106 Amendments of Zsolt László BECSEY
Amendment 1 #
2008/2156(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the euro area is set to expand further as most Member States currently outside the euro area are preparing to join at some point in the future – a condition of accession, in fact, for countries which joined the Union between 2004 and 2007 – and Slovakia is the next in line,
Amendment 24 #
2008/2156(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines that more needs to be done to reap the full benefits of EMU, such as enabling Member States and regions with below-average GDP to catch up, and to strengthen citizens' understanding and commitment to the single currency.
Amendment 43 #
2008/2156(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the main elements of the SGP must also be consistently adhered tobe handled flexibly in the future, since both the criterion of 3 % and that of a maximum national debt of 60 % were specified on the basis of the economic conditions in the 1990s, and lower growth rates would necessitate substantially stricter criteria; higher growth rates do, however, enable the debt-to-GDP ratio to fall, even if the annual debt rises temporarily above 3%; is of the opinion that the SGP must be adhered to strictly by the Member States and supervised by the Commission; notes that an effective coordination of economic and financial policy is desirable within the EMU, although it should respect the principle of subsidiarity; stresses that existing supervisory instruments must be used better by the Commission and that the medium-term examination of national budgets by the Eurogroup has to be strengthened;
Amendment 57 #
2008/2156(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Requests the Commission to handle, in a uniform manner, the common criteria in assessing economic and fiscal data; refers to the responsibility of the Commission and the Member States regarding the reliability of the statistical data, and demands that future decisions be taken only if there is no doubt regarding the validity and accuracy of the available data; requests also that the option of imposing sanctions be used if there is a discrepancy over a number of years between the projected data of the convergence or stability programmes of a particular Member State and the data which can realistically be expected;
Amendment 70 #
2008/2156(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the primary objective of the ECB’s monetary policy is to maintain price stability, and that the ECB aims at inflation rates of below, but close to, 2 % over the medium term; the system can thus be seen to lack a system of sanctions for excessive inflation – along the lines of the excessive budget procedure – which results in certain governments opting for the non-sanctioned excess in their economic policies; considers that this definition of price stability should be examined in the context of a new age of globalisation characterised by rising energy and food prices;
Amendment 79 #
2008/2156(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses its willingness to explore possible improvements in the procedure for appointing the members of the ECB's executive board before 2010; regards it as important that a variety of backgrounds – including citizens of Member States outside the euro area, in accordance with the Treaty – be represented among executive board members; draws attention to its calls for an ECB executive board of nine members, thus replacing the system existing now and avoiding the even more complex solution decided upon for the future; urges a corresponding change to the Treaty.
Amendment 88 #
2008/2156(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Requests that all Member States outside the euro area observe the Maastricht criteria and the reformed and generally flexible SGP; considers that a strict interpretation of the SGP and the use of the exclusion criteria before any possible accession must be ensured by the Commission; notes that equal treatment of the Member States in the euro area and Member States wishing to join must be ensured, for example in the area of accountability for meeting the inflation criteria; notes, in this context, that the long-term stability of the euro area must be regarded as an aim of common interest and for this reason considers it important that low GDP countries receive help with catching up, which may entail more flexible judgement in the matter of inflation, and also notes that enlargement and stability must go hand in hand; deems it essential for Member States in the euro area and those with a special status strictly fulfil their obligations and leave no doubt about the common aims of price stability, independence of the ECB, budget discipline or their fostering of growth, employment and competitiveness;
Amendment 96 #
2008/2156(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Welcomes the stronger supervision of Member States participating in ERM II and wishing to join the euro area, as well as their economic development; notes that the successful participation in the ERM II must remain a major precondition and not only a secondary requirement for membership of the euro area; is of the opinion that a high degree of real convergence is a precondition for adoption of the euro and therefore that no 'accession discounts' can be given, so that the limit of pre-membership currency revaluation acceptable in ERM II must be made clear in order that, following accession, the ability of Member States to meet the inflation criteria as a result of the fixing of the exchange rate will not be endangered; deems it worth considering the measurement of the inflation criteria at the EMU average or the ECB inflation goal of 2 % as a reference base (rather than the three best-performing Member States);
Amendment 112 #
2008/2156(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Supports the intention of the Commission to strengthen the influence of the EMU in international financial institutions with a common EU position represented by selected representatives, such as the president of the Eurogroup, the Commission and the president of the ECB; notes that previous practice already permits them to participate as observer in the most important international financial institutions; demands, however, a better coordination of European positions in order for the common European monetary policy to be represented by its legitimate representatives in future; expects that a euro area position on the exchange rate policies of its main partners can be expressed; calls on the president of the Eurogroup to represent the euro area at the Financial Stability Forum.; stresses that Member States planning to join the euro area should, for reasons of common objectives, challenges and visions, also participate in the eurogroup as observers, alongside Member States already in the euro area;
Amendment 117 #
2008/2156(INI)
Motion for a resolution
