1552 Amendments of Jean-Paul GAUZÈS
Amendment 4 #
2013/2134(INI)
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
- having regard to the Treaty on Stability, Coordination and Governance (TSCG),
Amendment 7 #
2013/2134(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the economic, social, financial and sovereign debt crises have not yet abated and the objective of a more balanced and integrated Economic and Monetary Union (EMU) remains an unattained ambitionis still in process of being realised;
Amendment 19 #
2013/2134(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Commission's country- specific recommendations (CSRs) contain some useful insights, but on the whole fail to convince in terms of the balance of the policy prescriptions across policy areaand detailed insights;
Amendment 43 #
2013/2134(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission's recogniCountry Specific Recommendations, which are more detailed than their previous editions, which remain in a consistent line with the policy followed in the past and which gives more insight concerning the Member States assiduity in carrying out the obligations that ‘ey agreed to in the past; welcomes the spirit of the CSR, which is oriented to overcoming the current crises as well as their social consequences by achieving sound and sustainable public finances and restoring competitiveness through structural reforms ; welcomes the Commission's statement that 'to be successful, policies need not only to be well designed but to have political and social support’', and that Europe needs, beyond the inevitable fiscal consolidation, real growth and specific and urgentadditional action to tackle the unacceptably highbearable levels of unemployment;
Amendment 51 #
2013/2134(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes the achievements made in several Member States which allowed their deficit procedures to be closed;
Amendment 54 #
2013/2134(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission's recognitioninsistence that ‘'deficit’' countries need to urgently boost their competitiveness and that ‘'surplus’' countries need to boost twheir demand, and that this calls for a deep revision of the prevailing policy stancere possible their demand;
Amendment 63 #
2013/2134(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. UrgesWelcomes that the Commission and the Council to avoiddon't takinge a one-size-fits-all approach to the CSRs andthus ensureing that recommendations are fine-tuned according to the national specificities and needs of the Member State concerned;
Amendment 71 #
2013/2134(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Welcomes the fact that the Commission's recommendations are directed not only at Member States but also to the euro area as a whole; considers it regrettable, however, that thethat recommendations made to Member Sstates do not take sufficientlyshould take increasingly take into account the strong interdependence between EU economies, particularly within the euro area, or all the information contained in the Alert Mechanism Report;
Amendment 75 #
2013/2134(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for deeper investigation of the reasons for the huge increase in internal divergences in competitiveness and economic performance across Member States that have resulted from the functioning of the single currency, and in particular of the asymmetric impact of common polici; especially those due to the deep and increasing divergence between low productivity increases and substantially higher wage increases in a number of Member States;
Amendment 81 #
2013/2134(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. CNotes that a slow but real recovery is under way; calls for a prudent assessment of the ‘slow recovery’ growth forecasts as previous Commission forecasts have successively's and even more so government's forecasts have more often than not been revised downwards and recommends a closer look into the sustainability of the improvements identified in trade and current account balances and public deficits; wonders however if the real and major improvements already achieved are being given their due credit;
Amendment 86 #
2013/2134(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the Commission's recognitionstatement that European competitiveness ‘'cannot and will not be based merely on costs’ and that' ; in addition it is essential to enhance productivity, investment in education, research and innovation and resource efficiency, in line with Europe 2020 goals; regrets therefore the lack ofencourages to make additional progress on the EU 2020 targets especially in the area of employment; calls for the above recognition to be adequately reflected in the ‘'deficit’' countries' CSRs as these are the Member States which are in critical need of boosting their competitiveness;
Amendment 91 #
2013/2134(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Regrets the lack ofslow implementation of the EUR 120 billion ‘'Compact for Growth and Jobs’' agreed in June 2012, of the Project Bond initiative launched in November 2012 and of the EUR 180 billion additional investment by the EIB (after the EUR 10 billion increase in EIB paid in capital approved on 8 January 2013); calls on the Council and the Commission to investigate and remove as a matter of urgency the obstacles preventing full delivery of these initiatives;
Amendment 99 #
2013/2134(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to submit as a matter of urgency the legislative proposal on new financial incentives supporting Member States in the implementation of structural reforms, including a Competitiveness and Convergence Instrument (CCI) based on the Community method as a first step towards a European fiscal capacity;
Amendment 106 #
2013/2134(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 115 #
2013/2134(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the use by the Commission of the margin of manoeuvreflexibility offered by the revised SGP to extend the deadlines for the correction of excessive deficits in seven procedures; calls on the Commission and thunderstands that this extension is intended to take some pressure off those Ccouncil to ensuretries which are in great need of implementing structural reforms, thus helping to speed up the implementation of these reforms ; understands that the content and the calendar of the fiscal adjustment path are being adapted to the specificity of each country and, particularly in ‘'deficit’' countries, includeing the aforementioned margin of manoeuvreflexibility and the full use of structural funds, sound and sustainable structural reforms and the identification of investments (namely in the CSR) essential to boost competitiveness ; calls onwelcomes that the Commission todid clarify as a matter of urgency the ways in which to accommodate, under certain conditions, non-recurrent, public investment programmes co financed by the EU with a proven impact on the sustainability of public finances within the preventive arm of the SGP whilst not modifying the 3% deficit threshold; notes that this accommodation is meant by the Commission to be compensated by stronger consolidation efforts in the future;
Amendment 130 #
2013/2134(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the Commission's statement that ‘'surplus’' countries have a role to play in overcoming the current crisis, not onlyincluding by reducing taxes and social security contributions but also by developing wages were this is still possible without damaging international competitiveness in order to boost sustainable domestic demand and promoting new investment opportunities; stresses the importance of the positive spill-over effects which these actions will have across the EU; and also for the rest of the world;
Amendment 133 #
2013/2134(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 143 #
2013/2134(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Commends the Commission's recognitionstatement that there is a need for greater attention to be paid to the distributional impact of reforms, and ; calls on the Commission to carry out a thorough ex- ante assessment of the social impact of all the new recommended reforms and to derive all the necessary conclusions from previous recommendations, including those made to Member States under financial assistance programmes; further calls on the Commission for an evaluation of what would have happened in the programme countries if they had not gotten last minute help from the other euro-area Member States and the IMF in order to prevent them from defaulting on their sovereign debt; especially concentrating on the social consequences of not being able anymore to pay public wages and pensions or having those deferred for months, and then comparing these averted catastrophes with the effects of the adjustment programmes;
Amendment 148 #
2013/2134(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 158 #
2013/2134(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Agrees that the ECB's action, which the Central Bank insists were not possible before decisions had been taken concerning fiscal adjustments and structural reforms at national level, has ‘decisively contributed to the stability of the euro area’, limitby averting a melt-down of the banking speculation on sovereign debttor, by helping to sever the link between the banks and the sovereign, and by temporarily reducing the spreads; considers, however, that insufficient growth and high (and still growing) levels of private and public debt in many Member States mean that ‘'a carefully managed process of deleveraging’' is required; calls on the Commission, therefore, to quickly deliver its 2-pack commitments to Parliament in order to deepen theWelcomes the appointment of an expert group chaired by Gertrude Tumpel- Gugerell to analysies on the partial substitution of national debt issuance through joint issuance in the formros and cons of a redemption fund and eurobills;.
Amendment 174 #
2013/2134(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the financing of the real economy, and of SMEs in particular, has not been restored on the EU's periphery; points out that major differences in access to credit further stimulate the growing internal divergence trends in the EU and euro area in particular and deistroyorts the internal market through unfaireven competition conditions; points out also that negative economic prospects only partially justify such restrictive credit constraints; calls for closer monitoring of the banking sector practices in financing the real economy, in particular economically viable SMEs; calls for the Commission to prioritise work on alternative sources of financing for SMEs, in particular through the structural funds, the European Investment Bank, the European Investment Fund and public development banks;
Amendment 179 #
2013/2134(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 190 #
2013/2134(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 200 #
2013/2134(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the Commission's ‘'Action Plan to strengthen the fight against tax fraud and tax evasion’' and its recommendations on ‘'measures intended to encourage third countries to apply minimum standards of good governance in tax matters’' and on ‘'aggressive tax planning’', adopted on 6 December 2012; stresses that fairness and justice in burden sharing require a completely new approach to tax fraud and evasion; calls for urgent action by the Commission and for clear support from the Council on these dossiers;
Amendment 205 #
2013/2134(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 215 #
2013/2134(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls for the urgentfull application of the 2-pack, with, as an immediate consequence,6- Pack and 2-Pack as well as the reshaping of the ad hoc system of ‘'troikas’ into a legally sound structure under European law, respecting minimum levels of democratic accountability;'; Urges to explore the possibilities offered by the present Treaty to communitise the Troika; Urges the Troika to revise its communication strategy which repeatedly proved to be a disaster.
Amendment 221 #
2013/2134(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the European Semester must in no way jeopardise the prerogatives of Parliament; urges the Commission to ensure the proper formal involvement of Parliament in all the steps of the European Semester process in order to increase the legitimacy of decisions which affect all citizens; calls for Commission to find ways to increase the visibility of the process;
Amendment 230 #
2013/2134(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Urges the Commission to ensure that Member States to actively involve their national parliaments, the social partners and civil society in the European Semester process as a whole, and particularly in the development and discussion of their national reform programmes;
Amendment 143 #
2013/2062(INI)
Motion for a resolution
Paragraph 35 – point a
Paragraph 35 – point a
a. full liberalisation of the market in visible spare parts (adoption of the ‘repair clause’)measures to encourage the increased re-use of spare parts to ensure a more ecological and good quality aftermarket while protecting consumers’ purchasing power;
Amendment 1 #
2013/2021(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the Directive 2010/76/EU of the European Parliament and of the Council amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies.
Amendment 9 #
2013/2021(INI)
Motion for a resolution
Recital A
Recital A
A. wWhereas the Commission estimates that the financial crisis cost EU governments around EUR 1.6 tr322.18 billion (13 2% of EU GDP) in state aidrecapitalization measures through bailouts tof the financial sector4 , EUR 32 billion of which have been repaid;
Amendment 13 #
2013/2021(INI)
Motion for a resolution
Recital B
Recital B
B. whereas in the five years since the 2008 global economic and financial crisis, the EU economy has remainedcontinues to be in a state of recession, with Mmember Sstates providing subsidies and implicit guarantees to banks due to also inadequate implementation of the economic and fiscal framework;
Amendment 19 #
2013/2021(INI)
Motion for a resolution
Recital C
Recital C
C. whereas excessive risk-taking, excessive leverage, inadequate capital and liquidity requirements and the excessive complexity of the overall banking system were at the root of the financial crisis; inadequate risk management were at the root of the financial crisis, which had been largely fuelled by excessive real-estate exposures, rather than capital market activities, and by insufficient supervision;
Amendment 28 #
2013/2021(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas taking into account the weak situation of the European economy, the completion and implementation of existing new regulation (CRD IV, Banking Union...) should be prioritised and not disturbed by new reforms with high destabilizing capabilities;
Amendment 34 #
2013/2021(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the current post-crisis weakness in the structureweakness (capital, liquidity, risk management, supervision) of EU banks post-crisis demonstrates the need for reform in order to serve the wider needs of the economy. The current weakness also highlights the effects that macroeconomic imbalances have on the banking system, on wholesale markets and on consumer trust;
Amendment 53 #
2013/2021(INI)
Motion for a resolution
Recital F
Recital F
F. whereas research by the Bank of International Settlements (BIS) suggests that once bank assets exceed a country's GDP, its financial sector has a negative impact on economic growth, as human and financial resources are drained from other areas of economic activity6 ; in addition, the right reference to compare banks size is at the level of Europe as a whole and not at individual national level;
Amendment 62 #
2013/2021(INI)
Motion for a resolution
Recital G
Recital G
G. wWhereas the financial crisis demonstrated the problem of cross- contamination between banks' retail and investment activitiesat no particular banking structure had a clear advantage in terms of resilience;
Amendment 77 #
2013/2021(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the Commission proposalEU legislation should provide for a strong, stable and resilient banking sector with access to wide variety of funding sources for the internal market while respecting the diversity of the MEU member Sstates' banking sectors;
Amendment 87 #
2013/2021(INI)
Motion for a resolution
Recital I
Recital I
I. whereas, since it is neither feasible nor desirable to effect a bank separation post- failure, an effective recovery and resolution regime is needed in order to provide authorities with a credible set of tools, including a bridge bank, so that they can intervene sufficiently early and quickly in an unsound or failing bank to enable its essential financial and economic functions to continue, while minimising the impact on financial stability and ensuring that appropriate losses are imposed on the shareholders and creditors who bore the risk of investing in the institution in question, and not by taxpayers or depositors;
Amendment 95 #
2013/2021(INI)
Motion for a resolution
Recital J
Recital J
Amendment 100 #
2013/2021(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas capital markets need to be able to meet European financial needs at a time of very constrained bank lending. There is a need in Europe to increase the availability of alternative financing sources, in particular through the development of capital market alternatives, to decrease the dependency on bank funding, as identified in the Commission's green paper on Long-Term Financing of the European Economy;
Amendment 110 #
2013/2021(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the HLEG's analysis and recommendations on banking reform and considers them a sound basis foruseful contribution to initiatinge reforms and fully assess their impact;
Amendment 119 #
2013/2021(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that while current proposals for reforms of EU banking sector rules (including the Capital Requirements Directive and Regulation, the Recovery and Resolution Directive, the Single Supervisory Mechanism, the Deposit Guarantee Schemes Directive and shadow banking initiatives) are vital, a more fundamental reform of the banking structure is essential, and complementary to the other proposalsalready leading to fundamental structural changes, a reform of the banking structure should only be considered if it brings about proven incremental benefits in respect of the other proposal and after a thorough assessment of the impact on the European economy;
Amendment 148 #
2013/2021(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Insists that the Commission's impact assessment include a thorough assessment of the cost to both public finances and financial stability of the failure of an EU- based bank during the current crisis, together with information on the nature of the EU's current universal banking model, including the size and balance sheets of the retail and investment activities of all universal banks operating in the EU, broken down by individual bank and country; the impact assessment should also explore: the present financing needs of the European economy; the effects on the competitive landscape; incremental benefits, considering the regulatory changes already underway (as stressed in the ECB opinion); the impact on diversity of funding sources for the real economy and on European businesses' access to capital markets financing;
Amendment 158 #
2013/2021(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reminds the Commission of the warning issued by the European Banking Authority and the European Central Bank (ECB) that financial innovation can undermine the objectives of structural reforms, and insists thatthe necessity for structural reforms to be subject to periodic review7 having regard that it is critical not to create a sense of continuous uncertainty for financial institutions which would be detrimental to strategic planning ;
Amendment 174 #
2013/2021(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the core principle of banking reform must be to deliver a safe, stable and efficient banking system that serves the needs of the real economy, customers and consumers; takes the view that shat any reforms, including structural reformones, must stimulate economic growth by supporting the provision of credit and banking services to the economy, in particular to SMEs and start-ups, provide greater resilience against potential financial crises, restore trust and confidence in banks and removduce risks to public finances;
Amendment 205 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Considers that, as stressed by the ECB, published on January, 24, the diversity of business models in the EU should be preserved; no one-size-fits-all solution should be imposed;
Amendment 206 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Considers that free movement of capital and the great potential of the Single Market should not be compromised for the sake of uncoordinated and disproportionate measures taken with a view to preserving financial stability exclusively at national level. The current practices of 'ring-fencing' assets, which could, in practice, restrict cross-border transfers of banks' capital and potentially constrain the free flow of capital throughout the European Union should be forbidden;
Amendment 209 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Considers there is a strong need in Europe for harmonization and common rules. The creation of the Single Supervisory Mechanism (SSM), a Single Rubebook and a Single Resolution Authority reinforces the need for a European approach towards reform of bank structures avoiding a patchwork of national initiatives;
Amendment 211 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Considers that the Liikanen report explained that poor funding structures are one of the main sources of the banking crisis. Emphasizes in this respect the importance of a well-balanced and diversified funding structure in terms of sources of financing, maturity and other risk exposures;
Amendment 212 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 e (new)
Paragraph 7 e (new)
7e. Considers that with the introduction of the bail-in concept of the RRD, owners and all creditors of banks will be the ones bailing out banks in the next crisis and that the power to separate activities vested in the resolution authority will be an important tool under the Bank Recovery and Resolution directive and it will represent a proportionate, tailored and risk-sensitive approach;
Amendment 213 #
2013/2021(INI)
Motion for a resolution
Paragraph 7 f (new)
Paragraph 7 f (new)
7f. Underlines the important role of banks in providing capital market services to governments, companies and investors to issue bonds and securities in the markets and stresses in this respect the vital role of market making;
Amendment 227 #
2013/2021(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges the Commission to come forward with a proposal for mandatory separation of banks’ retail and investment activitiesactivities serving the real economy from speculation;
Amendment 234 #
2013/2021(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Urges the Commission to carry out a thorough impact analysis of such a legislative proposal including whether the main aim of a banking structural reform, increasing the solvability and the resolvability of European banks, has already been achieved by ongoing European legislation;
Amendment 250 #
2013/2021(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges the Commission to come forward with a proposal for suchnsider the impact of mandatory separation through the establishment of a thorough, transparent and credible ‘ring fence’ on the current European economic landscape and on the role of the European banks in financing the European economy, around bank activities that are vital for the real economy, such as those relating to credit functions, market making, payment systems and deposits; takes the view that in the event of a bank failure, the ring fence must ensure that the retail entity continues business unaffected by operational problems, financial losses, funding shortages or reputational damage resulting from the resolution or insolvency of the investment entity;
Amendment 276 #
2013/2021(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Urges the Commission to ensure that speculative trading activities do not benefit from implicit guarantees, the use of insured deposits or taxpayer bailouts and that these activities do not pose a risk to the delivery of ring-fenced retail services;
Amendment 289 #
2013/2021(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Urges the Commission to ensure that where banks undertake speculative trading activities, the risks and costs associated with those activities are borne by their trading arm and not by their ring-fenced retail arm;
Amendment 306 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – point a
Paragraph 12 – point a
(a) separate legal entities, with separate sources of funding for the bank’s retail and investmententities engaged in economically important activities and its speculative trading entities;
Amendment 332 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – point d a (new)
Paragraph 12 – point d a (new)
(da) clear-cut rules serving to determine which activities are to be considered economically important. In particular, as regards market-making, criteria and indicators need to be laid down, depending on whether or not there is a market-maker standing ready on the market at all times or on the size of the orders concerned in relation to the market and proceeding from the necessary exact quantitative reference points (time threshold for continuous operation on the market, bid-ask spread, etc.), which should be adjusted according to the particular financial instruments involved. Revenue from market-making should come from fees, commission, and bid-ask spreads, rather than being generated by position price trends. The methods for calculating traders’ pay must not encourage risk-taking;
Amendment 335 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – point d b (new)
Paragraph 12 – point d b (new)
(db) increasing the uneven level playing field for market makers in Europe at the benefit of other jurisdictions;
Amendment 338 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Urges the Commission to consider the alternative approach resulting from the application of the future Bank Recovery and Resolution Directive, whereby structural separation can result from the resolvability assessment of the firm;
Amendment 347 #
2013/2021(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Market making which provides an essential service to the clients should be allowed to remain in the deposit taking entity as it enables banks to support European corporate clients to gain access to the markets;
Amendment 351 #
2013/2021(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Underlines the necessity of assessing the systemic risk presented by both by the retail and investmententities engaged in economically important activities and by speculating entities, as well as by the group as a whole, with a view to the application of appropriate capital buffers and liquidity requirements for each entity;
Amendment 364 #
2013/2021(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the Commission to ensure that the retail entityentity engaged in economically important activities has sufficient capital and liquid assets to enable it, in the event of the bank’s failure, to maintain depositors’ access to funds, to protect the essential services of the ring-fenced arm from the risk of disorderly failure and to prioritise paying out depositors in a timely fashion;
Amendment 368 #
2013/2021(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the Commission to ensure that the retail entity has sufficient capital and liquid assets to enable it, in the event of the bank's failure, to maintain depositors' access to funds, to protect the essential services of the ring-fenced arm from the risk of disorderly failure and to prioritise payingay out depositors in a timely fashion;
Amendment 380 #
2013/2021(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Urges the Commission to ensure that adequate differentiation exists in terms of capital, leverage and liquidity requirements between the investment and retailentity engaged in economically important activities and the speculating entitiesy, with an emphasis on higher capital requirements for the investment entity;
Amendment 413 #
2013/2021(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission to include provisions establishing an obligation for all board members of the retail entity, both executive and non- executive, engaged in economically important activities and all levels of management and risk-takers to originate from, and only have responsibility for, the retail entity and not the investment entity;
Amendment 420 #
2013/2021(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 424 #
2013/2021(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 433 #
2013/2021(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 439 #
2013/2021(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 177 #
2013/0314(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) The failure of certain critical benchmarks may have a significant impact on financial stability, market orderliness or investors and it is therefore necessary that additional requirements apply to ensure the integrity and robustness of these critical benchmarks. Where a benchmark references a significant value of financial instruments it will have such an impact. It is therefore necessary that the Commission determines those benchmarks that reference financial instruments above a certain threshold andESMA, in close cooperation with the ECB, EBA, and EIOPA, determines those benchmarks in accordance with defined criteria that should be considered critical benchmarks.
Amendment 181 #
2013/0314(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Contributors ceasing to contribute may undermine the credibility of critical benchmarks. In order to address this vulnerability, it is therefore necessary to include a power for the relevantESMA, in close comopetent authorityration with the ECB, EBA, and EIOPA when applicable, to require mandatory contributions to critical benchmarks.
Amendment 186 #
2013/0314(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) This Regulation should take into account the Principles for financial benchmarks issued by the International Organization of Securities Commissions (IOSCO) (hereinafter referred to as ‘'IOSCO Principles’') on the 17 July 2013 which serve as a global standard for regulatory requirements for benchmarks. It is necessary for investor protection that, after an appropriate transitional period, an assessment that the supervisions and regulation in any third country are equivalent to Union supervision and regulation of benchmarks takes place before any benchmark provided from that third country can be used in the Union. It is also necessary that any decision recognising the legal framework and supervisory practices of a third country as equivalent to the demands of this Regulation be accompanied by a mutual recognition requirement.
Amendment 195 #
2013/0314(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) Existing recordings of telephone conversations and data traffic records from supervised entities may constitute crucial, and sometimes the only evidence to detect and prove the existence of breaches of this Regulation, notably the compliance with governance and control requirements. Such records and recordings can help to verify the identity of the person responsible for the submission, those responsible for its approval, and whether physical separation of employees is maintained. Therefore, competent authorities should be able to require existing recordings of telephone conversations, electronic communications and data traffic records held by supervised entities, in those cases where a reasonable suspicion exists that such recordings or records related to the subject-matter of the inspection or investigation may be relevant to prove a breach of this Regulation.
Amendment 198 #
2013/0314(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) Critical benchmarks may involve contributors, administrators and users in more than one Member State. Thus, the cessation of the provision of such a benchmark or any events that may significantly undermine its integrity may have an impact in more than one Member State meaning that the supervision of such a benchmark by the competent authority of the Member State in which it is located alone will not be efficient and effective in terms of addressing the risks that the critical benchmark poses. To ensure the effective exchange of supervisory information among competent authorities, coordination of their activities and supervisory measures, colleges of competent authorities should be formed. The activities of the colleges should contribute to the harmonised application of rules under this Regulation and to the convergence of supervisory practices. ESMA's legally binding mediation is a key element of the achievement of coordination, supervisory consistency and convergence of supervisory practicesmay be ensured by ESMA, in close cooperation with the ECB, EBA, and EIOPA. Benchmarks may reference financial instruments and financial contracts that have a long duration. In certain cases such benchmarks may no longer be permitted to be provided once this Regulation comes into effect because they have characteristics that cannot be adjusted to conform to the requirements of this Regulation. However, prohibiting the continued provision of such a benchmark may result in the termination or frustration of the financial instruments or financial contracts and so harm investors. It is therefore necessary to make provision to allow for the continued provision of such benchmarks for a transitional period.
Amendment 253 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point b a (new)
Article 3 – paragraph 1 – point 14 – point b a (new)
(b a) market operators as defined in point (13) of paragraph 1 of Article 4 of Directive 2004/39/EC;
Amendment 254 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point e
Article 3 – paragraph 1 – point 14 – point e
(e) managers of undertakings for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EU23 ; __________________ 23 OJ L 302, 17.11.2009, p. 32.
Amendment 255 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point f
Article 3 – paragraph 1 – point 14 – point f
(f) alternative investment fund managers (AIFMs) as defined in point (b) of Article 4(1) of Directive 2011/61/EU of the European Parliament and of the Council24 ; __________________ 24including managers referred to in Article 3 of Directive 2011/61/EU of the European Parliament and of the Council; __________________ 24 OJ L 174, 1.7.2011, p. 1. OJ L 174, 1.7.2011, p. 1.
Amendment 256 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point i a (new)
Article 3 – paragraph 1 – point 14 – point i a (new)
(i a) market participants as defined in Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency.
Amendment 265 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘'critical benchmark’' means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro;located in more than one Member State or in a different Member State to the administrator and that, in the event that it were to cease to be provided or were provided using an unrepresentative set of contributors or input data, this would have a significant adverse impact on financial stability, the orderly functioning of the markets, consumers or the real economy in one or more Member States or States or other jurisdictions which are different to the Member State where the benchmark's administrator is located. Critical benchmarks should not only be defined as regards the notional value of the financial instruments they reference but also taking into account their potential impact on price formation for the physical markets (commodities benchmarks).
Amendment 338 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 1 – introductory part
Article 11 – paragraph 1 – introductory part
1. The following governance and control requirements shall apply to a supervised contributor:
Amendment 339 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) The supervised contributor shall ensure that the provision of input data is not affected by any existing or potential conflict of interest and that, where any discretion is required, it is independently and honestly exercised based on relevant information in accordance with the code of conduct (‘Conflicts of interest’).
Amendment 341 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) The supervised contributor shall have a control framework that ensures the integrity, accuracy and reliability of the input data and that the input data is provided in accordance with the provisions of this Regulation and the code of conduct (‘Adequate controls’).
Amendment 344 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. A supervised contributor shall comply with the requirements concerning systems and controls set out in Section E of Annex I.
Amendment 346 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. A supervised contributor shall fully cooperate with the administrator and the relevant competent authority in the auditing and supervision of the provision of a benchmark and make available the information and records kept in accordance with Section E of Annex 1.
Amendment 349 #
2013/0314(COD)
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 2
Article 11 – paragraph 4 – subparagraph 2
The Commission shall take into account the different characteristics of benchmarks and supervised contributors, notably in terms of differences in input data provided and methodologies used, the risks of manipulation of the input data and the nature of the activities carried out by the supervised contributors, and the developments in benchmarks and financial markets in light of international convergence of supervisory practices in relation to benchmarks.
Amendment 382 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
Amendment 384 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2
Article 13 – paragraph 1 – subparagraph 2
Amendment 388 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Within 5 working days from the date of application of the decision including a critical benchmark in the list referred to in paragraph 1of this Article, the administrator of that critical benchmark shall notify the code of conduct to the relevant competent authority. The relevant competent authorityESMA. ESMA shall verify within 30 days whether the content of the code of conduct complies with the requirements of this Regulation. In case the relevant competent authorityESMA finds elements which do not comply with the requirements of this Regulation, it shall inform the administrator. The administrator shall adjust the code of conduct to ensure that it complies with the requirements of this Regulation within 30 days of such a request. When applicable, ESMA should work with the ECB, EBA, EIOPA to carry out its tasks.
