, to identify concrete policy actions of mutual interest;
Amendment 208 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 d (new)
Paragraph 12 d (new)
12d. Recognises that the market for centralised clearing is highly concentrated, in particular the market for the clearing of euro denominated interest rate derivatives which heavily depends on UK CCPs; takes note of the recently adopted time-limited equivalence decision of the Commission for UK CCPs and encourages the industry to follow the European Commission’s call to reduce their excessive exposures to UK CCPs promptly; supports in that regard the efforts of the EU CCPs to build up their clearing capability as well as the efforts of the European Commission, the European Supervisory Authority and the European Central Bank to assist the industry in identifying and addressing in the coming months any technical impediment to the transfer of a significant part of the excessive exposure it has to UK CCPs into the EU;
Amendment 210 #
2020/2037(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses the role the ECB plays in maintaining trust in the euro and safeguarding monetary sovereignautonomy in the global context and price stability; welcomes the prompt measures put in place by the ECB in order to cater forsafeguard the availability of euro liquidity; underlines the prominence of swap arrangements and repo lines in enhancing the international role of the euroaddressing dysfunctions in euro funding markets globally and indirectly enhancing the international role of the euro; signalling a commitment of the Eurosystem to support the liquidity and stability of the financial markets in times of crisis ,as well as, the smooth transmission of its monetary policy in the euro area; calls on the ECB, in that regard, to further expand its swap lines to non-euro area neighbouring countries and beyond;
Amendment 222 #
2020/2037(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note of the ECB report on the digital euro, and of the value a digital currency can add in strengthening the international role of the euro; supportsencourages the ECB to continue its work on the digital euro and looks forward to the ECB’'s efforts in ensuring a high level of cyber resilience; next step in this process , based on its conclusions to be issued in 2021; underlines the importance of ensuring a high level of cyber resilience and security and supports the ECB’s efforts in this direction;
Amendment 227 #
2020/2037(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the Commission to put forward a comprehensive strategy to strengthen Europe’s economic and financial autonomy; building on the efforts to strengthen the international role of the euro;
Amendment 49 #
2020/2036(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the objectives pursued through CMU cannot be achieved without genuine completion of the Banking Union, which needs the European Deposit Insurance Scheme (EDIS) and a credible backstop for the Single Resolution Fund;
Amendment 52 #
2020/2036(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas CMU should address the significant financial differences among Member States such as the existing regulatory fragmentation, over-regulation and withholding taxes, which continue to be a major impediment to the mobilisation of capital, and presents barriers to the cross-border savings and investments, and risk sharing among Member States. Considers that the aim must also be to make the EU an attractive market for foreign capital investment and to increase its competitiveness in global markets;
Amendment 57 #
2020/2036(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. welcomes the swift action taken, as a response to COVID19, to facilitate bank lending to the real economy, the delay in the implementation of the Basel III rules, the agreement to use the flexibility included in CRR to comply with capital and liquidity buffers, the delays in the introduction of IFRS9, the advancement on the introduction of the SME supporting factor, and the moratoria on new rules;
Amendment 61 #
2020/2036(INI)
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas the complexity of the scandal involving German payment service provider Wirecard, a DAX30 company that filed for insolvency on 24 June 2020 revealing deficiencies in the European regulatory framework, requires a careful assessment to determine what went wrong to allow that a fraudulent behaviour of huge scale went unnoticed for so long;
Amendment 65 #
2020/2036(INI)
Motion for a resolution
Recital C e (new)
Recital C e (new)
Ce. whereas the stability of the European Union's financial markets should be promoted in future relations with the United Kingdom after the transition period, where a level playing field should be also guaranteed;
Amendment 73 #
2020/2036(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to more diverse, long- term and competitive investment opportunities for retail and large investors; highlights the need to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerable;
Amendment 82 #
2020/2036(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. States that research investments on SMEs are essential to develop SME equity markets. Regrets that due to MIFID II, these investments have become less attractive for investors undermining a number of participants. Supports the revision on the MIFID II regime for inducements to SME research focusing on the flexibility on current regulation;
Amendment 98 #
2020/2036(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SMEs; states the need to ensure an attractive pre-IPO and post-IPO environment for SMEs;
Amendment 108 #
2020/2036(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger early and late-stage VC funds, tax incentive schemes for VC and business angel investments, and active IPO markets for VC-backed companies;
Amendment 114 #
2020/2036(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out the necessity to increase transparency and reduce fragmentation within the European VC markets; boost European Long-Term Investment Fund (ELTIF), European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) to develop a pan- European vehicles for private equity;
Amendment 116 #
2020/2036(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Calls for measures to revitalise securitization markets in Europe by making it attractive for issuers and investors; asks the ESAs and the Commission to finalize all Regulatory Technical Standards; calls to simplify and streamline regulatory requirements for disclosure, simple, transparent and standardised (STS) criteria, STS verification and provide simple and risk sensitive parameters for assessment of Significant Risk Transfer;
Amendment 134 #
2020/2036(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changessimplification in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 136 #
2020/2036(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Regrets the underdevelopment of EU market for crowdfunding as compared to other major economies. Welcomes the new rules agreed last December that should help to solve this situation and foster cross-border business funding. Asks ESMA and Commission to closely monitor the implementation of the new rules in order to react and propose changes if no significant improvements are observed in the crowdfunding as an alternative of finance for start-ups and SMEs;
Amendment 178 #
2020/2036(INI)
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that privatefunded pensions should be revitalised and made more attractive; calls for actions to overcome the obstacles to the coexistence of public and private pension systems; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 206 #
2020/2036(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Asks the Commission, ESMA, European Banking Authority(EBA) and the Single Supervisory Mechanism (SSM) to assess up to what extent can the Wirecard scandal be attributed to deficiencies in the European regulatory framework in the area of audit and supervision. In particular, if national and European supervisors are sufficiently equipped to effectively supervise big cross- border financial institutions with complex business models that involve different third-country jurisdictions as well as multiple corporate layers. What lessons can be drawn from this case in relation to the further development of the European regulatory and supervisory framework, in particular in relation with the Capital Markets Union action plan;
Amendment 222 #
2020/2036(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Emphasises the need for the architecture of the European market to be able to compete globally and attract foreign capital. Highlights the need for the EU to become a place where international companies and investors want to operate;
Amendment 234 #
2020/2036(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises, including SMEs and start-ups, under the ‘same business, same rules’ principle; states the need to increase the portfolio of investment options for retail investors;
Amendment 245 #
2020/2036(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarioorder to improve the methodologies related to the performance scenarios and to ensure comparability among different investment products; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders;
Amendment 283 #
2020/2036(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that financial education is needed to overcome low retail investor engagement with financial markets, based on lack of knowledge, mistrust and risk aversion; call for the establishment of a stronger capital market orientation among market participants, especially for retail investors, to overcome risk aversion;
Amendment 293 #
2020/2036(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Believes that a more informed and better-educated citizenship on financial issues is beneficial to democratic systems, contributes to the stability of financial systems, and promotes the transparency and duties of information of financial institutions. Calls for programs to train citizens, which would increase their ability to exercise democratic control over their governments;
Amendment 298 #
Amendment 303 #
2020/2036(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; remphasises that an EU framework with high standards of cybersecurity would be conducive to the CMUarks that digital finance has a strong capital flows element which attract cross-border investments;
Amendment 307 #
2020/2036(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the Commission to work towards the implementation of the Digital Finance Action Plan for a better access to financial services, offering wider choice and increasing efficiency of operations;
Amendment 311 #
2020/2036(INI)
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Calls on the Commission to act in order to create a favourable environment for European FinTech hubs, European private-funded champions and firms to scale up for attracting foreign capital and investments and also, promoting the EU competes in global markets;
Amendment 318 #
2020/2036(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for efforts focused on preserving a level playing field based on cross-borders data access, and a high level of consumers’ data protection and privacy, making the EU a framework with high standards of cybersecurity which would be conducive to the CMU;
Amendment 335 #
2020/2036(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Considers that a level playing field should be guaranteed in future relations with the United Kingdom after the transition period promoting the stability of European Union´s financial markets;
Amendment 336 #
2020/2036(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Instructs its President to forward this resolution to the Council and, the Commission, the ESAs and the ECB.
Amendment 6 #
2020/2023(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Stresses the need to protect the residents' rights and especially those of workers who move from both sides of the fence until a definitive agreement is reached between the governments of Spain and the United Kingdom for the decolonization of Gibraltar, in accordance with the United Nations resolutions, which were endorsed by the European Parliament and the European Council. This agreement should be concluded before summer 2021 to allow for the early application of the Community provisions affecting the individual rights (e.g. air traffic) which are currently suspended.
Amendment 110 #
2020/2023(INI)
31a. Supports the negotiating directives, which set out that Gibraltar will not be included in the territorial scope of the agreements to be concluded between the EU and the UK, and that any separate agreement will require the prior agreement of Kingdom of Spain;
Amendment 168 #
2020/2023(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Notes that contrary to the UK’s claim of relying on existing precedents, many proposals in the UK draft legal proposals go significantly beyond what has been negotiated by the EU in other FTAs with third countries in recent years, for example in the area of financial services, mutual recognition of professional qualifications and conformity assessment, equivalence of the SPS regime, or the cumulation of Rules of Origin;
Amendment 177 #
2020/2023(INI)
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12 c. Recalls that the continued shared commitment to a zero quotas, zero tariffs objective for the trade relationship remains an essential condition for the timely conclusion of an agreement within the extremely tight timeline that none other than the UK has imposed on these negotiations, especially as previous experience has well demonstrated that a tariff-line by tariff-line negotiation could take several years; reiterates in this regard that irrespective of whether 100% or less tariff-lines are scrapped, this will not alter the EU’s demand for robust Level Playing Field conditions; reiterates that the level-playing field provisions must maintain environmental, social and employment standards at the current high levels provided by the existing common standards, relying on appropriate and relevant Union and international standards, and including appropriate mechanisms to ensure effective implementation domestically, as well as include a robust and comprehensive framework for competition and state aid control that prevents undue distortion of trade and competition instead of referring to subsidies only;
Amendment 317 #
2020/0374(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 – point h a (new)
Article 2 – paragraph 1 – point 2 – point h a (new)
(ha) payment aggregation services;
Amendment 349 #
2020/0374(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 23 a (new)
Article 2 – paragraph 1 – point 23 a (new)
(23a) 'Payment aggregation services' means technical services within the meaning of Article 3(j) of Directive (EU) 2015/2366 of the European Parliament and of the Council that allow end-users to register and execute payment services within the meaning of Article 4(3) of Directive (EU) 2015/2366 of the European Parliament and of the Council on the basis of a contractual relationship between the payment aggregation service provider and the third party providers whose payment services are aggregated.
Amendment 368 #
2020/0374(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point b – introductory part
Article 3 – paragraph 2 – point b – introductory part
(b) the requirement in paragraph 1 point (b) where it provides a core platform service that has more than 45 million monthly active end users established or located in the Union and more than 10 000 yearly active business users established in the Union in the last financial year; monthly active end users and yearly active business users shall be measured taking into account the indicators set out in the Annex to this Regulation.
Amendment 402 #
2020/0374(COD)
Proposal for a regulation
Article 3 – paragraph 6 – subparagraph 1 – point e a (new)
Article 3 – paragraph 6 – subparagraph 1 – point e a (new)
(ea) the control by the undertaking of platform ecosystems, through the provision of different core platform services;
Amendment 404 #
2020/0374(COD)
(f) other relevant structural market characteristicbusiness or service characteristics, such as a conglomerate corporate structure or vertical integration of the undertaking providing core platform services, which enable, for instance, cross-subsidisation or the combining of data from different sources.
Amendment 511 #
2020/0374(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) refrain from treating more favourably in ranking services and products offered, through its core platform services, by the gatekeeper itself or by any third party belonging to the same undertaking compared to similar services or products offered by third partyies and apply fair and non-discriminatory conditions to such rankingoffers to preserve consumer choice;
Amendment 604 #
2020/0374(COD)
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3 a. Where the Commission intends to adopt a specification decision pursuant to paragraph 2, it shall publish a concise summary of the measures the gatekeeper is expected to implement to ensure effective compliance with the obligations of this Regulation. The Commission shall invite interested third parties to submit their observations within a time limit, which is fixed by the Commission in its publication. Publication shall have regard to the legitimate interest of undertakings in the protection of their business secrets.
Amendment 810 #
2020/0374(COD)
Proposal for a regulation
Article 36 a (new)
Article 36 a (new)
Article 36 a Guidelines To facilitate the compliance of gatekeepers with and the enforcement of the obligations in Articles 5, 6, 12 and 13, the Commission shall, where appropriate, issue guidelines accompanying the obligations set out in those Articles. Where appropriate and necessary, the Commission may authorise the standardisation bodies to develop standards to facilitate the implementation of the obligations.
