53 Amendments of José Manuel GARCÍA-MARGALLO Y MARFIL related to 2009/0142(COD)
Amendment 177 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 313 #
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in LondonFrankfurt.
Amendment 314 #
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in London[Frankfurt].
Amendment 357 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 516 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 722 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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