Amendment 394 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the contributors toEvery two years, the administrator of a critical benchmark shave ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, the competent authority of the administrator of a critical benchmark shall have the power to: (a) require supervised entities, selected in accordance with paragraphs 2, to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules; (b) determine the form in which, and the time by which, any input data is to be contributed; (c) change the code of conduct, methodology or other rulll submit to ESMA an assessment regarding the representativeness of each critical benchmark it administers. A contributor of a critical benchmark which intends to cease contributing shall notify in writing the administrator, which in turn shall promptly inform ESMA and submit to it [at the latest 14 days after the date of the notification] a structural assessment of the implications of the contributor ceasing contributing as regards the size and representativeness of the critical benchmarkpanel.
Amendment 398 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. For a critical benchmark, the supervised entities that are required to contribute in accordance with paragraph 1 shall be determined by Upon receipt of an assessment mentioned under paragraph 2, ESMA, withe competent authority of the administrator on the basis of the following criteria: (a) the size of the supervised entity’s actual and potential participation in the market that the benchmark seeks to measure; (b) the supervised entity’s expnsultation of the ECB, EBA, or EIOPA when applicable, shall assess whether the critical benchmark is lacking representativeness. This may in particular result from a reduced number of contributors over tisme and ability to provide input data of the necessary qualityor from structural market developments.
Amendment 403 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The competent authority of a supervised contributor that has been required to contribute to a benchmark through measures taken in accordance with points (a) and (b) of paragraph 1 shall assist the competent authority of the administrator in the enforcement of such measuresIf ESMA considers that the benchmark lacks representativeness, it shall have the power to: (a) require a contributor that has notified its intention to cease contributing in accordance with paragraph 2 to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules; (b) determine the form in which, and the time by which, any input data is to be contributed; (c) change the code of conduct, methodology or other rules of the critical benchmark.
Amendment 404 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
4. The competent authority of the administratorESMA shall review each measure adopted under paragraph 14 one year following its adoption. It shall revoke it if:
Amendment 407 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 4 – point a – point 1
Article 14 – paragraph 4 – point a – point 1
(1) a written commitment by the contributors to the administrator and the competent authorityESMA to continue contributing input data to the critical benchmark for at least one year if the mandatory contribution power were revoked;
Amendment 410 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 4 – point a – point 2
Article 14 – paragraph 4 – point a – point 2
(2) a written report by the administrator to the competent authorityESMA providing evidence for its assessment that the critical benchmark’s continued viability can be assured once mandatory participation has been revoked.
Amendment 412 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The administrator shall notify the relevant competent authorityESMA in the event that any contributors breach the requirements of paragraph 1 of this Article as soon as is technically possible.
Amendment 440 #
2013/0314(COD)
Proposal for a regulation
Article 18 – title
Article 18 – title
Amendment 441 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer’s knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referenccommunicate to the consumer, in good time and once the supervised entity has obtained the benchmark statement on the benchmark published under Article 15, the available information on the benchmark included ing the financial contract to that benchmark is suitable for him.
Amendment 445 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. WhereOn such basis, the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, tprovides to the consumer all information which can enable him to determine if the financial contract is adapted to his/her needs and his/her objectives. The supervised entity shall wparn the consumer in writing with reasonsticularly draw the consumer’s attention on the risk incurred by the use of the benchmark, the key characteristics of the benchmark and its compatibility with its financial situation.
Amendment 456 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. BAs from [30 months after entry into force of this Regulation], benchmarks provided by an administrator established in a third country may only be used by supervised entities in the Union provided that the following conditions are complied with:
Amendment 459 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) the Commission has adopted an equivalence decision in accordance with paragraph 2 and paragraph 2a, recognising the legal framework and supervisory practice of that third country as equivalent to the requirements of this Regulation and as providing an effective equivalent system for the recognition of administrators authorised under foreign legal regimes;
Amendment 467 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point c
Article 20 – paragraph 1 – point c
(c) the administrator has notified ESMA of its consent that its actual or prospective benchmarks may be used by supervised entities in the Union, the list of the benchmarks which may be used in the Union and the competent authority responsible for its supervision in the third country;
Amendment 477 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country, and contributors in that third country, comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013; and
Amendment 482 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a a (new)
Article 20 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) Decisions by the Commission determining third country legal regimes as equivalent to the requirements resulting from this Regulation should be adopted only if the legal regime of the third country provides for an effective equivalent system for the recognition of administrators authorised under foreign legal regimes.
Amendment 484 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 3 – introductory part
Article 20 – paragraph 3 – introductory part
3. ESMA shall establish cooperation arrangements withbetween the competent authorities of Member States and the competent authorities of third countries whose legal framework and supervisory practice have been recognised as equivalent in accordance with paragraph 2. Such arrangements shall specify at least:
Amendment 485 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 3 – point a
Article 20 – paragraph 3 – point a
(a) the mechanism for the exchange of information between ESMAthe competent authorities of Member States and the competent authorities of third countries concerned, including access to all information regarding the administrator authorised in that third country that is requested by ESMAa competent authority of a Member State;
Amendment 486 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 3 – point b
Article 20 – paragraph 3 – point b
(b) the mechanism for prompt notification to ESMAthe relevant competent authority of a Member State where a third country competent authority deems that the administrator authorised in that third country that it is supervising is in breach of the conditions of its authorisation or other national legislation;
Amendment 487 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 3 – point c
Article 20 – paragraph 3 – point c
(c) the procedures concerning the coordination of supervisory activities between the competent authorities of Member States and the competent authorities of third countries concerned including on-site inspections.
Amendment 489 #
2013/0314(COD)
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1
Article 20 – paragraph 4 – subparagraph 1
ESMA shall develop draft regulatory technical standards to determine the minimum content of the cooperation arrangements referred to in paragraph 3 so as to ensure that the competent authorities and ESMAof Member States are able to exercise all their supervisory powers under this Regulation:
Amendment 527 #
2013/0314(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. For administrators and supervised contributors, each Member State shall designate the relevant competent authority responsible for carrying out the duties resulting from this Regulation and shall inform the Commission and ESMA thereof.
Amendment 529 #
2013/0314(COD)
Proposal for a regulation
Article 30 – paragraph 1 – point f
Article 30 – paragraph 1 – point f
(f) require existing recordings of telephone conversations, electronic communications or other data traffic records held by supervised entities;
Amendment 543 #
Amendment 575 #
2013/0314(COD)
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The use of a benchmark shall be permitted by the relevant competent authority of the Member State where the administrator is located until such time as the benchmark references financial instruments and financial contracts worth no more than 5% by valuethe termination of the financial instruments and financial contracts that referenced this benchmark at the time of entry into force of this Regulation. No financial instruments or financial contracts shall reference such an existing benchmark after the entry into application of this Regulation, unless its administrator has been authorized pursuant to Article 23.
Amendment 591 #
2013/0314(COD)
Proposal for a regulation
Annex 1 – section 1 – part I – point 8 – point b
Annex 1 – section 1 – part I – point 8 – point b
Amendment 630 #
2013/0314(COD)
Proposal for a regulation
Annex 1 – section 5 – title
Annex 1 – section 5 – title
Contributor governance and controls requirements applied to supervised contributors to ensure compliance with Article 11
Amendment 631 #
2013/0314(COD)
Proposal for a regulation
Annex 1 – section 5 – point 1 – introductory part
Annex 1 – section 5 – point 1 – introductory part
1. A supervised contributor shall have effective systems and controls to ensure the integrity and reliability of all contributions of input data to the administrator, including:
Amendment 632 #
2013/0314(COD)
Proposal for a regulation
Annex 1 – section 5 – point 2
Annex 1 – section 5 – point 2
2. Where the input data is not transaction data, supervised contributors shall establish in addition to the systems and controls referred to in point (1) policies guiding any use of judgment or exercise of discretion and retain records of the rationale for any such judgement or discretion, where proportionate taking into account the nature of the benchmark and input data.
Amendment 54 #
2013/0306(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. NYet not all categories of underlying assets should be eligiblproved to be unstable, and in particular those bsecause some were more confronted to instability than othersuritizations where the underlying assets were associated with supporting the working capital of manufacturers and the sales of real economy goods and services, performed well and should be eligible. For this reason theABCP backed by underlying assets should be exclusively composed of short- term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers should not be eligiblecomposed of debt instruments that have been originated by bank clients, such as corporates or their captive financial subsidiaries, in the course of their business activity, including trade receivables, or other related debt held directly or indirectly, should be eligible for MMF investment. In this regard, instruments which provide working capital to bank clients, such as trade receivables, auto loans and leases, equipment loans and leases, SME loans and consumer loans should be eligible provided they are of high quality, liquid and otherwise satisfy maximum WAL requirement. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporateligible debt and the conditions and numerical thresholds determining when corporatsuch eligible debt is of high credit quality and liquid.
Amendment 70 #
2013/0306(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) In order to strengthen MMFs' ability to face redemptions and prevent MMFs assets from being liquidated at heavily discounted prices, MMFs should hold on an on-going basis a minimum amount of liquid assets that mature daily or weekly. A temporary deviation below these minimum amounts should be possible following a redemption of units or shares, provided that such deviation is remedied within a reasonable timeframe, in the best interests of unit-holders. To calculate the proportion of daily and weekly maturing assets, the legal redemption date of the asset should be used. The possibility for the manager to terminate a contract on a short term basis can be taken into consideration. For instance, if a reverse repurchase agreement can be terminated with a one day prior notice, it should count as a daily maturing asset. If the manager has the possibility to withdraw money from a deposit account with a one day prior notice, it can count as a daily maturing asset.
Amendment 78 #
2013/0306(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) It is important that the risk management of MMFs not be biased by short-term decisions influenced by the possible rating of the MMF. Therefore, it is necessary to prohibit a MMF or its manager from requesting that the MMF is rated by a credit rating agency in order to avoid that this external rating is used for marketing purposes. The MMF or its manager should also refrain from using alternative methods for obtaining a rating of the MMF. Should the MMF be awarded an external rating, either on the own initiative of the credit rating agency or following request by a third party that is independent of the MMF or the manager and does not act on behalf of any of them, the MMF manager should refrain from relying on criteria that would be attached to that external rating. For ensuring appropriate liquidity management it is necessary that the MMFs establish sound policies and procedures to know their investors. The policies that the manager has to put in place should help understanding the MMF's investor base, to the extent that large redemptions could be anticipated. In order to avoid that the MMF faces sudden massive redemptions, particular attention should be paid to large investors representing a substantial portion of the MMF's assets, as with one investor representing more than the proportion of daily maturing assets. In this case the MMF should increase its proportion of daily maturing assets to the proportion of that investor. The manager should whenever possible look at the identity of the investors, even if they are represented by nominee accounts, portals or any other indirect buyer.
Amendment 81 #
2013/0306(COD)
Proposal for a regulation
Recital 40
Recital 40
(40) As part of a prudent risk management, MMFs should periodically conduct stress testing. Stress tests should be of particular relevance for CNAV funds in order to assess the resilience of their capital buffer. The managers of MMFs are expected to act in order to strengthen the MMF's robustness whenever the results of stress testing point to vulnerabilities.
Amendment 85 #
2013/0306(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) To allow for the specificities of CNAV MMFs it is necessary that CNAV MMFs be permitted to use also the amortised cost accounting method for the purpose of determining the constant net asset value (NAV) per unit or share. This notwithstanding, for the purpose of ensuring at all times the monitoring of the difference between the constant NAV per unit or share and the NAV per unit or share, a CNAV MMF should also calculate the value of its assets on the basis of the marking to market or marking to model methods and make it available to the public on a daily basis.
Amendment 113 #
2013/0306(COD)
Proposal for a regulation
Article 2 – point 2
Article 2 – point 2
(2) ‘money market instruments’ means money market instruments as defined in Article 2(1)(o) of Directive 2009/65/EC and Article 3 of Directive 2007/16/CE;
Amendment 115 #
2013/0306(COD)
Proposal for a regulation
Article 2 – point 8
Article 2 – point 8
(8) ‘corporat"eligible debt’" means debt instruments issued by anentities or undertakings which is effectively engaged in producing or trading and/or financing the manufacturing, trading or providing goods or non-financial services;and non-financial services to the market. For the purpose of this definition, it should be understood, that entities such as captive finance subsidiaries are consistent with this definition and that debt instruments such as trade receivables, auto loans and leases, equipment loans and leases, SME loans and consumer loans of such undertakings are eligible provided they otherwise comply with the conditions set out in this Regulation.
Amendment 116 #
2013/0306(COD)
Proposal for a regulation
Article 2 – point 13
Article 2 – point 13
(13) ‘Short-term MMF’ (or ST MMF) means a money market fund that invests in eligible money market instruments referred to in Article 9(1);
Amendment 117 #
2013/0306(COD)
Proposal for a regulation
Article 2 – point 14
Article 2 – point 14
(14) ‘Standard MMF’ (or STD MMF) means a money market fund that invests in eligible money market instruments referred to in Article 9(1) and (2);
Amendment 133 #
2013/0306(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point d a (new)
Article 8 – paragraph 1 – point d a (new)
(da) repurchase agreements.
Amendment 136 #
2013/0306(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point d b (new)
Article 8 – paragraph 1 – point d b (new)
(db) units or shares of other MMFs;
Amendment 144 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 – point a
Article 10 – paragraph 1 – point a
(a) the underlying exposure or pool of exposures consists exclusively of corporateligible debt;
Amendment 145 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 – point b
Article 10 – paragraph 1 – point b
(b) the underlyingeligible corporate debt is of high credit quality and liquid;
Amendment 148 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 – point c
Article 10 – paragraph 1 – point c
(c) the underlying corporate debt has a legal maturity at issuance of 397 days or less; or has a residual maturityexposure or pool of exposures has a weighted average life (WAL) of 397 days or less.
Amendment 150 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 – point c a (new)
Article 10 – paragraph 1 – point c a (new)
(ca) the Asset Backed Commercial Paper has a legal maturity at issuance or a residual maturity of 397 days or less.
Amendment 153 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
Article 10 – paragraph 2 – subparagraph 1 – point a
(a) the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporateligible debt;
Amendment 155 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
Article 10 – paragraph 2 – subparagraph 1 – point b
(b) conditions and numerical thresholds determining when corporateligible debt is of high credit quality and liquid.
Amendment 161 #
2013/0306(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)
Article 12 – paragraph 1 – point d a (new)
(da) the OTC derivatives are subject to clearing or to bilateral margin requirements.
Amendment 173 #
2013/0306(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Amendment 174 #
2013/0306(COD)
Proposal for a regulation
Article 13 b (new)
Article 13 b (new)
Amendment 175 #
2013/0306(COD)
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. A MMF shall invest no more than 510% of its assets in any of the following:
Amendment 182 #
2013/0306(COD)
Proposal for a regulation
Article 14 – paragraph 5 – introductory part
Article 14 – paragraph 5 – introductory part
5. Notwithstanding the individual limits laid down in paragraphs 1 and 3, a MMF shall not combine, where this would lead to investment of more than 105% of its assets in a single body, any of the following:
Amendment 192 #
2013/0306(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point b
Article 16 – paragraph 3 – point b
(b) a manager of a MMF shall adopt and implement adequate measures to ensure that the assignment of its internal ratings is based on a thorough analysis of all the information that is available and pertinent, and includes all relevant driving factors that influence the creditworthiness of the issuer;
Amendment 207 #
2013/0306(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) the internal rating system shall be based on a single rating scale which exclusively reflects quantification of the credit risk of the issuer. The rating scale shall have six grades for non-defaulted issuers and one for defaulted issuers;
Amendment 231 #
2013/0306(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point c
Article 21 – paragraph 1 – point c
Amendment 235 #
2013/0306(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point d
Article 21 – paragraph 1 – point d
Amendment 239 #
2013/0306(COD)
Proposal for a regulation
Article 21 – paragraph 1 a (new)
Article 21 – paragraph 1 a (new)
Amendment 244 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point c
Article 22 – paragraph 1 – point c
Amendment 245 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point d
Article 22 – paragraph 1 – point d
Amendment 248 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. A standard MMF may invest up toshall hold : (a) at least 10% of its assets in the form of daily maturing assets; (b) at least 105% of its assets in money market instruments issued by a single bodythe form of weekly maturing assets. Whenever a redemption of units or shares prompts a standard MMF to sell daily or weekly maturing assets and to hold as a result less than the above ratios of daily and weekly maturing assets, the standard MMF should take action to remedy the breach taking due account of the interests of its unit-holders. Investment in units or shares of other Short-term or Standard MMFs may be included in the ratio of weekly maturing assets up to a maximum of 5% of the assets of the MMF.
Amendment 252 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
Amendment 256 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3a. Notwithstanding the provisions of Article 10(1)(c), a Standard MMF may invest in securitisations (i) with a legal maturity at issuance or a residual maturity of 2 years or less and (ii) the underlying pool of exposures of which has an aggregate weighted average life (WAL) of 2 years or less.
Amendment 257 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 4
Article 22 – paragraph 4
Amendment 269 #
2013/0306(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point d a (new)
Article 24 – paragraph 1 – point d a (new)
(da) the cyclical evolution of the number of shares in the fund.
Amendment 271 #
2013/0306(COD)
Proposal for a regulation
Article 24 – paragraph 2 – introductory part
Article 24 – paragraph 2 – introductory part
2. The manager of the MMF shall ensure that:If the value of the units or shares held by a single investor exceeds 10% of the value of the fund, the manager of the MMF shall apply additional, more stringent, measures such as stress tests to ensure that a redemption by such an investor does not materially impact the liquidity profile of the MMF.
Amendment 272 #
2013/0306(COD)
Proposal for a regulation
Article 24 – paragraph 2 – point a
Article 24 – paragraph 2 – point a
Amendment 273 #
2013/0306(COD)
Proposal for a regulation
Article 24 – paragraph 2 – point b
Article 24 – paragraph 2 – point b
Amendment 276 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1
Article 25 – paragraph 1 – subparagraph 1
Amendment 288 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. In addition, in the case of CNAV MMFs, tthe case of CNAV MMFs, stress test shall be considered as a core duty of the management of the fund intended essentially to test the resilience of the NAV buffer. The stress tests shall estimate for different scenarios the difference between the constant NAV per unit or share and the NAV per unit or share, including the impact of the difference on the NAV buffer. Based on the outcomes of the stress test, the manager shall develop action plans for difference possible scenarios.
Amendment 291 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 4
Article 25 – paragraph 4
4. Stress tests shall be conducted at a frequency determined by the board of directors of the manager of the MMF, after considering what an appropriate and reasonable interval in light of the market conditions is and after considering any envisaged changes in the portfolio of the MMF. Such frequency shall be at least yearly. For CNAV MMFs, the frequency shall be at least quarterly.
Amendment 292 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 5 – subparagraph 1
Article 25 – paragraph 5 – subparagraph 1
An extensive report with the results of the stress testing shall be submitted for examination to the board of directors of the MMF's manager. The board of directors shall amend the proposed action plan if necessary and approve the final action plan. For CNAV MMFs, the board of directors shall amend the proposed action plan if necessary and approve the final action plan.
Amendment 293 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 6
Article 25 – paragraph 6
6. The report with the results of the stress testing shall be submitted to the competent authorities of the manager and of the MMF. The competent authorities shall send the report to ESMA. For CNAV MMFs, the competent authority shall analyse the results of the stress test and the potential related action plan.
Amendment 330 #
2013/0306(COD)
Proposal for a regulation
Article 29 a (new)
Article 29 a (new)
Article 29a Diversification limits for CNAV MMFs 1. By way of derogation from Article 14(1)(a), a CNAV fund shall invest no more than 5% of its assets in money market instruments issued by the same body. 2. By way of derogation from Article 14(5), and notwithstanding the individual limits laid down in paragraph 1 and Article 14(3), a CNAV fund shall not combine, where this would lead to investment of more than 10% of its assets in a single body, any of the following : (a) investments in money market instruments issued by that body; (b) deposits made with that body; (c) OTC financial derivative instruments giving counterparty risk exposure to that body.
Amendment 340 #
2013/0306(COD)
Proposal for a regulation
Article 30 – paragraph 4 – subparagraph 1
Article 30 – paragraph 4 – subparagraph 1
The NAV buffer shall be held in a protecdedicated reserve account opened with a credit institution that fulfils the requirements in Article 11(c), in the name and on behalf of the MMF.
Amendment 343 #
2013/0306(COD)
Proposal for a regulation
Article 30 – paragraph 4 – subparagraph 3
Article 30 – paragraph 4 – subparagraph 3
The reserve account or any amounts in the reserve account shall not be subject to any pledge, lien or collateral arrangement. In the event of the insolvency of the manager of the MMF or of the credit institution where the account is opened or of any entity that financed the NAV buffer, the reserve account shall not be available for distribution among or realisation for the benefit of creditors of the insolvent entity.
Amendment 371 #
2013/0306(COD)
Proposal for a regulation
Article 36 – paragraph 1 – introductory part
Article 36 – paragraph 1 – introductory part
1. IWithout prejudice to the rules laid down in Directive 2009/65/EC and Directive 2011/61/UE, in exceptional circumstances justified by systemic implications or adverse market conditions the competent authority may allow a MMF other than a CNAV MMF to receive external support referred to in Article 35 that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF provided that all of the following conditions are fulfilled:
Amendment 387 #
2013/0306(COD)
Proposal for a regulation
Article 37 – paragraph 5 a (new)
Article 37 – paragraph 5 a (new)
5a. A CNAV MMF shall transmit to its competent authority its Net Asset Value (NAV) per unit or share and the amount of its NAV buffer on a daily basis.
Amendment 391 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point b
Article 38 – paragraph 2 – subparagraph 1 – point b
(b) portfolio indicators such as the total value of assets, NAV, WAM, WAL, maturity breakdown, liquidity and yield as of the closing date of the reporting period;
Amendment 393 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point c
Article 38 – paragraph 2 – subparagraph 1 – point c
(c) For CNAV MMFs, the size and the evolution of the NAV buffer and the evolution of the difference between the constant NAV per unit or share and the NAV per unit or share throughout the quarter;
Amendment 394 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) the results of stress tests on a quarterly basis for CNAV funds and yearly for VNAV;
Amendment 396 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point e – introductory part
Article 38 – paragraph 2 – subparagraph 1 – point e – introductory part
(e) information on the assets held in the portfolio of the MMF as of the closing date of the reporting period:
Amendment 397 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point e – point i
Article 38 – paragraph 2 – subparagraph 1 – point e – point i
(i) the characteristics of each asset, such as name, country, issuer category, risk or maturity, and internal ratings assigned;
Amendment 398 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point f – introductory part
Article 38 – paragraph 2 – subparagraph 1 – point f – introductory part
(f) information on the liabilities of the MMF that includes the following pointsto the extent possible, information as of the closing date of the reporting period:
Amendment 402 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 4 – subparagraph 1
Article 38 – paragraph 4 – subparagraph 1
Competent authorities shall transmitbe able to transmit on demand to ESMA all information received pursuant to this Article, and any other notification or information exchanged with the MMF or its manager by virtue of this Regulation. Such information shall be transmitted to ESMA no later than 30 days after the end of the reporting quarter.
Amendment 406 #
2013/0306(COD)
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. TWithout prejudice to the rules laid down in Directive 2009/65/EC and Directive 2011/61/UE, the competent authorities shall supervise compliance with this Regulation on an on-going basis.
Amendment 414 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Within the sixeighteen months following the date of entry into force of this Regulation, an existing UCITS or AIF that invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment shall submit an application to its competent authority together with all documents and evidence necessary to demonstrate the compliance with this Regulation.
Amendment 419 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
Amendment 424 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 4
Article 43 – paragraph 4
Amendment 31 #
2013/0265(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Preparation of legislation is under way in several Member States21 to regulate interchange fees, covering a number of issues, including caps on interchange fees at various levels, merchant fees, the Honour All Cards rules or steering measures. The existing administrative decisions in some Member States vary significantly. In view of the harmfulness of interchange fees to retailers and consumersTo make the levels of interchange fees more consistent, a further introduction of regulatory measures at national level aimed at addressing the level or divergencies of these fees is anticipated. Such national measures would be likely to lead to significant barriers to the completion of the internal market in the area of cards, internet and mobile payments based on cards and would therefore hinder the freedom to provide services. __________________ 21 Italy, Hungary, Poland and the United Kingdom .
Amendment 32 #
2013/0265(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Payment cards are the most frequently used electronic payment instrument for retail purchases. However, integration of the Union payment card market is far from complete as many payment solutions cannot develop beyond their national borders or new pan-Union providers are prevented from entering the market. The lack of market integration currently results in higher prices and less choice in payment services for consumers and retailers, and more limited opportunities tActive cooperation among national and international networks has meant that, since 1987, European consumers have been able to use their payment cards throughout Europe as easily as in their countries of origin. To take full advantage of the internal market. T, there is therefore a need to remove obstacles to the efficient funcintegrationing of thenew card market- payment options, including mobile and internet payments that are based on card transactions which still pose barriers to the deployment of a fully integrated market.
Amendment 34 #
2013/0265(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) One of the key practices hIn most Member States, indtering the functioning of the internal market in card and card-based payments is the widespread existence of interchange fees, which are in most Member States not subject to any legislationchange fees are subject not to any legislation but rather to decisions by the national competition authorities. Interchange fees are inter-bank fees usually applied between the card-acquiring payment service providers and the card-issuing payment service providers belonging to a certain card scheme. Interchange fees are a main part of the fees charged to merchants by acquiring payment service providers for every card transaction. Merchants in turn incorporate these card costs, like all their other costs, in the general prices of goods and services. Competition between card schemes appears in practice to be largely aimed at convincing as many issuing payment service providers (e.g. banks) as possible to issue their cards, which usually leads to higher rather than lower interchange fees on the market, in contrast with the usual price disciplining effect of competition in a market economy. Regulatingnsistent application of the competition rules to interchange fees would improve the functioning of the internal market.
Amendment 36 #
2013/0265(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The currently existing wide variety of interchange fees and their level prevent the emergence of 'new' pan Union players on the basis of business models with lower interchange fees, to the detriment of potential economies of scale and scope and their resulting efficiencies. This has a negative impact on retailers and consumers and prevents innovation. As Pan-Union players would have to offer issuing banks as a minimum the highest level of interchange fee prevailing in the market they want to enter it also results in persisting market fragmentation. Existing domestic schemes with lower or no interchange fees may also be forced to exit the market because of the pressure from banks to obtain higher interchange fees revenues. As a result, consumers and merchants face restricted choice, higher prices and lower quality of payment services while their ability to use pan- Union payment solutions is restricted. In addition, retailers cannot overcome the fee differences by making use of card acceptance services offered by banks in other Member States. Specific rules applied by the international card payment schemes require, on the basis of their territorial licensing policies, the application of the interchange fee of the '‘Point of Sale'’ (country of the retailer) for each payment transaction. This prevents acquiring bankers from successfully offering their services on a cross -border basis. It can also prevents retailers from reducing their payment costs to the benefit of consumers.