Amendment 253 #
2020/0266(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point n
Article 2 – paragraph 1 – point n
(n) insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries, unless they are micro, small or medium-sized enterprises and do not rely exclusively on organised automated sales systems,
Amendment 47 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)
Article 1 – paragraph 1 – point -1 (new)
Regulation (EU) No 575/2013
Article 47c – paragraph 4 a (new)
Article 47c – paragraph 4 a (new)
(-1) In Article 47c, the following paragraph is inserted: "4a. By way of derogation from paragraph 3 the following shall also apply to the part of the non-performing exposure guaranteed by an eligible provider referred to in points (a) to (e) of Article 201(1): (a) 0 for the secured part of the non- performing exposure to be applied during the period between one year and seven years following its classification as non- performing; and (b) 1 for the secured part of the non- performing exposure to be applied as of the first day of the eighth year following its classification as non-performing."
Amendment 61 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 575/2013
Article 467a (new)
Article 467a (new)
Amendment 63 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point (b)
Article 473a – paragraph 3 – point (b)
(b) the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected credit losses determined in accordance with paragraph 5.5.3 of the Annex relating to IFRS 9 excluding the loss allowance for lifetime expected credit losses for financial assets that are credit-impaired as defined in Appendix A to the Annex relating to IFRS 9 as of 1 January 2020 or on the date of initial application of IFRS 9, whichever is later. Institutions may replace the reference date mentioned above by 1 January 2018 when the sum of expected credit losses is lower at that date;
Amendment 65 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Regulation (EU) No 575/2013
Article 473a – paragraph 5 – point c
Article 473a – paragraph 5 – point c
(c) institutions shall replace the amount calculated in accordance with point (b) of paragraph 3 of this Article by the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected credit losses determined in accordance with paragraph 5.5.3 of the Annex relating to IFRS 9 excluding the loss allowance for lifetime expected credit losses for financial assets that are credit- impaired, as defined in Appendix A to the Annex relating to IFRS 9, as of 1 January 2020 or on the date of initial application of IFRS 9, whichever is later, reduced by the sum of related expected loss amounts for the same exposures calculated in accordance with Article 158(5), (6) and (10). Institutions may replace the reference date mentioned above by 1 January 2018 when the sum of expected credit losses is lower at this date. Where the calculation results in a negative number, the institution shall set the value of the amount referred to in point (b) of paragraph 3 of this Article as equal to zero.;
Amendment 67 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point a
Article 473a – paragraph 6 – point a
(a) 0,71 during the period from 1 January 202018 to 31 December 202018;
Amendment 69 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point b
Article 473a – paragraph 6 – point b
(b) 0,85 during the period from 1 January 20219 to 31 December 20219;
Amendment 71 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point c
Article 473a – paragraph 6 – point c
(c) 0,285 during the period from 1 January 20220 to 31 December 20220;
Amendment 73 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point d
Article 473a – paragraph 6 – point d
(d) 0,85 during the period from 1 January 20231 to 31 December 2024.1;
Amendment 74 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point d a (new)
Article 473a – paragraph 6 – point d a (new)
(da) 0,7 during the period from 1 January 2022 to 31 December 2022;
Amendment 75 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point d b (new)
Article 473a – paragraph 6 – point d b (new)
(d b) 0,5 during the period from 1 January 2023 to 31 December 2023;
Amendment 76 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) No 575/2013
Article 473a – paragraph 6 – point d c (new)
Article 473a – paragraph 6 – point d c (new)
(dc) 0,25 during period from 1 January 2024 to 31 December 2024.
Amendment 87 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 575/2013
Article 500a
Article 500a
Amendment 65 #
2020/0006(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Following the Commission’s presentation of its priorities at the start of the term, the EU, together with the rest of the world, has had to deal with the COVID-19 pandemic and its health and economic effects. This should lead to a rethink of these objectives in the short and medium term, setting as priorities both giving a boost to an economy battered by the impact of the pandemic and resolving the health and social emergencies caused by the pandemic. To that end, priority should be given to economic development and job creation.
Amendment 75 #
2020/0006(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In order to be successful, the transition has to be fair and socially acceptable for all, contributing, ultimately, to the economic development of the European Union, preserving its founding principles, such as its internal market policies. Therefore, both the Union and the Member States must take into account its economic and social implications from the outset, and deploy all possible instruments to mitigate adverse consequences, and thus take account of those particularly affected by these policies, the young and the elderly. The Union budget has an important role in that regard.
Amendment 122 #
2020/0006(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Transitioning to a climate-neutral economy is a challenge for all Member States. It will be particularly demanding for those Member States that rely or, until recently, have relied heavily on fossil fuels or greenhouse gas intensive industrial activities which need to be phased out or which need to adapt due to the transition towards climate neutrality and that lack the financial means to do so. The JTF should therefore cover all Member States, but the distribution of its financial means should reflect the capacity of Member States to finance the necessary investments to cope with the transition towards climate neutrality.
Amendment 254 #
2020/0006(COD)
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point c
Article 4 – paragraph 2 – subparagraph 1 – point c
(c) investments in research and innovation activities and fostering the transfer of advanced technologies in the public or private sector;
Amendment 84 #
2019/2131(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to adopt a more favourable approach to industrial cooperation in order to foster the emergence of European leaders that are globally competitive; in particular in key areas for Europe’s leadership in the digital space such as deployment of 5G networks;
Amendment 105 #
2019/2131(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for a review of the Notice on the definition of the relevant market so as to move towards a longer-term vision encompassing the global dimension, digitisation, convergence of technologies and services and potential future competition;
Amendment 132 #
2019/2131(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission to review merger rules and strengthen antitrust action, taking into account the effects of marketmarket power based on vertical and conglomeral integration and network powereffects, associated with both personal and financial data; proposes that every merger in the market for such data and leveraging of that market power in adjacent markets; should be subject to prior monitoring, regardless of thresholds;
Amendment 146 #
2019/2131(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that the buying-out of start- ups by big-tech dominant players dries up innovation and threatens sovereignty, and calls on the Commission to reverse the burden of proof with regard to such buy- outsenhance the scrutiny of such buy-outs; calls on the Commission to introduce new thresholds to capture such acquisitions under the EU Merger Control Review, such as the value of transaction;
Amendment 157 #
2019/2131(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that some entities, benefiting from dual status as both platforms and suppliers, abuse their position to discriminate in favour of their own products and services and impose unfair terms on users and competitors; calls on the Commission to penalise themimpose asymmetric ex-ante regulatory obligations where competition law is not enough to ensure contestability in digital markets avoiding competitors’ foreclosure and ensuring that emerging bottlenecks are not perpetuated by the monopolization of future innovation;
Amendment 173 #
2019/2131(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to introduce a centralised ex ante market monitoring system, to provide national authorities with the necessary means to gather data anonymously, and to introducpropose targeted regulation when practices become systemic;
Amendment 220 #
2019/2131(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses the slowness of the application of antitrust rules; stresses the financial and structural risk to which some actors are exposed if they initiate lengthy and costly proceedings; calls on the Commission to consider setting deadlines which take into account the economic timeframe of businesses in order to speed up antitrust procedures;
Amendment 250 #
2019/2131(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to make more systematic use of investigations in sectors that are essential to the everyday life of citizens, such as digital services, transport and the media, in the digital age;
Amendment 4 #
2015/0270(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past years, the Union has made progress in creating an internal market for banking services. A better integrated internal market for banking services is essential in order to foster economic growth in the Unionand the competitiveness of European financial markets, to safeguard the stability of the banking system and to protect depositors, as well as to give greater impetus to the Capital Markets Union (CMU) project.
Amendment 5 #
2015/0270(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The 2008 global financial crisis exposed the vulnerabilities in the financial and banking sector, highlighting the close link between a country’s fiscal health and that of its banks. In response to this complex scenario, in 2012 the European authorities launched an ambitious project to create a Banking Union as a mechanism to establish a strong, transparent and secure European banking system with a view to moving towards a genuine Economic and Monetary Union in Europe.
Amendment 6 #
2015/0270(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) A completed Banking Union would be a positive development for citizens and the EU economy, providing the basis for a more stable banking system, the reduction of systemic risk, enhanced competition, improved consumer choice, increased opportunities for cross-border banking and access to retail financial services, greater economic investment, better access to funding for households and businesses, and the reduction of costs for banking customers;
Amendment 7 #
2015/0270(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) On 18 October 2012, the European Council concluded that "In the light of the fundamental challenges facing it, the Economic and Monetary Union (EMU) needs to be strengthened to ensure economic and social welfare as well as stability and sustained prosperity" and "that the process towards deeper economic and monetary union should build on the Union institutional and legal framework and be characterised by openness and transparency towards Member States whose currency is not the euro and by respect for the integrity of the internal market". To that end, the Banking Union has been established, underpinned by a comprehensive and detailed single rulebook for financial services for the internal market as a whole. The process towardsof establishing the Banking Union has been characterised by openness and transparency towards non-participating Member States and byrespect for the integrity of the internal marketrespect for the integrity of the internal market, but also by a strong prevalence of national interests over European interests.
Amendment 8 #
2015/0270(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) While key steps have been made towards ensuring the efficient functioning of the Banking Union, with the Single Supervisory Mechanism (the 'SSM') established by Council Regulation (EU) No 1024/201311 ensuring that the Union's policy relating to the prudential supervision of credit institutions in the euro area Member States and those non euro area Member States who choose to participate in the SSM (the 'participating Member States') is implemented in a coherent and effective manner and with the Single Resolution Mechanism (the ‘SRM’) established by Regulation (EU) No 806/2014 ensuring a consistent framework for the resolution of banks that are failing or likely to fail in the participating Member States,further steps are still neededto completethe Banking Union. no real political impetus has been givento the development of the third pillar ofthe Banking Union: the creation of the European Deposit Insurance Scheme (EDIS). __________________ 11 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).
Amendment 10 #
2015/0270(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) The creation of a European Deposit Insurance Scheme would not only increase confidence among European depositors in the financial markets, but would also reduce risks for consumers, while facilitating access to a wider international choice of financial products and promoting the stability and integration of the European banking system.
Amendment 13 #
2015/0270(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The recent crisis has shown that the functioning of the internal market may be under threat and that there is an increasing risk of financial fragmentation. The failure of a bank that is relatively large compared to the national banking sector or the concurrent failure of a part of the national banking sector may cause national DGSs to be vulnerable to large local shocks, even with the additional funding mechanisms provided by Directive 2014/49/EU of the European Parliament and of the Council12. This vulnerability of national DGSs to large local shocks can contributetomakes it an urgent necessity to establish the European Deposit Insurance Scheme – a mechanism to shield the network of national schemes against local shocks avoiding adverse feedback between banks and their national sovereign undermining the homogeneity of protection for deposits and contributing to a lack of confidence among depositors and resulting in market instability. __________________ 12 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).
Amendment 19 #
2015/0270(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A common deposit insurance scheme is therefore essential and urgent for the completion of the internal market in financial services.
Amendment 30 #
2015/0270(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) The framework for the application of this Regulation should ensure a consistent and efficient approach towards all participating institutions, without exceptions for the institutional protection schemes referred to in Article 113(7) of Regulation No 575/2013, regardless of their size or business model. Only non- discriminatory treatment between national deposit mechanisms can contribute to preserving financial stability, minimising the risks to taxpayers’ money and ensuring a level playing field across the Union, while taking due account of the principle of subsidiarity.
Amendment 41 #
2015/0270(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) EDIS should progressively evolve from a reinsurance schemeliquidity mechanism into a fully mutualised co-insurance scheme over a number of years. In order for the EDIS to provide the funding and cover the losses of participating deposit guarantee schemes, it will be necessary for the European Commission to publish a new legislative proposal to move forward with the subsequent phases of the EDIS. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective. However, such risk sharing implied by steps to reinforce Banking Union must proceed in parallel with risk reducing measures designed to break the bank-sovereign link more directly.
Amendment 43 #
2015/0270(COD)
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) The proposal for an EDIS as a common system providing liquidity support in addition to national DGSs is only a first step in the right direction to achieve the objective of ensuring financial stability and depositor confidence. However, a more ambitious approach towards a fully mutualised EDIS is still needed. Increasing the mutual insurance of participating DGSs is a necessary step towards ultimately achieving a homogenous deposit insurance system that increases the effectiveness and credibility of deposit protection and limits the link between a bank and its sovereign.
Amendment 46 #
2015/0270(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) EDIS should be established in three sequential stages, firstcomprise a reinsurance scheme that covers a share of the liquidity shortfall and of the excess losses of participating DGSs, followed by a co- insurance scheme that covers a gradually increasing share of the liquidity shortfall and losses of participating DGSs and eventually resulting in a fullwith the aim of achieving a fully mutualised insurance scheme that covers all liquidity needs and losses of participating deposit guarantee schemes.
Amendment 50 #
2015/0270(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) As the Deposit Insurance Fund, in the re-insurance initialstage, would only provide an additional source of funding and would only weaken the link between banks and their national sovereign, without however ensuring that all depositors in the Banking Union enjoy an equal level of protection, the reinsurance stage should, after three years, gradually progress should be a progressive evolution into a co- insurance scheme and ultimately into a fully mutualised deposit insurance scheme through a legislative proposal by the European Commission within two years.