Paragraph 41 – point f
Paragraph 41 – point f
f) A long-term strategy to reduce national debts to a maximum of 60 percent (40 percent for Member States where growth is consistently slower than average) should be included in the framework for economic governance;
Amendment 1 #
2008/2151(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. recommends to the Commission that, within their national reform programmes under the Lisbon strategy, Member States report on the implementation of data requirements towards other Member States; considers it important that procedures be implemented against Member States in which the proportion of data provision subject to delay is more than 50%;
Amendment 1 #
2008/2122(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Commission consider's current definition of microcredit as a loan of EUR 25 000 or less to a micro- enterprise, as defined in its Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (an enterprise which employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 2 million) as a microcredit, does not seem pertinent for all national markets, and does not allow a clear distinction between microcredits and micro-loans to microenterprises, between microcredit for non-bankable people and microcredit for bankable micro-enterprises,
Amendment 2 #
2008/2122(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the Commission has not responded adequately totaken forward Parliament's earlier request made in its resolution of 11 July 2007 to draw up an action plan for microfinancing, to coordinate different policy measures, and to make optimal use of best practices in and outside the EU,
Amendment 6 #
2008/2122(INI)
Motion for a resolution
Recital D
Recital D
D. whereas several features distinguish microcredit from ordinary credit, including credit for small and medium-sized enterprises, and whereas businesses seeking ordinary credit are generally served by traditional banksall different types of financial institutions, and whereas the importance of the ultimate aim of inclusion of all citizens in the formal financial system should be borne in mind,
Amendment 10 #
2008/2122(INI)
Motion for a resolution
Recital H
Recital H
H. whereas a range of providers can offer microcredit or facilitate access to finance, such as informal financial services providers, member-owned organisations, non-governmental organisations, guarantee funds and savings and commercial banks, and whereas cooperation between non-bank micro- finance institutions (MFIs) and commercial banks could be beneficial,
Amendment 11 #
2008/2122(INI)
Motion for a resolution
Recital H
Recital H
H. whereas a range of providers can offer microcredit, such as informal financial services providers (authorised p2p lending), member-owned organisations (for example credit unions), non- governmental organisations and, co-operative, savings and commercial banks, and whereas cooperation between non-bank micro-finance institutions (MFIs), the above mentioned existing providers and commercial banks could be beneficial,
Amendment 14 #
2008/2122(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the current financial crisis demonstrates the disadvantages of complex financial products and the need for considering ways of enhancing efficiency when facing reduced access to capital due to liquidity crunch and, at the same time, underlines the importance of institutions that focus their business on local development,
Amendment 16 #
2008/2122(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the current financial crisis demonstrates the disadvantages of complex financial products and, at the same time, underlines the importance of institutions that focus their business on local development, and that have a strong local connection and locally-based banking services,
Amendment 24 #
2008/2122(INI)
Motion for a resolution
Recital S
Recital S
S. whereas the role of intermediaries should be looked into with a view to preventing abuses, as well as considering alternative ways of establishing credibility with borrowers (for example, peer support groups),
Amendment 25 #
2008/2122(INI)
Motion for a resolution
Recital T
Recital T
T. whereas an EU framework for non-bank MFIs should be established, and the Commission should develop the mechanism for the support of microcredit which remains neutral among these microcredit providers,
Amendment 27 #
2008/2122(INI)
Motion for a resolution
Recommendation 1 – point d
Recommendation 1 – point d
(d) The Commission should invite Member States to restrict the application of interest rate caps to consumer loans; however Member States should be able to apply a mechanism by which extraordinary high interest rates can be excluded.
Amendment 28 #
2008/2122(INI)
Motion for a resolution
Recommendation 1 – point d a (new)
Recommendation 1 – point d a (new)
(da) The Commission should analyse - in the light of the last sub-prime crisis - the advantages and disadvantages of direct microcredit formats as against securitised credit facilities.
Amendment 36 #
2008/2122(INI)
Motion for a resolution
Recommendation 3 – title and introductory part
Recommendation 3 – title and introductory part
3. Recommendation 3 on a harmonised EU framework for bank and non-bank MFIs The European Parliament considers that the legislative act to be adopted should aim to regulate the following: The Commission should propose legislation to provide an EU-wide framework for bank and nonbank MFIs. The elements of such athe non-bank MFIs framework should be:
Amendment 35 #
2008/2107(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ECB to present, once again,as the number of governors is expected to exceed 15 from 1 January 2009 to present a proposal for reforming the structure of its Governing Council, the proposal presented in 2003 having been rejected by Parliament; notes that with increasing number of euro area countries reforms will become even more necessary; supports the ECB earlier suggestion that the economic weight of participating Member States should be treated as the most significant factor for the rotating rights, and the number of decision makers should be kept low in order to ensure efficiency;
Amendment 10 #
2008/2035(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that the elimination of the informal economy cannot be realised without the implementation of appropriate incentive mechanisms and that this implies that Member States’ labour inspection authorities should be converted into publicly-owned revenue-collecting firms; considers that part of the revenue surpluses of the social contribution revenues over the appropriations projected in the annual budget could be distributed to the labour inspectors (employees of the company) in order to develop continuously their achievements, thereby to perform budgetary surplus; considers that the Member States should report, in the context of the Lisbon Scoreboard, which achievements have been materialised in reducing the size of informal economy.