Amendment 38 #
2013/0265(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) This Regulation follows a gradual approach. As a first step, it is necessary to take measures to facilitate cross-borderapplies equally to cross-border and to national issuing and acquiring of payment card transactions. AllowingIf merchants tocan choose an acquirer outside their own Member State ('‘cross -border’ acquiring') and imposing, which will be facilitated by the imposition of a maximum level of cross- border interchange fees for cross border acquired transactions should provide the necessary legal clarity. In addition, licences for issuing or acquiring of payment instruments should be valid without geographic restrictions within the Union. These measures would facilitate the smooth functioning of an internal market for card, internet and mobile payments, to the benefit of consumers and retailerand the prohibition of territorial licensing, it should be possible to provide the necessary legal clarity and to prevent distortions of competition between payment-card systems.
Amendment 41 #
2013/0265(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) As a consequence of unilateral undertakings and commitments accepted in the framework of competition proceedings, many cross-border card payment transactions in the Union are already carried out respecting the maximum interchanges fees applicable to the first phase of this Regulation. Therefore, all the provisions relating to those transactions should enter into force quickly, creating opportunities for retailers to seek cheaper acquiring services cross-border, and incentivising domestic banking communities or schemes to lower their acquiring feand to national transactions should enter into force simultaneously and within a reasonable period of time, taking account of the difficulty and complexity of the migration of payment-card systems, which this Regulation necessitates.
Amendment 113 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) '‘debit card transaction'’ means an card payment transaction included with prepaid cards linked to a current or deposit access account to which a transaction is debited in less than or 48 hours after the transaction has been authorised/initiated transaction carried out with a debit card. A debit card is a card all the payment transactions on which are debited immediately. Prepaid cards are debit cards;
Amendment 121 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) '‘credit card transaction'’ means an card payment transaction where the transaction transaction carried out with a credit card. A credit card is a card enabling its usettled more than 48 hours after the transaction has been authorised/initr to carry out payment transactions which are not debited immediatedly;
Amendment 134 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
(8) ‘cross-border payment transaction’ means a card payment or card-based payment transaction initiated by a payer or by a payee where the payer's payment service provider andor the payee's payment service provider areoint of sale is established in a different Member States than the payee's payment service provider or where the payment card is issued by an issuing payment service provider established in a different Member State than that of the point of sale;
Amendment 139 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
(9) '‘interchange fee'’ means a fee paid for each transaction directly or indirectly (i.e. through a third party) between the payment service providers of the payer and of the payee involved in a payment card or a payment card-based transaction, in return for the services provided by the payment service provider of the payer to that of the payee. These services include security, payment guarantees and processing fees;
Amendment 141 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
(10) '‘merchant service charge'’ means a fee paid by the payee to the acquirer for each transaction comprising the interchange fee, the payment scheme and processing fee and the acquirer margin, and negotiated freely between them, in return for services provided by the acquirer so as to enable the payee to accept payment- card transactions;
Amendment 148 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
(16) '‘payment instrument'’ means any personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment service user, or inby its behalfthird-party payment services provider, in order to initiate a payment order;
Amendment 160 #
2013/0265(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. With effect from two monthyears after the entry into force of this Regulation, payment services providers shall not offer or request for cross-border debit card transactions a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0.2% of the value of the transactionthe interchange fee applied on the weighted yearly average of all debit card transactions effected between issuers and acquirers shall not be more than 0.2%.
Amendment 175 #
2013/0265(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. With effect from two monthyears after the entry into force of this Regulation, payment services providers shall not offer or request for cross-border credit card transactions a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,3 % of the value of the transactionthe interchange fee applied on the weighted yearly average of all credit card transactions effected between issuers and acquirers shall not be more than 0.3%.
Amendment 195 #
2013/0265(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. With effect from two years after the entry into force of this Regulation, card payment service providers shall not offer or request a per, for any debit-card-based transactions, an interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 %.2%, based on a yearly weighted average, of the value of thesuch transaction for any debit card based transactions. Within that average, the interchange levels may not exceed 0.5%. Transactions involving small amounts may be subject to specific interchange fees.
Amendment 213 #
2013/0265(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. With effect from two years after the entry into force of this Regulation, card payment service providers shall not offer or request a per, for any credit-card-based transactions, an interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,3 %.3%, based on a yearly weighted average, of the value of thesuch transaction for any credit card based transactions. Within that average, the interchange levels may not exceed 0.5%. Transactions involving small amounts may be subject to specific interchange fees.
Amendment 312 #
2013/0265(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
Amendment 316 #
2013/0265(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. The business rules concerning cards set out in Chapter III shall apply to new cards issued as of the date on which this Regulation enters into force.
Amendment 142 #
2013/0264(COD)
Proposal for a directive
Recital 12
Recital 12
(12) Feedback from the market shows that the payment activities covered by the limited network exception often comprise massive payment volumes and values and offer to consumers hundreds or thousands of different products and services, which does not fit the purpose of the limited network exemption as provided for in Directive 2007/64/EC. That implies greater risks and no legal protection for payment service users, in particular for consumers and clear disadvantages for regulated market actors. A more precise description of a limited network, in line with Directive 2009/110/EC, is necessary in order to limit those risks. A payment instrument should thus be considered to be used within such a limited network if it can be used only either for the purchase of goods and services in a specific store or chain of stores, or for a limited range of goods or services, regardless of the geographical location of the point of sale. Such instruments could include, for instance, the following including their virtual equivalents: store cards, petrol cards, membership cards, public transport cards, parking tickets, ticketing, meal vouchers or vouchers for specific services, which are sometimes subject to a specific tax or labour legal framework designed to promote the use of such instruments to meet the objectives laid down in social legislation. Where such a specific-purpose instrument develops into a general purpose instrument, the exemption from the scope of this Directive should no longer apply. Instruments which can be used for purchases in stores of listed merchants should not be exempted from the scope of this Directive as such instruments are typically designed for a network of service providers which is continuously growing. The exemption should apply in combination with the obligation of potential payment service providers to notify activities falling within the scope of the definition of a limited network.
Amendment 229 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point k
Article 3 – paragraph 1 – point k
(k) services based on specific instruments that are designed to address precise needs that can be used only in a limited way, because they allow the specific instrument holdercan be used only to acquire goods or services only in the premises ofused by the issuer or within a limited network of service providers under direct commercial agreement with a professional issuer or because they can be used onlyunder a commercial agreement with the issuer within a limited network of service providers; or services that can be used only to effect payment transactions in order to acquire a limited range of goods orand services;
Amendment 234 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point l
Article 3 – paragraph 1 – point l
Amendment 240 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point n
Article 3 – paragraph 1 – point n
(n) payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertakings belonging to a group within the meaning of Article 4(35), without any intermediary intervention by a payment service provider other than an undertaking belonging to the same group.
Amendment 247 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 21
Article 4 – paragraph 1 – point 21
21. ‘authentication’ means a procedure which allows the payment service provider to verify the identity of a user of a specific payment instrument, including the use of its personalised security features or the checking of personalised identity documentsfication of a natural person acting on his or her own behalf or on behalf of a legal person, in particular using personalised security features made available to him or her;
Amendment 252 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 21 a (new)
Article 4 – paragraph 1 – point 21 a (new)
21a. 'authentication of the payment transaction' means a procedure which allows the payment service provider to verify the use of a specific payment instrument, including its personalised security features.
Amendment 256 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 22
Article 4 – paragraph 1 – point 22
22. ‘strong customer authentication’ means a procedure for the validation of the identification of a natural or legal person based on the use of two or more elements categorised as knowledge, possession and inherence that are independent, in that the breach of one does not compromise the reliability of the others and is designed in such a way as to protect the confidentiality of the authentication data.
Amendment 262 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 31
Article 4 – paragraph 1 – point 31
31. ‘direct debit’ means a payment service for debiting a payer's payment account, where a payment transactionorder is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider;
Amendment 266 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 32
Article 4 – paragraph 1 – point 32
32. ‘'payment initiation service’' means a payment service enabling access to aprovided by a third party payment accountservice provided by a third partyr, with the aim of initiating payment orders at the request and on behalf of a user of payment service provider, ws, where eithere the payer can beis actively involved in the payment initiation or the third party payment service provider’s software is used, or where payment instruments can be used by the payer or the payee to transmit the payer’s credentialsment order to the account servicing payment service provider;
Amendment 328 #
2013/0264(COD)
Proposal for a directive
Article 40
Article 40
Where a payment order is initiated by the third party payment service provider’s own system, it shall in case of fraud or dispute make available to the payer and the account servicing payment service provider evidence that the order has been initiated, in particular the reference of the transactionorders and the authorisation information.
Amendment 330 #
2013/0264(COD)
Proposal for a directive
Article 41 – paragraph 1 – introductory part
Article 41 – paragraph 1 – introductory part
Immediately after receipt of the payment order, the payer's payment service provider shall provide or make available to the payer, in the same way as provided for in Article 37(1), the following data if they are available to him in person:
Amendment 332 #
2013/0264(COD)
Proposal for a directive
Article 41 – paragraph 1 a (new)
Article 41 – paragraph 1 a (new)
1a. The payer shall immediately take note of the data received from or made available by his payment service provider.
Amendment 333 #
2013/0264(COD)
Proposal for a directive
Article 42 – paragraph 1 – introductory part
Article 42 – paragraph 1 – introductory part
Immediately after the execution of the payment transaction, the payee’'s payment service provider shall provide or make available to the payee, in the same way as provided for in Article 37(1), all of the following data if they are available to him in person:
Amendment 334 #
2013/0264(COD)
Proposal for a directive
Article 42 – paragraph 1 a (new)
Article 42 – paragraph 1 a (new)
1a. The payee shall immediately take note of the data received from or made available by his payment service provider.
Amendment 335 #
2013/0264(COD)
Proposal for a directive
Article 45 – paragraph 1 – point 2 – point c
Article 45 – paragraph 1 – point 2 – point c
(c) the form of and procedure for giving consent to initiate a payment order or execute a payment transaction and withdrawal of such consent in accordance with Articles 57 and 71;
Amendment 343 #
2013/0264(COD)
Proposal for a directive
Article 50 – paragraph 3
Article 50 – paragraph 3
3. However, Member States may require payment service providers to provide or make available information on paper once a month free of charge. The payer shall immediately take note of the information received from or made available by his payment service provider.
Amendment 346 #
2013/0264(COD)
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. However, Member States may require payment service providers to provide or make available information on paper once a month free of charge. The payee shall immediately take note of the information received from or made available by his payment service provider.
Amendment 383 #
2013/0264(COD)
Proposal for a directive
Article 57 – paragraph 2 – subparagraph 1
Article 57 – paragraph 2 – subparagraph 1
Consent to execute a payment transaction or a series of payment transactions shall be given in the form agreed between the payer and the payment service provider. Consent may also be given directly or indirectly via the payee. Consent to execute a payment transaction shall also be considered given where the payer authorises a third party payment service provider to initiate the payment transactionorder with the account servicing payment service provider which has authorised the third party payment service provider to do so.
Amendment 396 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 – point a
Article 58 – paragraph 2 – point a
(a) to ensure that the personalised security features which the third party payment service provider has supplied tof the payment service user are not accessible to other parties;
Amendment 401 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 – point b
Article 58 – paragraph 2 – point b
(b) to authenticate itself in an unequivocal manner towards the account servicing payment service provider(s) of the account owner. towards the account servicing payment service provider(s), at the request of the payment service user, using the personalised security features which have been supplied to it by the account servicing payment service provider at the request of the payment service user and in accordance with the conditions stipulated between the account servicing payment service provider and the third party payment service provider.
Amendment 408 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 – point c
Article 58 – paragraph 2 – point c
(c) not to store sensitive payment data or personalised security credentialfeatures of the payment service user.
Amendment 414 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 3
Article 58 – paragraph 3
3. Where, for a payment initiation service, the account servicing payment service provider has received the payer’s payment order through the services of a third party payment service provider, it shall immediately notify the latter of the receipt of the payment order as soon as possible and provide information on the availability of sufficientpresence at that time of funds fcorresponding to the specified payment transactionorder.
Amendment 424 #
2013/0264(COD)
Proposal for a directive
Article 59 – title
Article 59 – title
Amendment 425 #
2013/0264(COD)
Proposal for a directive
Article 59 – paragraph 1
Article 59 – paragraph 1
1. Member States shall ensure that a payer has the right, in order to obtain payment services, to make use of a third party payment instrument issuer to obtain payment card serviceother than the one servicing the payment account to be debited by the payment transaction initiated by the use of these payment instruments.
Amendment 428 #
2013/0264(COD)
Proposal for a directive
Article 59 – paragraph 2
Article 59 – paragraph 2
2. IfProvided that the payer has given consent to a third party payment instrument issuer which has provided the payer withsupplied the payment service provider servicing the debited account with evidence of his consent to a payment instrument toissuer obtaining information on the availability of sufficient funds for a specified payment transaction on a specifiedexistence of funds corresponding to the amount of a payment transaction executed by the payment instrument he has issued, on a payment account hselected by the payer, the account servicing payment service provider of the specified payment account shall provide such information to the third partyissuer of the payment instrument issuerused to execute that transaction immediately upon receipt of the payer's payment order initiated by that payment instrument.
Amendment 430 #
2013/0264(COD)
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. Account servicing payment service providers shall treat payment orders transmitted through the services of a third partythat payment instrument issuer without any discrimination for other than objective reasons in terms of timing and priority in respect of payment orders transmitted directly by the payer personally, on condition that the payer has supplied evidence of his consent to the account servicing payment service provider.
Amendment 446 #
2013/0264(COD)
Proposal for a directive
Article 64 – paragraph 1 – subparagraph 1
Article 64 – paragraph 1 – subparagraph 1
Member States shall require that, where a payment service user denies having authorised an executed payment transaction or claims that the payment transaction was not correctly executed, it is for the payment service provider and, if involved and as appropriate, thewhere a third party payment service provider is involved, for the latter to the extent of its involvement, to prove that the payment transaction was authenticated, accurately recorded, entered in the accounts and not affected by a technical breakdown or some other deficiency.
Amendment 448 #
2013/0264(COD)
Proposal for a directive
Article 64 – paragraph 1 – subparagraph 2
Article 64 – paragraph 1 – subparagraph 2
If the payment transaction has been initiatedservice user initiates the payment transaction through a third party payment service provider, the burden shall be on the latter to prove that the payment transactionit authenticated and accurately recorded the payment order and that the payment order was not affected by a technical breakdown or other deficiencies linked to the payment service it is in charge of.
Amendment 452 #
2013/0264(COD)
Proposal for a directive
Article 64 – paragraph 2
Article 64 – paragraph 2
2. Where a payment service user denies having authorised an executed payment transaction, the use of a payment instrument recorded by the payment service provider, including the third party payment service provider as appropriate, shall in itself not necessarily be sufficient to prove either that the payment transaction was authorised by the payer or that the payer acted fraudulently or failed with intent or gross negligence to fulfil one or more of the obligations under Article 61Does not affect English version. Linguistic correction to French text.
Amendment 453 #
2013/0264(COD)
Proposal for a directive
Article 64 – paragraph 2 a (new)
Article 64 – paragraph 2 a (new)
2a. The payment service user shall supply such evidence as is in his possession.
Amendment 454 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 1
Article 65 – paragraph 1
1. Member States shall ensure that, without prejudice to Article 63, in the case of an unauthorised payment transaction, the payer's payment service provider refunds to the payer immediately the amount of the unauthorised payment transaction and, where applicable, taking into account the value date initially applied, restores the debited payment account to the state in which it would have been had the unauthorised payment transaction not taken place. This shall also ensure that the credit value date for, subject to the following conditions: a) if the payment service provider can, prima facie, rule out the payer’s having acted fraudulently, it shall refund the amount immediately; b) should there be a strong suspicion of fraud by the payer’s, the payment accservice provider may carry ount shall ban investigation within a time limit appropriate nto later than the date the amount had been debited. the circumstances and refund the amount if the payer is not found liable; c) in other cases, the payer shall be reimbursed immediately and shall agree to his account being debited if the payment service provider’s investigation establishes that he is liable.
Amendment 461 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 2
Article 65 – paragraph 2
2. Where a third party payment service provider is involved, the account servicing payment service provider shall refund the amount of the unauthorised payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the unauthorised payment transaction not taken place. Financial compensation to the account servicing payment service provider by the third party payment service provider may be applicable, except in the case referred to in Article 65(4).
Amendment 463 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 3 a (new)
Article 65 – paragraph 3 a (new)
3a. The payment service provider shall refund to the payer the amount of the unauthorised payment transaction and, where appropriate, an amount in respect of any injury suffered by the payer as a result of the unauthorised payment transaction, if the account servicing payment service provider can show that it executed the payment transaction in accordance with instructions given by the third party payment service provider and that the latter authenticated itself in accordance with Article 58(2).
Amendment 464 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 3 b (new)
Article 65 – paragraph 3 b (new)
3b. The third party payment service provider shall refund to the payer the amount of the unauthorised transaction and, where appropriate, an amount in respect of any injury suffered by the payer as a result of the transaction, should the transaction have resulted from failure or negligence by the third party payment service provider.
Amendment 496 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 4
Article 67 – paragraph 1 – subparagraph 4
For direct debits the payer has an unconditional right for refund within the time limits set in Artframework contract between the payer and his payment servicle 68, except where the payee has already fulfilled the contractual obligations and the services have already been received or the goods have already been consumed by the payer. At the payment service provider’s request, the payee shall bear the burden to prove that theprovider may stipulate that the payer has a right for refund within the time limits set in Article 68, even where the two conditions referred to in the thirdfirst subparagraph are not met.
Amendment 510 #
2013/0264(COD)
Proposal for a directive
Article 70 – paragraph 1 a (new)
Article 70 – paragraph 1 a (new)
1a. If the payment service provider notifies the third party payment service provider of the refusal of the payment order initiated by the latter on behalf of the payment service user, the payment service provider shall be deemed to have carried out the notification referred to in Article 70(1). The third party payment service provider shall notify the payment service user of such refusal.
Amendment 511 #
2013/0264(COD)
Proposal for a directive
Article 71 – paragraph 2
Article 71 – paragraph 2
2. Where the payment transactionorder is initiated by a third party payment service provider on behalf of the payer or by or through the payee, the payer may not revoke the payment order after giving consent to the third party payment service provider to initiate the payment transactionorder or transmitting the payment order or giving consent to execute the payment transaction to the payee.
Amendment 517 #
2013/0264(COD)
Proposal for a directive
Article 76 – paragraph 1
Article 76 – paragraph 1
Where a consumer places cash on a payment account with that payment service provider in the currency of that payment account, the payment service provider shall ensure that the amount is made available and value dated immediately after the point of time of the receipt of the fundsayment service provider has checked the cash in accordance with the applicable European and national legislation. Where the payment service user is not a consumer, the amount shall be made available and value dated at the latest on the next business day after the receipt of the fundscash has been checked by the payment service provider in accordance with the applicable European and national legislation.
Amendment 520 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 2
Article 80 – paragraph 1 – subparagraph 2
Where a payment order is initiated by the payer through a third party payment service provider, the third party payment service provider shall, without prejudice to Article 63, Article 79(2) and (3), and Article 83, be liable to the payer for correct execution of the payment transaction, unless it can prove to the payer and, where relevant, to the payer’s account servicing payment service provider that the payment initiationorder was received by the payer’s account servicing payment service provider in accordance with Article 69. In that case, the payer’s account servicing payment service provider shall be liable to the payee for the correct execution of the payment transaction under the conditions set out in the first subparagraph.
Amendment 521 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 3
Article 80 – paragraph 1 – subparagraph 3
Where the payer's payment service provider or a third party payment service provider is liable under the first or the second subparagraph, ithe relevant payment service provider shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction, and, where applicable, taking into account the value date initially applied, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. TWhe credit value date for the payer’s payment account shall be no lre the third party payment service provider is liable under the second subparagraph, it shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction and, where applicable, compensater than the date the amount had been debitede payer for the consequences of the non-execution or defective execution of the payment transaction.
Amendment 522 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 4
Article 80 – paragraph 1 – subparagraph 4
Amendment 523 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 5
Article 80 – paragraph 1 – subparagraph 5
Where the payee's payment service provider is liable under the first subparagraph, it shall immediately place the amount of the payment transaction at the payee's disposal and, where applicable, credit the corresponding amount to the payee's payment account. The amount shall be value dated no later than the date the amount should have been value dated in case of correct execution, taking into account the value date which should have been applied.
Amendment 524 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 6
Article 80 – paragraph 1 – subparagraph 6
In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by the payer, the payer's payment service provider shall regardless of liability under this paragraph, on request, make immediate efforts to trace the payment transaction and notify the payer of the outcome. This shall be free of charge for the payer.
Amendment 525 #
2013/0264(COD)
Proposal for a directive
Article 80 – paragraph 1 a (new)
Article 80 – paragraph 1 a (new)
1a. Where the transaction was defectively executed, the payment service provider and the payment service user may agree that the amount refunded shall correspond to the difference between the precise amount of the payment transaction and the amount executed.
Amendment 526 #
2013/0264(COD)
Proposal for a directive
Article 82 – paragraph 1
Article 82 – paragraph 1
1. Where the liability of a payment service provider under Article 80 is attributable to another payment service provider or to an intermediary, that payment service provider or intermediary shall compensate the first payment service provider for any losses incurred or sums paid under Article 80. This shall include compensation where any of the payment service providers fail to use strong customer authentication.
Amendment 556 #
2013/0264(COD)
Proposal for a directive
Article 87 – paragraph 1
Article 87 – paragraph 1
1. Member States shall ensure that, from the date of issue referred to in paragraph 3, a payment service provider applies strong custompayment service user authentication when the payer initiates an electronic payment transaction unless distance payment order, except where a risk assessment, carried out in line with EBA guidelines, leads to the distance transaction being made secure by tools other than strong authentication. Those EBA guidelines shallow define the conditions for specific exemptions based on the risk involved in the provided distance payment service. This obligation also applies to a third party payment service provider when initiating a distance payment transaction on behalf of the payer. The account servicing payment service provider shall allow the third party payment service provider to rely on the authentication methods of the former when acting on behalf of the payment service user.
Amendment 560 #
2013/0264(COD)
Proposal for a directive
Article 87 – paragraph 2
Article 87 – paragraph 2
2. Where a payment service provider provides services referred to in point 7 of Annex I, it shall authenticate itself towards the account servicing payment service provider of the account owner in accordance with the conditions agreed between the two payment service providers.
Amendment 224 #
2013/0253(COD)
Proposal for a regulation
Recital 71 a (new)
Recital 71 a (new)
(71a) With the view of breaking the link between sovereigns and banks and ensuring the efficiency and the credibility of the Single Resolution Mechanism, especially as long as the Single Resolution Fund is not entirely funded, it is essential to establish a European public loan facility from the day the Single Resolution Mechanism enters into force. Any loan from that loan facility should be reimbursed by the Single Resolution Fund within an agreed timeframe.
Amendment 307 #
2013/0253(COD)
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. No decision of the Board or the Commission shall require Member States to provide extraordinary public financial support, unless, pending the establishment of a European public backstop, a Member State has accepted the provision of extraordinary public financial support, where no other less costly alternative was available to preserve financial stability.
Amendment 552 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. Having regard to the urgency of the circumstances in the case, the Commission shall decide, on its own initiative or taking into account, if any, the communication referred to in paragraph 1 orThe Commission shall decide, pursuant to the recommendation ofsubmitted by the Board referred to in paragraph 5under paragraph 5 of this Article, whether or not to placeut the entity under resolution, and on the framework of the resolution tools that shall be applied in respect of the entity concerned and of the use of the Fund to support thea resolution action. TWhere the Commission, on its own initiative, may decide to place an entity under resolution if all the condit intends not to adopt the recommendation submitted by the Board or to adopt it with amendments, it shall send the recommendation back to the Board, explaining why it does not intend to adopt it or, as the case may be, explaining the reasons for its intended amendments. The Commission may establish a deadline during which the Board may amend its initial recommendation on the basis of the Commission's referred to in paragraph 2 arproposed amendments and resubmit it to the Commission. Except in duly justified cases of emergency, the Board shall have at least five working days to consider the ametndments proposed by the Commission.
Amendment 58 #
2013/0214(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Long-term finance is a crucial enabling tool for putting the European economy on a path of sustainable, smart and inclusive growth and for building tomorrow's economy in a way that is less prone to systemic risks and is more resilient. European long-term investment funds (ELTIFs) provide finance to various infrastructure projects or unlisted companies of lasting duration that issue equity or debt instruments for which there is no readily identifiable buyer. By providing finance to such projects, ELTIFs contribute to the financing of the Union economies.
Amendment 64 #
2013/0214(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) On the demand side, ELTIFs can provide a steady income stream for pension administrators, insurance companies and other entities that face regular and recurrent liabilities. While providing less liquidity than investments in transferable securities, ELTIFs can provide a steady income stream for individual investors that rely on the regular cash flow that an ELTIF can produce. ELTIFs can also offer good opportunities for capital appreciation over time for those investors not receiving a steady income stream. An ELTIF may be authorised to reduce its capital on a pro rata basis in the event that it has divested itself of one of its assets.
Amendment 73 #
2013/0214(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Long-term asset classes within the meaning of this Regulation should comprise non-listed and listed undertakings that issue equity or debt instruments for which there is no readily identifiable buyer. This Regulation should also covers real assets that require significant up-front capital expenditure and that produce recurrent and foreseeable cash flow through their life.
Amendment 75 #
2013/0214(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Uniform rules across the Union are necessary to ensure that ELTIFs display a coherent product profile across the Union. In order to ensure the smooth functioning of the internal market and a high level of investor protection, it is necessary to establish uniform rules regarding the operation of ELTIFs, in particular on the composition of the portfolio of ELTIFs and the investment instruments that they are allowed to use in order to gain exposure to long term assets such as listed and non- listed undertakings and real assets. Uniform rules on the portfolio of an ELTIF are also required to ensure that ELTIFs that aim to generate regular income maintain a diversified portfolio of investment assets suitable to maintain the regular cash flow.
Amendment 78 #
2013/0214(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) It is essential to ensure that the definition of the operation of ELTIFs, in particular on the composition of the portfolio of ELTIFs and the investment instruments that they are allowed to use be directly applicable to the managers of ELTIFs and therefore these new rules need to be adopted as a Regulation. This also ensures uniform conditions for the use of the designation ELTIF by preventing diverging national requirements. Managers of ELTIFs should follow the same rules across the Union, in order to also enhance the confidence of investors in ELTIFs and ensure sustainable trustworthiness of the designation. At the same time, by adopting uniform rules, the complexity of the regulatory requirements applicable to ELTIFs is reduced. By means of uniform rules, the managers' cost of compliance with divergent national rules governing funds that invest in listed and non-listed undertakings and comparable real asset classes is also reduced. This is especially true for managers that wish to raise capital on a cross-border basis. It also contributes to eliminate competitive distortions.