Amendment 54 #
2015/0270(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) While the reinsurance and coinsurance stages would share many common features, ensuring a smooth gradual evolution, pay-outs under the co- insurance stage would be shared between national DGS and the Deposit Insurance Fund as of the first euro of loss. The relative contribution from the Deposit Insurance Fund would gradually increase to 100 percent, resulting in the full mutualisation of depositor risk across the Banking Unionafter four years.
Amendment 66 #
2015/0270(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) The Commission should review the application ofthis Regulation in order to assess its impact on the internal market andto determine whether any modifications or further developments are needed, within two years, complementthis Regulation with a new legislative proposalto implement the subsequent phases of EDIS in order to improve the efficiency and the effectiveness of the EDISconsolidate a fully mutualised European Deposit Insurance Scheme.
Amendment 77 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – introductory part
Article 1 – paragraph 2 – subparagraph 1 – introductory part
2. In addition, this Regulation establishes the initial stage of a European Deposit Insurance Scheme ('EDIS') in three successive stages:
Amendment 81 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 1
Article 1 – paragraph 2 – subparagraph 1 – indent 1
– a reinsurance scheme that,to a certain extent, provides funding and covers a share ofthe losses of participating deposit guarantee schemes in accordance with Article 41aoperating as a liquidityscheme providing loansto participating deposit guarantee schemes in accordance with Article 41a, withthe objectiveof moving towards a full insurance scheme with loss coverage at a later stage, following a further proposal by the Commission within 2 years of the date of entry into force of this Regulation;
Amendment 84 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Amendment 89 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Amendment 101 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 806/2014
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) all credit institutions established in a participating Member State, without exceptions for specific national instruments;
Amendment 107 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation(EU) No 806/2014
Article 2 – paragraph 2 – subparagraph 1 – point a
Article 2 – paragraph 2 – subparagraph 1 – point a
(a) participating deposit-guarantee schemes as defined in point (1) of Article 3(1a), without exceptions for specific national instruments;
Amendment 7 #
2011/2156(INI)
Motion for a resolution
Recital A
Recital A
A. whereas in 2010 the euro area recovered, with GDP growth of 1.7% and is expected to stagnate at a similar level throughout 2011, after the slump in 2009 of -4.27% growth, although some international bodies have warned of a possible world economic slowdown,
Amendment 11 #
2011/2156(INI)
Motion for a resolution
Recital D
Recital D
D. whereas on 10 May 2010, the ECB announced ithat the Eurosystem would intervene directly but temporarily in the euro area public and private debt securities markets through the Securities Markets Programme, the book value of settled purchases of which amounted to EUR 77110.5 billion ion June19 August 2011,
Amendment 20 #
2011/2156(INI)
Motion for a resolution
Recital E
Recital E
E. whereas most of the long-term government debt of Greece and Portugal is on the ECB balance sheet and the persistent rumours of Greek debt restructuringpersistent rumours of Greek debt restructuring and the impact thereof on the financial markets and the broader economy may again delay the ECB'’s exit from non-standard measures,
Amendment 48 #
2011/2156(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the single objective of the ECB is price stability; notes that de facto financial instability is becoming a second objectivegives rise to serious risks of medium-term price stability in that it hampers the smooth functioning of monetary policy; also notes the work of the ESRB under the auspices, with the support of the ECB, on financial stabilitymacro-prudential supervision;
Amendment 71 #
2011/2156(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the entrance of Estonia into the eurozone as a proof of the strength of the euro project as a common currency.
Amendment 104 #
2011/2156(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolution of the leverage ratio of the ECB, measured by its capital and reserves in relation to assets; notes that thise leverage ratio by far exceedscannot be applied to central banks in the same way as it is to commercial banks; notes that the leverage ratio is lower than that of other comparable central banks, with the exceptionand especially of those having implemented quantitative easing programmes, such as the (Federal Reserve or the Bank of England), or is similar to it (Bank of Japan);
Amendment 110 #
2011/2156(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that the ECB balance sheet expansion has not led to inflation, due to its increasing role as a central counterparty between euro area banks, which effectively amounts to a monetisation of bank bailouts; points out that providing liquidity to solvent banks does not necessarily entail an increase in monetary supply and notes that the non-standard measures are of a temporary nature;
Amendment 117 #
2011/2156(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Restates with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; notes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion;that while in 2010 the Eurosystem accepted on average EUR 488 billion of asset-backed securities as collateral, the eligibility criteria for ABS in Eurosystem credit operations have been tightened significantly which leads to a reduction over time of this amount
Amendment 124 #
2011/2156(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges the necessity of non- standard monetary policy measures, but calls for a phasing-out of those programmes as soon as possiblethe financial markets have stabilised and the sovereign debt crisis has been solved;
Amendment 182 #
2011/2156(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstancesEuropean Monetary Fund (EMF) responsible, inter alia, for issuing Eurobonds and European bonds for specific projects, and for ensuring that access to resources deriving from their issue is strictly tied to fulfilment of the commitments made in connection with economic governance; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules; welcomes the agreement reached by the Heads of State of the Euro Group on 21 July to increase the flexibility of the EFSF, which will include the possibility of intervening in secondary markets; deplores, however, its underfunding, its exclusively intergovernmental nature and the fact that it’s role has still not been fully developed;
Amendment 186 #
2011/2156(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Deplores in this regard that the ESM has been established outside the EU Treaties and therefore calls on the Commission to propose a permanent crisis management mechanism based on Community rules (e.g. a European Monetary Fund)
Amendment 198 #
2011/2156(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of eEurosecuritiebonds may constitute the necessary fiscal quantum-leap forward that the Union needs , in that this juncture; welcomescould help towards macroeconomic stability and the sustainability of public finances, provided that the share of national debt covered by Eurobonds is kept to a judicious level and access to the Fund set up as a result of the issuing of Eurobonds (the EMF) is tied to fulfilment of the commitments made in connection with economic governance; Welcomes, therefore, the rapid implementation of the feasibility report promised by the Commission in its declaration XXX;
Amendment 205 #
Amendment 207 #
2011/2156(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Considers that a market for Eurobonds should be introduced in three consecutive phases, as was the case with the introduction of the single currency; the first phase would consist of ensuring convergence between the economic policies of the countries wishing to participate in the EMF; in the second phase, the functions performed by the EFSF and, where applicable, the ESM, would gradually be transferred to the EMF; in the third phase, the Treaties would be amended to establish the EMF as an official body and permit the joint issuing of Eurobonds in line with the principle of joint and several liability;
Amendment 209 #
2011/2156(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. The European Monetary Fund would also be responsible for issuing bonds for projects of specific European interest, and would hence complement the activities of the European Investment Bank to spur European economic growth and job creation.
Amendment 210 #
2011/2156(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. As the ECB, IMF and Commission work together on missions in some Member States, calls on the Commission to put forward proposals for a single external representation of the euro area according to Article 138 TFEU; particularly for the IMF;
Amendment 176 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13 – point a – point (-i) – (new)
Article 1 – point 13 – point a – point (-i) – (new)
Directive 2003/96/EC
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
Amendment 11 #
2010/0821(NLE)
Draft decision
Recital 4
Recital 4
(4) The stability mechanism will provide thea necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes as from the entry into force of this Decision.
Amendment 26 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a permanent stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality. The permanent stability mechanism should be designed in such a way as to foster budgetary discipline and to contribute to long-term sustainable finances.".
Amendment 53 #
2010/0281(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) in combination with Article 136 thereof,
Amendment 62 #
2010/0281(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) There is a need to build upon the experience gained during the first decade of functioning of theExperience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and monbudgetary unionpolicies.
Amendment 67 #
2010/0281(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth
Amendment 69 #
2010/0281(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 70 #
2010/0281(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 71 #
2010/0281(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 72 #
2010/0281(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 73 #
2010/0281(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole
Amendment 74 #
2010/0281(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
Amendment 85 #
2010/0281(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 86 #
2010/0281(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 87 #
2010/0281(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 88 #
2010/0281(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 89 #
2010/0281(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 90 #
2010/0281(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 106 #
2010/0281(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Prudent and sustainable fiscal policy- making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 114 #
2010/0281(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 70 #
2010/0280(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6), in combination with Article 136 thereof,
Amendment 194 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point - 1 (new)
Article 1 – point - 1 (new)
Regulation (EC) No 1466/97
Article 1
Article 1
Amendment 218 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 1 c (new) - point a (new)
Article 1 – point 1 c (new) - point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
Article 2a – paragraph 1
Amendment 218 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this Article.
Amendment 246 #
2010/0279(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the measures referred to in Article 3, only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 58 #
2010/0278(COD)
Draft legislative resolution
Citation 2 a (new)
Citation 2 a (new)
Having regard to article 136 of the Treaty on the Functioning of the European Union,
Amendment 68 #
2010/0278(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 74 #
2010/0278(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 76 #
2010/0278(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 84 #
2010/0278(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 86 #
2010/0278(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 90 #
2010/0278(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 93 #
2010/0278(COD)
Proposal for a regulation
Recital 2 h (new)
Recital 2 h (new)
(2h) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 94 #
2010/0278(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
(2g) The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 109 #
2010/0278(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission.
Amendment 114 #
2010/0278(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 118 #
2010/0278(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 119 #
2010/0278(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 121 #
2010/0278(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 123 #
2010/0278(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 140 #
2010/0278(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 146 #
2010/0278(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 190 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of incentives and sanctions for enhancing the enforcement of the preventive and corrective parts of the Stability and Growth Pact in the euro area.
Amendment 197 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 b (new)
Article 1 – paragraph 1 b (new)
1b. In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and the national parliaments, governments and other relevant bodies of the Member States, and to ensure greater transparency and accountability, the competent committee of the European Parliament may organise public debates on macro- economic and budgetary surveillance undertaken by the Council and the Commission.
Amendment 201 #
2010/0278(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a European Monetary Fund 1. A European Monetary Fund shall be established with the aim of improving economic governance and coordination at EU level, safeguarding financial stability of the euro area as a whole and reinforcing budgetary discipline among Member States, while setting out a credible strategy for growth. The EMF shall be managed under Union rules 2. The European Monetary Fund serves three main purposes: (a) help any Member State with financial difficulties to resolve the crisis in which they might be involved assuming the current responsibility of the EFSF and ESM and assuming any future permanent crisis resolution mechanism. (b) issue common securities that would finance up to {...} percentage of the Member States' debt which currency is the euro and make its resources available to them provided its compliance with the improved economic governance framework; (c) create project bonds to finance European projects with long term commercial potential. The European budget would be used to improve the rating in order to attract funding from financial institutions and private investors on the capital markets. 3. The EMF should be credited with the interest earned by the Commission on deposits lodged and fines collected in accordance with [Articles 3, 4 and 5 of this Regulation, Article 12 of Regulation (EC) No 1467/97 and Article 3 of Regulation (EU) No .../2010 on enforcement measures to correct excessive microeconomic imbalances in the euro area]
Amendment 210 #
2010/0278(COD)
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Amendment 215 #
2010/0278(COD)
Proposal for a regulation
Article 2 c (new)
Article 2 c (new)
Amendment 216 #
2010/0278(COD)
Proposal for a regulation
Article 2 d (new)
Article 2 d (new)
Article 2d Project bonds 1. Project bonds to finance projects with long term commercial potential shall be established based on the Union method to complement the Stability and Growth Pact and the economic governance framework with a Union strategy for growth and jobs, which aims at boosting the Union competitiveness and social stability. 2. The EMF shall submit to the Commission the proposal of an issuance of Eurosecurities. Commission shall immediately forward it to the European Parliament and the Council. Council shall approve or reject the proposal on a recommendation from the Commission. 3. The European budget would be used to improve the project bonds rating in order to attract funding from other financial institutions and from private investors on the capital market such as pension funds and insurers.
Amendment 217 #
2010/0278(COD)
Proposal for a regulation
Article 2 e (new)
Article 2 e (new)
Article 2e Enhance the European economic growth In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 241 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 261 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 283 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 291 #
2010/0278(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…]be credited to the fund referred to in Article 2a.
Amendment 302 #
2010/0278(COD)
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
For the measures referred to in Articles 3, 4 and 5 only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 305 #
2010/0278(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Amendment 42 #
2010/0277(NLE)
Proposal for a directive
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the third subparagraph ofArticle 126, in particular the third subparagraph of paragraph 14 thereof, and Article 126(14)1 thereof,
Amendment 51 #
2010/0277(NLE)
Recital 1 a (new)
1a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 53 #
2010/0277(NLE)
Recital 1 b (new)
1b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 54 #
2010/0277(NLE)
Recital 1 c (new)
1c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 55 #
2010/0277(NLE)
Recital 1 d (new)
1d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 56 #
2010/0277(NLE)
Recital 1 e (new)
1e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 57 #
2010/0277(NLE)
Recital 1 f (new)
1f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 59 #
2010/0277(NLE)
Recital 1 g (new)
1g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 60 #
2010/0277(NLE)
Recital 1 h (new)
1h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 90 #
2010/0277(NLE)
Recital 12 a (new)
12a. The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 91 #
2010/0277(NLE)
Recital 12 b (new)
12b. The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 92 #
2010/0277(NLE)
Recital 12 c (new)
12c. The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanisms); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 93 #
2010/0277(NLE)
Recital 12 d (new)
12d. Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 94 #
2010/0277(NLE)
Recital 12 e (new)
12e. To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 107 #
2010/0277(NLE)
Recital 16 a (new)
16a. Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 108 #
2010/0277(NLE)
Recital 16 b (new)
16b. In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 52 #
2010/0276(CNS)
Proposal for a regulation – amending act
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the second subparagraph of Article 126(14) in combination with Article 136 thereof,
Amendment 60 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 a (new)
Recital 2 a (new)
2a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 62 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 b (new)
Recital 2 b (new)
2b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and a European Monetary Fund to pool a percentage of Member States’ sovereign debts, to help them to resolve financial crises and to finance investments that can strengthen economic growth.