Amendment 21 #
2008/2033(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Recalls that the elimination of the informal economy can not be realised without the implementation of appropriate incentive mechanisms and that this implies that the publicly owned labour inspection authorities are converted into publicly owned revenue collecting firms; suggests that part of the social revenue surpluses over the appropriations projected in the annual budget could be distributed to the labour inspection authorities (company inspectors) in order to enable them to enhance their functions and operate with a budgetary surplus; suggests, moreover, that Member States should report, via the Lisbon scoreboard, in how far they have succeeded in reducing their informal economies;
Amendment 25 #
2008/2033(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Believes that the best solution to tackle cross-border related VAT fraud is to introduce a system in which the VAT exemption for intra-Community is replaced by taxation at the rate of 15%, notes that the operation of that system would be better served if the variety and complexity of reduced rates were substantially simplified, minimising the administrative burden on both businesses and tax authorities; notes that individual reductions of VAT rates put in place before 1992 should be carefully examined and assessed in regard to whether their persistence is justified on economic grounds;
Amendment 4 #
2008/0208(CNS)
Proposal for a regulation – amending act
Recital 2
Recital 2
(2) AIn ad hoc procedure should be foreseen for future revisthe event of exceptional situations of that ceiling, with a view to improving the capacity of the Community to react quickly to major changes in the financial environment affecting the total amount of support potentially needed by the Member Statesould require a quick Community response to major changes in the financial environment, the European Parliament, the Council, the Commission and the Member States should act speedily in order to ensure that market confidence is not undermined.
Amendment 83 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 11
Article 1 – point 11
Directive 2006/48/EC
Article 63a – paragraph 6 a (new)
Article 63a – paragraph 6 a (new)
6a. The extent to which the dated instruments may rank as own funds shall be gradually reduced during at least the last five years before the redemption date.
Amendment 109 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point b – point ii
Article 1 – point 21 – point b – point ii
Directive 2006/48/EC
Article 113 – paragraph 3 – subparagraph 1– point f
Article 113 – paragraph 3 – subparagraph 1– point f
(f) exposures to counterparties referred to in paragraph 7 or paragraph 8 ofArticle 80(7) and (8), but excluding Article 80(7)(d), if they would be assigned a 0 % risk weight under Articles 78 to 83; exposures that do not meet these criteria, whether exempted from Article 111(1) or not, shall be treated as exposures to a third party.
Amendment 114 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point b – point iv
Article 1 – point 21 – point b – point iv
Directive 2006/48/EC
Article 113 – paragraph 3 – point j
Article 113 – paragraph 3 – point j
(iv) Points (j) to (t) are deleted.is replaced by the following: "(j) asset items constituting claims and other exposures to institutions, with a maturity of three months or less, but not constituting such institutions’ own funds;"
Amendment 116 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point b – point iv a (new)
Article 1 – point 21 – point b – point iv a (new)
Directive 2006/48/EC
Article 113 – paragraph 3 – points k to q
Article 113 – paragraph 3 – points k to q
(iva) Points (k) to (q) are deleted.
Amendment 119 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point b – point iv b (new)
Article 1 – point 21 – point b – point iv b (new)
Directive 2006/48/EC
Article 113 – paragraph 3 – point r
Article 113 – paragraph 3 – point r
(ivb) Point (r) is deleted.
Amendment 122 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point b – point iv c (new)
Article 1 – point 21 – point b – point iv c (new)
Directive 2006/48/EC
Article 113 – paragraph 3 – points s and t
Article 113 – paragraph 3 – points s and t
(ivc) Points (s) and (t) are deleted.
Amendment 129 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point d
Article 1 – point 21 – point d
Directive 2006/48/EC
Article 113 – paragraph 4 – point c
Article 113 – paragraph 4 – point c
(c) notwithstanding point (f) of paragraph 1 of this Article, exposures, including participations or other kind of holdings, incurred by a credit institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, in so far as those undertakings are covered by the supervision on a consolidated basis to which the credit institution itself is subject, in accordance with this Directive or with equivalent standards in force in a third country; exposures that do not meet these criteria, whethere exempted from Article 111(1) or not, shall be treated as exposures to a third party.
Amendment 268 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 32 a (new)
Article 1 – point 32 a (new)
Directive 2006/48/EC
Article 153 – paragraph 3
Article 153 – paragraph 3
(32a) The third paragraph of Article 153 is replaced by the following: "In the calculation of risk weighted exposure amounts for the purposes of Annex VI, Part 1, point 4, until 31 December 2015 the same risk weight shall be assigned in relation to exposures to Member States' central governments or central banks denominated and funded in the domestic currency of any Member State as would be applied to such exposures denominated and funded in their domestic currency."
Amendment 146 #
2008/0153(COD)
Proposal for a directive
Article 6 - paragraph 4 - subparagraph 1 a (new)
Article 6 - paragraph 4 - subparagraph 1 a (new)
If the management company sells and repurchases units of UCITS as part of its marketing function referred to in Annex II, Articles 2(2), 12, 13 and 19 of Directive 2004/39/EC shall apply to the provision of these services.
Amendment 18 #
2008/0150(CNS)
Proposal for a directive – amending act
Recital 3
Recital 3
(3) As regards cigarettes, the arrangements should be simplified so as to create neutral conditions of competition for manufacturers, to reduce the partitioning of the tobacco markets and, to ensure equal treatment of all Member States, EU tobacco growers and tobacco industry, to underscore health objectives. To this e, and, theo concept of mply withe most popular price category should be replaced; the price related minimum requirement should refer to the weighted aacroeconomic objectives, such as the low inflation target, in the light of the enlargement of the euro area and the converage retail selling price, whereas the monetary minimum should be applicable to all cigarettes. For similar reasons, the weighted average retail selling price should also serve as a reference for measuring the importance of specific excise duty within the total tax burdennce of prices. To this end, the minimum excise duty requirement for all tobacco products in all Member States should, by 1 January 2014, be expressed only as a specific component levied on each unit of tobacco.