Amendment 80 #
2013/0214(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Whereas Directive 2011/61/EU also foresees a staged third country regime governing non-EU AIFMs and non-EU AIFs, the new rules on ELTIFs have a more limited scope emphasising the European dimension of the new long term investment product. Hence, only an EU AIF as defined in Directive 2011/61/EU is eligible to become an authorised ELTIF and only if it is managed by an EU AIFM that has been authorised in accordance with Directive 2011/61/EU. An ELTIF can also be a retail AIF that is managed by an AIFM authorized in accordance with Directive 2011/61/EU, in which case the powers granted by article 43 of Directive 2011/61/EU to Members States to impose stricter requirements on the fund and its manager should apply.
Amendment 81 #
2013/0214(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure that ELTIFs target long-term investments, rules on the portfolio of ELTIFs should require a clear identification of the categories of assets that should be eligible for investment by ELTIFs and of the conditions under which they should be eligible. An ELTIF should invest at least 70% of its capital in eligible investment assets and at least 50% of its capital in securities issued by an eligible portfolio undertaking established in the EU. To ensure the integrity of ELTIFs it is also desirable to prohibit an ELTIF from engaging in certain financial transactions that might endanger its investment strategy and objectives by raising additional risks different to those that might be expected for a fund targeting long-term investments. In order to ensure a clear focus on long term investments, as may be useful for retail investors unfamiliar with less conventional investment strategies, an ELTIF should not be allowed to invest in financial derivative instruments other than for the purpose of hedging the duration and currency risk of the other assets. Given the liquid nature of commodities and financial derivative instruments that give an indirect exposure to them, investments in commodities do not require a long-term investor commitment and therefore should be excluded. This rationale does not apply to investments in infrastructure or companies related to commodities or whose performance is linked indirectly to the performance of commodities, such as farms in the case of agricultural commodities or power plants in the case of energy commodities.
Amendment 86 #
2013/0214(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The definition of what constitutes a long-term investment is broad. Without necessarily requiring long-term holding periods for the ELTIF manager, eligible investment assets are generally illiquid, require commitments for a certain period of time, and have an economic profile of a long-term nature. Eligible investment assets are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability. The economic cycle of the investment sought by ELTIFs is essentially of a long-term nature due to the high capital commitments and the length of time required to produce returns. As a result such assets do not suit investments with redemption rights.
Amendment 93 #
2013/0214(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Eligible investment assets must be understood to include participations, such as equity or quasi-equity instruments, debt instruments in qualifying portfolio undertakings and loans provided to them. They should also include participation in other funds that are focused on assets such as investments in non-listed undertakings that issue equity or debt instruments for which there is not always a readily identifiable buyer. Direct holdings of real assets, unless they are securitised, should also form a class of eligible assets under strict conditions regarding their acquisition value and cash-flow profile.
Amendment 96 #
2013/0214(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In order to provide investors with the assurance that ELTIFs contribute directly to the development of long-term investments, ELTIFs should be limited to investments in undertakings that have not been listed. Therefore qualifying portfolio undertakings should not be listed on regulated markets. Qualifying portfolio undertakings include infrastructure projects, investment in listed and unlisted companies seeking growth and investments in real estate or other real assets that could be suitable for long term investment purposes.
Amendment 102 #
2013/0214(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) Unlisted undertakings can face difficulties accessing capital markets and financing further growth and expansion. Private financing through equity stakes or loans are typical ways of raising financing. Because such instruments are by their nature long-term investments they require patient capital that ELTIFs can provide. Listed undertakings can also face difficulties in maintaining a stable shareholding structure essential to their long term strategy. As listed securities are a type of long-term investment product, they should also be eligible as portfolio assets for ELTIF.
Amendment 104 #
2013/0214(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Investments in real assets require patient capital due to the absence of liquid secondary markets. Investment funds represent an essential source of financing for assets that require large capital expenditure. For these assets, capital pooling is often necessary to achieve the desired level of funding. Such investments require long periods of time due to the generally long economic cycle attached to these assets. It generally takes several years to amortize the investment in large real assets. In order to facilitate the development of such large assets, ELTIFs should be able to invest directly in real assets with a value of more than €10 million and which deliver foreseeable and recurrent cash- flows throughout their life. In practice this would include assets such as infrastructure, real estate, ships, aircraft or rolling stock. For these reasons it is necessary to treat direct holdings in real assets and investments in qualifying portfolio undertakings in like manner.
Amendment 111 #
2013/0214(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Due to the long-term and illiquid nature of the investments of an ELTIF, the managers should have sufficient time to apply the investment limits. The time required to implement these limits should take account of the peculiarities and characteristics of the investments but should not exceed five years. In addition, the life of an ELTIF shall be in line with its long term investment strategy.
Amendment 116 #
2013/0214(COD)
Proposal for a regulation
Recital 34
Recital 34
Amendment 118 #
2013/0214(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) As ELTIFs target both professional and retail investors across the Union, it is necessary that certain requirements be added to the marketing requirements laid down in Directive 2011/61/EU in order to ensure an appropriate degree of investor protection. Thus, facilities should be made available for making subscriptions, making payments to unit- or shareholders, repurchasing or redeeming units or shares and making available the information which the ELTIF and its managers are required to provide. Moreover, in order to ensure that retail investors are not disadvantaged with respect to experienced professional investors certain safeguards have to be put in place when ELTIFs are marketed to retail investors. and Member States must be able to exert the rights granted to them by article 43 of Directive 2011/61/EU.
Amendment 120 #
2013/0214(COD)
Proposal for a regulation
Recital 37 a (new)
Recital 37 a (new)
(37a) In order to ensure proper enforcement, this Regulation contains administrative penalties and other measures for the breach of key provisions of this Regulation, which are the rules on portfolio composition and diversification, on the application of rules and liabilities, the marketing requirement, and on the use of the designation 'ELTIF" only by managers of qualified long term funds that are authorised in accordance with directive 2011/61/EU and this Regulation. A breach of those key provisions should entail, where appropriate, the prohibition of the use of the designation and the removal of the manager concerned from the register.
Amendment 123 #
2013/0214(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. Member States shall not add any additional requirements in the field covered by this Regulation. except as provided under article 43 of Directive 2011/61/EU on Alternative Investment Fund Managers.
Amendment 138 #
2013/0214(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 – point d a (new)
Article 4 – paragraph 1 – subparagraph 2 – point d a (new)
(da) when the ELTIF is marketable to retail investors, a description of the procedures and arrangements in place to deal with retail investors' complaints;
Amendment 154 #
2013/0214(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point c
Article 8 – paragraph 2 – point c
Amendment 169 #
2013/0214(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point e
Article 9 – paragraph 1 – point e
(e) direct holdings of individual real assets thatprovided that: - they require up-front capital expenditure of at least EUR 10 million or its equivalent in the currency, and at the time, in which the expenditure is incurred; and - they deliver recurrent and foreseeable cash-flows throughout their life.
Amendment 175 #
2013/0214(COD)
Proposal for a regulation
Article 10 – paragraph 1 – point b
Article 10 – paragraph 1 – point b
Amendment 188 #
2013/0214(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. An ELTIF shall invest at least 70% of its capital in eligible investment assets and at least 50% of its capital in assets listed in articles 9 (a) to 9 (c) whose issuing qualifying portfolio undertaking is established within the territory of a Member State.
Amendment 201 #
2013/0214(COD)
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. The aggregate risk exposure to a counterparty of the ELTIF stemming from over the counter (OTC) derivative transactions or repurchase agreements or reverse repurchase agreements shall not exceed 5% of its capital.
Amendment 215 #
2013/0214(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
Amendment 232 #
2013/0214(COD)
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The life of the ELTIF shall be consistent with the long term nature of the ELTIF and shall sufficient in length to cover the life-cycle of each of the individual assets of the ELTIF, measured according to the illiquidity profile and economic life-cycle of the asset, and the stated investment objective of the ELTIF.
Amendment 248 #
2013/0214(COD)
Proposal for a regulation
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2a. An ELTIF shall be authorised to reduce its capital on a pro rata basis in the event that it has disposed of one of its portfolio assets.
Amendment 272 #
2013/0214(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point h a (new)
Article 24 – paragraph 1 – point h a (new)
(ha) the manager of the ELTIF shall establish appropriate procedures and arrangements to deal with retail investors' complaints. Those measures shall allow retail investors to file complaints in the official language or one of the official languages of their Member State;
Amendment 273 #
2013/0214(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point h b (new)
Article 24 – paragraph 1 – point h b (new)
(hb) the legal form of the ELTIF is such that retail investors cannot lose more than the amount they have invested into the fund;
Amendment 274 #
2013/0214(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point h c (new)
Article 24 – paragraph 1 – point h c (new)
(hc) the ELTIF shall only invest in units or shares of EuVECA and EuSEF providing these funds have a depositary.
Amendment 276 #
2013/0214(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The manager of an ELTIF shall be able to market the units or shares of that authorised ELTIF to professional and retail investors: a) in its home Member State upon notification in accordance with Article 31 of Directive 2011/61/EU and, in case the ELTIF is marketed to retail investors, subject to the requirements imposed by Member States pursuant to article 43 of Directive 2011/61/EU. b) in Member States other than in the home Member State of the ELTIF manager upon notification in accordance with Article 32 of Directive 2011/61/EU and, in case the ELTIF is marketed to retail investors subject to the requirements imposed by Member States pursuant to article 43 of Directive 2011/61/EU.
Amendment 278 #
2013/0214(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
Amendment 285 #
2013/0214(COD)
Proposal for a regulation
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1 a. The competent authority of the ELTIF shall while respecting the principle of proportionality, take the appropriate measures where manager of ELTIF notably: (a) fails to comply with the requirements that apply portfolio composition and diversification, in breach of Articles 12 and 15; (b) markets, in breach of Article 24 and 25, the units of shares of a ELTIF to retail investors; (c) uses the designation ELTIF but is not authorised in accordance with article 3; (d) uses the designation ELTIF for the marketing of funds which are not established in accordance with paragraph 1 of Article 3; (e) fails to comply with the applicable rules and liability in breach of Article 6. In those cases, the competent authority of the home Member State shall, as appropriate: (a) take measures to ensure that the manager of ELTIF complies with articles 3, 6, 12, 15, 24, 25 and paragraph 1 of article 3; (b) prohibit the use of the designation ELTIF and remove the manager of a ELTIF concerned from the authorisation.
Amendment 286 #
2013/0214(COD)
Proposal for a regulation
Article 28 a (new)
Article 28 a (new)
Article 28 a Sanctions and administrative measures 1. Member States shall lay down the rules on administrative penalties and other measures applicable to breaches of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The administrative penalties and other measures provided for shall be effective, proportionate and dissuasive. 2. By XX/XX/XX the Member States shall notify the Commission and ESMA of the rules referred to in paragraph 1. They shall notify the Commission and ESMA without delay of any subsequent amendment thereto.
Amendment 115 #
2013/0185(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 3
Article 4 – paragraph 1 – point 3
3. ‘action for damages’ means an action under national law by which an injured party brings a claim for damages before a national court; it may also cover actions by which someone acting on behalf of one or more injured parties brings a claim for damages before a national court, where national law provides for this possibility;
Amendment 184 #
2013/0185(COD)
Proposal for a directive
Article 9
Article 9
Member States shall ensure that, where national courts rule, in actions for damages under Article 101 or 102 of the Treaty or under national competition law, on agreements, decisions or practices which are already the subject of a final infringement decision by a national competition authority or by a review court, those courts cannot take decisions running counter to such finding of an infringement. This obligation is without prejudice to the rights and obligations under Article 267 of the TreatyIn the case of final infringement decision by a national competition authority, it shall be presumed that the finding of an infringement is true. This obligation is without prejudice to the rights and obligations under Article 267 of the Treaty, to the right to an effective remedy and a fair trial, and the right of defence, pursuant to Articles 47 and 48 of the Charter, and to the right to a fair hearing pursuant to Article 6 of the ECHR. Accordingly, decisions of national competition authorities and competition courts shall be binding provided that there were no manifest errors in the investigation and provided that the rights of the defence were complied with.
Amendment 196 #
2013/0185(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that undertakings which have infringed competition law through joint behaviour are jointly and severally liable for the damage caused by the infringement: each of the infringing undertakings is bound to fully compensate for the harm in full, and the injured party may require full compensation from any of them until he has been fully compensatedcaused to its direct and indirect customers.
Amendment 122 #
2013/0139(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The current conditions of the Single Market may deter payments services providers from exercising their freedom to establish or to provide services within the Union because of the difficulty in attracting customers when entering a new market. Entering new markets often entails large investments. Such investments are only justified if the provider foresees sufficient opportunities and a corresponding demand from consumers. The low level of mobility of consumers with respect to retail financial services is to a large extent due to the lack of transparency and comparability as regards the fees and services on offer, as well as difficulties in relation to the switching of payment accounts. These factors also stifle demand. This is particularly true in the cross-border context.
Amendment 129 #
2013/0139(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Transparency and comparability of fees have been addressed in a self-regulatory initiative, initiated by the banking industry. However, no final agreement was found on these guidelines. As regards switching, the common principles established in 2008 by the European Banking Industry Committee provide a model mechanism for switching between bank accounts offered by payment service providers located in the same Member State. However, given their non- binding nature, these principles have been applied in an inconsistent manner throughout the EU and with ineffective resultsThese principles have been applied unevenly, but adapted to the specificities of the national markets throughout the EU. Moreover, the Common Principles only address bank account switching at national level and do not address cross- border switching. Finally, as regards access to a basic payment account, the Commission Recommendation 2011/442/EU of 18 July 2011 invited Member States to take the necessary measures to ensure its application at the latest six months after its publication. To date, only few Member States comply with the main principles of the Recommendation.
Amendment 131 #
2013/0139(COD)
Proposal for a directive
Recital 8
Recital 8
(8) It is vital, therefore, to establish a uniform set of rules to tackle the issue of low customer mobility and in particular to improve comparison of payment account services and fees and to incentivise payment account switching as well as avoid that consumers who intend to purchase a payment account cross-border are discriminated on the basis of residency. Moreover, it is essential to adopt adequate measures to foster customers' participation in the payment accounts market. These measures will incentivize entry for payment service providers in the internal market and ensure a level playing field, thereby strengthening competition and the efficient allocation of resources within the EU financial retail market to the benefit of businesses and consumers. Also, transparent fee information and switching possibilities combined with the right of access to basic account services will allow EU citizens to move and shop around more easily within the Union and therefore benefit from a fully functioning internal market in the area of retail financial services and contribute to its further development.
Amendment 138 #
2013/0139(COD)
Proposal for a directive
Recital 11
Recital 11
(11) It is vital for consumers to be able to understand fees so that they can compare offers from different payment service providers and make informed decisions as to which account is most suitable for their needs. Comparison between fees cannot be achieved where payment service providers use different terminology for the same payment services and provide information in different formats. Standardised terminology, coupled with targeted fee information for the most representative payment services in a consistent format, can help consumers to both understand and compare fees at national level.
Amendment 141 #
2013/0139(COD)
Proposal for a directive
Recital 12
Recital 12
(12) Consumers would benefit most from information that is concise and easy to compare between different payment service providers. The tools made available to consumers to compare payment account offers would not have a positive impact if the time invested in going through lengthy lists of fees for different offers outweighed the benefit of choosing the offer that represents the best value. A list of payment services accounting for 80% of the most representative payment services subject to a fee at national level is therefore the best approach to represent the majority of the most representative payment services and take into account the particularity of the offered services in the Member States. Accordingly, fee terminology should only be standardised for the most representative terms and definitions within Member States in order to avoid the risk of excessive information.
Amendment 143 #
2013/0139(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The fee terminology should be determined by national competent authorities, allowing for consideration of the specificities of local markets. To be considered representative, services should be subject to a fee at a minimum of one payment service provider in Member States. In addition, where possible, fee terminology should be standardised at EU level, thus allowing for comparison across the Union. The European Banking Authority (EBA) should establish guidelines to assist Member States to determine the most representative payment services subject to a fee at national level.
Amendment 152 #
2013/0139(COD)
Proposal for a directive
Recital 15
Recital 15
(15) In order to help consumers compare payment account fees throughout the single market easily, payment service providers should provide consumers with a list of fees charged for the services listed in the standardised terminology at national level. This would also contribute towards establishing a level playing field between credit institutions competing in the payment account market. The fee information document should only contain information on the most representative payment services in each Member State, using the terms and definitions established at EU level where relevant. In order to help consumers understand the fees they have to pay for their payment account, a glossary providing explanations for at least the fees and services contained in the list should be made available to them, upon request on a durable medium at premises accessible to consumers and be made available in electronic form on Payment Service Providers websites. The glossary should serve as a useful tool to encourage a better understanding of the meaning of fees, contributing towards empowering consumers to choose from a wider choice of payment account offers. An obligation should also be introduced for payment service providers to inform consumers, at least annually, of all the fees charged on their account. Ex-post information should be provided in a dedicated summary. It should provide a complete overview of the fees incurred to enable a consumer to understand what fee expenditures relate to, and to assess the need to either modify consumption patterns or move to another provider. This benefit would be maximised by the ex-post fee information covering the same services as the ex-ante information.
Amendment 156 #
2013/0139(COD)
Proposal for a directive
Recital 16
Recital 16
(16) To meet the needs of consumers, it is necessary to ensure that fee information on payment accounts is accurate, clear and comparable. This Directive should therefore lay down common presentation requirements for the fee information document and the statement of fees, in order to ensure that they are understandable and comparable for consumers. The same format, order of items and headings should be followed for every fee information document and statement of fees in each Member State, allowing consumers to compare the two documents, thereby maximising understanding and use of the information. The fee information document and statement of fees should be clearly distinguishable from other communications. They should be identified by a common symbol.
Amendment 158 #
2013/0139(COD)
Proposal for a directive
Recital 17
Recital 17
Amendment 171 #
2013/0139(COD)
Proposal for a directive
Recital 21
Recital 21
(21) Consumers are only incentivised to switch accounts if the process does not entail an excessive administrative and financial burden. The procedure for switching payment accounts to another payment service provider should be clear and quick. The fees, if any, charged by payment service providers in relation to the switching service should be in line with the actual cost incurred by payment service providers. In order to have positive impact on competition, switching should also be facilitated at cross-border level. Given that switching cross-border could be more complex than the switching at national level and may require payment service providers to adapt and refine their internal procedures, longer deadlines for the cross-border switch should be foreseen. The need to maintain different deadlines should be evaluated in the context of the review of the proposed Directive.
Amendment 178 #
2013/0139(COD)
Proposal for a directive
Recital 27
Recital 27
(27) Consumers who are legally resident in the Union and who do not hold a payment account in a certain Member State should be in a position to open and use a payment account with basic features in that Member State. In order to ensure the widest possible access to such accounts, consumers should have access to them irrespective of their financial circumstances, such as unemployment or personal bankruptcy, and of their place of residence. Moreover, the right to access a payment account with basic features in any Member State should be granted in conformity with the requirements set out in Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, in particular with regard to customer due diligence proceduresMember States shall ensure that the exercise of the right is not made excessively difficult or burdensome for the consumer.
Amendment 186 #
2013/0139(COD)
Proposal for a directive
Recital 27 a (new)
Recital 27 a (new)
(27a) The right to access a payment account with basic features in any Member State should be granted in accordance with Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, in particular with regard to customer due diligence procedures.
Amendment 214 #
2013/0139(COD)
Proposal for a directive
Recital 39
Recital 39
(39) A review of this Directive should be carried out five years after its entry into force in order to take account of market developments, such as the emergence of new types of payment accounts and payment services, as well as developments in other areas of Union law and the experiences of Member States. The review should assess whether the measures introduced have improved consumer understanding of payment account fees, the comparability of payment accounts and the ease of switching accounts. It should also determine how many basic payment accounts have been opened including by previously unbanked consumers. It should also assess whether extended deadlines for payment service providers performing cross-border switching are to be maintained for a longer period. Also, it should assess whether the provisions on the information to be provided by payment service providers when offering packaged products are sufficient or whether additional measures are needed. The Commission should submit a report to the European Parliament and the Council accompanied, if appropriate, by legislative proposals.
Amendment 221 #
2013/0139(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive lays down rules concerning the transparency and comparability of fees charged to consumers on their payment accounts held within the European Union and provided by payment service providers located in the Union and rules concerning the switching of payment accounts within the Uniona Member State.
Amendment 243 #
2013/0139(COD)
Proposal for a directive
Article 3 – title
Article 3 – title
Amendment 255 #
2013/0139(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Member States shall ensure that the competent authorities referred to in Article 20, determine a provisional list of at least 20 payment services accounting for at least 80% of the most representative payment services subject to a fee at national level. The list shall contain terms and definitions for each of the services identified.
Amendment 262 #
2013/0139(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 265 #
2013/0139(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Member States shall notify to the Commission the provisional lists referred to in paragraph 1 within 6 monthsa year of the entry into force of this Directive.
Amendment 296 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 309 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 6
Article 4 – paragraph 6
6. The fee information document and the glossary shall be made available free of charge at all times by payment service providers on a durable medium at premises accessible to consumers and shall be made available in electronic form on their websites. The glossary on durable medium should be made available upon request.
Amendment 318 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 7 a (new)
Article 4 – paragraph 7 a (new)
7a. Payment service providers shall meet the above obligations within twelve months of the publication of the list of the standardized terms and definitions pursuant to Art. 3 paragraph 1 and the adoption of the implementation act pursuant to paragraph 7 of this provision.
Amendment 348 #
2013/0139(COD)
Proposal for a directive
Article 5 – paragraph 3
Article 5 – paragraph 3
Amendment 357 #
2013/0139(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall ensure that in their contractual and commercial information, payment service providers use, where relevant, the terms and definitions contained in the list of the most representative payment services referred to in Article 3, paragraph 5. Payment service providers shall meet this obligation within twelve months of the publication of the list of standardised terms and definitions.
Amendment 388 #
2013/0139(COD)
Proposal for a directive
Article 7 – paragraph 2 – point e a (new)
Article 7 – paragraph 2 – point e a (new)
(ea) provide information, yet not any kind of recommendations;
Amendment 390 #
2013/0139(COD)
Proposal for a directive
Article 7 – paragraph 5 a (new)
Article 7 – paragraph 5 a (new)
5a. Member States shall ensure that Payment Service Providers are not liable for the information contained in the accredited or non-accredited websites, given that they would not be responsible for operating them;
Amendment 414 #
2013/0139(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
Member States shall ensure that payment service providers provide a switching service as described in Article 10 to any consumer who holds a payment account with a payment service provider located in the Unionwithin a Member State.
Amendment 473 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. Member States shall ensure that deadlines are set at national level for both payers and payees to take into account the new account details of the consumer transmitted by the receiving payment service provider;
Amendment 491 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 8
Article 10 – paragraph 8
Amendment 495 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 9
Article 10 – paragraph 9
Amendment 724 #
2013/0139(COD)
Proposal for a directive
Article 27 – paragraph 3
Article 27 – paragraph 3
Amendment 732 #
2013/0139(COD)
Proposal for a directive
Article 28 – paragraph 1
Article 28 – paragraph 1
1. Member States shall adopt and publish, by [onetwo years after entry into force of this Directive] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 154 #
2013/0110(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 a – point a (new)
Article 1 – paragraph 1 – point 3 a – point a (new)
Directive 2013/34/EU
Article 45 – paragraph 1 – subparagraph 3
Article 45 – paragraph 1 – subparagraph 3
(3a) Article 45 is amended as follows: (a) In paragraph 1, the third subparagraph is replaced by the following: If, in the country concerned, publication of information stipulated in paragraph is prohibited by law, the company shall notify the Commission accordingly and provide it with all appropriate supporting documents. The Commission may allow the company to suspend disclosure of the information concerned. Suspension shall continue until the third country's ban on publication has been lifted.
Amendment 49 #
2013/0045(CNS)
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) Parliament would like to receive explanations from the Commission concerning the exclusion of foreign exchange spot transactions while exchange derivatives are included in the fiscal base. It would like to receive a report on the exact legal reasons for which the Commission’s legal analyses of these two types of transaction differ in the context of the free movement of capital, and an economic study of their possible taxation.
Amendment 79 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
3) 'Financial instruments' means financial instruments as defined Section C of Annex I tof Directive 2004/39/EC of the European Parliament and of the Council, and structured products and foreign exchange spot transactions;
Amendment 46 #
2013/0025(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The use of the gambling sector to launder the proceeds of criminal activity is of concern. In order to mitigate the risks related to the sector and to provide parity amongst the providers of gambling services, an obligation for all providers of gambling services to conduct customer due diligence for single transactions of EUR 23 000 or more should be laid down. Member States should consider applying this threshold to the collection of winnings as well as wagering a stake. Providers of gambling services with physical premises (e.g. casinos and gaming houses) should ensure that customer due diligence, if it is taken at the point of entry to the premises, can be linked to the transactions conducted by the customer on those premises.
Amendment 103 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 11 a (new)
Article 3 – paragraph 1 – point 11 a (new)
(11a) ‘Betting transaction' – transaction in the sense of Article 12 of this Directive means all the stages in the commercial relationship between, on the one hand, the gambling service provider and, on the other hand, the customer and the beneficiary of the registration of the bet and the stake until the payout of any winnings.
Amendment 128 #
2013/0025(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The use of the gambling sector to launder the proceeds of criminal activity is of concern. In order to mitigate the risks related to the sector and to provide parity amongst the providers of gambling servica major issue in the preservation of public order, whatever types of games, an obligation for all providers of gambling services to conduct customer due diligence for single transactions of EUR 2 000 or more should be laid down. Member States should consider applying this threshold to the collection of winnings as well as wagering a stake. Providers of gambling services with physical premises (e.g. casinos and gaming houses) should ensure that customer due diligence, if it is taken at the point of entry to the premises, can be linked to the transactions conducted by the customre involved. Nevertheless, these games’ characteristics and the fact that they are particularly vulnerable to specific types of money laundering techniques must be taken into account. That is why specific appropriate procedures must be provided for each of the three categories of casinos, providers of online gambling services and other providers on those premisf gambling services.
Amendment 150 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) for providers of gambling services, when carrying out occasional transactions amounting to EUR 23 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;
Amendment 153 #
2013/0025(COD)
Proposal for a directive
Recital 27
Recital 27
(27) Member States should have the possibility to designate an appropriatprovide the self-regulatory body of the professions referred to in Article 2(1)(3)(a),(b), and (d) aswith the option of being the authority to be informed in the first instance in place of the FIU. In line with the case law of the European Court of Human Rights, a system of first instance reporting to a self- regulatory body constitutes an important safeguard to uphold the protection of fundamental rights as concerns the reporting obligations applicable to lawyers.
Amendment 155 #
2013/0025(COD)
Proposal for a directive
Recital 28
Recital 28
(28) Where a Member State decides to make use ofshould allow the exemptions provided for in Article 33(2), it may allow or requireand a Member State should allow the self- regulatory body representing the persons referred to therein not to transmit to the FIU any information obtained from those persons in the circumstances referred to in that Article.
Amendment 160 #
2013/0025(COD)
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. By way of derogation from paragraph 1, Member States may allow the verification of the identity of the customer and the beneficial owner to be completed during the establishment of a business relationship or during the execution of the transaction for entities subject to the obligations referred to in Article 2(f) and, at all events, before any winnings are paid out, if this is necessary not to interrupt the normal conduct of business and where there is little risk of money laundering or terrorist financing occurring. In such situations these procedures shall be completed as soon as practicable after the initial contact.