Amendment 64 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 c (new)
Recital 2 c (new)
2c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 65 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 d (new)
Recital 2 d (new)
2d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 66 #
2010/0276(CNS)
Draft legislative resolution – amending act
Recital 2 e (new)
Recital 2 e (new)
2e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 67 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 f (new)
Recital 2 f (new)
2f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 68 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 g (new)
Recital 2 g (new)
2g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 69 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 h (new)
Recital 2 h (new)
2h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 105 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 106 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
Amendment 107 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 108 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to [...] percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 109 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full [...]percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurties. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 110 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 124 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 131 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 121 #
2010/0207(COD)
Proposal for a directive
Recital 21
Recital 21
(21) It is indispensable that the available financial means of Deposit Guarantee Schemes amount to a certain target level and that extraordinary contributions may be collected. Where necessary, Deposit Guarantee Schemes should have adequate alternative funding arrangements in place to enable them to obtain short term funding to meet claims made against them.
Amendment 231 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. If tThe available financial means of a Deposit Guarantee Scheme are insufficient to repay depositors when deposits become unavailable,shall at least reach the target level. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level its members shall pay extraordinreached again. The regulary contributions not exceeding shall not be less than 0.51% of their eligible deposits per calendar year. That payment shall be executed one day before the time limit referred to in Article 7(1) deposits covered, unless existing funds justify a lower annual contribution that allows the target level for 2025 to be reached. Where, after the target level has been reached on the first occasion, the available financial means amount to less than two thirds of the target level because of the use of funds, the regular contribution shall not be less than 0.25% of deposits covered.
Amendment 240 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 1
Article 9 – paragraph 5 – subparagraph 1
The financial means referred to in paragraphs 1, 2 and 3 of this Article shall principally be used in order to repay depositors pursuant to this Directive. Up to two thirds of the available financial means may be used for preventive and support measures as referred to in this Directive. In that case, the Deposit Guarantee Scheme shall submit to the competent authority within one month a report showing that the limit of two thirds of the available financial means has been respected.
Amendment 262 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 – introductory part
Article 10 – paragraph 1 – subparagraph 1 – introductory part
Amendment 109 #
2010/0195(COD)
Proposal for a directive - amending act
Annex
Annex
Directive 97/68/EC
Annex XIII – section 1 - point 1.4.
Annex XIII – section 1 - point 1.4.
1.4 As regards engines for use in propulsion of locomotives, during the transition period between Stage III A and Stage III B an OEM may seek permission for his engine suppliers to place on the market a maximum of 1240 engines for use in propulsion of locomotives under the flexibility scheme.
Amendment 147 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The Authority shall have its seat in Paris. Frankfurt.
Amendment 224 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 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 actions, inter alia, in emergency situations;
Amendment 232 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 272 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 289 #
2009/0144(COD)
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 #
2009/0144(COD)
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 347 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 377 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 410 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 2
Article 22 – paragraph 3 - subparagraph 2
Amendment 451 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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.
Amendment 152 #
2009/0143(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of CommunityUnion law and trust between national supervisors. (This amendment applies throughout the text.)
Amendment 153 #
2009/0143(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and Community supervisory authorities, leaving day-to-day supervision of financial institutions that the national level, and according a central role in thedo not have a Union dimension to the national level. Colleges of supervisors should exert supervision ofver cross-border groups to colleges of supervisorsinstitutions that do not have a Union dimension. The European Supervisory Authority should gradually take over supervision of financial institutions with a Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the CommunityUnion should also be achieved. A European BankingSupervisory Authority (Insurance and Occupational Pensions) (the Authority) should be established, along with a European Insurance and Occupational PensionsSupervisory Authority (Banking) and a European Securities and Markets Authority (the European Supervisory Authorities)upervisory Authority (Securities and Markets as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board should form part of a European System of Financial Supervision.
Amendment 154 #
2009/0143(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Insurance and Occupational Pensions Authority ("the Authority")Authority should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States, to prevent regulatory arbitrage and guarantee a level playing field, to protect policyholders and other beneficiaries, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, to promote supervisory convergence and to strengthen international supervisory coordination while taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employees. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a CommunityUnion body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 155 #
2009/0143(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In Case C-217/04, United Kingdom v. European Parliament and Council of the European Union, the Court of Justice held that: “nothing in the wording of Article 95 TEC implies that the addressees of the measures adopted by the Community legislature on the basis of that provision can only be the individual Member States. The legislature may deem it necessary to provide for the establishment of a Community body responsible for contributing to the implementation of a process of harmonization in situations where, in order to facilitate the uniform implementation and application of acts based on that provision, the adoption of non-binding supporting and framework measures seems appropriate1”. Measures adopted under Article 95 of the EC Treaty (now, Article 114 of the Treaty on the Functioning of the European Union) may take the form of directives or regulations. For instance, the European Network and Information Security Agency was established by Regulation (EC) No 460/2004 of 10 March 20042 and also the Authority will be established by a regulation. 1 Judgment of 2 May 2006, at paragraph 44. 2 OJ L 77, 13.3.2004, p.1.
Amendment 157 #
2009/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out in the relevant Community legislation. The matters concernCommission should endorse those draft technical standards in order to give them binding legal effect. They will be subject to amendment if, for example, they are incompatible with Union law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected byin the technical standards do not involve policy decisions, and their content is framed by the Community acts adopted at Level 1. Development of the draftacquis of European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards by, the Authority ensures that they fully benefit from the specialised expertise of national supervisory authoritiesCommission should be subject to a time limit for its decision on the endorsement.
Amendment 158 #
2009/0143(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In areas not covered by technical standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of CommunityEU legislation. In order to ensure transparency and strengthen compliance by national supervisory authorities with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations publicly in order to be fully transparent with market participants. In areas not covered by technical standards, the Authority should establish and promulgate best practices.
Amendment 159 #
2009/0143(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Where the national authority does not comply with the recommendation, the Commission should be empowered to within a deadline fixed by the Authority, the Authority should address a Decision without delay to the national supervisory authority concerned in order to ensure compliance with CommunityEU law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty on the Functioning of the European Union..
Amendment 163 #
2009/0143(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish the existence of an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 167 #
2009/0143(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityUnion law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 169 #
2009/0143(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) The crisis has exposed major fault lines in existing approaches to supervision of cross-border financial institutions, particularly the biggest and most complex institutions the bankruptcy of which is capable of producing systemic damages. Those fault lines arise from the different areas of activity of the financial institutions on the one hand and from the supervisory bodies on the other. The institutions act in a market without borders while the jurisdiction of the supervisory bodies are limited by national borders.
Amendment 170 #
2009/0143(COD)
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) The cooperation mechanism used to solve this asynchrony has clearly been shown to be insufficient. As the Turner Review, published in March 2009, points out, "sounder arrangements require either increased national powers, implying a less open single market, or a greater degree of European integration".
Amendment 171 #
2009/0143(COD)
Proposal for a regulation
Recital 21 c (new)
Recital 21 c (new)
(21c) The Union solution calls for the reinforcement of the colleges of supervisors in the supervision of cross- border institutions and for the progressive shift of supervisory powers over institutions with a Union dimension to a Union authority. Financial institutions with a Union dimension include those operating cross-border as well as those operating within national territory provided that their bankruptcy could threaten the stability of the Union's single financial market.
Amendment 172 #
2009/0143(COD)
Proposal for a regulation
Recital 21 d (new)
Recital 21 d (new)
(21d) The national solution implies more host country national powers in regulating and supervising subsidiaries of companies based in other Member States.
Amendment 173 #
2009/0143(COD)
Proposal for a regulation
Recital 21 e (new)
Recital 21 e (new)
(21e) Colleges of supervisors should have the power to define supervisory rules to foster the coherent application of Union law. The Authority should have full participation rights in colleges of supervisors with a view to streamlining the functioning of the information- exchange process, to foster convergence and consistency across the colleges in the application of Union law. The Authority should act as leader in supervising cross- border financial institutions operating in the Union. The Authority should also have a binding mediation role to solve conflicts between national supervisors.
Amendment 174 #
2009/0143(COD)
Proposal for a regulation
Recital 21 f (new)
Recital 21 f (new)
(21f) Colleges of supervisors should play an important role in the efficient, effective and consistent supervision of cross-border financial institutions that do not have a Union dimension, but in most cases differences between national standards and practices subsist. There is no point in converging basic financial regulations if the supervisory practices remain fragmented. As the de Larosière Report points out, "competition distortions and regulatory arbitrage stemming from different supervisory practices must be avoided, because they have the potential of undermining financial stability – inter alia by encouraging a shift of financial activity to countries with lax supervision. The supervisory system has to be perceived as fair and balanced".
Amendment 175 #
2009/0143(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) The prudential supervision of institutions with a Union dimension should be entrusted to the European Supervisory Authority (Insurance and Occupational Pensions). National supervisors should act as agents of the European Supervisory Authority (Insurance and Occupational Pensions) and should be bound to the Authority's instructions when they supervise cross- border institutions with a Union dimension.
Amendment 176 #
2009/0143(COD)
Proposal for a regulation
Recital 22 b (new)
Recital 22 b (new)
(22b) Institutions with a Union dimension should be identified, taking into account international standards.
Amendment 177 #
2009/0143(COD)
Proposal for a regulation
Recital 22 c (new)
Recital 22 c (new)
(22c) A European Insurance Guarantee Scheme (Scheme) should be established to protect policyholders, beneficiaries and institutions facing difficulties where those could menace the financial stability of the Union's single financial market. The Scheme should be financed through contributions from those institutions, through debt issued by the Scheme or, in exceptional circumstances, through contributions made by the affected Member States in accordance with criteria previously agreed upon (revised Memorandum of Understanding). The contributions to the Scheme should replace those made to the national Insurance Guarantee Schemes.
Amendment 179 #
2009/0143(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) 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, shallould 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 180 #
2009/0143(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The Authority should actively promote a coordinated CommunityUnion supervisory response, in particular where adverse developments could potentially jeopardisto ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion. In addition to its powers for action in emergency situations, it should therefore be entrusted with a general coordination function within the European System of Financial Supervisors. The smooth flow of all relevant information between competent authorities should be a particular focus of the Authority's actions.
Amendment 181 #
2009/0143(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the Community. It shall fully respect the existing roles and competences of the European Institutions in relrepresent the Union in the dialogue and cooperations with authoritiesupervisors outside the Community and in international forumsUnion.
Amendment 191 #
2009/0143(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) In comparison to well-funded and well-connected industry representatives, non-profit organisations are marginalised in the debate on the future of financial services and in the corresponding decision-making process. This disadvantage has to be compensated for by adequate funding of their representatives in the Insurance and Occupational Pensions Stakeholder group.
Amendment 195 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority (Insurance and Occupational Pensions Authority) ("the Authority").
Amendment 204 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 205 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 6
Article 1 – paragraph 6
Amendment 207 #
2009/0143(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 217 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of CommunityUnion legislation, 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 national supervisory authorities, promotingcompetent authorities, ensuring effective and consistent supervision of financial institutions with a Union dimension and a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 222 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) 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 223 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f b (new)
Article 6 – paragraph 1 – point f b (new)
(fb) establish databases within the area of its competence and where specified in the legislation referred to in Article 1(2). The collected information shall be accessible to all market participants and shall contain key information about registered market participants, products, breaches and transactions if obligation of undisclosure is specified in the legislation referred to in Article 1(2);
Amendment 228 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
Article 6 – paragraph 2 – point f a (new)
(fa) prohibit the trading of certain products or types of transaction to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the Union's financial system;
Amendment 232 #
2009/0143(COD)
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 238 #
2009/0143(COD)
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 represent strategic decisions and their content shall be limited by the legislative acts on which they are based.
Amendment 241 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 246 #
2009/0143(COD)
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 257 #
2009/0143(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Exercise of the delegation 1. The powers to adopt delegated acts laying down technical standards referred to in Article 7 shall be conferred on the Commission for an indeterminate period of time. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 7b to 7d. 4. In the report referred to in Article 35, the Authority shall inform the European Parliament and the Council of the technical standards that have been approved and of any national authorities that have not complied with them.
Amendment 261 #
2009/0143(COD)
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall state the reasons for the revocation and shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the technical standards already in force. It shall be published in the Official Journal of the European Union.