Amendment 20 #
2008/0150(CNS)
Proposal for a directive – amending act
Recital 5
Recital 5
(5) As regards fine-cut tobacco intended for the rolling of cigarettes, the Community minima should be expressed in such a way as to obtain effects similar to those in the field of cigarettes. To this end, it should be provided that national levels of taxation have to comply both with a minimum expressed as percentage of the retail price ana fixed amount levied one expressed as a fixed amountach unit of tobacco by 1 January 2014.
Amendment 21 #
2008/0150(CNS)
Proposal for a directive – amending act
Recital 8
Recital 8
(8) In order to achieve greater convergence and to reduce consumption, the Community minimum levels of taxation for cigarettes and fine-cut tobacco intended for the rolling of cigarettes should be moderately increased.
Amendment 23 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 1
Article 2 – paragraph 1
1. Member States shall ensure that excise duty (specific duty and ad valorem duty) on cigarettes represents at least 57 % of the weighted average retail selling price of cigarettes sold. That excise duty shall not be less than EUR 64 per 1 000 cigarettes irrespective of the weighted average retail selling price. However, Member States which levy an excise duty of at least EUR 101By 1 January 2014, Member States shall ensure that excise duty shall not be less than EUR 64 per 1 000 cigarettes for all types of cigarettes. Where the excise duty levied per 1 000 cigarettes on the basis of the weighted averagelowest retail selling price need not comply with the 57% requirement set out in the first subparagraphapplied on 1 January 2009 exceeds EUR 100, the excise duty increase shall be no more than EUR 10 until 1 January 2014.
Amendment 38 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Member States shall gradually increase excise duties in order to reach the requirements referred to in paragraph 2 on the dates set in paragraphs 2 and 4 respectivel1 by 1 January 2014. Member States where the excise duty applied on 1 January 2009 for any retail selling price category is higher than EUR 64 per 1 000 cigarettes shall not reduce the level of excise duty.
Amendment 40 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 2 – point 1
Article 2 – point 1
Directive 92/80/EEC
Article 3 − paragraph 1 − subparagraphs 8 to 11
Article 3 − paragraph 1 − subparagraphs 8 to 11
As from 1 January 20104, Member States shall apply an excise duty on fine-cut smoking tobacco intended for the rolling of cigarettes of at least 38% of the retail selling price inclusive of all taxes, and at least EUR 43 per kilogram. As from 1 January 2014, Member States shall apply an excise duty on fine-cut smoking tobacco intended for the rolling of cigarettes of at least 42% of the retail selling price inclusive of all taxes, and at least EUR 60 per kilogrameither at least EUR 43 per kilogram or 12 % more than the level of 1 January 2010. Member States shall gradually increase excise duties in order to reach those new minimum requirements referred to in the ninth subparagraph onby 1 January 2014. As from 1 January 2010, the excise duty expressed as a percentage, as an amount per kilogram or for a given number of items shall be at least equivalent to the following: (a) in the case of cigars or cigarillos, 5% of the retail selling price inclusive of all taxes or EUR 12 per 1 000 items or per kilogram EUR 12 per 1 000 items or per kilogram. In the event that Member States decide to increase the specific rate on cigars and cigarillos, the increase by 1 January 2014 shall be no more than 130 % of the specific level of 1 January 2009; (b) in the case of smoking tobaccos, other than fine-cut smoking tobacco intended for the rolling of cigarettes, 20% of the retail selling price inclusive of all taxes, or EUR 22 per kilogram.
Amendment 50 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 3 – point 5
Article 3 – point 5
Directive 95/59/EC
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The specific component of the excise duty may not be less than 10%, as from 1 January 2014, and more than 755 % of the amount of the total tax burden resulting from the aggregation of the following: (a) specific excise duty; (b) the proportional excise duty and the value added tax levied on the weighted average retail selling price . The average weighted retail selling price shall be determined at 1 January of each year, by reference to the year n-12, on the basis of the total releases for consumption, and prices including all taxes.
Amendment 52 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 3 – point 5
Article 3 – point 5
Directive 95/59/EC
Article 16 – paragraph 2
Article 16 – paragraph 2
2. By way of derogation from paragraph 1, where a change in the weighted average retail selling price of cigarettes occurs in a Member State, thereby bringing the specific component of the excise duty, expressed as a percentage of the total tax burden, below 10% or above 755% of the total tax burden, the Member State concerned may refrain from adjusting the amount of the specific excise duty until not later than 1 January of the second year following that in which the change occurs.
Amendment 53 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 3 – point 5
Article 3 – point 5
Directive 95/59/EC
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Member States that already have a minimum excise duty on cigarettes or on fine-cut tobacco for the rolling of cigarettes shall not raise the level of that duty by more than 12 % between 1 January 2009 and 1 January 2014. Member States that on 31 December 2008 did not have a minimum excise duty on cigarettes or on fine-cut tobacco for the rolling of cigarettes, may levy such a minimum excise duty onduty provided that it does not exceed the amount of the excise duty calculated on the weighted average retail selling price of either cigarettes or fine- cut tobacco for the rolling of cigarettes.
Amendment 8 #
2008/0143(CNS)
Proposal for a directive – amending act
Article 1 - point 5
Article 1 - point 5
Directive 2006/112/EC
Article 115
Article 115
Amendment 10 #
2008/0143(CNS)
Proposal for a directive – amending act
Annex - point 3
Annex - point 3
Directive 2006/112/EC
Annex III - point 6
Annex III - point 6
"(6) supply, including on loan by libraries, of books (including brochures, leaflets and similar printed matter, children's picture, drawing or colouring books, music printed or in manuscript form, maps and hydrographic or similar charts, as well as audio books, CD, CD-ROMs or any similar physical support that predominantly reproduce the same information content as printed books), newspapers and periodicals, other than material wholly or predominantly devoted to advertising;"
Amendment 11 #
2008/0143(CNS)
Proposal for a directive – amending act
Annex - point 3 a (new)
Annex - point 3 a (new)
Directive 2006/112/EC
Annex III - point 6 a (new)
Annex III - point 6 a (new)
(3a) The following point 6a is added to the annex: "6a. audio books, CDs, CD-ROMs or any similar physical support that predominantly reproduce the same information content as printed books."