Amendment 190 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point f
Article 2 – paragraph 1 – point 3 – point f
(f) providers of gambling servicecasinos.
Amendment 198 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point f a (new)
Article 2 – paragraph 1 – point 3 – point f a (new)
(fa) providers of online gambling services;
Amendment 199 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point f b (new)
Article 2 – paragraph 1 – point 3 – point f b (new)
(fb) other providers of gambling services.
Amendment 232 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 10 a (new)
Article 3 – paragraph 1 – point 10 a (new)
(10a) ‘Betting transaction’: transaction in the sense of Article 12 of this Directive that means all the stages in the commercial relationship between, on the one hand, the gambling service provider and, on the other hand, the customer and the beneficiary of the registration of the bet and the stake until the payout of any winnings.
Amendment 233 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 10 b (new)
Article 3 – paragraph 1 – point 10 b (new)
Amendment 295 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) for providers of gambling servicecasinos, when carrying out occasional transactions amounting to EUR 2 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked; for on-line gambling when establishing the business relationship; for other providers of gambling services, when paying out winnings of EUR 3 000 or less;
Amendment 318 #
2013/0025(COD)
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. By way of derogation from paragraph 1, Member States mayshall allow the verification of the identity of the customer and the beneficial owner to be completed during the establishment of a business relationship or during the execution of the transaction for entities subject to the obligations referred to in Article 2 and, at all events, at the time when any winnings are paid out, if this is necessary not to interrupt the normal conduct of business and where there is little risk of money laundering or terrorist financing occurring. In such situations these procedures shall be completed as soon as practicable after the initial contact.
Amendment 433 #
2013/0025(COD)
Proposal for a directive
Article 33 – paragraph 1 – subparagraph 1
Article 33 – paragraph 1 – subparagraph 1
By way of derogation from Article 32(1), Member States mayust, in the case of the persons referred to in Article 2(1)(3)(a), (b), and (d) designate an appropriatprovide the self- regulatory body of the profession concerned aswith the option of being the authority to receive the information referred to in Article 32(1). In all circumstances, Member States must provide the means and manner to achieve the protection of professional secrecy, confidentiality and privacy.
Amendment 434 #
2013/0025(COD)
Proposal for a directive
Article 33 – paragraph 2
Article 33 – paragraph 2
2. Member States shallmust not apply the obligations laid down in Article 32(1) to notaries, other independent legal professionals, auditors, external accountants and tax advisors only to the strict extent that such exemption relateswith regard to information they receive from or obtain on one of their clients, in the course of ascertaining the legal position for their client or performing their task of defending or representing that client in, or concerning judicial proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings.
Amendment 445 #
2013/0025(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(b) in the case of business relationships and transactions, the supporting evidence and records, consisting of the original documents or copies admissible in court proceedings under the applicable national legislation for a period of five years following either the carrying-out of the transactions or the end of the business relationship, whichever period is the shortest. Upon expiration of this period, personal data shall be deleted, unless otherwise provided for by national law, which shall determine under which circumstances obliged entities may or shall further retain data. Member States may allow or require further retention only if necessary for the prevention, detection or investigation of money laundering and terrorist financing. The maximum retention period following either the carrying-out of the transactions or the end of the business relationship, whichever period ends first, shall not exceed ten years. However, information may be retained for a longer period where it is necessary to do so in order to give effect to the commercial purposes of transactions or former relationship between the customer and the obliged entity.
Amendment 499 #
2013/0025(COD)
Proposal for a directive
Article 56 – paragraph 2 – point a
Article 56 – paragraph 2 – point a
(a) a public statement which indicates the natural or legal person and the nature of the breach, if necessary and proportionate after a case by case evaluation;
Amendment 507 #
2013/0025(COD)
Proposal for a directive
Article 57 – paragraph 1
Article 57 – paragraph 1
1. Member States shall ensure that competent authorities publish any sanction or measure imposed for breach of the national provisions adopted in the implementation of this Directive, if necessary and proportionate after a case by case evaluation, without undue delay including information on the type and nature of the breach and the identity of persons responsible for it, unless such publication would seriously jeopardise the stability of financial markets. Where publication would cause a disproportionate damage to the parties involved, competent authorities shallmay publish the sanctions on an anonymous basis.
Amendment 524 #
2013/0025(COD)
Proposal for a directive
Annex 2 – paragraph 1 – point 1 – point c a (new)
Annex 2 – paragraph 1 – point 1 – point c a (new)
(ca) beneficial owners of pooled accounts held by notaries and other independent legal professionals from the Member States, or from third countries provided that they are subject to requirements to combat money laundering or terrorist financing consistent with international standards and are supervised for compliance with those requirements and provided that the information on the identity of the beneficial owner is available, on request, to the institutions that act as depository institutions for the pooled accounts.
Amendment 529 #
2013/0025(COD)
Proposal for a directive
Annex 2 – paragraph 1 – point 2 – point e a (new)
Annex 2 – paragraph 1 – point 2 – point e a (new)
(ea) financial products which aim at financial physical assets in the form of leasing agreements or of low value consumer credit, provided the transactions are carried out through bank accounts.
Amendment 54 #
2013/0024(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) It is appropriate to exclude from the scope of this Regulation transfers of funds that represent a low risk of money laundering or terrorist financing. Such exclusions should cover credit or debit cards, mobile telephones or other digital or information technology (IT) devices, Automated Teller Machine (ATM) withdrawals, payments of taxes, fines or other levies, and transfers of funds where both the payer and the payee are payment service providers acting on their own behalf. In addition, in order to reflect the special characteristics of national payment systems, Member States may exempt electronic giro payments, provided that it is always possible to trace the transfer of funds back to the payer, as well as transfers of funds carried out through cheque image exchanges or bills of exchange. However, there must be no exemption when a debit or credit card, a mobile telephone or other digital or IT prepaid or postpaid device is used in order to effect a person-to-person transfer.
Amendment 55 #
2013/0024(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) It is appropriate to exclude from the scope of this Regulation transfers of funds that represent a low risk of money laundering or terrorist financing. Such exclusions should cover credit or debit cards, mobile telephones or other digital or information technology (IT) devices, Automated Teller Machine (ATM) withdrawals, payments of taxes, fines or other levies, and transfers of funds where both the payer and the payee are payment service providers acting on their own behalf. In addition, in order to reflect the special characteristics of national payment systems, Member States may exempt electronic giro payments, provided that it is always possible to trace the transfer of funds back to the payer, as well as transfers of funds carried out through cheque image exchanges or bills of exchange. However, there must be no exemption when a debit or credit card, a mobile telephone or other digital or IT prepaid or postpaid device is used in order to effect a person-to-person transfer.
Amendment 78 #
2013/0024(COD)
Proposal for a regulation
Article 5
Article 5
Amendment 79 #
2013/0024(COD)
Proposal for a regulation
Article 5
Article 5
Amendment 85 #
2013/0024(COD)
Proposal for a regulation
Article 6 – title
Article 6 – title
Transfers of funds within the Union and to outside the Union
Amendment 87 #
2013/0024(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. In the case of batch file transfers from a single payer where the payment service providers of the payees are established within the Union or outside the Union, Article 4(1) and (2) shall not apply to the individual transfers bundled together therein, provided that the batch file contains the information referred to in that Article and that the individual transfers carry the account number of the payer or his unique transaction identifier.
Amendment 91 #
2013/0024(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part
Article 6 – paragraph 2 – subparagraph 1 – introductory part
By way of derogation from Article 4(1) and (2), where the payment service provider of the payee is established within the Union or outside the Union, transfers of funds amounting to EUR 1 000 or less shall be accompanied only by:
Amendment 96 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point a
Article 7 – paragraph 2 – point a
Amendment 98 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point b
Article 7 – paragraph 2 – point b
(b) for transfers of funds where the payment service provider of the payer is established within the Union or outside the Union, the information on the payer and the payee referred to in Article 4(1) and (2) and where applicable, the information required under Article 14;
Amendment 100 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point c
Article 7 – paragraph 2 – point c
(c) for batch file transfers, where the payment service provider of the payer is established within the Union or outside the Union, the information referred to in Article 4(1) and (2) in respect of the batch file transfer.
Amendment 102 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. For transfers of funds amounting to more than EUR 1 000, where the payment service provider of the payer is established within the Union or outside the Union, the payment service provider of the payee shall verify the identity of the payee if his or her identity has not already been verified.
Amendment 106 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. For transfers amounting to EUR 1 000 or less, where the payment service provider of the payer is established within the Union or outside the Union, the payment service provider of the payee need not verify the information pertaining to the payee, unless there is a suspicion of money laundering or terrorist financing.
Amendment 114 #
2013/0024(COD)
Proposal for a regulation
Article 11 – paragraph 2 – point a
Article 11 – paragraph 2 – point a
Amendment 116 #
2013/0024(COD)
Proposal for a regulation
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
(b) for transfers of funds where the payment service provider of the payer is established within the Union or outside the Union, the information on the payer and the payee referred to in Article 4(1) and (2) or, where applicable, the information required under Article 14;
Amendment 118 #
2013/0024(COD)
Proposal for a regulation
Article 11 – paragraph 2 – point c
Article 11 – paragraph 2 – point c
(c) for batch file transfers, where the payment service provider of the payer is established within the Union or outside the Union, the information referred to in Article 4(1) and (2) in respect of the batch file transfer.
Amendment 10 #
2012/2308(INI)
Draft opinion
Paragraph A
Paragraph A
A. whereas certain petitions have been deposited requesting that the establishment of the European Parliament in more than one place be discontinued; either that the European Parliament should no longer have its seat in Strasbourg or that Parliament’s seat should continue to be located in Strasbourg in accordance with Protocol No 6 annexed to the Treaty on European Union;
Amendment 12 #
2012/2308(INI)
Draft opinion
Paragraph A – point 1 (new)
Paragraph A – point 1 (new)
(1) whereas, on the basis of Article 341 TFEU, the Protocol on the location of the seats of the institutions and of certain bodies, offices, agencies and departments of the European Union forms an integral part of the Treaties and thus of EU primary law, having been ratified, as part of the Treaty of Amsterdam, by all the Member States in accordance with their respective constitutional rules;
Amendment 13 #
2012/2308(INI)
Draft opinion
Paragraph A – point 2 (new)
Paragraph A – point 2 (new)
(2) having regard to the ruling handed down by the Court of Justice of the European Union on 13 December 2012 in joined Cases C-237/11 and C-238/11 opposing France and Parliament, which annuls Parliament’s decision of 9 March 2011;
Amendment 17 #
2012/2308(INI)
Draft opinion
Paragraph A b (new)
Paragraph A b (new)
Ab. having regard to the requirements set out in the Treaty, which, following the adoption of the Treaty of Amsterdam in 1997, has formally laid down for Parliament an arrangement involving a seat in Strasbourg and two other sites in Brussels and Luxembourg;
Amendment 19 #
2012/2308(INI)
Draft opinion
Paragraph A c (new)
Paragraph A c (new)
Ac. whereas the seats of some European institutions were chosen on account of their symbolic significance, one such example being Strasbourg, the city which symbolises the process of Franco-German reconciliation which is at the root of the European peace project;
Amendment 21 #
2012/2308(INI)
Draft opinion
Paragraph A d (new)
Paragraph A d (new)
Ad. whereas, in accordance with the sole article of Protocol No 6 annexed to the TFEU, the European Parliament has its seat in Strasbourg, the Council has its seat in Brussels, the Commission has its seat in Brussels, the Court of Justice of the European Union has its seat in Luxembourg, the Court of Auditors has its seat in Luxembourg, the Economic and Social Committee has its seat in Brussels, the Committee of the Regions has its seat in Brussels, the European Investment Bank has its seat in Luxembourg, the European Central Bank has its seat in Frankfurt and the European Police Office (Europol) has its seat in The Hague;
Amendment 22 #
2012/2308(INI)
Draft opinion
Paragraph A e (new)
Paragraph A e (new)
Ae. having regard to Parliament’s Environmental Statement for 2010, issued in May 2011, and in particular pages 68 to 70;
Amendment 23 #
2012/2308(INI)
Draft opinion
Paragraph A f (new)
Paragraph A f (new)
Af. having regard to the document drawn up by Parliament’s Secretariat entitled ‘Replies and follow-up to the discharge for 2010’;
Amendment 24 #
2012/2308(INI)
Draft opinion
Paragraph A g (new)
Paragraph A g (new)
Ag. having regard to the judgment of the Court of Justice of the European Union of 13 December 2012 in Cases C-237/11 and C-238/11;
Amendment 26 #
2012/2308(INI)
Draft opinion
Paragraph B
Paragraph B
B. whereas one of these petitions (0630/2006) does not bears the signatures of more than one million citizens of the EU; one million signatures required for compliance with Rule 201(2) (Rule 191(2) when the petition was deposited) of Parliament’s Rules of Procedure, and whereas, moreover, its originators are MEPs seeking to circumvent the Treaties;
Amendment 29 #
2012/2308(INI)
Draft opinion
Paragraph B a (new)
Paragraph B a (new)
Ba. whereas, pursuant to the former Rule 191(2) and the current Rule 201(2) of Parliament’s Rules of Procedure, petitions to Parliament ‘shall show the name, nationality and permanent address of each petitioner’, which ‘petition’ 0630/2006 clearly does not do;
Amendment 30 #
2012/2308(INI)
Draft opinion
Paragraph B b (new)
Paragraph B b (new)
Bb. whereas petitions and the more recently introduced European Citizen’s Initiative must not be used for polemical purposes by representatives of EU citizens;
Amendment 32 #
2012/2308(INI)
Draft opinion
Paragraph B c (new)
Paragraph B c (new)
Bc. whereas the city of Strasbourg is associated in people’s minds with the European Parliament, and whereas the seating capacity for visitors is much greater in the Strasbourg than in the Brussels Chamber, which represents an asset for the seat of European democracy;
Amendment 43 #
2012/2308(INI)
Draft opinion
Paragraph C – subparagraph 1 (new)
Paragraph C – subparagraph 1 (new)
whereas it appreciates that some Members of the European Parliament have difficulties of access to certain institutions or agencies because of certain problems in road, rail or air services, but does not consider that this should be the subject of a report or petition, in view of the difficulties encountered in everyday life by many fellow citizens, which would give the impression that Members of the European Parliament are out of touch with the realities facing the people of Europe;
Amendment 49 #
2012/2308(INI)
Draft opinion
Paragraph C a (new)
Paragraph C a (new)
Ca. whereas petitions are not an instrument for evading the Treaties but an instrument for use by European citizens to improve EU legislation which creates obstacles in their everyday life or to provide them with assistance so as to support them if their rights as citizens are disregarded;
Amendment 53 #
2012/2308(INI)
Draft opinion
Paragraph C b (new)
Paragraph C b (new)
Cb. whereas the concept of mobility is inherent in the work of Members of the European Parliament to enable them to come closer to European citizens, whereas the Committee on Petitions regularly invites petitioners to comment on their petitions by inviting them to the European Parliament in Brussels and whereas this work of contact with citizens should not be confined to one direction;
Amendment 56 #
2012/2308(INI)
Draft opinion
Paragraph C c (new)
Paragraph C c (new)
Cc. whereas, if a debate is initiated concerning the seat of the European Parliament, it will inevitably lead to discussion of the distribution of the seats of the European Institutions, which is laid down in the Treaty, and whereas the budgetary discharges of the European agencies could be affected by it;
Amendment 66 #
2012/2308(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. WelcomNotes the decision by the Committee on Constitutional Affairs to draw up a report on the location of the seats of the European Union’s institutions, bearing in mind that the adoption of such a report lies outside the remit of the European Parliament, as the Treaties do not provide for it;
Amendment 69 #
2012/2308(INI)
Draft opinion
Paragraph 1 – subparagraph 1 (new)
Paragraph 1 – subparagraph 1 (new)
Considers that the only possible way of amending the ‘Protocol on the location of the seats of the institutions and of certain bodies and departments of the European Communities and of Europol’ is by means of a Treaty revision pursuant to Article 48 TEU, which requires an initiative by a Member State or the European Commission;
Amendment 71 #
2012/2308(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers, however, that it is time to stop the polemics concerning the cost of the Strasbourg seat; calls therefore for the figures provided by official sources within the European Parliament to be quoted clearly in the annexes to the own- initiative report of the Committee on Constitutional Affairs, including pages 68-70 of the Environmental Declaration of the European Parliament of May 2011 concerning the ‘environmental impact of the Strasbourg seat’ and page 40 of the document of the European Parliament’s Secretariat entitled ‘REPLIES AND FOLLOW-UP TO THE DISCHARGE FOR 2010’ on the annual cost of the Strasbourg seat;
Amendment 73 #
2012/2308(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Does not considers that a majority exists within the Council in favour of altering the seat of any European Institution, bearing in mind that this would send an undesirable message to citizens, which would be interpreted as expressing a desire on the part of the Member States to make the European Union’s decision-making bodies more remote from the European citizen;
Amendment 75 #
2012/2308(INI)
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Notes the intention of the Committee on Constitutional Affairs to draw up a report which will make it possible to recall that the European Parliament has its seat in Strasbourg;
Amendment 76 #
2012/2308(INI)
Draft opinion
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. Recalls that European Citizens’ Initiatives (ECIs) have the purpose of securing the adoption of a legal act of the Union which does not amend primary law, whereas any call for amendment of the ‘Protocol on the location of the seats of the institutions and of certain bodies and departments of the European Union’ would entail amendment of a primary legal act, which is not compatible with the regulation;
Amendment 89 #
2012/2308(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Agrees with the principle that the European Parliament would be more effective, cost-efficient andConsiders efficiency, cost-effectiveness and the principle of respectful of for the environment if it were located in a single place; and notes that the continuation of the monthly migration between Brussels andnot to be connected with the place in which Parliament sits, but with its needs; points out that according to figures from the European Parliament’s services, the annual cost of Parliament’s seat in Strasbourg hwas become a symbolic negative issue amongst most EU citizens which is detrimental to Parliament’s reputationEUR 51.5 million in 2010, or 0.04% of the annual EU budget, which represents a cost of 10 cents per EU citizen per year, and hence considers the arguments on Parliament’s cost to be exaggerated;
Amendment 90 #
2012/2308(INI)
Draft opinion
Paragraph 2 – subparagraph 1 (new)
Paragraph 2 – subparagraph 1 (new)
emphasises that the gross cost of holding part-sessions in Strasbourg is EUR 7 445 000 per part-session, and that 80% of these costs are fixed and would be incurred irrespective of where the part-session is held, be they for equipment, publications or translation, etc.;
Amendment 94 #
2012/2308(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers it inappropriate in the European Year of Citizens to show these selfsame European citizens that the idea is to distance them from EU institution decision-making centres, and also believes that prevailing Euroscepticism would use this is a reason to criticise an over-concentration of decision-making bodies in one set place;
Amendment 95 #
2012/2308(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Considers that deciding the seats of EU institutions lies outside the remit of the European Parliament; points out that the ECB in Frankfurt is building new premises for itself, that the Council in Brussels will soon have new buildings, and that investments have been made in the European Parliament in Strasbourg in recent years to make it a parliament worthy of the centre of European democracy;
Amendment 98 #
2012/2308(INI)
Draft opinion
Paragraph 2 c (new)
Paragraph 2 c (new)
2c. Emphasises that almost 95% of the EU budget is intended for investment and hence for the public, adding that the European Union, with such a small and deficit-less operating budget for 500 million inhabitants, stands as an example in these times of crisis;
Amendment 100 #
2012/2308(INI)
Draft opinion
Paragraph 2 d (new)
Paragraph 2 d (new)
2d. Points to the environmental example set by the European Parliament’s seat in Strasbourg, which reduced its own CO2 emissions by 57% between 2006 and 2010, meaning that these now represent 3.6% of all Parliament’s CO2 emissions;
Amendment 102 #
2012/2308(INI)
Draft opinion
Paragraph 2 e (new)
Paragraph 2 e (new)
2e. Adds that the carbon footprint for travel for committee, political group and delegation meetings, which increased by 23.8% between 2006 and 2010, is significantly larger (6 350 tonnes of CO2 in 2010) than that for Parliament’s seat in Strasbourg (4 199 tonnes of CO2 en 2010);
Amendment 104 #
2012/2308(INI)
Draft opinion
Paragraph 2 f (new)
Paragraph 2 f (new)
2f. Considers that the success of the open days held every year at the European Parliament’s seat in Strasbourg, the 100 000 visitors each year outside part-sessions and the 10 000 students from the Euroscola Programme indicate that the European public have in no way rejected the seat of the European Parliament in Strasbourg;
Amendment 106 #
2012/2308(INI)
Draft opinion
Paragraph 2 g (new)
Paragraph 2 g (new)
2g. Points out that holding part-sessions in Brussels rather than Strasbourg would result in a saving of EUR 1.5 million, as is specified in paragraph 28 - ‘Costs of using Strasbourg as the seat of the EP’ of the document drawn up by Parliament’s Secretariat entitled ‘Replies and Follow-up to the Discharge for 2010’;
Amendment 124 #
2012/2308(INI)
Draft opinion
Paragraph 3 – point 1 (new)
Paragraph 3 – point 1 (new)
(1) Adds that all new European agencies and institutions should be created in the new Member States;
Amendment 126 #
2012/2308(INI)
Draft opinion
Paragraph 3 – subparagraph 1 (new)
Paragraph 3 – subparagraph 1 (new)
Points out that Croatia, as the 28th Member State of the Union as of 1 July 2013, is bound to seek the siting of a future EU agency or institution on its territory;
Amendment 132 #
2012/2308(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that Parliament’s initiatives on determining for itself the matter of its seat – which is in Strasbourg – were set aside by the Court of Justice in its ruling of 13 December 2012 and that, therefore, any action on Parliament’s part to establish the seats of the EU institutions is in breach of the very Treaties which it sees itself as defending in its capacity as the democratic voice of Europe’s citizens;
Amendment 137 #
2012/2308(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Points out that the European Union has developed in a polycentric way, with the EU institutions and agencies located, insofar as possible, throughout all the Member States, so as to bring decision making closer to the people and avoid an unwelcome concentration of power;
Amendment 140 #
2012/2308(INI)
Draft opinion
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Points out that it is fundamentally important to Europe’s citizens that decisions are taken in more than one place;
Amendment 146 #
2012/2308(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 154 #
2012/2308(INI)
Draft opinion
Paragraph 4 – point 1 (new)
Paragraph 4 – point 1 (new)
(1) Considers that the so-called petition No 0630/2006 is not in fact a petition because it does not meet the criteria for admissibility of petitions to Parliament under Rule 201 of its Rules of Procedure (formerly Rule 191(2)) inasmuch as it does not show the nationality and permanent address of each petitioner, and that, by implication, electronic signatures on a petition are not admissible and there can be no guarantee as to the real or virtual level of support for this initiative;
Amendment 158 #
2012/2308(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Considers, in the light of the foregoing, that the first-named petitioner in petition No 0630-2006 is the only one to meet the admissibility criteria and that this means the so-called petition has received just one signature;
Amendment 160 #
2012/2308(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Finds it regrettable that this debate should focus on a matter which concerns 0.04% of the EU budget at a time when people want to see an overall Union budget capable of responding adequately to the financial difficulties that Member States are experiencing;
Amendment 161 #
2012/2308(INI)
Draft opinion
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Asks Parliament’s Legal Service to specify whether such a report on the location of the seats of the EU institutions is lawful;
Amendment 162 #
2012/2308(INI)
Draft opinion
Paragraph 4 d (new)
Paragraph 4 d (new)
4d. Considers that petitions about the seats of the EU institutions should be forwarded to the Member States, which alone are empowered to take decisions in the matter;
Amendment 163 #
2012/2308(INI)
Draft opinion
Paragraph 4 e (new)
Paragraph 4 e (new)
4e. Considers that the own-initiative report by the Committee on Constitutional Affairs can have no legal impact;
Amendment 164 #
2012/2308(INI)
Draft opinion
Paragraph 4 f (new)
Paragraph 4 f (new)
4f. Points out that Parliament may be consulted on the question of the seats of the European institutions only prior to the convening by the Council of an intergovernmental conference and that there are no plans for such a conference.
Amendment 2 #
2012/2256(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Euro area as a whole is experiencing a double-dip recessionrecession caused by sovereign debt and financial crisis;
Amendment 11 #
2012/2256(INI)
Motion for a resolution
Recital C
Recital C
C. whereas it should be recalled that, in 2007, at the start of the crisis, the average public deficit for the euro area stood at only 0.6 % and was on a declining path towards equilibrium;
Amendment 14 #
2012/2256(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the sharp deterioration of public deficits and debt, which has been seen since 2009 in many Member States, has been mainly triggered by the reaction of governments to the crisis, in the absence of European anticyclical instrumentsneed for the public sector to bail-out the financial institutions in the interest of financial stability;
Amendment 22 #
2012/2256(INI)
Motion for a resolution
Recital E
Recital E
Amendment 32 #
2012/2256(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the Commission forecasts for 2012 have been successively revised downwards from 1.8 % in spring 2011 to - 0.4 % in autumn 2012 for 2012; whereas in its autumn forecasts the Commission predicts a GDP growth of a mere 0.1 % for 2013; whereas there are serious doubts as to the accuracy of these 2013 forecasts, since they are likely to be based on an underestimated fiscal multiplier, thereby underestimating the negative effect of current fiscal contraction on economic growth;
Amendment 36 #
2012/2256(INI)
Motion for a resolution
Recital G
Recital G
Amendment 43 #
2012/2256(INI)
Motion for a resolution
Recital H
Recital H
Amendment 48 #
2012/2256(INI)
Motion for a resolution
Recital I
Recital I
I. whereas each Member State is suffering from the consequences of its own fiscal tightening and of the synchronised rapid consolidation conducted by the other Member Statespursuing a different fiscal strategy according to its own bugetary situation nevertheless taking into account Euro area as a whole;
Amendment 53 #
2012/2256(INI)
Motion for a resolution
Recital J
Recital J
J. whereas this fiscal tightening strategy forces down demand, wages and prices while driving up unemploymentaims at keeping public expenditure growth below the rate of growth of medium-term trend GDP;
Amendment 65 #
2012/2256(INI)
Motion for a resolution
Recital L
Recital L
L. whereas the Macroeconomic Imbalances Procedure (MIP) scoreboard for 2011 illustrates the hugesubstantial imbalances inside the European Union, especially in the eurozone; the 3-year average of Current Account Balance as % of GDP shows strong surpluses for only three countries (Luxembourg and the Netherlands at +7.5 and Germany at +5.9), with the majority of the other countries in negative positions;
Amendment 72 #
2012/2256(INI)
Motion for a resolution
Recital M
Recital M
M. whereas this shows that the gains from the internal market and common currency are spread very unevenly across the Member States, reducing the margin of manoeuvre of the weaker economies in response to crisis;
Amendment 76 #
2012/2256(INI)
Motion for a resolution
Recital N
Recital N
N. whereas austerityconsolidation measures adopted by several Member States have reached an unprecedented dimension: the fiscal stance for Greece from 2010 to 2012 amounts to 18 points of GDP, for Portugal, Spain and Italy respectively 7.5, 6.5 and 4.8 points of GDP without any significant signs of improvement of the economic and fiscal situation and with huge social disruption, calling for a new assessment of the policies imposed;
Amendment 93 #
2012/2256(INI)
Motion for a resolution
Recital P
Recital P
P. whereas surplusall countries should have been asked to share the adjustment burden by stimulating their internal demand, notably by adjusting wageimprove their domestic fiscal frameworks;
Amendment 100 #
2012/2256(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas the Commission has been unable to make a convincing case that the policy options imposed will deliver over time and that they will impact on society in a fair and acceptable waproposes medium- and long-term growth- enhancing measures in order to improve the competitiveness of the European economy;
Amendment 105 #
2012/2256(INI)
Motion for a resolution
Recital R
Recital R
R. whereas lending to the private sector remains weak and privatis key to financing the credit flows are subduedal economy;
Amendment 120 #
2012/2256(INI)
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Welcomes the spirit of the Annual Growth Survey (AGS) 2013 as presented by the Commission; Believes that it is an adequate follow up to the European Semester 2012 in general and the AGS 2012 in specific; Welcomes in particular the increased clarity in country-specific strategies that the Commission has introduces by prioritizing progress in the euro area countries as well as progress in structural terms rather than nominal terms;
Amendment 121 #
2012/2256(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the recognition in the AGS 2013 that growth is necessary in order to exit the crisis, but doubts whether the positive signs of recovery seen by the Commission are accurate; warns of the risk of a continued contraction of economic activity over the com; stresses the solutions specifically targeting the current sovereign and financial crisis should go hand-in-hand with growth-enhancing ymear suresulting from the aggregate negative effect of significant and simultaneous procyclical budget cuts across the euro area in order to improve the competitiveness of the European economy and regain confidence;
Amendment 134 #
2012/2256(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to study seriously the possibility of spreading fiscal adjustment over a longer period, thereby providing additional temporary room for manoeuvre to re-ignite growth as soon as possible;.Deplores the lack of implementation in the member States of policies and actions agreed at the EU level, which prevent the agreed measures from unleashing their full potential;
Amendment 150 #
2012/2256(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to admit the self-defeating nature of the prevailing policy stance and to reviseremain vigilant about its policy stance and, if needed, to revise and further clarify its policy recommeandations for next year , as contained in its AGS;.