Amendment 263 #
2009/0143(COD)
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 265 #
2009/0143(COD)
Proposal for a regulation
Article 7 d (new)
Article 7 d (new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairperson of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 269 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct public consultations regarding the guidelines and recommendations and shall analyse the potentially related costs and benefits. The Authority shall also request an opinion or advice from the Insurance and Occupational Pensions Stakeholder Group referred to in Article 22.
Amendment 275 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 281 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one month fromten working days of receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, in accordance with paragraph 3, the Authority shall take a decision requiring the national supervisorycompetent authority to take the action necessary to comply with CommunityUnion law.
Amendment 284 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 286 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 288 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
Amendment 291 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 293 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 297 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 299 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)
Article 9 – paragraph 6 – subparagraph 2 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 305 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its report, the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 308 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulationin order to enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
Amendment 314 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning, the ESRB shall notify it simultaneously to the European Parliament, the Council, the Commission and the Authority.
Amendment 317 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with this Regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 318 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority mayshall adopt individual decisions requiringnecessary to ensure that national supervisory authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 329 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a national supervisory on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 330 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 331 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 335 #
2009/0143(COD)
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 336 #
2009/0143(COD)
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 at regular intervals and in any event at the request of the European Parliament or the Authority.
Amendment 338 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 b (new)
Article 10 – paragraph 4 b (new)
4b. In its report, the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
Amendment 345 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, mayshall take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 347 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 350 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in compliance with Community lawshall, in accordance with the second subparagraph of Article 29(1), take a decision to settle the disagreement and to require them to settle the matter, in compliance with Union law, with binding effects on the competent authorities concerned.
Amendment 354 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in Article 1(2), the Authority mayshall adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law, including the cessation of any practice.
Amendment 355 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors referred to in Directive 2006/48/EC and foster the coherence of the application of Community legislationUnion law across colleges.
Amendment 358 #
2009/0143(COD)
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 360 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 3 b (new)
Article 12 – paragraph 3 b (new)
3b. A legally binding mediation role should allow the new Authorities to solve disputes between national supervisors following the procedure set up in Article 11. Where no agreement can be reached between the supervisors of a cross-border institution, the Authority should be empowered to take supervisory decisions directly applicable to the institution concerned.
Amendment 363 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 364 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with a Union dimension 1. For the supervision of financial institutions with a Union dimension operating in the Union the Authority shall act as leading competent authority. They shall act through national competent authorities who will act as delegated authority. 2. The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, to define the characteristics of financial institutions with a Union dimension. Those acts shall take the form of a decision and shall contain a list of institutions that are considered to be the financial institutions with a Union dimension operating in the Union. 3. The criteria for identifying such financial institutions shall at least include consideration of the following: market share in Member States where the financial institution is active, total assets, market share of total Union assets and EU or non-EU-based ultimate ownership. In the event that such a financial institution spans different sectors, the European Supervisory Authority (Joint Committee) shall decide which part of the Authority shall act as the leading competent authority.
Amendment 365 #
2009/0143(COD)
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Supervision of cross-border financial institutions 1. To ensure the co-responsibility of financial institutions with a Union dimension, to protect European depositors' interests and to reduce the cost to tax payers of a systemic financial crisis, a European Financial Protection Fund (Fund) shall be established. The Fund shall play a role in helping the Union financial institutions facing difficulties where those difficulties could menace financial stability of the Union's single financial market. The Fund shall be financed by contributions from those institutions. The contributions may replace those made to national funds of similar nature. 2. Where the accumulated resources from the contributions made by market participants are not sufficient to solve the crisis, the Fund shall have the capacity to increase its resources through debt issuance. Member States may, in exceptional circumstances, facilitate the issuance of debt by the Fund through guarantees, and in exchange for a fee reflecting appropriately the risk assumed. Those guarantees shall be shared by Member States in accordance with the criteria laid down in paragraph 3 3. When, under extreme, exceptional circumstances and in the context of a systemic crisis, one or more institutions fail, and the resources available are insufficient, the affected Member States shall deal with this burden in accordance with the following criteria: the economic impact of the crisis on the affected Member States and the deposits, assets, distribution of those income flows of the affected institutions. 4. The membership in the Fund shall replace the membership in the existing national schemes for the Union financial institutions participating in it. The Fund shall be managed by a Board appointed by the European Supervisory Authority (Securities and Markets) for a period of five years. The members of the Board shall be elected from staff of the national authorities. The Fund shall also create a Consultative Board comprising the financial institutions participating in the Fund.
Amendment 372 #
2009/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. No bilateral agreements concerning delegation to institutions that are identified as significant cross-border financial institutions pursuant to Article 12a shall be entered into.
Amendment 381 #
2009/0143(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the national supervisory authorities concernepursuant to Article 8 to the competent authorities concerned, or adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with Articles 7 to 7d.
Amendment 387 #
2009/0143(COD)
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 388 #
2009/0143(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 b (new)
Article 16 – paragraph 2 – point 4 b (new)
(4b) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reports, the Authority will share the information with the competent national authorities.
Amendment 391 #
2009/0143(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European BankingSupervisory Authority (Banking) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets) and the European Supervisory Authority (Joint Committee).
Amendment 394 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute to 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 395 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
The Authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in Article 1(2). The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, for the purpose of making assessments of equivalence referred to in this Article.
Amendment 396 #
2009/0143(COD)
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 398 #
2009/0143(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of assessment procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 400 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
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 407 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 408 #
2009/0143(COD)
Proposal for a regulation
Article 21 – paragraph 6
Article 21 – paragraph 6
6. In discharging its tasks set out in this regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.
Amendment 410 #
2009/0143(COD)
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, an Insurance, Reinsurance and Occupational Pension Funds 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 413 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds, their employees as well as consumers and users of the insurance, reinsurance and occupational pension services. Not less than 5 of the members shall be independent top-ranking academics. 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 417 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community insurance and reinsurance firms as well as occupational pension fundUnion credit and investment institutions, their employees as well as consumers and, users of the insurance, reinsurance and occupational pension servicebanking services and representatives of SMEs. Not less than 5 of the members shall be independent top- ranking academics. The number of members representing market participants shall not exceed 10. Not less than 10 members shall be elected by SME organisations.
Amendment 429 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3
Article 22 – paragraph 3 – subparagraph 3
The Authority shall ensure adequate secretarial support for the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group. Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 439 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds 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 Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 442 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedwith particular focus on the tasks set out in Articles 7 and 8.
Amendment 454 #
2009/0143(COD)
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 460 #
2009/0143(COD)
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 462 #
2009/0143(COD)
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 qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 472 #
2009/0143(COD)
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 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 478 #
2009/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point f a (new)
Article 25 – paragraph 1 – point f a (new)
(fa) two representatives of the Banking Stakeholder Group, one of them representing the SME, who shall be non- voting.
Amendment 481 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate thean impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the national supervisory authorities which are parties to the disagreement and who shall not have any interest in the conflict.
Amendment 484 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
2a. The Board of Supervisors shall establish an Experts’ Panel comprising a limited number of independent high-level individuals, committed to the objectives of the European Union. The Experts’ Panel shall have the following tasks: (a) to express views on the Authority’s work programme; (b) to assist the Authority in the definition of priorities; (c) to alert the Authority on regulatory inconsistencies in the internal market and suggest areas for further work; and (d) to inform the Authority about major financial market developments. The Authority shall ensure adequate secretarial support for the Experts’ Panel.
Amendment 485 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 b (new)
Article 26 – paragraph 2 b (new)
2b. The members of the Experts’ Panel shall serve for a period of two-and-a-half years, following which a new selection procedure shall take place. The members may serve two successive terms.
Amendment 486 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 c (new)
Article 26 – paragraph 2 c (new)
2c. The Experts’ Panel shall adopt its rules of procedure.
Amendment 499 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty 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, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 508 #
2009/0143(COD)
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. The Management Board shall, after consulting the Board of Supervisors, adopt the annuala report on the activities of the Authority (Report) on the basis of the draft report referred to in Article 38(7) and shall transmit that re Report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The rReport shall be made public.
Amendment 524 #
2009/0143(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 529 #
2009/0143(COD)
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Amendment 532 #
2009/0143(COD)
Proposal for a regulation
Article 44
Article 44
Amendment 533 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the national supervisory authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 539 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the AuthorityEuropean Parliament from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. It shall include at least one member representing a consumer organisation, one member representing SMEs and one member representing the research community. The latter as well as his alternate shall be appointed by the Insurance, Reinsurance and Occupational Pensions Stakeholder Group.
Amendment 543 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 545 #
2009/0143(COD)
Proposal for a regulation
Article 45
Article 45
Amendment 571 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission shall draft its report taking into account the proposals made by the Insurance, Reinsurance and Occupational Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission. The Commission may also consider the views of other stakeholder groups.
Amendment 572 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 b (new)
Article 66 – paragraph 1 b (new)
1b. 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 regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts 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 177 #
2009/0142(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisorsion should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial institutions at the national level, and according a central role in the supervision ofthat have not EU dimension to at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have not 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 institutions and markets across the Community should also be achieved. A European Banking Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority) and a European Securities and Markets Authority (the European Supervisory Authorities). upervisory Authority (Securities and Markets) as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 180 #
2009/0142(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Banking Authority (“the Authority”) should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States to prevent regulatory arbitrage and guarantee a level playing field, to protect depositors and investors, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, and to strengthen international supervisory coordination, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employewhile taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, including financial institutions and other stakeholders, consumers and employees. Its tasks also include promoting supervisory convergence and providing advice to the EU institutions in the areas of banking, payments, e-money regulation and supervision, and related corporate governance, auditing and financial reporting issues. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a Community body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 235 #
2009/0142(COD)
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 Community legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate 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.
Amendment 238 #
2009/0142(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro- prudential level, across borders and across sectors. The Authority should monitor and assess such developments in the area of its competence and, where necessary, inform the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the European Systemic Risk Board on a regular and, as necessary, ad hoc basis. The Authority should also coordinate Community-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests. In order to inform the discharge of its functions, the Authority should undertake economic analysis of markets and the impact of potential market developments on them.
Amendment 244 #
2009/0142(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Close cooperation between the Authority and the European Systemic Risk Board is essential to give full effectiveness to the functioning of the European Systemic Risk Board and the follow-up to its warnings and recommendations. The Authority and the European Systemic Risk Board should share any relevant information with the European Systemic Risk Board. Data related to individual undertakings should be provided only upon reasoned request. Upon receipt of warnings or recommendations addressed by the European Systemic Risk Board to the Authority or a national supervisory authority, the Authority should ensure follow-up as appropriate.
Amendment 247 #
2009/0142(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. Before adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact study. For reasons of efficiency, a Banking Stakeholder Group should be established for that purpose, representing in balanced proportions Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees,rade unions, academics and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Communityby EU legislation.
Amendment 252 #
2009/0142(COD)
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 Banking Stakeholder group.
Amendment 257 #
2009/0142(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Without prejudice to the particular responsibilities of the Member States in crisis situations should a Member State choose to invoke the safeguard the European Parliament should be informed at the same time as the Authority, the Council and the Commission. Furthermore the Member State should explain its reasons for invoking the safeguard. The Authority should, in cooperation with the Commission, set out the next steps to be taken.
Amendment 258 #
2009/0142(COD)
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 short list 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 263 #
2009/0142(COD)
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 Supervisory Authority (European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concerned. ) or the European Supervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee will 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 will 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 284 #
2009/0142(COD)
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 depositors and 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, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 290 #
2009/0142(COD)
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 depositors and 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 Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 296 #
2009/0142(COD)
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 depositors and 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 law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 300 #
2009/0142(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 313 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in LondonFrankfurt.
Amendment 314 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in London[Frankfurt].
Amendment 357 #
2009/0142(COD)
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 imply strategic decisions and its content shall be delimited by the legislative acts on which they are based.
Amendment 389 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardCommission shall adopt technical standards in accordance with Articles 7a to 7d. Those acts shall be adopted by the Commission by meansin the form of Rregulations or Ddecisions and published in the Official Journal of the European Union.
Amendment 398 #
2009/0142(COD)
Proposal for a regulation
Article 7 d(new)
Article 7 d(new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairman of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 417 #
2009/0142(COD)
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, from the Commission, from the European Parliament, the Council or the Banking 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 467 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutionmarket participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 479 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 484 #
2009/0142(COD)
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 upon its own initiative or following a request by the Authority, the Council, the European Parliament, or the Commission.
Amendment 505 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 516 #
2009/0142(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a The Authority shall delegate on the authorities in the Member States the tasks and responsibilities to supervise the prudential supervision of financial institutions with EU dimension as referred to in article 12a.
Amendment 533 #
2009/0142(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reporting, the Authority will share the information with the competent national authorities.
Amendment 536 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (Insurance and Occupational Pensions Authority), the European Supervisory Authority (Securities and Markets Authority), the ESRB and the European Parliament, the Council and the Commission about the relevant micro- prudential trends, potential risks and vulnerabilities.