Amendment 23 #
2008/0143(CNS)
Proposal for a directive – amending act
Annex - point 7 a (new)
Annex - point 7 a (new)
Directive 2006/112/EC
Annex III - point 18 a (new)
Annex III - point 18 a (new)
(7a) The following point 18a is added to the annex: "18a. children's clothing, children's footwear;"
Amendment 16 #
2008/0095(CNS)
Proposal for a decision
Paragraph 7
Paragraph 7
Amendment 22 #
2007/2287(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Targeted harmonisation principle which implies full harmonisation of key elements deemed important for mortgage market and consumer credit market integrations such as pre-contractual information, annual percentage rates of charge, and right of withdrawal shall be applied in order for consumers to make well-informed decisions on purchases of various retail banking products;
Amendment 51 #
2007/2287(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that, for the creation of a single market in financial services for private clients and small businesses, the establishment of Europe-wide competition and cross-border provision of financial services are a basic precondition; points out that lower prices follow from healthy competition; bearing in mind that main financial directives (Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions, Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions and the abovementioned prospective directive on credit agreements for consumers) favouring SMEs bring their fruits provided that the local retail banking competition status is intense which help the positive impacts linked with the financial regulations come true;
Amendment 78 #
2007/2287(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Drawing lessons from certain recent retail banking turmoil (Northern Rock, IKB, Sachsen LB), recognises that remuneration systems in banks should be reshaped on the basis of guidelines by supervisory authorities in order to combat more efficiently the moral hazard phenomenon and strengthen the role of prudent risk management systems;
Amendment 87 #
2007/2238(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas in order to minimise the risk of future financial crises and given the strong interactions across markets and between market participants and given the objective of a level playing field across borders and between regulated and unregulated market participants, the EU needs better, more coherent and harmonised regulation across the board. to establish a common database where business type data (volumes, exposures and leverages) of hedge funds and private equity funds must be stored provided that the concerning hedge funds or private equity funds have transacted business with a counterparty domiciled in EU. This common database should lie under the management of the ECB which should calculate at the end of every quarter the EU aggregate index of financial systemic risk caused by activity of hedge funds and private equity funds. If this financial systemic indicator exceeds a certain level of value set by the ECB and supervisors in concert, the EU supervisors would be entitled to take the necessary measures on the basis of the recommendations of the ECB. In this case the measures put in place should be disclosed to the public and carried out in transparent and prudent way for the investors. Careful assessment of crisis situations and appropriate actions on due time are requisites to avoid real economic slump.
Amendment 151 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point g
Annex – recommendation 1 – point g
(g) EU supervisory authority The Commission should establish a European supervisor covering all financial services sectors: capital markets, securities, insurance and banking sectors. It should further be established whether there should be two such European supervisors: one for prudential The common database referred to in point c of Annex 2 should lie under the management of the ECB which should calculate at the end of every quarter the EU aggregate index of financial systemic risk caused by activity of hedge funds and private equity funds. If this financial systemic indicator exceeds a certain level of value set by the ECB and supervisors in concert, the EU supervisors would be entitled to take the necessary measures on the basis of the recommendations of the ECB under close surveillance of European Parliament. In this case the measures put in place should be disclosed to the public and carried out in transparent and prudent way for the investors. Caregful assessment of crisis situations and another for cppropriate actions on duct of bue time are requisintess regulation. to avoid real economic slump.
Amendment 14 #
2007/0267(CNS)
Proposal for a directive – amending act
Recital 8 a (new)
Recital 8 a (new)
(8a) Any changes in the present financial services VAT arrangement must be preceded by a clear-cut impact study carried out by the Commission including a cost-benefit analysis. That impact study should contain the estimated fall in revenue in each Member State’s budget, the possible rise in profit for the EU financial services industry and the size of the benefits likely to be passed on to customers in the shape of lower prices of banking products. If the result of the impact study is indecisive, no amendment to the current VAT arrangement is justifiable from the economic point of view.
Amendment 51 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 31 December 2009 at the latesprovided that the Commission’s impact study clearly indicates that the common customers would benefit from the restructuring of the present VAT arrangement. They shall forthwith communicate to the Commission the text of those provisions and correlation table between those provisions and Directive.
Amendment 52 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Any changes in the present financial services VAT arrangement must be preceded by a clear-cut impact study, including a cost-benefit analysis, carried out by the Commission by 31 December 2009. That impact study should contain the estimated fall in revenue in each Member State’s budget, the possible rise in profit for the EU financial services industry and the size of the benefits likely to be passed on to customers in the shape of lower prices of banking products. If the result of the impact study is indecisive, no amendment to the current VAT arrangement is justifiable from economic point of view.