Amendment 151 #
2012/2256(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Urges Member States to correct their excessive deficits by the deadlines set by the Council;
Amendment 152 #
2012/2256(INI)
Motion for a resolution
Paragraph 3b (new)
Paragraph 3b (new)
3b. Encourages the Member States to improve their domestic fiscal frameworks with a view to promoting efficient and sustainable fiscal policies;
Amendment 153 #
2012/2256(INI)
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Underlines the fact that Member States should pursue differentiated strategies according to their bugetary situations and insists that Member States must keep their public expenditure growth below the rate of medium-term trend GDP growth;
Amendment 155 #
2012/2256(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. BWelieves thatcomes the recent debate on the size of the fiscal multiplier, notably following the IMF analysis on this matter in its latest World Economic Outlook, has been unduly downplayed by the Commission, while a broad consensus has been emerging on this but cautions that estimatter from recent theoretical and empirical work in the existing economic literature; considers this matter to be of central importance to policy-making, as wrong fiscal multipliers can lead to massive policy mistakess of fiscal multipliers are strongly dependent on assumptions and can at best provide partial case-by-case and country-specific policy guidance; calls on the Commission, therefore, rapidly to open its macroeconomic modelling o cooperate closely with other official and independandt forecasting to serious and systematic scrutiny by independent institutes on a regular basibodies on a regular basis in order to ensure the best possible accuracy in the interest of achieving adequate policy recommendations;
Amendment 162 #
2012/2256(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomUrges the recognition by the Commission of ‘a possible’ adjustment in the deadline for the correction of the excessive deficits as being justified, in full respect of the spirit and the letter of the Stability and Growth Pact; considers, however, that this recognition is already overdueMember States to respect the Stability and Growth Pact;
Amendment 171 #
2012/2256(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to reassessspect the Member States' situation in the light of the exceptional circumstances they are facing – ‘an unusual event outside the control of the [Member States] which has a major impact on the financial position of the general government or periods of severe economic downturn as set out in the revised SGP (…)’;
Amendment 174 #
2012/2256(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission and the Council to ease the path of consolidation for Member States with excessive deficits due to exceptional circumstances while ensuringnsure that ‘annual budgetary targets [...] are consistent with a minimum annual improvement of at least 0.5 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation’, as formulated in the preventive arm of the SGP;
Amendment 179 #
2012/2256(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission and the Council to balance productive private and public investment needs with fiscal discipline objectives by accommodating public investment programmes in its assessment of Stability and Convergence Programmes and excessive deficit procedures;
Amendment 186 #
2012/2256(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to start developing as a matter of urgency a plan which would ensure that elements of fiscal discipline are in parallel followed up with concrete proposals onBelieves that a firm commitment to sustainable fiscal discipline and structural reforms is the pre-requisite to solidarity among Member States an; welcomes the enhanced democratic legitimacy as part of the Interinstitutional Agreement owithin the European Semester;
Amendment 192 #
2012/2256(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission and the Council to improve substantiallyadequatly revise and improve the quality, the national specificity and the adequacy of the country-specific recommendations, notably through a competent interpretation of the macroeconomic imbalances exercise;
Amendment 204 #
2012/2256(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Member States to agree on a Multiannual Financial Framework (MFF) as a matter of urgency, ensuring that its role is reinforced as a source of much- needed investment;
Amendment 208 #
2012/2256(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission and the Council to revise the recommended fiscal adjustment policies whenever economies move into recession,Member States to guaranteeing minimum levels of social welfare, and to safeguarding basic labour rights and avoiding a recessionary spiral; calls on the Commission and the Council to propose Union instruments for social protection and minimum social standards;
Amendment 216 #
2012/2256(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls also on the Commission to come forward with a holistic approach to tackling growth, which should include a genuine European industrial policy and the guarantee that Europe will use all its strength and influence in its external trade relations; calls on the Commission to exploit to the full the sources of growth stemming from trade with third countries and establish reciprocity as well as fair trade; calls on the Commission to include strong social clauses in trade agreements on the basis of International Labour Organisation labour standards;
Amendment 222 #
2012/2256(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Is worried by the fact that many Member States are falling behind in terms of productivity; insists on the role of structural reforms in tackling this problem;
Amendment 225 #
2012/2256(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 242 #
2012/2256(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the European Parliament to adopt quickly the so-called "2-pack";
Amendment 250 #
2012/2256(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 266 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – title
Annex - Part 1 – title
RECOMMENDATION 1 CONCERNING AN ALTERNATIVEGROWTH-ENHANCING STRATEGYIES
Amendment 269 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – introductory paragraph
Annex - Part 1 – introductory paragraph
The Commission and the Council should adopt a new six-fold alternative strategy as set out belowprioritize the following strategies:
Amendment 272 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 1
Annex - Part 1 – paragraph 1
1. The fiscal consolidation should be delayed and spagreaed in due respect of current EU fiscal rules. Instead of nearly 130 billion euros of consolidation effort for the whole euro area, a more balanced fiscal consolidation of 0.5 point of GDP, in accordance with treaties, the SGP and even the fiscal compact , would give for 2013 alone a concrete margin for manoeuvre of more than 85 billion euros. By merely delaying and capping the path of consolidation, the average growth for the Eurozone between 2013 and 2017 may be improved by 0.7 point per yat EU level should be implemented by the Member States in order to restore confidence in the sustainability of public finances in the Euro arear.
Amendment 283 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 2
Annex - Part 1 – paragraph 2
2. The speculation on the sovereign debt of Member states must be stopped. The European Stability Mechanism (ESM) must be brought as soon as possible into the community management structure with the ECB as a backstop; The reformed crisis management mechanisms should substantially curb harmful speculation on distressed sovereign debt in the euro area.;
Amendment 287 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 3
Annex - Part 1 – paragraph 3
3. The persistent and long-lasting cumulative imbalances that have been increasing throughout the functioning of the common currency due to the asymmetric impact of common policies across different economies need to be adequately addressed through specific convergence instruments to foster the competitiveness of lagging economies, in particular by increasing the conditions for growth-enhancing investment in the latter.
Amendment 290 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 4
Annex - Part 1 – paragraph 4
4. Lending by the European Investment Bank must be significantlyshould be increased as well as other measures (notably the use of structural funds and project bonds), so as to genuinely advance the European Union growth agenda. The Compact for Growth and Jobs has to be urgently transformed into concrete investshould be implementsed.
Amendment 297 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 6
Annex - Part 1 – paragraph 6
6. A close coordination of economic policies must aim at reducing excessive internal imbalances in the EU and in the Eurozone in particular. The adjustment must not only rely on deficit countries. Surplus countries must also take measures to boost their internal demand and receive recommendations from the Commission accordingly.
Amendment 302 #
2012/2256(INI)
Motion for a resolution
Annex - Part 2 – paragraph 1
Annex - Part 2 – paragraph 1
Reiterates the need to fully involve Parliament – the only supranational European institution with electoral legitimacy – in economic policy coordination and in the Annual Growth Survey;
Amendment 303 #
2012/2256(INI)
Motion for a resolution
Annex - Part 2 – paragraph 2
Annex - Part 2 – paragraph 2
Recalls that the European Parliament must be recognised as the appropriate European democratic forum for providing an overall evaluation at the end of the European Semester; believes that, as a sign of this recognition, representatives of the EU institutions and the economic bodies involved in the process should provide information to the European Parliament when asked to do so; demands that the EP democratic control be enshrined in the Inter Institutional Agreement on the European Semesteron a regular basis.
Amendment 305 #
2012/2256(INI)
Motion for a resolution
Annex - Part 3 – paragraph 1
Annex - Part 3 – paragraph 1
Using consistently credible sources the resulting estimate of tax evasion and tax avoidance in the European Union reaches approximately €1 trillion a year. Tackling both tax avoidance and tax evasion is possible only if Member States are willing to consistently implement actions that build on introducing: country-by-country reporting, a Common Consolidated Corporate Tax Base, a thorough accounting reform, a change in corporate accounting disclosure for tax purposes, more investment in tax audits staff and an upgrade and extension of the European Union Savings Tax Directive.
Amendment 310 #
2012/2256(INI)
Motion for a resolution
Annex - Part 3 – paragraph 3
Annex - Part 3 – paragraph 3
Amendment 319 #
2012/2256(INI)
Motion for a resolution
Annex - Part 3 – paragraph 4
Annex - Part 3 – paragraph 4
This will have to include adequate EU- wide agreements with key non-EU countries currently providing platforms for financial institutions facilitating tax fraud and evasion activities from within the EU, such as Switzerland.
Amendment 357 #
2012/2151(INI)
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countries included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions while ensuring an adequate synergy between deposit guarantee schemes and resolution funds. Synergies between resolution and deposit guarantee schemes are critical as resolution actions are mostly intended to ensure the continuity of banking services and access to deposits;
Amendment 699 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 3
Annex – part 1 – point 1.2 – paragraph 3
In order to maximise the protection of private savings, the EDGFre should be kept sepa synergy between deposit guarante from the single recovery and resolution fund (see recommendation 1.3 belowe schemes and a resolution fund as the protection of depositors is – in many cases - best achieved by resolution actions as opposed to the liquidation of banks (that triggers deposit guarantee schemes).
Amendment 735 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 4
Annex – part 1 – point 1.3 – paragraph 4
The fund should be pan-European, funded ex-ante by the institutions concerned, and separate fromin close synergy with deposit-guarantee schemes.
Amendment 96 #
2012/2115(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the need to ensure greater transparency in the structure and activities of financial institutions; invites the Commission, taking account of the conclusions of the Liikanen report, to propose legislation to separate commercial and investment banks, in particular in order to avoid the financing of SB activities via savings;
Amendment 23 #
2012/2078(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Points out that the Troika sets some Member States’ economic policies are constrained by the Troïka, which is notin return for the requisite funds to keep them afloat and to regain access to the money markets; adds that this does not, however, change the fact that they must be held properly accountable;
Amendment 29 #
2012/2078(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Welcomes the Commission’s ‘Blueprint’; calls on the Commission to make legislative proposals under codecision for its implementation without delayset out clearer options and to make legislative proposals where legally possible and politically acceptable;
Amendment 35 #
2012/2078(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Points out thatEndorses the concept of ‘contractual agreements’ applicable only to individual Member States as referred to in the European Council conclusions of December 2012 risks creating; stresses that they must be drafted in such as way as to avoid any legal uncertainty;
Amendment 39 #
2012/2078(INI)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 74 #
2012/2078(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Disagrees with ‘the term 'contractualisation’ of the relationship between the Union and the Member State arrangements' and encourages to find better ways to formally link the funds made available under the competitiveness and convergence instrument (CCI) and the structural reforms, and reiterates that the lack of Union competences and of Union powers can be overcome by using the appropriate procedures or, in absence of an appropriate legal basis, by amending the Treaties;
Amendment 99 #
2012/2078(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 110 #
2012/2078(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Reiterates its call for the presentation of a legislative proposal to establish a competitiveness and convergence instrument under Article 121(6) TFEU, as an incentive-based mechanism of enhanced economic policy coordination, in particular regarding structural reforms, for all Member States whose currency is the euro which is open to the voluntary participation of non-euro countries;
Amendment 133 #
2012/2078(INI)
Motion for a resolution
Paragraph 47
Paragraph 47
47. Reiterates the call for the gradual roll- over of excessive debt into a redemption fund for the euro area bWelcomes the setting up on 2 July 2013 by the Commission, and following the agreements of the 2-Pack, of an expert group under the chair of Mrs Gertrude Trumpel-Gugerell, which is tasked on the model ofwith thoroughly assessing the Germain Economic Council of Experts; considers Article 352 TFEU to offer a legal basis for the establishment of such a fund for Member States whose currency is the euro, if necessary in conjunction with an enhanced cooperation of these Member Stafeatures of a potential redemption fund and eurobills, including any legal provisions, financial architecture and complementary budgetary frameworks; intends to position itself on these matters after the expert group's report has been presentesd;
Amendment 194 #
2012/2078(INI)
Motion for a resolution
Paragraph 60
Paragraph 60
60. Considers the reversed qualified majority voting in the Fiscal Compact as a merelymore as a political declaration without any legally binding effect on Member Statesthan an effective decision making instrument, and calls insteadtherefore for the integration of this voting rulee RQM into the Treaties and for the modification of, especially in Articles 121, 126 and 148 TFEU, in such a way that the proposals or recommendations submitted by the Commission may enter into force if no objection has been expressed by Parliament or the Council within a certain predefined period, in order to ensure fully-fledged legal certainty36;
Amendment 197 #
2012/2078(INI)
Motion for a resolution
Paragraph 61
Paragraph 61
Amendment 200 #
2012/2078(INI)
Motion for a resolution
Paragraph 62
Paragraph 62
Amendment 205 #
2012/2078(INI)
Motion for a resolution
Paragraph 63
Paragraph 63
Amendment 222 #
2012/2078(INI)
Motion for a resolution
Paragraph 67
Paragraph 67
67. Calls for the inclusion of Parliament in the appointment procedureExpects the European Council to take into account the position taken by Parliament pursuant to Art. 283(2) TFEU ofn the candidate for President, the Vice- President and the other members of the Executive Board of the ECB in Article 283 TFEU, by requiring its consent and, should Parliament not deliver a favourable opinion, to stop the recommendations of the Councilwhole proceeding and request the Council to present a new candidate;
Amendment 240 #
2012/2078(INI)
Motion for a resolution
Paragraph 71
Paragraph 71
71. Considers the inclusion of the possibility for the Union to budget for a deficit which shall not exceed a reference value to be specified in the Treaties, together with the establishment of proper mechanisms ensuring the avoidance of an excessive deficit at the European level;
Amendment 39 #
2012/2040(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that further work on common technical standards wcould not only enhance the competitiveness of the European economy and the functioning of the internal market but would also bring security-related advantages in the form of common security standards, which would benefit both consumers and merchants;
Amendment 59 #
2012/2040(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the separation of payment infrastructures from payment schemes cwould not necessarily increase competition as smaller players wnd that any technical constraints for market access should not be blocoked out due to technical constraintsat separately;
Amendment 62 #
2012/2040(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that further standardisation to overcome technical barriers and national settlement and clearing requirements, is needed to promote cross-border acquiring, an arrangement which would increase competition and the choices available for merchants and could result in more cost- efficient payment methods for customers;
Amendment 67 #
2012/2040(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges that solutions to facilitate cross- border acquiring be actively sought, in view of its advantages to the internal market; expresses concern at existing barriers such as licensingnational and technical barriers, which should be abandonremoved;
Amendment 93 #
2012/2040(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that the transparency of MIFs should be regulapromoted both in international and in national schemes, and that this could, together with easier access to cross-border acquiring, lead to lower MIFs as merchants could freely choose which payment schemes they wish to join;
Amendment 107 #
2012/2040(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that co-badging which has been voluntarily entered upon into by both payment systems could be beneficial to consumers as it would result in fewer cards and a wider range of choicfacilitate national domestic schemes,' and wouldccess to the broader EU market encourageing competition;
Amendment 345 #
2012/0242(CNS)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) While it should be recognised that national competent authorities of all participating Member States should be equally treated, the supervisory board should be supported by a steering committee that ensures a balance representation of euro-area Member States and non-euro-area Member States, taking into account the importance of the banking system of participating Member States.
Amendment 544 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB and national competent authorities. involving in a decentralised manner the national competent authorities. The ECB shall determine which tasks, including preparation of draft decisions and implementation of any acts, are better exercised at the ECB level or at the level of the national competent authority. The national competent authorities shall only act within the framework defined by the ECB. Tasks performed by the national competent authorities shall be subject to the oversight of the ECB.
Amendment 557 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. National competent authorities shall assist the ECB on its request with the preparation and implementation of any acts relating to the tasks referred to in Article 4. To the extent deemed possible and appropriate, the ECB shall have recourse to the national competent authorities with the preparation and implementation of these acts, taking full advantage of their expertise regarding credit institutions in their jurisdiction and their relationship with the economy.
Amendment 129 #
2012/0175(COD)
Proposal for a directive
Recital 22
Recital 22
(22) It is important to guarantee a high level of professionalism and competence among insurance and reinsurance intermediaries and the employees of direct insurers who are involved in activities preparatory to, during and after the sales of insurance policies. Therefore, the professional knowledge of an intermediary, of the employees of direct insurers, and of car rental companies and travel agents, as well as the professional knowledge of persons carrying on the activities of the management of claims, loss adjusting or expert appraisal of claims needs to match the level of complexity of these activities. Continuing education should be ensured.
Amendment 311 #
2012/0175(COD)
Proposal for a directive
Article 8 – paragraph 8
Article 8 – paragraph 8
Amendment 358 #
2012/0175(COD)
Proposal for a directive
Article 16 – paragraph 1 – point a – point ii
Article 16 – paragraph 1 – point a – point ii
(ii) whether or not it provides any type of advice about the insurance products sold;
Amendment 364 #
2012/0175(COD)
Proposal for a directive
Article 16 – paragraph 1 – point b – point ii
Article 16 – paragraph 1 – point b – point ii
(ii) whether or not it provides any type of advice about the insurance products sold;
Amendment 407 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 1 – point g
Article 17 – paragraph 1 – point g
Amendment 432 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
Amendment 444 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. If any payments other than those dedicated to upholding guarantee are made by the customer under the insurance contract after its conclusion, the insurance undertaking or intermediary shall also make the disclosures in accordance with this Article for each such payment.
Amendment 451 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 463 #
2012/0175(COD)
Proposal for a directive
Article 18 – title
Article 18 – title
Advice, and standards for sales where no advice is given
Amendment 472 #
2012/0175(COD)
Proposal for a directive
Article 18 – paragraph 1 – point b
Article 18 – paragraph 1 – point b
(b) and shall specify to the customer the underlying reasons for any advice to the customer on a specified insurance product, if given.
Amendment 487 #
2012/0175(COD)
Proposal for a directive
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Prior to the conclusion of a contract, whether or not advice is given, the insurance intermediary or insurance undertaking shall give the customer the relevant information about the insurance product in a comprehensible form to allow the customer to make an informed decision, while taking into account the complexity of the insurance product and the type of costumer.
Amendment 519 #
2012/0175(COD)
Proposal for a directive
Article 21 – paragraph 2 – subparagraph 1 a (new)
Article 21 – paragraph 2 – subparagraph 1 a (new)
Where these packages are based on a specific mutualisation without which the technical balance of the guarantees cannot be assured, the package selling obligation may be maintained.
Amendment 526 #
2012/0175(COD)
Proposal for a directive
Article 21 – paragraph 3
Article 21 – paragraph 3
3. EIOPA shall develop, by 31 December [20XX] at the latest, and update periodically, guidelines for the assessment and the supervision of cross-selling practices and/or of package selling, indicating, in particular, situations in which cross-selling practices are not compliant with obligations set out in Articles 16, 17 and 18 or paragraph 1 of this Article.
Amendment 560 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 3 – point a
Article 24 – paragraph 3 – point a
(a) the insurance intermediary or insurance undertaking and its services. WThen advice is provided, information shall specify whether ithe advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the on-going assessment of the suitability of the insurance product recommended to the customer;
Amendment 598 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – point b a (new)
Article 24 – paragraph 5 – point b a (new)
(ba) An insurance intermediary or insurance undertaking may only receive remuneration from its customer.
Amendment 608 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 1
Article 25 – paragraph 1
1. When providing advice tThe insurance intermediary or insurance undertaking shall obtain the necessary information regarding the customer's or potential customer's knowledge and experience in the field relevant to the specific type of product or service, as well as regarding the customer's or potential customer's financial situation and his investment objectives, on the basis of which the insurance intermediary or insurance undertaking should recommend the insurance products that are suitable for the customer or potential customer.
Amendment 610 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
Amendment 614 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 2
Article 25 – paragraph 2 – subparagraph 2
Where the insurance intermediary or insurance undertaking considers, on the basis of the information received under the previous subparagraph, that the product or service is not appropriate to the customer or potential customer, the insurance intermediary or insurance undertaking shall warn the customer or potential customer. This warning mayust be provided in a standardised format.
Amendment 617 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 3
Article 25 – paragraph 2 – subparagraph 3
Where customers or potential customers do not provide the information referred to in the first subparagraph, or where they provide insufficient information regarding their knowledge and experience, the insurance intermediary or insurance undertaking shall warn them that the insurance intermediary or insurance undertaking is not in a position to determine whether the service or product envisaged is appropriate for them. This warning mayust be provided in a standardised format.
Amendment 623 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
4. The customer must receive from the insurance intermediary or insurance undertaking adequate reports on the service provided to its customers. These reports shall include periodic communications to customers, taking into account the type and the complexity of insurance products involved and the nature of the service provided to the customer and shall include, where applicable, the costs associated with the transactions and services undertaken on behalf of the customer. When providing advice, tThe insurance intermediary or insurance undertaking shall specify how the advice given meets the personal characteristics of the customer.
Amendment 643 #
2012/0175(COD)
Proposal for a directive
Article 28 – paragraph 2 – subparagraph 1 – point e
Article 28 – paragraph 2 – subparagraph 1 – point e
(e) in case of a legal person, administrative pecuniary sanctions of up to 10 % of the total annual turnover of the legal person in the preceding business year with a maximum of EUR 100 000 000; where the legal person is a subsidiary of a parent undertaking, the relevant total annual turnover shall be the total annual turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year;.
Amendment 78 #
2012/0169(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) This Regulation should apply to all products regardless of their form or construction that are manufactured by the financial services industry to provide investment opportunities to retail investors, where the return offered to the investor is exposed to the performance of one or more assets or reference values other than an interest rate. This should include such investment products as investment funds, life insurance policies with an investment element, and retail structured products. For these products, investments are notproducts including assets that would be held directly, such as sovereign bonds or shares that are offered to the public ofr a direct kind achieved when buying or holding assets themselves. Instead thesedmitted to trading on a regulated market situated or operating within a Member State. Retail packaged structured products intercede between the investor and the markets through a process of ‘'packaging’', wrapping or bundling together assets so as to create different exposures, provide different product features, or achieve different cost structures as compared with a direct holding. Such ‘'packaging’' can allow retail investors to engage in investment strategies that would otherwise be inaccessible or impractical, but can also require additional information to be made available, in particular to enable comparisons between different ways of packaging investments.
Amendment 84 #
2012/0169(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) This Regulation should also apply to shares or units of special purpose vehicles and holding companies which an investment product manufacturer may devise with a view to circumventing this Regulation.
Amendment 86 #
2012/0169(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensure this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates should thereby be excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and should therefore be excluded. Since the focus of this Regulation is on improving the comparability and comprehensibility of information about investment products being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/EC should be excluded from the scope of this Regulation, provided that a financial contribution from the employer is required by national law and provided that the employee has no choice as to the pension product provider. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investor.
Amendment 133 #
2012/0169(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) As retail investors in general do not have close insight as to the internal procedures of investment product manufacturers, a reversal of the burden of proof shcould be established. The product manufacturer would have to provenot rest solely with the investor. The retail investor must indicate in what respect he considers that the key information document was drawn up indoes not compliancey with this Regulation. However, it would be for the retail investor to demonstrate that his loss has occurred due to the use of the information in the key information document because this matter falls within the direct personal sphere of the retail investore requirements of this Regulation. It should then be incumbent upon the product manufacturer to respond to this claim.
Amendment 184 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
Amendment 212 #
2012/0169(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘investment product’ means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposed to fluctuations in reference values or in the performance of one or more assets which are not directly purchased by the investor;.
Amendment 219 #
2012/0169(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point b – point ii a (new)
Article 4 – paragraph 1 – point b – point ii a (new)
(iia) when the investment product consists solely of a transferable security offered to the public or admitted to trading on a regulated market pursuant to the provisions of directive 2003/71/EC and directly held by the investors, the issuer of the security
Amendment 505 #
2012/0169(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use of theidentified information contained in the key information document, the investment product manufacturer has to prove that the keyis information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulation.
Amendment 634 #
2012/0169(COD)
Proposal for a regulation
Article 19 – paragraph 2 – point d a (new)
Article 19 – paragraph 2 – point d a (new)
(d a) financial penalties.
Amendment 648 #
2012/0169(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point e a (new)
Article 20 – paragraph 1 – point e a (new)
(e a) all measures taken by the responsible person to prevent any repetition of the breach in the future.
Amendment 650 #
2012/0169(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point e b (new)
Article 20 – paragraph 1 – point e b (new)
(e b) any compensation provided to retail investors by the responsible person following the breach.
Amendment 193 #
2012/0150(COD)
Proposal for a directive
Recital 23 a (new)
Recital 23 a (new)
(23a) The appointment of a special manager has proven an efficient early intervention tool in many Member States. It should be seen as a tool among others that competent authorities may use where deemed necessary, in particular in relation to small and medium-size institutions.
Amendment 236 #
2012/0150(COD)
Proposal for a directive
Recital 63 a (new)
Recital 63 a (new)
(63a) This Directive should provide a framework for the group resolution authorities and the other relevant resolution authorities to develop a group approach to resolution. Failing a coherent group approach to resolution, nationalisation of banking groups by legal entity that may be imposed by resolution authorities would put the integrity of internal market at risk, and may incentivise Member States to bail out banking groups and legal entities.