Amendment 542 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority and the European Supervisory Authority (Joint Committee).
Amendment 554 #
2009/0142(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of control procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 575 #
2009/0142(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 581 #
2009/0142(COD)
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 Banking 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 599 #
2009/0142(COD)
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 607 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority with particular focus on the tasks set out in specified in Articles 7 and 8.
Amendment 614 #
2009/0142(COD)
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 631 #
2009/0142(COD)
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 qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 643 #
2009/0142(COD)
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 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 649 #
2009/0142(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 675 #
2009/0142(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty 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, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 706 #
2009/0142(COD)
Proposal for a regulation
Article 35 – paragraph 1 a (new)
Article 35 – paragraph 1 a (new)
1a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information on, in particular, the availability, amount and cost of banking credit to households and SMEs, and the volume and changes therein of public debt owned by credit institutions, and information detailing the scope of the interaction between the Authority and the European Systemic Risk Board and a response where relevant to opinions and reviews issued by the Banking Stakeholder Group. It shall also include any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 719 #
2009/0142(COD)
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 722 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 726 #
2009/0142(COD)
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 and learning with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, 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 developing the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
Amendment 730 #
2009/0142(COD)
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 on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 732 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall behave a board composed of the Chairperson and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authoritys of the European Supervisory Authorities, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 735 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Board of the Joint Committee of European Supervisory Authorities as well as the Sub- Committees mentioned in Article 43 as observers.
Amendment 738 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 740 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 1
Article 41 – paragraph 4 – subparagraph 1
4. The Joint Committee of European Supervisory Authorities shall adopt and publish its own rules of procedure. The rules may specify further participants of the meetings of the Joint Committee.
Amendment 741 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 2
Article 41 – paragraph 4 – subparagraph 2
The Board of the Joint Committee of European Supervisory Authorities shall meet at least once every two months.
Amendment 744 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
For the purposes of Article 42, a Sub- Committee on Financial Conglomerates to the Joint Committee of European Supervisory Authorities shall be established.
Amendment 745 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
The Sub-Committee shall elect a Chairperson from amongst its members, who shall also be a member of the Joint Committee of European Supervisory Authorities.
Amendment 748 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the competent authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 760 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 797 #
2009/0142(COD)
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 the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts 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 89 #
2009/0140(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 114 #
2009/0140(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 159 #
2009/0140(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 192 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
2009/0140(COD)
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 221 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union, the ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 12 #
2009/0096(COD)
Proposal for a decision
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
a) persons who have lost or areare unemployed or at risk of losing their job and want to start their own micro-enterprise, including self- employment;
Amendment 13 #
2009/0096(COD)
Proposal for a decision
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
b) disadvantaged persons, including the young, or persons who are at risk of social exclusion who want to start or further develop their own micro- enterprise, including self- employment;
Amendment 14 #
2009/0096(COD)
Proposal for a decision
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
c) micro-enterprises, including those in the social economy which employ persons who have lost their job or which sector, which provide jobs for the unemployed, disadvantaged persons, including the young or people at risk of social exclusion.
Amendment 337 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 1 b (new)
Article 2 – paragraph 1 b (new)
1b. Articles 31 to 33 shall not apply to the marketing of shares or units of AIF that are subject to a current offer to the public under a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 1 OJ L 345, 31.12.2003, p. 64..
Amendment 405 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point g w (new)
Article 2 – paragraph 2 – point g w (new)
(gw) Internally-managed AIF which have legal personality, do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on a regulated market in the European Union;
Amendment 518 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. An AIFM may apply for authorisation under this Directive in order to market in the Union, in accordance with this Directive, AIF which were established before the deadline for the transposition of this Directive, subject to the provision to competent authorities of the information referred to in Articles 31 and 33 and to investors of the information referred to in Article 20.
Amendment 594 #
2009/0064(COD)
Proposal for a directive
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
In the case of internally managed AIF whose shares are admitted to trading on a regulated market, information on changes concerning AIFM shareholders with a qualifying holding will have to be notified to the competent authorities before implementation only when those shareholders are, or request to be, represented at the board of the AIF or otherwise exert, or attempt to exert, control or influence on the board or management of the AIF.
Amendment 678 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.,02 % of the amount by which the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million.
Amendment 685 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. Notwithstanding paragraph 4, AIF portfolios meeting the following criteria shall be excluded from the calculation of the value of the portfolios of the AIFM, namely those that; (i) are not leveraged; (ii) have no redemption rights exercisable during a period of five years following the date of constitution of each AIF; and (iii) in accordance with their investment strategy and objectives, make investments and divestments infrequently. The Member States shall require that the initial capital of AIFM only managing AIF which fulfil the conditions set out in the first subparagraph is at least EUR 50 000.
Amendment 782 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1 a (new)
Article 16 – paragraph 4 – subparagraph 1 a (new)
However, in the case of internally managed AIF whose shares are admitted to trading on a regulated market in the European Union, the rules applicable to the valuation of assets, the preparation of accounts and, in general, any other transparency requirements will be those applicable to companies whose securities are admitted to trading on a regulated market.
Amendment 786 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. This Article shall not apply in respect of AIF which are private equity funds.
Amendment 847 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. An AIFM shall not, provided that the conditions as stated below are met, be required to appoint a depositary in respect of an AIF which has no redemption rights exercisable during a period of five years from the date of constitution of the AIF and which according to its investment strategy and objectives, makes investments and divestments on a non-frequent basis. The conditions referred to above are that: (a) the AIFM complies with the provisions of Articles 16 to 18 of Commission Directive 2006/73/EC implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investmente firms and defined terms for the purposes of that Directive 1 for the purposes of safeguarding the rights of AIF they manage and, where applicable, investors to financial instruments and funds belonging to them; and (b) the independent auditors of the AIF report their to the competent authorities of the home Member State on an annual basis as to whether: (i) payments made by investors on subscription of shares or units have been correctly booked; (ii) the AIFM has maintained systems adequate to enable to comply with the provisions referred to in Article 10 throughout the period since the last report and that the AIFM was in compliance with those provisions at the date of the report; (iii) the AIFM is able to demonstrate that the financial instruments which are reported to investors as held by or for the AIF are so held. 1 OJ L 241, 2.9.2006, p. 26.
Amendment 974 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 b (new)
Article 17 – paragraph 5 b (new)
5b. Internally-managed AIF with legal personality which do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on a regulated market in the European Union may be exempted from the application of this article by the competent authority of the Member State where they have their registered office, provided the AIF´s ownership of all its assets is subject to appropriate systems of control and is verified by an independent auditor at least annually.
Amendment 1286 #
2009/0064(COD)
Proposal for a directive
Article 26
Article 26
Amendment 1310 #
2009/0064(COD)
Proposal for a directive
Article 27
Article 27
Amendment 1334 #
2009/0064(COD)
Proposal for a directive
Article 28
Article 28
Amendment 1389 #
2009/0064(COD)
Proposal for a directive
Article 29
Article 29
Amendment 1426 #
2009/0064(COD)
Proposal for a directive
Article 30
Article 30
Amendment 1510 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.
Amendment 1558 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 –introductory part
Article 39 – paragraph 1 –introductory part
1. Member States mayshall authorise, in accordance with this Directive, AIFM established in a third country to market units or shares of an AIF to professional investors in the CommunityUnion under the conditions of this Directive, provided that:
Amendment 1562 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the AIFM is subject to authorisation or registration in the third country in which it is established and that third country is the subject of a decision taken pursuant to paragraph 3 (a) stating that its legislation regarding prudential regulation and on- going supervision is reasonably equivalent to the provisions of this Directive and is effectively enforced;
Amendment 1563 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 1570 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) the supervisor authority of the AIFM in the third country is a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange Of Information or a cooperation-agreement between the competent authorities of that Member State and the supervisor of the AIFM exists which ensures an efficient exchange of all information that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active.;
Amendment 1575 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
(e) the third country has signed an agreement with the Member State in which it applies for authorisation which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.;
Amendment 1579 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point a
Article 39 – paragraph 2 – point a
(a) general reasonable equivalence criteria for the equivalence and effective enforcement of third country legislation on prudential regulation and on-going supervision, based on the requirements laid down in Chapters III, IV and V. taking into consideration any international standards directly relating to the relevant type of AIFM or to the AIF that it manages which are issued by IOSCO or another international organisation in which the competent authority, the Member State, the Commission or the ESMA is a participant; the type and level of regulation and supervision may vary, in particular in accordance with the different types, size, or complexity of AIF and AIFM.
Amendment 1580 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point b
Article 39 – paragraph 2 – point b
Amendment 1587 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point a
Article 39 – paragraph 3 – point a
(a) that the legislation on prudential regulation and ongoing supervision of AIFM in a third country is reasonably equivalent to this Directive in accordance with the size, type or complexity of the AIFM or AIF and effectively enforced;
Amendment 1588 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point b
Article 39 – paragraph 3 – point b
Amendment 1590 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 a (new)
Article 39 – paragraph 3 a (new)
3a. The Member State that grants such authorisation to an AIFM established in a third country shall be deemed to be the home Member State of the AIFM for the purposes of this Directive. The authorisation shall be valid for all Member States in relation to the marketing of units or shares in AIF, and a third-country AIFM which has been authorised by a Member State under this Article shall have the same rights and be subject to the obligations set out in Articles 16 and 17 of Chapter III and in Chapters IV, V and VI in relation to such marketing as an AIFM which is authorised under Chapter II of this Directive.
Amendment 1640 #
2009/0064(COD)
Proposal for a directive – amending act
Article 51
Article 51
AIFM operatingestablished in the Community before [the deadline for the transposition of...* shall adopt all necessary measures to comply with this Directive] and shall adopt all necessary measusubmit an application for authorisation by ...**. AIFM shall not be requiresd to comply with this Directive and shallor submit an application for authorisation within one year of the deadline for the transposition of this Directivein order to provide management services in respect of AIF established by ...*. * OJ: please insert date: date referred to in Article 54. ** OJ: please insert date: three years from the date referred to in Article 54.
Amendment 13 #
2008/2248(INI)
Motion for a resolution
Recital L
Recital L
L. whereas in the course of the current parliamentary term the Committee on Petitions, acting in response to the very large number of petitions received, has conducted detailed investigations, has reported three times on the extent of the abuse of the legitimate rights of European citizens to their legally acquired property in Spain,problems arising from the occasional misapplication of Spanish urban planning legislation as regards citizens’ rights and has also detailed its concerns in relation to the undermining of sustainable development, environmental protection, and water quality and provision, procedures concerning public procurement with regard to urbanisation contracts and insufficient control of urbanisation procedures by many local and regional authorities in Spain,
Amendment 29 #
2008/2248(INI)
Motion for a resolution
Recital P
Recital P
P. whereas Article 33 of the Spanish Constitution makes reference torecognises the rights of individuals to their property, and whereas noa comprehensive interpretation of that article has ever been provided by the Constitutional Court, notably as regards the provision of property for social use as opposed toin the form of numerous rulings determining its limits and content on the basis of the social function of those rights of individuals to their legally acquired homes and dwellings, in accordance with the law,
Amendment 35 #
2008/2248(INI)
Motion for a resolution
Recital R
Recital R
R. whereas the Commission, acting pursuant to the powers conferred on it by Article 226 of the EC Treaty, has brought proceedings against Spain before the Court of Justice in a case involving the excessive urbanisation abuses which have occurred in Spain which directly concerns the implementation by the Valencian authorities of the Directive on Public Procurement, 1 Directive 2004/18/EC of the European Parliament and of the Council of 31 March 2004 on the coordination of procedures for the award of public works contracts, public supply contracts and public service contracts (OJ L 134, 30.4.2004, p. 114).relating to the implementation by the Valencian authorities of the Directive on Public Procurement and concerning urban development,
Amendment 62 #
2008/2248(INI)
Motion for a resolution
Recital Z
Recital Z
Z. whereas the building industry, having profited excessively during the years of rapid economic expansion, has become a primary casualty of the current collapse of the financial markets, itself partly provoked by speculative ventures in the housing sector,s been notably hit by the consequences of the international collapse of the financial markets and whereas this affects not only the companies themselves, who are now confronted with bankruptcy, but also the tens of thousands of workers employed in the building industry who now face unemployment because of the unsustainable urbanisation policies which were pursued and of which they now have also become victims,
Amendment 64 #
2008/2248(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Government of Spain and of the regions concerned to carry out a thorough review and to revise allNotes that, on the basis of Article 149(1)(8) of the Spanish Constitution, the State has exclusive competence for regulating property law, and therefore calls on the Government of Spain to provide the means necessary to improve both the application of legislation affecting the rights of individual property owners, in order to bring an end to the abuse of rights and obligations enshrined in the EC Treaty, in the Charter of Fundamental Rights, in the ECHR and in the relevant EU Directiv and knowledge of the rights and obligations inherent in property; notes, however, that Article 19 of the State Land Law provides, as well as in other conventions to which the EU is a partymple safeguards regarding the right of third-party purchasers;
Amendment 84 #
2008/2248(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 97 #
2008/2248(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 111 #
2008/2248(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 1 #
2008/2199(INI)
Draft opinion
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Notes that the transatlantic market is the largest and most integrated economic area in the world but is no longer the most dynamic, and therefore calls for the strategic partnership between the EU and the USA to be strengthened in order to improve competitiveness and remove obstacles to trade and investment, in line with agreements in the Framework for Advancing Transatlantic Economic Integration;
Amendment 2 #
2008/2199(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes that the financial crisis has demonstrated the close relationship between the US and EU financial markets, and advocates ongoing dialogue between the authorities and reviewalso that global macroeconomic imbalances bear some of the blame for the current financial crisis, for which reason holding monetary talks, before and after the annual EU-US Summits, between the European Commission, the competent authorities in the US and the committees on economic affairs ing the regulatory and supervisory frameworksUS Congress and the European Parliament would be advisable;
Amendment 4 #
2008/2199(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Supports removing barriers that hinder investment and transatlantic financial services, and is in favour of gradually integrating theAdvocates gradually integrating the markets through mutual recognition combined with a degree of convergence of the current regulatory frameworks and through the establishment of occasional exemptions whenever possible. The basic principles for a successful integration are free access two markets to allow them to compete with emerging market, regulations that conform to international standards, the uniform application thereof and ongoing dialogue with market stakeholders;
Amendment 7 #
2008/2199(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that liberalising financial services without a parallel review of the regulatory framework and supervisory standards would make it harder for the competent authorities to exercise effective control due to the financial institutions and supervisory authorities acting in different spheres, and therefore advocates the adoption of regulations that guarantee competition, ensure increased transparency of products, financial institutions and markets and create common risk management models, in line with agreements at the G20 Summit in November 2008;
Amendment 10 #
2008/2199(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 14 #
2008/2199(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Supports the adoption of single accounting models to provide investors with information and facilitate the exercise of supervisory powers, and urges the US and EU authorities to regulate credit rating agenciePoints out that although investors would receive better information and supervision would be easier if accounting standards were converged, more is required and this crisis should not act as ian accordance with jointly held principles and methods; excuse for the US to delay full adoption in the medium term of the International Financial Reporting Standards (IFRS);
Amendment 15 #
2008/2199(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges the US and EU authorities to regulate credit rating agencies in accordance with jointly held principles and methods so as to restore confidence in ratings and place them on a sound footing; points out however that the EU needs to develop its own regulatory framework as the extra-territorial application of US Securities and Exchange Commission standards to American agencies operating in the European market would not be acceptable;
Amendment 17 #
2008/2199(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Agrees with the Commission that credit originator institutions should be obliged to retain a fraction of the credit issued in order to force them to accept their share of the risks transferred; calls for this issue to be raised in the transatlantic dialogue in order to preserve equal conditions at international level and limit systemic risks on the world financial markets;
Amendment 20 #
2008/2199(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Acknowledges that the US supervisory authorities have made progress in implementing the Basel II agreements in regard to large banks, but criticises the discrepancies that remain to be corrected as they impose additional burdens on American subsidiaries of European banks, thereby reducing their competitiveness, and notes that there are still some points (financial holdings and small banks) that need to be cleared up as soon as possible.