Amendment 12 #
2007/0238(CNS)
Proposal for a directive – amending act
Recital 10
Recital 10
(10) In this context, this rule should be applied to immovable property that is supplied to taxable person and important services relating to the property supplied. These situations account for the most significant cases, given the value and economic lifetime of such property and the fact that mixed use of this type of property is a common practice. Furthermore, the Commission should analyse the possible extension of the adjustment scheme to all types of high valued material assets, determining the value threshold of possible inclusion of material assets and detailing the costs of the increased administrative and inspecting capacities resulting from such an extension of the adjustment scheme.
Amendment 13 #
2007/0238(CNS)
Proposal for a directive – amending act
Article 1 – point 11
Article 1 – point 11
Directive 2006/112/EC of 28 November
Article 168 a (new)
Article 168 a (new)
In the event of acquisition, construction, renovation or substantial information of immovable property and other high-value material assets, the initial exercise of the right of deduction arising when the tax becomes chargeable shall be limited to the proportion of the property's effective use for transactions giving rise to a right of deduction. By way of derogation from Article 26, the changes in proportion of use immovable property and other high-value material assets referred to in the first paragraph shall be taken into account under conditions provided for in Articles 187, 188, 190 and 192 for adjusting the initial exercise of the right of deduction. The changes referred to in the second paragraph shall be taken into account during the period of defined by the Member states under Article 187(1) for immovable property and other high-value material assets acquired as capital goods.
Amendment 123 #
2007/0143(COD)
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) The provisions of the whole Directive must serve for the principality of equal access to any kind of benefits attributable to the application of this new Directive. Therefore any change in the regulatory landscape in comparison with the one must be based on thorough impact assessment examining the attendant costs and benefits of the three fundamental economic actors, such as Member State's budgets (in the breakdown of parent and host Member States' budgets), parent companies (usually financial conglomerates) plus start-up insurers.
Amendment 141 #
2007/0143(COD)
Proposal for a directive
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. In the event that the annual premium income of insurance undertaking steadily declines in three consecutive years below the amount set out in paragraph 1, the insurance undertaking shall no longer fall within the scope of this Directive.
Amendment 162 #
2007/0143(COD)
Proposal for a directive
Article 28 – paragraph 3 – subparagraph 1 a (new)
Article 28 – paragraph 3 – subparagraph 1 a (new)
CEIOPS shall closely monitor whether insurance undertakings with similar operational features located in different Member States are subject to the same terms and conditions in the single financial market in accordance with the proportionality principle.
Amendment 223 #
2007/0143(COD)
Proposal for a directive
Article 72 – paragraph 2 – point b a (new)
Article 72 – paragraph 2 – point b a (new)
(ba) undertakings are strictly prohibited to move capital items between life and non - life activities and vice versa without the permission of the competent supervisory authority.
Amendment 224 #
2007/0143(COD)
Proposal for a directive
Article 72 – paragraph 3
Article 72 – paragraph 3
3. Member States may provide that undertakings referred to in paragraph 2 shall comply with the accounting rules governing life insurance undertakings for all of their activities. Pending coordination in this respect, Member States may also provide that, with regard toonly in special cases like rules on winding up, activities relating to the risks listed in classes 1 and 2 in point A of Annex I carried on by the those undertakings shall be governed by the rules applicable to life insurance activities. The amount of capital held against risks assigned to classes 1 and 2 in point A of the Annex I should be consistent with the general provisions applicable to non-life activities set out in this Directive.
Amendment 225 #
2007/0143(COD)
Proposal for a directive
Article 73 – paragraph 2 – subparagraph 1 a (new)
Article 73 – paragraph 2 – subparagraph 1 a (new)
Those insurance undertakings shall comply with capital requirements on every solo insurance class level.
Amendment 226 #
2007/0143(COD)
Proposal for a directive
Article 73 – paragraph 2 – subparagraph 1 b (new)
Article 73 – paragraph 2 – subparagraph 1 b (new)
An insurance undertaking cannot shift capital items from life to non-life activities and vice versa without the permission of the competent supervisory authority.
Amendment 227 #
2007/0143(COD)
Proposal for a directive
Article 73 – paragraph 6
Article 73 – paragraph 6
Accounts shall be drawn up so as to show the sources of the results for life and non- life insurance separately. All income (in particular premiums, payments by re - insurers and inveThe division of results must be complete and consistment, so that all income) and expenditure (in particular insurance settlements, additions to technical provisions, reinsurance premiums, and operating expenses in respect of insurance business) shall be broken down according to originmust be broken down according to origin in the profit and loss account down to the level of profit and loss according to the balance sheet plus separation down to the origin must be effected in the balance sheet. Items common to both activities shall be entered in the accounts in accordance with methods of apportionment to be accepted by the supervisory authority. The division of assets and liabilities in accordance with their sources (life, non-life insurance activity) must be performed in other ancillary activities, like assets management.
Amendment 321 #
2007/0143(COD)
Article 98 – paragraph 1 – point a
(a) in order to ensure that the proportion of Tier 1 items in the eligible own funds is higher than one third of the total eligible own funds, the eligible amount of Tier 2 together with the eligible amount of Tier 3 shall be limited to twice the total amount of Tier 1 items;and
Amendment 326 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
(b) in order to ensure that the proportion of Tier 3 items in the eligible own funds is less than one third of the total eligible own funds, the eligible amount of Tier 3 shall be limited to half the total amount of Tier 1 and eligible amount of Tier 2 items.
Amendment 331 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
2. As far as the Minimum Capital Requirement is concerned, in order to ensure that the proportion of Tier 1 items in the eligible basic own funds shall be higher than one half of the totalthe eligible basic own funds, the amount of basic own fund items eligible to cover the Minimum Capital Requirement which are classified in Tier 2 shall be limited to the total amount of Tier 1 items which are classified in Tier 2.