Amendment 308 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 336 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 384 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draws up and maintains a recovery plan providing, through measures taken by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 434 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Where competent authorities assess that there are deficiencies in the recovery plan, or potentmaterial impediments to its implementation, they shall notify the institution of their assessment and require the institution to submit, within three months, a revised plan demonstrating how those deficiencies or impediments have been addressed.
Amendment 455 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. Member States shall ensure that institutions that are affected by the taking of measures by a competent authority under paragraph (4) above have adequate rights of appeal and review, including judicial review, concerning such decisions.
Amendment 456 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each institution that is part of the group.
Amendment 468 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The consolidating supervisor shall transmit, within the framework of college of supervisors, share with the supervisory authorities that are members of the college, any information relating to the group recovery plans. It shall transmit any relevant part of the group recovery plans to the relevant competent authorities referred to in Article 131a of Directive 2006/48/EC and to EBA.
Amendment 479 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The group recovery plan shall include for the whole group and for each of its entities the elements and arrangements provided in Article 5. It shall also include, where applicable, arrangements for possible intra-group financial support adopted in accordance with any agreement for group financial support that has been concluded in accordance with Article 16.
Amendment 487 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The management body of the parent undertaking or institution subject to consolidated supervision referred to in paragraph 1 and the management body of institutions that are part of the group shall approve the group recovery plan before submitting it to the consolidating supervisor.
Amendment 561 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that resolution authorities draw up group resolution plans. Group resolution plans shall include both a plan for resolution at the level of the parent undertaking or institution subject to consolidated supervision pursuant to Article 125 and 126 of Directive 2006/48/EC and the resolution plans for the individual subsidiary institutions drawn up in accordance with Article 9 of this Directive. The group resolution plans shall also includbe plans for the resolution of the companies referred to in points (c) and (d) of Article 1 and plans for the resolution of institutions with branches in other Member States in compliance with the provisions of Directive 2001/24/EC.
Amendment 570 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 – point a
Article 11 – paragraph 3 – point a
(a) set out the resolution actions to be taken with regards to the group as a whole or part of the group, including individual subsidiaries, both through resolution actions in respect to the companies referred to in Article 1(dc), the parent undertaking and subsidiary institutions and through coordinated resolution actions in respect of subsidiary institutions, in those scenarios provided for in Article 9(2);
Amendment 683 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 7 a (new)
Article 14 – paragraph 7 a (new)
7a. Member States shall ensure that institutions that are affected by the taking of measures by a resolution authority under this article have adequate rights of appeal and review, including judicial review, concerning such decision
Amendment 721 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 6 – subparagraph 3
Article 15 – paragraph 6 – subparagraph 3
The decision referred to in the first subparagraph shall be recognised as conclusive and applied by the competent authorities in the Member States concerned. Member states shall ensure that institutions that are affected by the taking of measures by a resolution authority under this article have adequate rights of appeal and review, including judicial review, concerning such decision.
Amendment 743 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 6 a (new)
Article 16 – paragraph 6 a (new)
6a. The conditions in this Article are without prejudice to, and shall not affect, the entry into and the maintenance of intra-group agreements in the normal course of business where such agreements are lawful under the national law of a Member State.
Amendment 764 #
2012/0150(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States mayshall require that any proposed agreement that has been authorised by the competent authorities be submitted for approval to the shareholders meeting of every group entity that proposes to enter into the agreement. In this case, the agreement shall be valid only in respect of those parties whose shareholders' meeting has approved the agreement.
Amendment 798 #
2012/0150(COD)
Proposal for a directive
Article 22 – paragraph 3 – subparagraph 1
Article 22 – paragraph 3 – subparagraph 1
Amendment 801 #
2012/0150(COD)
Proposal for a directive
Article 22 – paragraph 3 – subparagraph 2
Article 22 – paragraph 3 – subparagraph 2
Amendment 802 #
2012/0150(COD)
Proposal for a directive
Article 22 – paragraph 4
Article 22 – paragraph 4
Amendment 803 #
2012/0150(COD)
Proposal for a directive
Article 22 – paragraph 5
Article 22 – paragraph 5
Amendment 848 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant or foreseeable imminent significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance withor where the management of the institution can no longer be carried out in normal conditions, and other measures laid down in Article 23 are judged not sufficient to reverse that deterioration, Member States shall ensure that competent authorities may appoint a special manager to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 1040 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 1 – point c – subparagraph 1a (new)
Article 35 – paragraph 1 – point c – subparagraph 1a (new)
Nevertheless, for a short period of time, a bridge institution could be created and authorized without complying with the minimum capital requirements provisions of Directive 2006/48/EC or Directive 2004/39/EC when this is necessary to best meet the resolution objectives.
Amendment 1078 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) deposits that are guaranteed in accordance with Directive 94/19/EC;hold by individuals including for professional purpose (aa) deposits hold by small enterprises The EBA shall draft regulatory standards to specify the conditions under which deposits of small enterprises should be not be subject to paragraph 2. Power is delegated to the Commission to adopt the regulatory standards in accordance with the procedure laid down in Article 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1149 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC.
Amendment 1348 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 1 – point a
Article 76 – paragraph 1 – point a
(a) resolution authorities;. Only a very limited number of executives within authorities should have access to plans.
Amendment 1349 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 1 – point c
Article 76 – paragraph 1 – point c
(c) competent ministries; Infringement of confidentiality requirement should be subject to appeal before the court and indemnification;
Amendment 1355 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 2
Article 76 – paragraph 2
2. Without prejudice to the generality of the requirements under paragraph 1, the persons referred to in that paragraph shall be prohibited from divulging confidential information received during the course of their professional activities, or from a resolution authority in connection with its functions, to any person or authority unless it is in summary or collective form such that individual institutions cannot be identified or with the express and prior consent of the resolution authority. The resolution authority shall be the single entry point for the information mentioned in the first subparagraph and shall be bound by a strict confidentiality agreement. The resolution authority shall then be responsible for ensuring that confidentiality requirements are respected.
Amendment 1366 #
2012/0150(COD)
Proposal for a directive
Article 80 – paragraph 2 – subparagraph 1
Article 80 – paragraph 2 – subparagraph 1
The group level resolution authority, the resolution authorities of each Member State in which a subsidiary that is in the view of the home authority material for resolution purposes covered by consolidated supervision is established and EBA shall be members of the resolution college.
Amendment 1373 #
2012/0150(COD)
Proposal for a directive
Article 80 – paragraph 8
Article 80 – paragraph 8
8. Group level resolution authorities may not establish resolution colleges if other groups or colleges perform the same functions and carry out the same tasks specified in this Article and comply with all the conditions and procedures established in this Section. In this case all references to resolution colleges in this Directive shall also be understood as reference to those other groups or colleges. Where a Crisis Management Group for an institution has been established in line with the recommendations of the FSB, that Crisis Management Group shall be considered to be the Resolution College for that institution.
Amendment 1444 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
(e a) (f) to recapitalize the institution.
Amendment 153 #
2012/0029(COD)
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20 a) The authorised CSDs should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 205 #
2012/0029(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘central securities depository’ ('‘CSD'’) means a legal person that operates a securities settlement system listed in point 3 of Section A of the Annex and performs at least onthe otheree core services listed in Section A of the Annex;
Amendment 230 #
2012/0029(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 31 a (new)
Article 2 – paragraph 1 – point 31 a (new)
(31 a) 'issuance account' means a unique account at CSD level, on which any legal entity or an issuer agent acting on behalf of the legal entity, that issues transferable securities will hold the total position ( in units or in nominal value depending of the underlying security) of the capital of the issued transferable security;
Amendment 233 #
2012/0029(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 31 b (new)
Article 2 – paragraph 1 – point 31 b (new)
(31 b) 'single beneficiary securities account' means an account held with a CSD on which securities are recorded that are owned by only one single end investor;
Amendment 338 #
2012/0029(COD)
Proposal for a regulation
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4 a. An authorised CSD should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 375 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 2 – point b
Article 21 – paragraph 2 – point b
(b) a programme of operations stating in particular the services which it intends to provide and the currencies it processes;
Amendment 379 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. Within three months from the receipt of the information referred to in paragraph 2, the competent authority shall communicate that information to the competent authority and the relevant authorities referred to in Article 11 of the host Member State unless, by taking into account the provision of services envisaged, it has reasons to doubt the adequacy of the administrative structure or the financial situation of the CSD wishing to provide its services in the host Member State.
Amendment 380 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. Where the competent authority refuses to communicate the information to the competent authorityies of the host Member State, it shall give reasons for its refusal to the CSD concerned within three months of receiving all the information.
Amendment 382 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 5 – point b
Article 21 – paragraph 5 – point b
(b) in the absence of any receipt of a communication, after two months from the date of transmission of the communication referred to in paragraph 3 and (ba) unless the authorities in the host Member State, having considered the services provided in that Member State substantial, subject the authorization to a specific assessment and consequently object to it on consideration of systemic risk. In case of disagreement between the home and the host authority, ESMA shall settle the issue in accordance with Article 19 of Regulation (EU) No 1095/2010, and where the disagreement refers to the SSS operated by the CSD, in consultation with the members of the ESCB.
Amendment 388 #
2012/0029(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. Where a CSD authorised in one Member State has established a branch in another Member State, the competent authority of the home Member State of the CSD, in the exercise of its responsibilities and after informing, may require cooperation of the competent authority of the host Member State, mayin particular when carrying out on-site inspections in that branch.
Amendment 390 #
2012/0029(COD)
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The competent authority of the home Member State of the CSD shall, on the request of the competent authority or of the relevant authority referred to under Article 11 of the host Member State and within an appropriate time frameout undue delay, communicate the identity of the issuers and participants to the securities settlement systems operated by the CSD which provides services in that host Member State and any other relevant information concerning the activities of that CSD in the host Member State in particular information concerning adverse developments, results of risks assessments, remedial measures, in order to coordinate oversight and supervision activities with the host authorities.
Amendment 391 #
2012/0029(COD)
Proposal for a regulation
Article 22 – paragraph 4
Article 22 – paragraph 4
4. When, taking into account the situation of the securities markets in the host Member State, the activities of a CSD that has established a branch or interoperability links with other CSDs or security settlement systems in that host Member State have become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the home and host relevant and competent authorities shall establish cooperation arrangements for the supervision of the activities of that CSD in the host Member Statea college of supervisors and overseers to facilitate the cooperation under Article 12 and paragraphs 1, 2 and 3 of Article 22. The establishment and functioning of the college shall be based on written arrangements. These arrangements shall specify the operational organisation of the college, the membership and the participation in college activities, the governance and the sharing of information.
Amendment 398 #
2012/0029(COD)
Proposal for a regulation
Article 22 – paragraph 7 – subparagraph 1
Article 22 – paragraph 7 – subparagraph 1
ESMA, shall, in close cooperation with the members of the ESCB, develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation arrangements referred to in paragraphs 1, 3 and 5, and for the establishment of colleges referred to in paragraph 4.
Amendment 465 #
2012/0029(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with a central bank operating in such currency whenever practical and available.
Amendment 466 #
2012/0029(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. When it is not practical and available to settlement in central bank accounts is not available, a CSD may offer to settle the cash payments for all or part of its securities settlement systems through accounts opened with a credit institution. If a CSD offers to settle in accounts opened with a credit institution, it shall do so in accordance with the provisions of Title IV.
Amendment 468 #
2012/0029(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
Amendment 470 #
2012/0029(COD)
Proposal for a regulation
Article 37 – paragraph 4
Article 37 – paragraph 4
Amendment 471 #
2012/0029(COD)
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. The Commission shall be empowered to adopt, in close cooperation with the members of the ESCB, delegated acts in accordance with Article 64 concerning measures defining the cases when the settlement of the cash payments in a specific currency through accounts opened with a central bank is not practical and available and the methods of assessment thereof.
Amendment 495 #
2012/0029(COD)
Proposal for a regulation
Article 46
Article 46
Applicable law to proprietary aspects 1. Any question with respect to proprietary aspects in relation to financial instruments held by a CSD shall be governed by the law of the country where the account is maintained. 2. Where the account is used for settlement in a securities settlement system, the applicable law shall be the one governing that securities settlement system. 3. Where the account is not used for settlement in a securities settlement system, that account shall be presumed to be maintained at the place where the CSD has its habitual residence as determined by Article 19 of Regulation (EC) No 593/2008 of the European Parliament and the Council. 4. The application of the law of any country specified in this Article shall comprise the application of the rules of law in force in that country other than its rules of private international law.rticle 46 deleted
Amendment 532 #
2012/0029(COD)
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
Amendment 575 #
2012/0029(COD)
Proposal for a regulation
Article 52 – paragraph 5
Article 52 – paragraph 5
5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, tThe authorisation as provided in Title II of Directive 2006/48/EC of suchthe designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 3 of this Article. The same requirement applies in respect of a CSD that has been granted a derogation under paragraph 2 of this Article.
Amendment 14 #
2011/2146(INI)
Motion for a resolution
Recital D
Recital D
D. whereas, with Article 14 TFEU, a new legal basis has bees 106 and 107 TFEU, the Lisbon cTreated whereby the principles and conditions for the operation of SGEI, particularly economic and financial conditions, are established by the European Parliament and the Council, acting by means of regulations in accordance with the ordinary legislative procedurey provides the appropriate legal basis for the reform of state aid rules for SGEI,
Amendment 37 #
2011/2146(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that reform of the EU rules on state aid forthe specific nature of SGEIs is only part of an urgently required horizontal legislative framework for SGEI, and that such a framework offers the only means of affording the requisite legal certainty and clarity in relation to EU law on SGEI; emphasises that a new legal basis for such a horizontal legislative framework has been created with Article 14 TFEU; points out that the Commission undertook, in the Single Market Act, to bring forward by the end of 2011, in addition to its communication, a series of measures on SGEI; calls on the Commission, therefore, to submit a proposal for the horizontal legislative frameworkrecognised in Article 14 TFEU and Protocol 26 annexed to the Treaty of Lisbon, and recognises the special role of national, regional and local authorities in this connection;
Amendment 69 #
2011/2146(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Welcomes in this connection the Commission’s move to provide further clarifications on the distinction between non-economic and economic activities in the context of SGEIs, in order to create greater overall legal certainty, and to avoid cases being brought before the European Court of Justice and infringement proceedings opened by the Commission; suggests that, in doing so, the Commission should not confine itself to reiterating the case law of the European Court of Justice but should provide determining criteria to help in distinguishing between these two types of activity;
Amendment 78 #
2011/2146(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to propose appropriatehigher thresholds for the ‘de minimis’ arrangement; suggests as a possible reference in this respect the combined indices for SGEIs, so that these services can be dealt with by a simplified procedure and the considerable administrative burden ofn size of municipality, amount of compensation payment and level of turnoverervice providers significantly reduced without any negative effects ofn the undertaking entrusted with the operation of the serviceSingle Market; suggests taking as a reference point the level of services provided in local authority areas;
Amendment 103 #
2011/2146(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that the special remit and character of SSGI should not only be protected but should also be clearly defined under sector-specific rules;
Amendment 106 #
2011/2146(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises how important it is for SGEI to be of high quality and the need for them to be universally accessible; points out in this regard that the Commission’s responsibility, under the TFEU competition rules, is confined to monitoring state aid for the provision of SGEI, and that the only basis for setting European-level quality and efficiency criteria is Article 14 TFEU, with observance ofquality and efficiency criteria can only be taken into account at European level with due regard to the subsidiarity principle;
Amendment 24 #
2011/2089(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses that, moreover, safeguards must be created, as follows: – the applicants must be identified before the claim is brought (‘opt-in procedure’); a representative body may bring an action only on behalf of a group clearly identified in this way; an opt-out system has on the other hand to be rejected on the grounds that it violates the rights of any victim who might participate in the procedure unknowingly and yet would be bound by the court’s decision; this would be contrary to the procedural rights of the individual laid down in the Constitutions of many Member States; – the procedural costs and hence the risk involved in legal action are to be borne by the party which loses the case; it is a matter for the Member States to lay down rules on the allocation of costs in this context; – it is not desirable for procedures to be prefinanced by third parties, for example by claimants agreeing to surrender to third parties possible subsequent entitlements to compensation; – each claimant must prove his claim; an obligation to disclose documents must be rejected at European level;
Amendment 25 #
2011/2089(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Expresses its concern as to whether the Union legislature has a sufficient legal basis to regulate the aforementioned safeguards;
Amendment 12 #
2011/2010(INI)
Motion for a resolution
Recital I
Recital I
I. whereas consumer trust in the functioning of the internal market in financial services can only be assured by a consistent level of consumer protection regardless of the origin of the service provider, primarily through a consistent application of sound prudential rules and effective supervision by EIOPA and national competent authorities where appropriate,
Amendment 65 #
2011/2010(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Supports a narrow scope to motor third party liability only should the Commission consider to extend the new European legislation to non life products. Considers that this restriction could facilitate the harmonisation of the existing European legislation and thus close the remaining legal loopholes;
Amendment 68 #
2011/2010(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that in the absence of a legally binding EU definition of what constitutes a small- or micro- undertaking, and given the changing nature of such entities over time, proposals for a directive on IGS should be limited to natural persons; requests that the Commission re-evaluate the case for including select legal persons once a legally binding definition is agreed; stresses that as a matter of subsidiarity individual Member States may choose to include legal persons within their national IGSProposals for a directive on IGS should be limited to the consumer who is a natural person acting for purposes which are outside his trade, business, craft or profession;
Amendment 108 #
2011/0418(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Amendment 69 #
2011/0417(COD)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
Amendment 93 #
2011/0417(COD)
Proposal for a regulation
Article 3 – point d
Article 3 – point d
(d) '‘qualifying portfolio undertaking' means an undertaking that, at the time of an investment by the qualifying venture capital fund,: (i) is not listed on a regulated market as defined inwithin the meaning of point (14) of Article 4 (1) of Directive 2004/39/EC whichat the time of an investment by the qualifying venture capital fund; (ii) employs fewer than 250 persons, and; (iii) either has an annual turnover not exceeding EUR 50 million, or an annual balance sheet total not exceeding EUR 43 million, and which is not itself a collective investment undertaking; (iv) is not itself a collective investment undertaking; (v) other than European venture capital funds and financial technology providers, is not a financial product or service provider; (vi) is not established in a third country in which there are no or nominal taxes, a lack of effective exchange of information with foreign tax authorities, a lack of transparency in legislative, judicial or administrative provisions, or no requirement for a substantive local presence, or which promotes itself as an offshore financial centre;
Amendment 135 #
2011/0417(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Amendment 40 #
2011/0389(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2006/43/EC
Article 43b – paragraph 2
Article 43b – paragraph 2
Where a Member State has established rules on the carrying out ofauthorising a limited review task relating tof the accounts of some of its small undertakings as an alternative to statutory audit, such Member State shall not be obliged to adapt the audit standards to the statutory audit of those undertakings. However, Member States which have established such rules shall be required to replace this limited review task in these small undertakings with a proportionate statutory audit task within five years.
Amendment 45 #
2011/0361(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies requires credit rating agencies to comply with rules of conduct in order to mitigate possible conflicts of interest, ensure high quality and sufficient transparency of ratings and the rating process. Following the amendments introduced by Regulation (EU) No 513/2011 of the European Parliament and of the Council, the European Securities and Markets Authority (ESMA) has been empowered to register and supervise credit rating agencies. This amendment complements the current regulatory framework for credit rating agencies. Some of the issues addressed (conflicts of interests due to the issuer-pays model, disclosure for structured finance instruments) had been identified, but not fully resolved by the existing rules. The need to review transparency and, procedural requirements and the timing of the publication specifically for sovereign ratings was highlighted by the current sovereign debt crisis.
Amendment 49 #
2011/0361(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The European Central Bank bases its decision on marketable assets for collateral regarding the liquidity providing operations on the Eurosystem credit assessment framework (ECAF). The ECAF primarily uses external credit ratings from the list of registered ECAI, which is limited in number to only four credit rating agencies. The European Central Bank should revise this practice and at least align and widen its pool of external credit ratings to the ESMA approved credit rating agencies within the Union. Furthermore, both the European Central Bank as well as national central banks are well advised to review their use of external ratings, and to build up expertise in devising their own models to assess the credit standard of eligible assets used as collateral for liquidity-providing operations, and to reduce their reliance on external ratings in general.
Amendment 50 #
2011/0361(COD)
Proposal for a regulation
Recital 3 b (new)
Recital 3 b (new)
(3b) The Commission should establish a horizontal measure that assesses the reference to credit ratings in national law whether based on the implementation of Union law or not and where such reference triggers mechanistic reliance on credit ratings by competent authorities or financial market participants such reference shall be reviewed and removed in a reasonable timeframe.
Amendment 60 #
2011/0361(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Regulation (EC) No 1060/2009 already provided a first round of measures to address the question of independence and integrity of credit rating agencies and their credit rating activities. The objectives of guaranteeing the independence of credit rating agencies and of identifying, managing and, to the extent possible, avoiding any conflict of interest that could arise were already underlying several provisions of that Regulation in 2009. Whilst providing a sound basis, the existing rules do not appear to have had a sufficient impact in this regard. Credit rating agencies still are not perceived as sufficiently independent actors. The selection and remuneration of the credit rating agency by the rated entity (issuer- pays model) engenders inherent conflicts of interest, which are insufficiently addressed by the existing rules. Under this model, there are incentives for credit rating agencies to issue complacency ratings on the issuer in order to secure a long-standing business relationship guaranteeing revenues or in order to secure additional work and revenues. Moreover, relationships between the shareholders of credit rating agencies and the rated entities may cause conflicts of interest which are not sufficiently dealt with by the existing rules. As a result, credit ratings issued under the issuer-pays model may be perceived as the credit ratings that suit the issuer rather than the credit ratings needed by the investor. Without prejudice to the conclusions of the report to be submitted by the Commission on the issuer-pays model by December 2012 pursuant to Article 39(1) of Regulation (EC) No 1060/2009, it is essential to reinforce the conditions of independence applying to credit rating agencies in order to increase the level of credibility of credit ratings issued under the issuer-pays model.
Amendment 63 #
2011/0361(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 71 #
2011/0361(COD)
Proposal for a regulation
Recital 8
Recital 8
Amendment 80 #
2011/0361(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 89 #
2011/0361(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 95 #
2011/0361(COD)
Proposal for a regulation
Recital 11
Recital 11
Amendment 105 #
2011/0361(COD)
Proposal for a regulation
Recital 12
Recital 12
Amendment 113 #
2011/0361(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The independence of a credit rating agency vis-à-vis a rated entity is also affected by possible conflict of interests of any of its significant shareholders with the rated entity: A shareholder of a credit rating agency could be a member of the administrative or supervisory board of a rated entity or a related third party. The rules of Regulation (EC) No 1060/2009 addressed this type of situation only as regards the conflicts of interest caused by rating analysts, persons approving the credit ratings or other employees of the credit rating agency. The Regulation was, however, silent as regards potential conflicts of interest caused by shareholders or members of credit rating agencies. With a view to enhancing the perception of independence of credit rating agencies vis- à-vis the rated entities, it is appropriate to extend the existing rules applying to conflicts of interest caused by employees of the credit rating agencies also to those caused by shareholders or members holding a significant position within the credit rating agency. Hence, the credit rating agency should abstain from issuing credit ratings, or shouldimmediately disclose that the credit rating may be affected, where a shareholder or member holding 10% of the voting rights of that agency is also a member of the administrative or supervisory board of the rated entity or has invested in the rated entity. Moreover, where a shareholder or member is in a position to significantly influence the business activity of the credit rating agency, that person should not provide disclose any consultancy or advisory services rendered to the rated entity or a related third party regarding its corporate or legal structure, assets, liabilities or activities.
Amendment 116 #
2011/0361(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 119 #
2011/0361(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) Possible mergers of registered credit rating agencies, in particular those involving a large agency, would result in reducing the issuers' possibility to choose between different agencies in the market, and in the disappearance of competitors. This is likely to create difficulties for issuers at the moment in which they need to appoint one or more new credit rating agencies. Therefore, it is appropriate to ban mergers between large credit rating agencies and their competitors.
Amendment 123 #
2011/0361(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The perception of independence of credit rating agencies would be particularly affected should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies, at least if this investment reaches a certain size that could allow these shareholders or members to exercise a certain influence on the agency's business. Therefore, in order to ensure the independence (and the perception of independence) of credit rating agencies, it is appropriate to provide for stricter rules regarding the relations between the credit rating agencies and their shareholders. For this reason, no person sa sharehould simultaneouslyer or member holding a participation of 5% or more in more than oneone credit rating agency should not be allowed to hold any participation in another credit rating agency, unless the agencies concerned belong to the same group.
Amendment 126 #
2011/0361(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The objective of ensuring sufficient independence of credit rating agencies entails that investors should not hold simultaneouslyan investments of 5 % or more in more than oneone credit rating agency and simultaneously be invested in another credit rating agency. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market requests that those persons controlling 5% of the voting rights in a listed company results should disclose it to the public, because, inter alia, of the interest for investors to know about changes in the voting structure of such company. 5% of the voting rights is considered therefore to be a major holding capable of influencing the voting structure in a company. It is therefore appropriate to use the 5% level for the purposes of restricting the simultaneous investment in more than one credit rating agency. This measure cannot be considered disproportionate, given that all registered credit rating agencies in the Union are non- listed undertakings therefore not subject to the transparency and procedural rules that apply to listed companies in the EU. Often unlisted undertakings are governed by shareholders' protocols or agreements and the number of shareholders or members is usually low. Therefore, even a minority position in an unlisted credit rating agency could be influential. Nevertheless, in order to ensure that purely economic investments in credit rating agencies are still possible, this limitation to simultaneously investments in more than one credit rating agency should not be extended to investments channelled though collective investment schemes managed by third parties independent from the investor and not subject to his or her influence.
Amendment 129 #
2011/0361(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the Union, which today remains largely concentrated. New market opportunities would arise for small and mid-size credit rating agencies, which would need to develop to take up those challenges in the first years following the entry into force of the new rules. Those developments are likely to bring new diversity into the market. The objectives and the effectiveness of the new rules would, however, be largely jeopardised if, during these initial years, large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them. Further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies, thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rulesmarket. More importantly, further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market.
Amendment 136 #
2011/0361(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 151 #
2011/0361(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Directive xxxx/xx/EU of the European Parliament and of the Council of […] on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms19 has introduced a provision requiring banks and investment firms to assess the credit risk of entities and financial instruments in which they invest themselves and not to simply rely in this respect on external ratings. This rule should be extended to other financial firms regulated under Union law, including investment managers. Member States should not be entitled to impose rules that allow stricter reliance of these investors on external ratings. Furthermore, Member States should revise their national rules and technical standards to eliminate the reference to credit ratings where they trigger mechanic reliance on credit ratings. Member States should also review all references to specific credit ratings in order to take into account all registered and certified rating agencies.