Amendment 55 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. By way of derogation from paragraph 1, the Federal Republic of Germany and the French Republic shall be authorised to bring into force the provisions necessary to comply with Article 3(1) of this Directive by 31 December 2014.
Amendment 630 #
Amendment 632 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 1 – subparagraph 1
Article 69 – paragraph 1 – subparagraph 1
1. Member States may grant financial contributions to premiums for crop insurance againstdesigned to compensate for: (a) losses caused by adverse climatic events which can be assimilated to natural disasters; (b) other losses caused by climatic events; (c) economic losses caused by animal or plant diseases or pest infestations.
Amendment 638 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 1 – subparagraph 2
Article 69 – paragraph 1 – subparagraph 2
For the purpose of this article, (a) ‘adverse climatic event’ means weather conditions which can be assimilated to a natural disaster, such as frost, hail, ice, rain or drought and destroy more than 30% of the average of annual production of a given farmer in the preceding three-year period production cycles or a three-year average based on the preceding five-year period, excluding the highest and lowest entry; (b) 'economic losses' means all additional costs borne by a farmer on account of the exceptional measures which he adopts in order to reduce supply to the market concerned or any significant loss of production. The costs in respect of which compensation may be granted pursuant to other Community provisions and those stemming from the application of any other health, veterinary or plant-health measure shall not be regarded as economic losses.
Amendment 646 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 2 – subparagraph 1
Article 69 – paragraph 2 – subparagraph 1
2. The financial contribution granted per farmer shall be set at 680% or 50% of the insurance premium due. Member States may decide to increase the financial contribution to 70% taking account of the climatic situation or the situation of the sector concerned in accordance with the criteria laid down in Article 12(2) of Regulation (EC) No 1857/2006.
Amendment 651 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 3
Article 69 – paragraph 3
Amendment 654 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 4
Article 69 – paragraph 4
4. Insurance payments shall compensate for not more than the total cost of replacing losses referred to in paragraph 1 and shall not require or specify the type or quantity of future production.
Amendment 655 #
2008/0103(CNS)
Proposal for a regulation
Article 69 – paragraph 5
Article 69 – paragraph 5
Amendment 659 #
2008/0103(CNS)
Proposal for a regulation
Article 70 – title
Article 70 – title
Mutual funds for animal and plant Mutual funds diseases
Amendment 672 #
2008/0103(CNS)
Proposal for a regulation
Article 70 – paragraph 4 – introductory part and point a
Article 70 – paragraph 4 – introductory part and point a
4. The financial contributions referred to in paragraph 1 may relate to: (a) the administrative costs of setting up the mutual fund, spread across a maximum of three years,.
Amendment 673 #
2008/0103(CNS)
Proposal for a regulation
Article 70 – paragraph 4 – point b
Article 70 – paragraph 4 – point b
Amendment 674 #
2008/0103(CNS)
Proposal for a regulation
Article 70 – paragraph 4 – point c
Article 70 – paragraph 4 – point c
Amendment 29 #
2008/0051(CNS)
Proposal for a directive
Article 17 a (new)
Article 17 a (new)
Article 17a 1. At the request of the person referred to in Article 17(1), the competent authorities of the Member State of dispatch may, under conditions they have set, allow for an overall guarantee to be provided for lower excise duties, or for no guarantee to be provided, provided that fiscal responsibility for the transport is at the same time assumed by the party responsible for the transport. 2. The authorisation referred to in paragraph 1 shall only be granted to persons who fulfil the following conditions: a) are established in the customs territory of the Community; b) have a satisfactory record as regards the provision of guarantees concerning the movement of excise goods under suspension of excise duty; and c) regularly provide guarantees concerning the movement of excise goods under suspension of excise duty or are deemed by the customs authorities to have the ability to meet the obligations upon them in relation to these procedures. 3. The measures governing the procedure for granting the authorisations in application of paragraphs 1 and 2 of this Article shall be adopted in accordance with the regulatory procedure referred to in Article 40(2).
Amendment 31 #
2008/0051(CNS)
Proposal for a directive
Article 19 a (new)
Article 19 a (new)
Article 19a The rules applicable to the movement of excise goods under suspension of duty should, under conditions set by the competent authorities of the Member State of dispatch, allow for an overall guarantee to be provided for lower excise duties, or for no guarantee to be provided, provided that fiscal responsibility for the transport is at the same time assumed by the party responsible for the transport.
Amendment 32 #
2008/0051(CNS)
Proposal for a directive
Article 23 – paragraph 1 – subparagraph 1
Article 23 – paragraph 1 – subparagraph 1
1. On receipt of excise goods at any of the destinations referred to in points (i), (ii) or (iv) of Article 16(1)(a) or in Article 16(2), the consignee shall without delay, not later than the working day following reception, submit a report of their receipt, hereinafter the "report of receipt", to the competent authorities of the Member State of destination using the computerised system.
Amendment 33 #
2008/0051(CNS)
Proposal for a directive
Article 24 – paragraph 3
Article 24 – paragraph 3
3. The competent authorities of the Member State of dispatch shall forward the report of export to the consignor not later than the working day following reception of the certificate stating that the excise goods have left the territory of the Community.
Amendment 41 #
2008/0051(CNS)
Proposal for a directive
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
As regards excise goods other than manufactured tobacco acquired by private individuals, the first subparagraph shall also apply in cases where the goods are transported, after being ordered, on their behalf.
Amendment 50 #
2008/0051(CNS)
Proposal for a directive
Article 37
Article 37
Amendment 52 #
2008/0051(CNS)
Proposal for a directive
Article 38 – paragraph 2
Article 38 – paragraph 2
2. ‘Small wine producers’ shall be understood to mean persons producing on average less than 1 0500 hl of wine per year.
Amendment 398 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 3
Article 10a – paragraph 1 – subparagraph 3
The measures referred to in the The measures referred to in the first subparagraph shall, to the first subparagraph shall, to the extent feasible, ensure that extent feasible, ensure that allocation takes place in a manner allocation takes place in a manner that gives incentives for that gives incentives for greenhouse gas and energy greenhouse gas and energy efficient techniques and for efficient techniques and for reductions in emissions, by taking reductions in emissions, such as account of the most efficient high-efficiency cogeneration techniques, substitutes, alternative plants, by taking account of the production processes, use of most efficient techniques, biomass and greenhouse gas substitutes, alternative production capture and storage, and shall not processes, use of biomass and give incentives to increase greenhouse gas capture and emissions. No free allocation shall storage, and shall not give be made in respect of any incentives to increase emissions. electricity production. No free allocation shall be made in respect of any electricity production.
Amendment 447 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 3
Article 10a – paragraph 3
3. Free allocation mayshall be given to electricity generatoron a 100% basis in respect of the production of heat and electricity through high efficiency cogeneration as defined by Directive 2004/8/EC for economically justifiable demand to ensure equal treatment with regard to other producers of heat. In each year subsequent to 2013, the total allocation to such installations in respect of the production of that heat shall be adjusted by the linear factor referred to in Article 9.
Amendment 722 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 27 - paragraph 1
Article 27 - paragraph 1
1. Member States mayshall exclude, from the Community scheme, combustion installations which have a rated thermal input below 25MWcorresponding to any activity included in Annex I where a request is made, reported emissions to the competent authority of less than 1025 000 tonnes of carbon dioxide equivalent, excluding emissions from biomasprocess and biomass emissions, in each of the preceding 3 years, and which are subject to measures that will achieve an equivalent contribution to emission reductions, if the Member State concerned complies with the following conditions: (c) it confirms that if any (d) it publishes the information(a) it notifies the Commission (a) it notifies the Commission of of each such installation, each such installation, specifying specifying the equivalent the equivalent measures that are in measures that are in place, place, (b) it confirms that monitoring (b) it confirms that monitoring arrangements are in place to arrangements are in place to assess assess whether any whether any installation emits installation emits 10 000 25 000 tonnes or more of carbon tonnes or more of carbon dioxide equivalent, excluding dioxide equivalent, process and biomass emissions, in excluding emissions from any one calendar year; biomass, in any one calendar year; (c) it confirms that if any installation emits 10 000 installation emits 25 000 tonnes or tonnes or more of carbon more of carbon dioxide equivalent, dioxide equivalent, excluding process and biomass excluding emissions from emissions, in any one calendar year biomass, in any one or the equivalent measures are no calendar year or the longer in place, the installation will equivalent measures are no be re-introduced into the system; longer in place, the installation will be re- introduced into the system; (d) it publishes the information referred to in points (a), (b) referred to in points (a), (b) and (c) and (c) for public comment. for public comment.
Amendment 790 #
2008/0013(COD)
Proposal for a directive – amending act
Annex I - point 2 a (new)
Annex I - point 2 a (new)
Directive 2003/87/EC
Annex I - point 2 - paragraph 1 a (new)
Annex I - point 2 - paragraph 1 a (new)
2a. Add the following subparagraph to paragraph 2: "The scope of this directive shall not include cogeneration plants of thermal power less than 35 MW, irrespective of the sector with which they are associated."
