46 Amendments of Peter SKINNER related to 2009/0144(COD)
Amendment 149 #
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 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 Community law, with the elaboration of draft technical standards, which do not involve policy choices. 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 amendmentIt can choose to reject them in part or in whole if, for example, the draft technical standards were incompatible with Community Law, wouldEuropean Union law, do 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 CommunityEuropean Union financial services legislation. To ensure a smooth and expeditedious adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsementwhen deciding when to endorse, partially endorse or reject them. The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. The matters concerned by the technical standards do not involve policy decisions, and their content is framed by the Union acts adopted at Level 1. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 158 #
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityEuropean Union require a swift and concerted response at CommunityEU level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the deThe European Systermination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionc Risk Board should establish when there is an emergency situation. The Commission should declare an emergency on a recommendation from the European Systemic Risk Board. 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 market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 165 #
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 initiate and coordinate Community-Union- wide stress tests to assess the resilience of financial market participants 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 167 #
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. For reasons of efficieBefore adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact assessment with a view to ensuring that the best practices for high-quality regulation are met. To provide effective external assistancye, a Securities and Markets Stakeholder Group should be established for that purpose, representing in balancedappropriate proportions CommunityEU financial market participants (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 financial services, including SMEs. The Securities and Markets Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityEU legislation.
Amendment 175 #
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competition,European Parliament from a short list drawn up by the Board of Supervisors should 195represent 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 176 #
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 and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on F(Joint Consultative Committee) ("the Joint Consultative Committee") and reach common positions where appropriate. The Joint Consultative Committee should 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 (Insurance and Occupational Pensions Authority or the European Banking Authority should be adopted in parallel by) or the European Supervisory Authority (Banking) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Consultative Committee will be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Consultative Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Consultative Committee will have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities concerned, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 197 #
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, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, and. 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 203 #
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, (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 211 #
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 CommunityUnion 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 276 #
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, partially endorse or reject 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 331 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. Decisions adopted under paragraph 6 shall apply to all relevant financial institutions which are active in the non- compliant jurisdiction.
Amendment 339 #
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 CommunityUnion, the Commission, upon its own initiative or following a request by the Authority, the Council, orfollowing recommendation from the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 340 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The conclusion drawn by the ESRB shall be subject to an exchange of views ex-post between the ESRB Chairman, the European Parliament and the competent Commissioner and shall be effective as soon as possible.
Amendment 358 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The Commission may revoke its decision pursuant to paragraph 1 on a recommendation from the European Systemic Risk Board, or at the request of the European Parliament or the Council.
Amendment 361 #
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 competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competent authorities from more than one Member State, the Authority,and does not assign the ultimate responsibility to the group supervisor, the Authority, on its own initiative or at the request of one or more of the competent authorities concerned, may take the lead in assisting assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 378 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 385 #
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The delegation of responsibilities shall result in the reallocation of the competencies laid down in the legislation referred to in Article 1(2). The law of the delegate authority shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.
Amendment 390 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developingadvice to the appropriate European and international bodies to help facilitate the development of high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 398 #
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 competent authorities concerned.
Amendment 405 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
The Authority shall include in its analysis an economic analysis of the markets for insurance and occupational pensions, and the impact of potential market developments on them. In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate CommunityUnion -wide assessments of the resilience of key financial market participants to adverse market developments To that end, it shall develop the following, for application by the competent authorities:
Amendment 407 #
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 Supervisory Authority (Insurance and Occupational Pensions Authority and the European Banking Authority) and the European Supervisory Authority (Banking) through the European Supervisory Authority (Joint Consultative Committee).
Amendment 422 #
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 shall 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 430 #
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 Community financial market participants, their employees as well as consumers, investors and users of financial service. Not more than 15 of the members will be representatives of financial market participants. Not less than five of the members shall be representatives of SMEs, employees (such as trade unions) and consumers, investors and users of financial services. Not less than five of the members shall be independent top- ranking academics.
Amendment 450 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
A budget shall be allocated to members of the Securities and Markets Stakeholder Group that represent non-profit organisations. This budget shall be agreed by the Board of Supervisors and shall be sufficient to cover expenses related to the organisation and attendance of preparatory meetings and the commissioning of external research and opinions.
Amendment 457 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedincluding in relation to reaching joint positions with the European Supervisory Authority (Banking) and the European Supervisory Authority (Insurance and Occupational Pensions) as set out in Article 42, with particular focus on the tasks set out in Articles 7 and 8.
Amendment 462 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The Securities and Markets Stakeholder Group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by Securities and Markets Stakeholder Group, with the right for each stakeholder sub-group to have their proposed items on the agenda. Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 466 #
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 on the basis of the agreement of a two-thirds majority of members.
Amendment 518 #
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 523 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point b
Article 25 – paragraph 1 – subparagraph 1 – point b
(b) the Head of the competent authority in each Member State. IfWhere there is more than one competent authority in a Member State, the authorities shall agree on the territory for which the Member State is responsible for the applicatione of EU law, the Heads to be theof those organisations shall be joint representatives on the Board of Supervisors and shall decide between themselves how to exercise their representation, including any votes under Article 29, which shall be shared;
Amendment 525 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate the settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the competent authorities which arefour members of the Board of Supervisors. The Chairperson shall select the members of the panel drawn from the Board of Supervisors. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authority partiesy to the disagreement, nor shall they have any interest in the conflict.
Amendment 539 #
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(4) 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 to 11 and all measures and decisions adopted under Chapter VI.
Amendment 565 #
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include 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 573 #
Proposal for a regulation
Chapter IV – Section 2
Chapter IV – Section 2
Amendment 574 #
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby establishedy ((Joint Consultative Committee) ("the Joint Consultative Committee") is hereby established and shall have its headquarters in Brussels.
Amendment 576 #
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 BankingSupervisory Authority (Banking) and the European Supervisory Authority (Insurance and Occupational Pensions), 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 development of the relationship between the European Systemic Risk Board and the European Supervisory Authorityies.
Amendment 581 #
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 the administrative, infrastructure, and operational expenses.
Amendment 585 #
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 BankingSupervisory Authorityies, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 586 #
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 587 #
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 Supervisory Authority (Banking), the European Supervisory Authority (Insurance and Occupational Pensions Authority) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets). The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 588 #
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 590 #
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 withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory 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 ofn the Authority's exercise of its powers.
Amendment 602 #
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Banking Authority, and the European Supervisory Authority (Banking), and the European Supervisory Authority (Insurance and Occupational Pensions Authority) shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 616 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. In the case of non-contractual liability, the Authority shall, in accordance with the general principles common to the laws of the Member States, make good any unjustifiable damage caused by it or by its staff in the performance of their duties. The Court of Justice shall have jurisdiction in any dispute over the remedying of such damage.
Amendment 628 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall produce its report having taken into account proposals on developing the Authority and ESFS submitted by the Securities and Markets Stakeholder Group, established under Article 22, the Board of Supervisors, established under Article 26, and the Joint Committee, established under Article 40. Those proposals will form an annex to the report to be published by the Commission. The Commission shall also consider the views of other stakeholder groups.
Amendment 629 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 b (new)
Article 66 – paragraph 1 – subparagraph 1 b (new)
The report shall, inter alia, review the performance of the Authorities as pertains to Article 6, the application of the safeguard clause under Article 23 and the functioning of the ESFS as pertains to Article 39. 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, including, if necessary, proposals on changes to the Treaties and sectoral legislation.
Amendment 631 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2