Amendment 338 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 3
Article 98 – paragraph 3
Amendment 506 #
2007/0143(COD)
Proposal for a directive
Article 211 – paragraph 2 – point a
Article 211 – paragraph 2 – point a
Amendment 537 #
2007/0143(COD)
Proposal for a directive
Article 234 – point c
Article 234 – point c
(c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor and the other supervisory authorities concerned in accordance with Article 237, that it guarantees that own funds eligible under Article 98(5) will be transferred where necessary and up to the limit resulting from the application of Article 237;
Amendment 543 #
2007/0143(COD)
Proposal for a directive
Article 234 – point d
Article 234 – point d
(d) an application for permission to be subject to Articles 236 to 241 has been introduced by the parent undertaking and the subsidiary concerned and a favourable decision has been made on such application in accordance with the procedure set out in Article 235.
Amendment 547 #
2007/0143(COD)
Proposal for a directive
Article 234 – point d a (new)
Article 234 – point d a (new)
(da) the application contains adequate evidence demonstrating that group support requested for the insurance or reinsurance undertaking concerned does not exceed the share of the group diversification benefits attributable to this undertaking as determined by methods relying on economically consistent criteria, which are reliable, objective and verifiable.
Amendment 556 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 1 – subparagraph 2
Article 235 – paragraph 1 – subparagraph 2
An application as referred to in the first subparagraph shall be submitted only to the group supervisor. The group supervisor shall inform in detail the other supervisory authorities concerned without delay.
Amendment 569 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 2 b (new)
Article 235 – paragraph 2 b (new)
2b. Where the CEIOPS has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2 in a document containing full reasons and an explanation of any significant deviation from the positions adopted by the CEIOPS. That joint decision shall be recognised as final and shall be applied by the supervisory authorities concerned.
Amendment 572 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 3
Article 235 – paragraph 3
3. In the absence of a joint decision between the supervisory authorities concerned within six monthsthe periods set out in paragraphs 2 and 2a, the group supervisor shall make its own decision on the application. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other supervisory authorities concerned expressedIf the supervisor that authorised the subsidiary issues a dissenting decision within a sixone months period. The decision shall be provided to the applicant and the other supervisory authorities concerned of receipt of the application, the decision on the application made by the group supervisor. That decision shall not be recognised as determinative andfinal and shall not be applied by the supervisory authorities concerned.
Amendment 577 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 3 a (new)
Article 235 – paragraph 3 a (new)
3a. In making its decision, the group supervisor shall duly take into account the following: (a) any views and reservations of the other supervisory authorities concerned expressed during the applicable period; (b) where the CEIOPS has been consulted, the advice of that Committee. The decision shall be set out in a document containing full reasons and an explanation of any significant deviation from the positions of the other supervisory authorities concerned or the advice of CEIOPS. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor.
Amendment 580 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 3 b (new)
Article 235 – paragraph 3 b (new)
3b. Paragraph 3a shall apply mutatis mutandis to the decision of the supervisor that authorised the subsidiary adopted pursuant to paragraph 3.
Amendment 594 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 3 – subparagraph 1
Article 236 – paragraph 3 – subparagraph 1
3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37, propose to and after consulting the group supervisor to, impose a capital add- on to the Solvency Capital Requirement of that subsidiary.
Amendment 601 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 3 – subparagraph 2
Article 236 – paragraph 3 – subparagraph 2
The supervisory authority shall communicate the grounds for such proposala decision to both the subsidiary and the group supervisor.
Amendment 608 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4
Article 236 – paragraph 4
4. Where the supervisory authority that authorised the subsidiary and the group supervisor disagree, or in the absence of a decision from the group supervisor within one month from the proposal of the supervisory authority, the matter shallmay be referred for consultation to the Committee of European Insurance and Occupational Pensions Supervisors, which shall give its advice within two months.
Amendment 611 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisory authority that authorised the subsidiary shall duly consider such advice before taking its final decision. The decision shall be submitted to the subsidiary and the supervisory authority byshall inform the group supervisor of its decision.
Amendment 617 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 3
Article 236 – paragraph 4 – subparagraph 3
Amendment 625 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 1
Article 237 – paragraph 1 – subparagraph 1
1. By way of derogation from Article 98(4), any difference between the Solvency Capital Requirement and the minimum capital requirement of the subsidiary shall be covered by either own funds eligible under Article 98(4) or group support, or any combination thereof. In case group support is used, all of the following conditions shall be satisfied: (a) the own funds of the subsidiary undertaking eligible under Article 98(4) shall cover at least the sum of the Minimum Capital Requirement and 50 % of the difference between the Solvency Capital Requirement and the Minimum Capital Requirement; (b) the total amount of group support declared by the parent undertaking does not exceed the diversification effect which results from the difference between the aggregated group Solvency Capital Requirement and the consolidated group Solvency Capital Requirement calculated in accordance with Article 216. The group support should be distributed in accordance with Article 234(da).
Amendment 628 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 2
Article 237 – paragraph 1 – subparagraph 2
The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds classified in Tier 3 and shall respect the limits set out in Article 98.
Amendment 637 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 2
Article 237 – paragraph 2
2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and the supervisory authority that authorised the subsidiary concerned, expressed in a document which is legally binding both in the Member State of the group supervisor and that of the supervisory authority of the related undertaking, and constituting a commitment to transfer own funds eligible under Article 98(5).