Amendment 801 #
2008/0013(COD)
Proposal for a directive – amending act
Annex I - point 3 - paragraph (c) - point (ii)
Annex I - point 3 - paragraph (c) - point (ii)
Directive 2003/87/EC
Annex I - table - category 3 - paragraph 3
Annex I - table - category 3 - paragraph 3
ii) in the third paragraph the following terms are deleted: ", and/or with a kiln capacity exceeding 4 m³ and with a setting density per kiln exceeding 300 kg/m³;"
Amendment 11 #
2007/2238(INI)
Motion for a resolution
Recital A
Recital A
A. whereas there is at present insufficientno specific EU regulation ofn hedge funds and private equity,.
Amendment 27 #
2007/2238(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there is empirical evidencea risk that hedge funds may engage in herding in times of market turmoil, thuswhich could givinge rise to financial stability concerns,
Amendment 52 #
2007/2238(INI)
Motion for a resolution
Recital L
Recital L
L. whereas excessive debt required by much of the activitiespoor management of hedge funds and private equity threatens financial stability, prejudices the realisation of the long-term investment, growth and jobs agenda and is, moreover, unfairly favoured in nationdebt may, despite its risk diversification capacity, threaten financial stax regimesbility,
Amendment 66 #
2007/2238(INI)
Motion for a resolution
Recital N
Recital N
N. whereas in the event of extreme debt loads, private equity leveraged buy-outs may come to affect the viability of the target companies,
Amendment 74 #
2007/2238(INI)
Motion for a resolution
Recital O
Recital O
O. whereas there are many conflicts of interest either arisingmay arise either from the business model of private equity or hedge funds or from the relationships between those vehicles and other actors in financial markets,
Amendment 80 #
2007/2238(INI)
Motion for a resolution
Recital P
Recital P
P. whereas whilst there is no evidence that those vehicles did not caused the current financial crisis, they have been involved in the business oftrade in non-regulated and highly complex structured products; whereas not being adequately capitalised and thus volatile to turbulences, those vehicles enhanced the crisis,
Amendment 125 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point a
Annex – recommendation 1 – point a
a) Capital requirements Investment firms, insurance companies, credit institutions, conventional funds (such as UCITS and pension funds/IORPs) have to comply with capital requirements. Whatever the legal structure of hedge fund and private equity vehicles, including limited partnerships, the Commission should ensure that an appropriate capital requirement is introduced at the level of the entity that controlsis responsible for the investment of the fund or funds concerned (i.e. management firm), covering all funds regardless of their place of registration.
Amendment 163 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point b
Annex – recommendation 2 – point b
b) Notification (i.e. approval) of wholesale investment vehicles In order to encourage funds to be located onshore in the EU, the Commission should propose a separate directive along the lines of the EU-wide private placement regime, currently under discussion, to apply to the marketing and distribution in the EU of hedge funds and private equity funds. Such a regime should function on a single entry point basis: once authorised, it should be possible to offer those wholesale investment vehicles to professional, institutional investors throughout the EU. In order to promote a well-functioning single European financial market, the Commission should ensure the investment vehicle discloses the following: - general investment strategy and immediate information on any changes thereto, - leverage/debt exposure, - overall fees as well as breakdown of fees (including any stock options awarded to employees), - source and amount of funds raised, - past performance, - risk-management system and portfolio valuation methods, - information on the administrator of thPrivate equity fund regime: The Commission should submit a legislative proposal to regulate the private equity fund regime at European level, allowing cross-border distribution of hedge funds to qualified investors. In addition, within the EU-USA dialogue it should encourage adoption of some common rules on hedge funds, and - share of the fund contributed by the management company and its staff.. That information should be set out in a uniform format (also to facilitate the database proposal below)to even out the existing imbalances.
Amendment 171 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point c
Annex – recommendation 2 – point c
c) Database The Commission should, with the help of Level 3 Committees, establish an EU-wide registration/authorisation database recording the information on both management firms and investment vehicles as specified above. The supervisory authorities of all Member States should have unlimited access. Relevant categories of the database should be public.
Amendment 173 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point d
Annex – recommendation 2 – point d
d) Investors The Commission and supervisory authorities shouldshould examine whether there is a need to ensure that investors in those vehicles receive not only sufficient but alsoand relevant and comparable information (e.g. the simplified prospectus/fact sheet for UCITS)information on the main features of their investment.
Amendment 191 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 3 – point c
Annex – recommendation 3 – point c
Amendment 20 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 1
Article 135a – point 1
(1) 'insurance and reinsurance' means a commitment whereby aone or more person iss are obliged, in return for a payment, to provide anone or more other persons, in the event of materialisation of a risk, with an indemnity or a benefit as determined by the commitment;
Amendment 28 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 9
Article 135a – point 9
(9) 'intermediation in insurance and financial transactions' means the supply of services rendered to, and remunerated by, a contractual party as a distinct act of mediationperformance of a distinct act of mediation or of canvassing of customers in relation to the insurance or financial transactions referred tomentioned in points (a) to (e) of Article 135(1), this service being rendered to, and remunerated by, a third party intermediaryny counterparty of the intermediary, provided that the intermediary is not a counterparty in those insurance or financial transactions;
Amendment 38 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137a – paragraph 1
Article 137a – paragraph 1
1. From 1 January 2012, Member States shall allow taxable persons a right of option for taxation in respect of the services referred to in points (a) to (e) and in point (g) of Article 135(1). This option may not be exercised in relation to the services governed by point (f) of Article 135(1) and by Article 135(1a).
Amendment 41 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137a – paragraph 2 – subparagraph 1 a (new)
Article 137a – paragraph 2 – subparagraph 1 a (new)
All measures for the above purpose must, in any event, conform to the following principles: (a) the option of making a transaction taxable or otherwise shall invariably rest with the taxable person; (b) the option may be exercised from one transaction to another.
Amendment 77 #
2007/0143(COD)
Proposal for a directive
Recital 14 a (new)
Recital 14 a (new)
(14a) Supervision of the reinsurance activity should take account of the specific features of the reinsurance business, particularly its global nature and the fact that the policyholders are themselves insurance or reinsurance undertakings.
Amendment 93 #
2007/0143(COD)
Proposal for a directive
Recital 36
Recital 36
(36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order to better serve policyholders’ needs and enhance their protection. Thus the calibration of the capital charge should properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets such as equity and real estate, and should not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and the solvency capital requirement.
Amendment 155 #
2007/0143(COD)
Proposal for a directive
Article 27
Article 27
Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries and promotion of the insurance industry and activity.
Amendment 164 #
2007/0143(COD)
Proposal for a directive
Article 30 – paragraph 2 – point e a (new)
Article 30 – paragraph 2 – point e a (new)
(ea) any quantitative tools developed under the supervisory review process.
Amendment 172 #
2007/0143(COD)
Proposal for a directive
Article 36 – paragraph 5
Article 36 – paragraph 5
5. The supervisory authorities shall have the necessary powers to require insurance and reinsurance undertakings, by means of a reasoned resolution proportionate to the nature and extent of the facts ascertained, to remedy weaknesses or deficiencies identified in the supervisory review process.
Amendment 173 #
2007/0143(COD)
Proposal for a directive
Article 36 – paragraph 6 – subparagraph 2
Article 36 – paragraph 6 – subparagraph 2
The supervisory authorities shall establish the minimum frequency and scope of the reviews, evaluations and assessments referred to in paragraphs 1, 2 and 4 having regard to the nature, scalaid down in this article. For its part the Commission shall adopt the corresponding implementing measures with the aim of ensuring the same rules and complexity of the activities ofre applicable to all Member States of the European Union, developing the procedures necessary to ensure that the insurance orand reinsurance undertaking concernedis heard during the supervisory review process and in the subsequent adoption of measures, within the framework laid down by this Directive.
Amendment 176 #
2007/0143(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1
Article 38 – paragraph 2 – subparagraph 1
2. The Member State where the service provider is located shall permit the supervisory authorities of the insurance or reinsurance undertaking to carry out themselves, or through the intermediary of persons they appoint for that purpose, on- site- inspections at the premises of the service provider, after having first informed the insurance or reinsurance undertaking and its own appropriate authorities. In the case of a non -supervised entity the appropriate authority shall be the supervisory authority.
Amendment 177 #
2007/0143(COD)
Proposal for a directive
Article 38 – paragraph 2 a (new)
Article 38 – paragraph 2 a (new)
2a. Outsourcing to service providers situated in third countries shall be permitted in accordance with the conditions of paragraphs 1 and 2.
Amendment 193 #
2007/0143(COD)
Proposal for a directive
Article 44 – paragraph 6 a (new)
Article 44 – paragraph 6 a (new)
6a. Without prejudice to the above, the only solvency levels with which insurance and reinsurance undertaking must comply shall be those determined in accordance with the standard formula or, where appropriate, the internal model used, without prejudice to capital surpluses, in accordance with the provisions of this Directive.
Amendment 202 #
2007/0143(COD)
Proposal for a directive
Article 49 – point 1
Article 49 – point 1
(1) the elements of the systems referred to in Articles 41, 43, 44, 45 and 46, and in particular the areas to be covered by the asset – liability management and investment policy, as referred to in Article 43(2), of insurance and reinsurance undertakings;
Amendment 205 #
2007/0143(COD)
Proposal for a directive
Article 50 - paragraph 2 – point e – point iii
Article 50 - paragraph 2 – point e – point iii
Amendment 229 #
2007/0143(COD)
Proposal for a directive
Article 74 – paragraph 1 – subparagraph 1 - introductory part
Article 74 – paragraph 1 – subparagraph 1 - introductory part
1. Member States shall ensure that, unless otherwise statedfor reasons of solvency, insurance and reinsurance undertakings value assets and liabilities as follows:
Amendment 238 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 2
Article 75 – paragraph 2
2. The calculation of technical provisions shall be bascalculated oin their current exit valuea way which is objective, reliable and consistent with the market.
Amendment 243 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on insurance and reinsurance underwriting technical risks (market consistency).
Amendment 245 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 4
Article 75 – paragraph 4
Amendment 246 #
2007/0143(COD)
Proposal for a directive
Article 76 – paragraph 2 – subparagraph 1
Article 76 – paragraph 2 – subparagraph 1
2. The best estimate shall be equal to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of future cash-flows), using the relevant risk- free interest rate term structure so that the discount rate is consistent with market prices for observable cash flows whose characteristics are similar to those of liabilities in terms of duration, currency, liquidity, etc.
Amendment 352 #
2007/0143(COD)
Proposal for a directive
Article 103 – paragraph 1 – introductory part
Article 103 – paragraph 1 – introductory part
1. The Solvency Capital Requirement shall be the sum of the following items, correlated where appropriate:
Amendment 366 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 1
Article 105 – paragraph 5 – subparagraph 1
5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 373 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 b (new)
Article 105 – paragraph 5 – subparagraph 2 b (new)
The equity (or property) risk sub-module shall be calculated using the Value-at- Risk based on the annualised return on equities (or on property), subject to a confidence level of 99.5 %, taking duly into account the holding period of equities (or property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and the Solvency Capital Requirement, and the long-term nature of the investment in the case of participations.
Amendment 378 #
2007/0143(COD)
Article 105 – paragraph 5 – subparagraph 1 c (new)
Notwithstanding the foregoing, insurance and reinsurance undertakings may assess the impact of changes in equity (or property) market prices by simulating a fixed shock in equity (or property) prices.
Amendment 381 #
2007/0143(COD)
Proposal for a directive
Article 106 – paragraph 1
Article 106 – paragraph 1
1. The capital requirement for operational risk shall reflect operational risks to the extent they are not already reflected in the riskother modules making up the Basic Solvency Capital Requirement referred to in Article 104. That requirement shall be calibrated in accordance with Article 101(3).
Amendment 382 #
2007/0143(COD)
Proposal for a directive
Article 106 – paragraph 3
Article 106 – paragraph 3
3. With respect to insurance and reinsurance operations other than those referred to in paragraph 2, the calculation of the capital requirement for operational risk shall take account of the volume of those operations, in terms of earned premiums and technical provisions which are held in respect of those insurance and reinsurance obligations. In this case, the capital requirement for operational risks shall not exceed 30%a fixed percentage of the Basic Solvency Capital Requirement relating to those insurance and reinsurance operations and, by way of a mitigating factor, shall allow for the internal control environment in which the undertaking operates.
Amendment 394 #
2007/0143(COD)
Proposal for a directive
Article 111 – paragraph 2
Article 111 – paragraph 2
Amendment 422 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point d a (new)
Article 127 – paragraph 1 – point d a (new)
(da) its calibration shall be risk sensitive and ensure appropriate interplay with the Solvency Capital Requirement so as to make for a gradual increase in supervisory intervention.
Amendment 442 #
2007/0143(COD)
Proposal for a directive
Article 136 – paragraph 2
Article 136 – paragraph 2
2. Within two months from the observation of the significant non-compliance with the Solvency Capital Requirement the insurance or reinsurance undertaking concerned shall submit a realistic recovery plan for approval by the supervisory authority.
Amendment 443 #
2007/0143(COD)
Proposal for a directive
Article 136 – paragraph 3 – subparagraph 1
Article 136 – paragraph 3 – subparagraph 1
3. The supervisory authority shall require the insurance or reinsurance undertaking concerned to take the necessary measures to achieve, within six months from the observation of the significant non- compliance with the Solvency Capital Requirement, the re- establishment of the level of eligible own funds covering the Solvency Capital Requirement or the reduction of its risk profile to ensure compliance with the Solvency Capital Requirement.
Amendment 446 #
2007/0143(COD)
Proposal for a directive
Article 141 – subparagraph -1 a (new)
Article 141 – subparagraph -1 a (new)
The Commission shall adopt implementing measures specifying the conditions for intervention in the forms referred to in Article 136(3) and (4) and clarifying the application of the principles referred to in Article 139.
Amendment 811 #
2007/0143(COD)
Proposal for a directive
Article 304 - paragraph 3 a (new)
Article 304 - paragraph 3 a (new)
Amendment 821 #
2007/0143(COD)
Proposal for a directive
Annex IV
Annex IV