6 Amendments of Gunnar HÖKMARK related to 2014/0020(COD)
Amendment 114 #
Proposal for a regulation
Recital 10
Recital 10
(10) Consistent with the goals of contributing to the functioning of the internal market, it should be possible to grant a derogation for a credit institution from the provisions on separation of certain trading activities where a Member State has adopted national primary legislation prior to 29 January 2014 (including secondary legislation subsequently adopted) prohibiting credit institutions, which take deposits from individuals and Small and Medium sized Enterprises (SMEs) fromfor a core credit institution which does not deal in investments as a principal nor hold trading assets and for any core credit institution within a corporate group that is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal andor holding trading assets. The Member State should therefore be entitled to make a request to the Commission to grant a derogation from the provisions on separation of certain trading activities for a credit institution that is subject to the national legislation compatible with those provisions. This would allow, and that also meets certain other conditions, to avoid being subject to the assessment set out in this Regulation. As well as creating a 'safe harbour' for institutions which take adequate steps to meet the objectives of this Regulation, this would allow institutions in Member States that already have primary legislation in place, the effects of which are equivalent to and consistent with this Regulation, to avoid alignment of existing, effective provisions. To ensure thbeing subject to further assessment and to a further requirement to separate the impact of that national legislation, as well as of subsequent implementing measures, does not jeopardise the aim or functioning of the internal market, the aim of that national legislation and related supervisory and enforcement arrangements must be able to ensure that credit institutions that take eligible deposits from individuals and from SMEs comply with legally binding requirements that are equivalent and compatible with the provisions provided inir activities. This would enable a Member State, or a jurisdiction with a common supervisor, which considers that its banking sector and the credit institutions in its territory and under its competent authorities' responsibility are of such a size relative to its economy as a whole that retail customers and depositors would, because of the proportion of trading and market making activities in its financial sector as a whole, face substantial risks without the provision of public financial support for resolution, to legislate at the appropriate level in order to separate such activities in a way that is consistent with this Regulation. The competent authority supervising the credit institution subject to the national legislation in question should be responsible for providing an opinion that should accompany the request for the derogationverifying that the conditions of the exemption are met.
Amendment 429 #
Proposal for a regulation
Article 9 – paragraph 1 b (new)
Article 9 – paragraph 1 b (new)
1 b. An assessment under paragraph 1(b) shall not affect any core credit institution within the group which - is legally separated from and neither holds capital instruments or voting rights in, nor is a subsidiary of, any group entity that engages in the regulated activity of dealing in investments as a principal or holds trading assets ("trading entity"); - is able to make decisions independently of other group entities; - has a management body that is independent of other group entities; - is subject to capital and liquidity requirements in its own right; and - may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7).
Amendment 430 #
Proposal for a regulation
Article 9 – paragraph 1 ba (new)
Article 9 – paragraph 1 ba (new)
1 ba. Where paragraph 1b applies, the EU parent of each core credit institution shall ensure to the extent necessary that the core credit institution can carry on its activities in the event of the insolvency of any trading entity within the group.
Amendment 431 #
Proposal for a regulation
Article 9 – paragraph 1 bb (new)
Article 9 – paragraph 1 bb (new)
Amendment 432 #
Proposal for a regulation
Article 9 – paragraph 1 c (new)
Article 9 – paragraph 1 c (new)
1 c. Paragraphs 1a and 1b shall not apply: - to institutions and groups which have been deemed unresolvable following the assessment by the resolution authority provided for in Articles 15 and 16 of Directive 59/2014/EU [BRRD] - to institutions and groups which have not begun the process of complying with the conditions of those paragraphs before the assessment has begun.
Amendment 502 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (hg) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stresolvability of the core credit institution or to the Union financial system as a whole, taking into account the objectives referred to in Article 1 and the size, complexity and risk intensity of the institution, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3. In its assessment of resolvability, the competent authority shall specifically regard the risk that financial problems in the core credit institution could spread to other credit institutions in case of a failure.