Amendment 645 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 3 – introductory part
Article 237 – paragraph 3 – introductory part
3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary concerned shall verify the following:
Amendment 659 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 3 – point c
Article 237 – paragraph 3 – point c
(c) that the document containing the declaration of group support meets all requirements existing under the law of the parent undertaking and the law of the subsidiary to be recognised as a legal commitment, and that any recourse before a legal or administrative body shall not have suspensive effect.
Amendment 667 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 1
Article 238 – paragraph 1
Amendment 677 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 2
Article 238 – paragraph 2
2. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum capital requirement and the subsidiary meets the requirements in Article 237, the supervisory authority mayshall call on the parent undertaking to provide a new declaration bringing the group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered.
Amendment 685 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 3
Article 238 – paragraph 3
3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficiensubsidiary does not meet tohe cover the minimum capital requirementnditions laid down in Article 237(1), the supervisory authority mayshall call on the parent undertaking to transfer own funds eligible under Article 98(5) to the extent necessary to ensure that the minimum capital requirement is again coveredsubsidiary undertaking meets again the requirements in Article 237, and to provide a new declaration bringing the group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered.
Amendment 691 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
4. Before accepting any new declaration referred to in paragraphs 2 or 3, the group supervisor and the supervisory authority having authorised the subsidiary undertaking shall verify that the conditions laid down in Article 237 are met.
Amendment 697 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 2
Article 238 – paragraph 4 – subparagraph 2
Where the parent undertaking does not provide the new declaration requested, or where the new declaration provided is not accepted, the parent undertaking shall immediately transfer the own funds resulting from the declaration accepted previously. The derogations provided for in Articles 236 and 237 and in paragraph 1 of this Article shall cease to apply.
Amendment 700 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
Amendment 715 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 1 – subparagraph 2
Article 240 – paragraph 1 – subparagraph 2
Where the parent undertaking does not rapidly transfer, within one month of it having been first required, eligible own funds to the subsidiary, the group supervisor shall use all powers available, including the power available under Article 142, to ensure that the group provides the requested transfer as soon as is practicable, but in any event within two months of it having been first required.
Amendment 718 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 1
Article 240 – paragraph 2 – subparagraph 1
2. Group support mashall primarily be provided from eligible own funds present in the parent undertaking orif it has eligible own funds in excess of its Solvency Capital Requirement. In the event that the eligible own funds of the parent undertaking are insufficient to provide completely the group support, the remaining amount may be provided from the eligible own funds available in any subsidiary, subject to that subsidiary, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirementthe requirements of Article 237. The supervisory authority having authorised that subsidiary shall not prevent the transfer of such excess eligible own funds.
Amendment 723 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 2
Article 240 – paragraph 2 – subparagraph 2
However, where such transfer would lead to the Solvency Capital Requirement of that subsidiary being no longer complied with, it shall be subject toown funds can only be transferred if a declaration by the parent undertaking of the necessary level of group support andis provided and this declaration is acceptanced by the group supervisor and the supervisory authority having authorised the subsidiary concerned.
Amendment 734 #
2007/0143(COD)
Proposal for a directive
Article 242 – paragraph 2
Article 242 – paragraph 2
2. When the derogations provided for in Articles 236, 237 and 238 237 ceases to apply, the supervisory authority having authorised the subsidiary shall regain full responsibility for settingtake appropriate measures to ensure that the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98 (4). The parent undertaking shall however not be released from the commitments resulting from the most recent declarations accepted in accordance with Articles 237, 238 and 240.
Amendment 755 #
2007/0143(COD)
Proposal for a directive
Article 246 – paragraph 2
Article 246 – paragraph 2
This report shall address in particular the appropriate level of own funds which a subsidiary is required to hold where it belongs to a group fulfilling the conditions of this subsection, the form which group support is required to take, the allowable amount of group support and the level of own funds at which the derogations provided for in Articles 236, 237 and 238 237 shall cease to apply.
Amendment 765 #
2007/0143(COD)
Proposal for a directive
Article 250 – paragraph 4 – subparagraph 1
Article 250 – paragraph 4 – subparagraph 1
4. Member States shall require the participating insurance or reinsurance undertaking or the insurance holding company to undertake at the level of the group the assessment required by Article 44. The own risk and solvency assessment conducted at group level shall be subject to supervisory review by the group supervisor in accordance with Chapter III and Article 253.
Amendment 766 #
2007/0143(COD)
Proposal for a directive
Article 250 – paragraph 4 – subparagraph 2
Article 250 – paragraph 4 – subparagraph 2
Where the participating insurance or reinsurance undertaking or the insurance holding company so decides, and subject to the agreement of the group supervisor and other the supervisory authorities concerned, it may undertake any assessments required by Article 44 at the level of the group and at the level of any subsidiary in the group at the same time, and may produce a single document covering all the assessments. The information in that single document shall be presented in a way that allows the separate assessment of each insurance and reinsurance undertaking according the supervisory needs of each supervisory authority.
Amendment 815 #
2007/0143(COD)
Proposal for a directive
Article 310 – paragraph 2 a (new)
Article 310 – paragraph 2 a (new)
2a. The Commission shall carry out an impact study on the effects of the new Directive examining in particular the possible budgetary revenue falls incurred in host Member States, the possible rise of profitability at the level of parent undertakings, finally the possible impairment in the status of competition of the new start-up insurers. Only if the results of the impact study are economically convincing should the provisions of both paragraphs 1 and 2 be put in place.