Amendment 153 #
2011/0361(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Investors, issuers and other interested parties should have access to up to date rating information on a central webpage and via data feeds. A European Rating Index (EURIX) established by ESMA should allow investors to easily compare all ratings that exist with regard to a specific rated entity and provide them with average ratings. In order to enable investors to compare ratings on the same entity issued by different credit rating agencies it is necessary that credit rating agencies use a harmonised rating scale, to be developed by ESMA in cooperation with EBA and EIOPA and adopted by the Commission as a regulatory technical standard. The use of the harmonised rating scale should only be mandatory for the publication of the ratings on the EURIX webpage while credit rating agencies should be free to use their own rating scales when publishing the ratings on their own websites. The mandatory use of a harmonised rating scale should not have a harmonising effect on methodologies and processes of credit rating agencies, but should be limited to making the rating outcome comparable. It is important that the EURIX webpage shows, in addition to an aggregate rating index, all available ratings per instrument in order to allow investors to consider the whole variety of opinions before taking their own investment decision. The aggregate rating index may help investors to get a first indication of the creditworthiness of an entity. The EURIX should help smaller and new credit rating agencies to gain visibility. Credit ratings agencies that work on a subscription- or investor-based payment model shall be exempt from the publication of individual credit ratings and should only feature in the establishment of the average ratings. The European Rating Index would complement the information on historical performance data to be published by credit rating agencies in ESMA's central repository. The European Parliament supported the establishment of such European Rating Index in its resolution on credit rating agencies of 8 June 2011.
Amendment 158 #
2011/0361(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) Credit ratings, whether issued for regulatory purposes or not, have a significant impact on investment decisions. Hence, credit rating agencies have an important responsibility towards investors in ensuring that they comply with the rules of Regulation (EC) No 1060/2009 so that their ratings are independent, objective and of adequate quality. However, in the absence of a contractual relationship between the credit rating agency and the investor, investorsird parties, the latter are not always in a position to enforce the agency's responsibility towards them. Therefore, it is important to provide for an adequate right of redress for investorthird parties who relied on a credit rating issued in breach of the rules of Regulation (EC) No 1060/2009. The investorird parties should be able to hold the credit rating agency liable for any damage caused by an infringement of that Regulation which had an impact on the rating outcome. Infringements which do not impact the rating outcome, such as breaches of transparency obligations, should not trigger civil liability claims.
Amendment 161 #
2011/0361(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Credit rating agencies should only be held liable if they infringe intentionally or with gross negligence any obligations imposed on them by Regulation (EC) No 1060/2009. This standard of fault means that credit rating agencies should not face liability claims if they neglect individual obligations under the Regulation without disregarding their duties in a serious way. This standard of fault is appropriate because the activity of credit rating involves a certain degree of assessment of complex economic factors and the application of different methodologies may lead to different rating results, none of which can be qualified as incorrectAny infringement of the organizational and operating rules of rating agencies, even where subject to disciplinary measures by the ESMA, should not give entitlement to liability claims by third parties. The accountability of rating agencies before the competent civil courts should be decided by the rules of those courts.
Amendment 170 #
2011/0361(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) (26) It is important to provide investorthird parties with an effective right of redress against credit rating agencies. As investorthird parties do not have close insight in internal procedures of credit rating agencies a partial reversal of the burden of proof with regard to the existence of an infringement and the infringement's impact on the rating outcome seems to be appropriate if the investorthird parties hasve made a reasonable case in favour of the existence of such an infringement. However, the burden of proof as regards the existence of a damage and the causality of the infringement for the damage, both being closer to the sphere of the investorthird party, should fully be on the investolatter.
Amendment 175 #
2011/0361(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Regarding matters concerning the civil liability of a credit rating agency and which are not covered by this regulation, such matters should be governed by the applicable national law determined by the relevant rules of International Private Law. The competent court to decide on a claim for civil liability brought by an investor third party should be determined by the relevant rules on International Jurisdiction.
Amendment 200 #
2011/0361(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) The Commission should adopt the draft regulatory technical standards developed by ESMA regarding the content of the handover file when a credit rating agency is replaced by another credit rating agency, the content, frequency and presentation of the information to be provided by issuers on structured finance instruments, harmonisation of the standard rating scale to be used by credit rating agencies, the presentation of the information, including structure, format, method and timing of reporting, that credit rating agencies should disclose to ESMA in relation to EURIX and the content and format of the periodic reporting on fees charged by credit rating agencies for the purposes of ongoing supervision by ESMA. The Commission should adopt those standards by means of delegated acts pursuant to Article 290 of the Treaty and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 213 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5a
Article 5a
Credit institutions, investment firms, insurance and reinsurance undertakings, institutions for occupational retirement provisions, management and investment companies, alternative investment fund managers and central counterparties as defined in Regulation (EU) No xx/201x of the European Parliament and of the Council of xx xxx 201x on OTC derivatives, central counterparties and trade repositories shall make their own credit risk assessment and shall not solely or mechanistically rely on credit ratings for assessing the creditworthiness of an entity or financial instrument. Central banks shall not require credit institutions to have their collateral rated by a credit rating agency for the purpose of central bank refinancing. Competent authorities in charge of supervising these undertakings shall closely check the adequacy of undertakings credit assessment processes.
Amendment 217 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5b – paragraph 1
Article 5b – paragraph 1
The European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (*) (EBA), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (**) (EIOPA) and ESMA shall not refer to credit ratings in their guidelines, recommendations and draft technical standards where such references have the potential to trigger mechanistic reliance on credit ratings by competent authorities or financial market participants. Accordingly, and at the latest by 31 December 2013...*, EBA, EIOPA and ESMA shall review and remove where appropriate all references to credit ratings in existing guidelines and recommendations where such references have the potential to trigger mechanistic reliance on credit ratings. Furthermore, EBA, EIOPA and ESMA shall review references to specific credit ratings in order to take into account all registered and certified credit rating agencies in existing guidelines and recommendations. ______________ * OJ please insert date: three years after the date of entry into force.
Amendment 236 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6a – paragraph 1 – point a
Article 6a – paragraph 1 – point a
(a) hold 5% or more of the capital of any other credit rating agency. This prohibition does not apply to holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in diversified collective investment schemes do not put him or her in a position to exercise significant influence on the business activities of those schemes;
Amendment 239 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6a – paragraph 1 – point b
Article 6a – paragraph 1 – point b
(b) have the right or the power to exercise 5% or more of the voting rights in any other credit rating agency;
Amendment 243 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b
Article 6b
Amendment 264 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b a (new)
Article 6b a (new)
Amendment 266 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b a (new)
Article 6b a (new)
Article 6ba Prohibition of mergers between and acquisitions of certain credit rating agencies From ...*, a registered credit rating agency which has generated more than 20 % of the total revenue of credit rating activities in the Union or which belongs to a group of rating agencies that has generated such a revenue shall not merge with or acquire another registered credit rating agency unless that other credit rating agency belongs to the same group. _____________ * OJ: please insert the date of entry into force.
Amendment 271 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1060/2009
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Information available to a credit rating agency shall be limited to regulated publicly disclosed information in the case of publicly listed issuer, and to information of a similar nature for a non- listed issuer, on the basis that such information comes from reliable sources.
Amendment 272 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1060/2009
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Changes in credit ratings shall be issued in accordance with the credit rating agency's published methodologies.
Amendment 277 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point c
Article 1 – point 10 – point c
Regulation (EC) No 1060/2009
Article 8 – paragraph 5a – subparagraph 1
Article 8 – paragraph 5a – subparagraph 1
5a. A credit rating agency that intends to materially change or use any new rating methodologies, models or key rating assumptions shall publish the proposed changes or proposed new methodologies on its website inviting stakeholders to submit comments for a period not shorter thanof one month, together with a detailed explanation of the reasons for and the implications of the proposed material changes or proposed new methodologies.
Amendment 280 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point c
Article 1 – point 10 – point c
Regulation (EC) No 1060/2009
Article 8 – paragraph 5a – subparagraph 2
Article 8 – paragraph 5a – subparagraph 2
After expiry of the consultation period referred to in the first subparagraph, the credit rating agency shall notify ESMA of the intended material changes or proposed new methodologies.
Amendment 288 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point d – point i
Article 1 – point 10 – point d – point i
Regulation (EC) No 1060/2009
Article 8 – paragraph 6 – introductory part
Article 8 – paragraph 6 – introductory part
6. When methodologies, models or key assumptions used in credit rating activities are changed following the decision ofafter the expiry of the one- month period for checking by ESMA as referred to in paragraph 3 of Article 22a, a credit rating agency shall:
Amendment 289 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point d – point ii
Article 1 – point 10 – point d – point ii
Regulation (EC) No 1060/2009
Article 8 – paragraph 6 – point aa
Article 8 – paragraph 6 – point aa
(aa) immediately publish on its website the new methodologies together with a detailed explanation thereof as well as the date of application of the new methodologies;
Amendment 293 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point d – point ii
Article 1 – point 10 – point d – point ii
Regulation (EC) No 1060/2009
Article 8 – paragraph 6 – point aa a (new)
Article 8 – paragraph 6 – point aa a (new)
(aaa) immediately publish on its website the responses to the consultation referred to in Article 8(5a);
Amendment 308 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b a (new)
Article 8b a (new)
Article 8ba Mandatory use of small agencies 1. Where an issuer or a related third party intends to mandate at least two credit rating agencies for the credit rating of the same issuance or entity, the market share in the Union of at least one of the credit rating agencies shall be below a threshold set by ESMA. 2. For the purpose of paragraph 1, ESMA shall set a threshold expressed in terms of market share related to credit ratings activities carried out in the Union. ESMA shall review that threshold annually and shall publish on its website the list of credit rating agencies falling within that threshold.
Amendment 316 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 12 d (new)
Article 1 – point 12 d (new)
Regulation (EC) No 1060/2009
Article 10 – paragraph 5
Article 10 – paragraph 5
(12d) In Article 10(5), the first subparagraph is replaced by the following: "5. When a credit rating agency issues an unsolicited credit rating, it shall state prominently in the credit rating and using a clearly distinguishable different colour code for the rating category, whether or not the rated entity or related third party participated in the credit rating process and whether the credit rating agency had access to the accounts, management and other relevant internal documents for the rated entity or a related third party."
Amendment 323 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 11a – paragraph 2
Article 11a – paragraph 2
2. ESMA shall establish a European Rating Index which will include all credit ratings submitted to ESMA pursuant to paragraph 1 and an aggregated rating index for any rated debt instrument. The index and individual credit ratings shall be published on ESMA's websitea dedicated website and be available as data feed. ESMA shall streamline its efforts in this respect with the work already undertaken by EBA and EIOPA.
Amendment 326 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 11a – paragraph 2 – subparagraph 1 a (new)
Article 11a – paragraph 2 – subparagraph 1 a (new)
The publication on a dedicated website of the individual credit rating referred to in the first subparagraph shall not apply to unsolicited credit ratings, unless the relevant credit agency has expressly chosen that they do.
Amendment 329 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 11a – paragraph 2 a (new)
Article 11a – paragraph 2 a (new)
2a. ESMA shall develop draft regulatory technical standards to specify minimum contractual data standards, in particular: (a) the identification of issuers (ISO 17443 - LEI – legal entity identifier); (b) the identification of issues (ISIN – International Security Identification Number); (c) the functioning of data feeds (ISO 6166); (d) the liability for the quality of data feeds; (e) the usage conditions of data fund.
Amendment 337 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 – point a
Article 1 – point 19 – point a
Regulation (EC) No 1060/2009
Article 22a – title
Article 22a – title
Examination of procedures used for the establishment of new and material changes to rating methodologies
Amendment 339 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 – point b
Article 1 – point 19 – point b
Regulation (EC) No 1060/2009
Article 22a – paragraph 3
Article 22a – paragraph 3
Amendment 346 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 c (new)
Article 1 – point 19 c (new)
Regulation (EC) No 1060/2009
Article 32 a (new)
Article 32 a (new)
Amendment 359 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Article 35a – paragraph 4
Article 35a – paragraph 4
4. Where an investor establishes facts from which it may be inferred that a credit rating agency has committed any of the infringements listed in Annex III, it will be for the credit rating agency to prove that it has not committed that infringement or that that infringement did not have an impact on credit rating agency may have been guilty of serious errors or negligence giving rise to damages, investors shall be entitled to initiate proceedings in support of their claims by establishing the existence of a direct link of causality between the alleged error or negligence and the damages sustained. The credit rating agency shall be held not accountable if it establishes that it has not been guilty of the alleged error or negligence or that this did not influence the issued credit rating.
Amendment 376 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 – point b
Article 1 – point 24 – point b
Regulation (EC) No 1060/2009
Article 39 – paragraph 4
Article 39 – paragraph 4
4. By 1 July 2015, the Commission shall assess the situation in the credit rating market, in particular the availability of sufficient choice in order to comply with the requirements set out in Articles 6b and 8b. The review shall also assess the need to extend the scope of the obligations in Article 8a to include other financial products, including covered bonds.
Amendment 385 #
2011/0361(COD)
Proposal for a regulation
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
The provisions of Article 8b(1) shall apply only to instruments issued after this Regulation enters into force.
Amendment 402 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point c
Annex I – point 1 – point c
Regulation (EC) No 1060/2009
Annex I – Section B – point 3a
Annex I – Section B – point 3a
3a. A credit rating agency shall ensure that fees charged to its clients for the provision of rating and ancillary services are not discriminatory and are based oncommensurate to the actual costs incurred. Fees charged for rating services shall not depend on the level of the credit rating issued by the credit rating agency or on any other result or outcome of the work performed.
Amendment 406 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point d
Annex I – point 1 – point d
Regulation (EC) No 1060/2009
Annex I – Section B – point 4 – subparagraph 1
Annex I – Section B – point 4 – subparagraph 1
4. Neither aA credit rating agency nor any person holding, directly or indirectly, at least 5% of the capital or voting rights of the credit rating agency or otherwise in a position to significantly influence the business activities of the credit rating agency shall providfully and publicly disclosure consultancy or advisory services provided to the rated entity or a related third party regarding the corporate or legal structure, assets, liabilities or activities of that rated entity or related third party.
Amendment 411 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 4 – point f
Annex I – point 4 – point f
Regulation (EC) No 1060/2009
Annex I – Section D – Part I – point 5 – subparagraph 1 a (new)
Annex I – Section D – Part I – point 5 – subparagraph 1 a (new)
The issuer subject to the credit rating or rating outlook may publish its comment on rating decisions in the credit rating agency's press releases or reports.
Amendment 413 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 4 – point g
Annex I – point 4 – point g
Regulation (EC) No 1060/2009
Annex I – Section D – Part I – point 6
Annex I – Section D – Part I – point 6
6. A credit rating agency shall disclose on its websitereport to ESMA, on an ongoing basis, information about all entities or debt instruments submitted to it for their initial review or for preliminary rating. Such disclosure shall be made, indifferent with regard to whether or not the issuers contract with the credit rating agency for a final rating.
Amendment 414 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 4 – point g
Annex I – point 4 – point g
Regulation (EC) No 1060/2009
Annex I – Section D – Part I – point 6 a (new)
Annex I – Section D – Part I – point 6 a (new)
6a. A change in rating shall be preceded by a review period of at least one month. That review period may be reduced to one week in the case of an unexpected event.
Amendment 417 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 6
Annex I – point 6
Regulation (EC) No 1060/2009
Annex I – section D – part III new – paragraph 3
Annex I – section D – part III new – paragraph 3
3. Where a credit rating agency issues sovereign ratings or related rating outlooks, it shall publish these ratings or outlooksn the first Friday of each calendar quarter only, after the close of business of trading venues established in the Union and at least one hour before their opening. Point 3 of Section D.I. remains unaffected.
Amendment 419 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 1 – point b
Annex III – point 1 – point b
Regulation (EC) No 1060/2009
Annex III – Part I – points 26a to 26 f
Annex III – Part I – points 26a to 26 f
Amendment 423 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 1 – point f
Annex III – point 1 – point f
Regulation (EC) No 1060/2009
Annex III – Part I – point 42 a (new)
Annex III – Part I – point 42 a (new)
42a. The credit rating agency infringes Article 8(2a) by requesting information falling outside the scope of that Article.
Amendment 424 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 1 – point f a (new)
Annex III – point 1 – point f a (new)
Regulation (EC) No 1060/2009
Annex III – Part I – point 43 a (new)
Annex III – Part I – point 43 a (new)
(fb) the following point is inserted: "43a. The credit rating agency infringes Article 8(3a) because its rating changes do not comply with its published methodologies."
Amendment 307 #
2011/0359(COD)
Proposal for a regulation
Article 16 – paragraph 5 – subparagraph 1 – point c
Article 16 – paragraph 5 – subparagraph 1 – point c
(c) an audit plan setting out the probable scope and method of the statutory audit; and, where more than one statutory auditor or audit firm have been appointed, the distribution of tasks among the appointed statutory auditors or audit firms and the rotation plan established in accordance with Article 33(1).
Amendment 336 #
2011/0359(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point e
Article 23 – paragraph 2 – point e
(e) describe the distribution of tasks among the statutory auditor(s)s and/or the audit firm(s);, and the rotation of those tasks individually allocated pursuant to Article 33(1).
Amendment 344 #
2011/0359(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
The audit committee of the public-interest entity shall monitor the work of the statutory auditor(s) or audit firm(s) carrying out the statutory audit, and, when more than one statutory auditor or audit firm have been appointed, the distribution of tasks between them and their rotation.
Amendment 413 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 1
Article 33 – paragraph 1 – subparagraph 1
The public-interest entity shall appoint a statutory auditor(s) or audit firm(s) for an initial engagement that shall not be shorter than twohree years. The maximum duration of an engagement shall not exceed 6 years.
Amendment 422 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 2
Article 33 – paragraph 1 – subparagraph 2
Amendment 434 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 3
Article 33 – paragraph 1 – subparagraph 3
Amendment 444 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 4
Article 33 – paragraph 1 – subparagraph 4
Where throughout a continuous engagement of 6 years twomore than one statutory auditors or audit firms have been appointed, the maximum duration of the engagement of eachrotation of tasks individually allocated to each of the statutory auditors or audit firms shall not exceed 9 yearsoccur at least every 6 years. In the event such a rotation does not occur, renewal of an engagement is not allowed.
Amendment 454 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
Amendment 474 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 6 – subparagraph 1
Article 33 – paragraph 6 – subparagraph 1
ESMA shall develop draft regulatory technical standards to specify technical requirements on the performance of statutory audits by more than one statutory auditor or audit firm including the rotation of tasks referred to in paragraph 1 and the content of the handover file referred to in paragraph 6. 5.
Amendment 480 #
2011/0359(COD)
Proposal for a regulation
Article 40 – paragraph 5 – subparagraph 1 – point b
Article 40 – paragraph 5 – subparagraph 1 – point b
(b) adequate compliance testing of procedures and a review of audit files of public interest entities in order to verify the effectiveness of the internal quality control system, including appropriate implementation of the provisions of Article 33(1), in particular regarding the rotation of tasks;
Amendment 98 #
2011/0308(COD)
Proposal for a directive
Article 37 a (new)
Article 37 a (new)
Article 37a Any undertaking operating in a country which has been certified as complying with the principles of the Extractive Industries Transparency Initiative (EITI) may incorporate in the financial report referred to in Article 37 the information which it has communicated in its report to the EITI, which information shall then be regarded as complying with the financial transparency requirements of this directive.
Amendment 106 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c
Article 38 – paragraph 1 – point c
Amendment 164 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 5
Article 38 – paragraph 5
5. The report shall exclude any type of payments made to a government in a country where the public disclosuring requirements laid down in Articles 27 and 38 of this directive shall be waived if an undertaking is operating in a country whose legislation, irrespective of thise type of payment is clearly prohibited by the criminal legislatinstrument which prohibits it – be it a law, regulatory provisions of thatr country. In such cases the undertaking shall state that it has not reported payments in accordance with paragraphs 1 to 3, and shall disclose theact clauses connected with partnerships with the public sector – prohibits the disclosure of this information, with the proviso that the undertaking concerned must indicate which instrument lays down the prohibition and name of the government concernedauthority from which it emanates.
Amendment 6 #
2011/0307(COD)
Proposal for a directive
Recital 4
Recital 4
(4) According to the Commission report and to the Commission Communication, the administrative burden associated with obligations linked to admission to trading on regulated markets should be reduced for small and medium-sized issuers in order to improve their access to capital. The obligations to publish interim management statements or quarterly financial reports represent an important burden for small and medium-sized issuers whose securities are admitted to trading on regulated markets, without being necessary for investor protection. They also encourage short-term performance and discourage long-term investment. In order to encourage sustainable value creation and long-term oriented investment strategy it is essential to reduce short-term pressure on issuers and to give investors incentive to adopt a longer term vision. The requirement to publish interim management statements should therefore be abolished for small and medium-sized issuers.
Amendment 7 #
2011/0307(COD)
Proposal for a directive
Recital 5
Recital 5
(5) In order to ensure that the administrative burden is effectively reduced across the Union, Member States should not be allowed to continue to impose to small and medium-sized issuers the requirement to publish interim management statements in their national legislation.
Amendment 8 #
2011/0307(COD)
Proposal for a directive
Recital 6
Recital 6
(6) To further reduce the administrative burden for small and medium-sized issuers and to ensure the comparability of information, the European Supervisory Authority (European Securities and Markets Authority, hereinafter ‘ESMA’), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council, should issue guidelines, including standard forms or templates, to specify which information should be included in the management report. ESMA should provide proportionate guidelines for small and medium-sized issuers to have them submitted to a simpler regime. The European Commission will submit a report before the 31 December 2012 to the European Parliament and the Council that will analyse the different options for a definition of the European small and medium-sized issuers.
Amendment 22 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Directive 2004/109/EC
Article 2 – paragraph 1 – point d – subparagraph 2
Article 2 – paragraph 1 – point d – subparagraph 2
In case of depository receipts admitted to trading on a regulated market, the issuer means the issuer of the securities represented, whether those securities are admitted to trading on a regulated market or not;. The European Commission will submit a report before the 31 December 2012 to the European Parliament and the Council that will analyse the different options for a definition of the European small and medium-sized issuers.
Amendment 26 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2004/109/EC
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
The home Member State may make an issuer subject to requirements more stringent than those laid down in this Directive, except requiring small and medium-sized issuers to publish periodic information other than annual financial reports referred to in Article 4 and half- yearly financial reports referred to in Article 5.
Amendment 30 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2004/109/EC
Article 4 – paragraph 7
Article 4 – paragraph 7
7. The European Securities and Markets Authority (hereinafter “ESMA”), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council(*), shall issue guidelines, including standard forms or templates, to specify the information to be included in the management report. These guidelines shall be proportionate and take into account the relative size of the issuers in order to submit, small and medium-sized issuers to a simpler regime.
Amendment 32 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2004/109/EC
Article 5 – paragraph 7
Article 5 – paragraph 7
7. ESMA shall issue guidelines, including standard forms or templates, to specify the information to be included in the interim management report. These guidelines shall be proportionate and take into account the relative size of the issuers in order to submit small and medium-sized issuers to a simpler regime.
Amendment 269 #
2011/0298(COD)
Proposal for a directive
Recital 47
Recital 47
(47) These potential risks from increased use of technology are best mitigated by a combination of specific risk controls directed at firms who engage in algorithmic or high frequency trading and other measures directed at operators of trading venues that are accessed by such firms. It is desirable to ensure that all high frequency trading firms be authorised when they are a direct member of a trading venue. This should ensure they are subject to organisational requirements under the Directive and are properly supervised. In this respect, ESMA should play an important coordination role to define the appropriate tick size in order to ensure orderly markets at European level.
Amendment 300 #
2011/0298(COD)
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the. It is also appropriate that more attention be paid to the transparency instead of the structure of financial instruments, including like collective investment in transferable securities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved, given that the structure and the degree of the complexity do not necessarily determine whether a financial product is risky or not. If necessary the risk that a product cannot be understood by a client, should be subject to a future overhaul on basis of an impact assessment, whereby regulated product information for investors like key investor information for UCITS should have the chance to prove its worth.
Amendment 365 #
2011/0298(COD)
Proposal for a directive
Recital 113 a (new)
Recital 113 a (new)
(113a) The European Commission should submit in the future Regulation on Securities Law concrete legislative proposals regarding the definition of safekeeping and administration of financial instruments that is listed in Annex I Section B indent (1), the type of EU and non-EU entities that can be licensed to perform this service and the rights and obligations of these entities in order to guarantee integrity of the securities, absolute transparency and safeguard of the final investor's rights .
Amendment 400 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point g a (new)
Article 2 – paragraph 1 – point g a (new)
(ga) public institutions which receive funds from, or hold securities for, third parties under a statutory public-interest remit and, in so doing, provide one or more investment services;
Amendment 485 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 31
Article 4 – paragraph 2 – point 31
31) ‘Direct electronic access’ in relation to a trading venue, means an arrangement where a member or participant of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue. This definition includes such an arrangement whether or not it also involves the use by the person of the infrastructure of the member or participant, or any connecting system provided by the member or participant, to transmit the orders;
Amendment 560 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 7 – subparagraph 1
Article 16 – paragraph 7 – subparagraph 1
Records shall include the recording of telephone conversations or electronic communications involving, at least, connection with actual transmission of transactions concluded when dealing on own account and client orders when the services of reception and transmission of orders and execution of orders on behalf of clients are provided.
Amendment 568 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 10
Article 16 – paragraph 10
10. An investment firm shall not conclude title transfer collateral arrangements with retail clients for the purpose of securing or covering clients' present or future, actual or contingent or prospective obligations. , unless it has provided prior express written consent based on a clear, full and accurate information of the characteristics of the arrangements.
Amendment 680 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. Member States shall ensure that where investment firms design new investment products or structured deposits for advice given to professional or retail clients those products are designed to meet the needs of an identified target market within the relevant category of clients (professional or retail) and that the investment firm takes reasonable steps to ensure that the investment product is marketed and distributed to clients within the target market.
Amendment 786 #
2011/0298(COD)
Proposal for a directive
Article 24 a (new)
Article 24 a (new)
Article 24 a 1. Member States shall require any investment firm that uses an internal trade matching system to apply to the competent authority for prior authorisation. Before granting such authorisation the competent authority shall ensure that the system: (a) forms part of the investment firm’s best execution policy; (b) does not grant any type of participant any special privileges with regard to information or order execution; (c) is not linked to any other internal trade matching system; (d) enables each participant to choose the types of counterparty with which it agrees to execute its orders; (e) is specifically identified in connection with post-trade transparency obligations. In connection with point (b), wherever appropriate, special care shall be taken to ensure that the investment firm's own-account orders are treated in exactly the same way as orders on behalf of third parties. ESMA shall develop draft implementing technical standards to establish which types of counterparty must, as a minimum requirement, identify internal order execution systems. ESMA shall submit those draft implementing technical standards to the Commission by [...]* at the latest. Power is conferred on the Commission to adopt the implementing technical standards in accordance with Article 15 of Regulation (EU) No 1095/2010. __________________ * OJ: please insert date.
Amendment 788 #
2011/0298(COD)
Proposal for a directive
Article 24 b (new)
Article 24 b (new)
Amendment 791 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 1
Article 25 – paragraph 1
1. When providing investment advice or portfolio management the investment firm shall obtain the necessary information regarding the client's or potential client's knowledge and experience in the investment field relevant to the specific type of product or service, his financial situation and his investment objectives (including his risk tolerance) so as to enable the firm to recommend to the client or potential client the investment services and financial instruments that are suitable for him.
Amendment 819 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;
Amendment 913 #
Amendment 1025 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 5 a (new)
Article 51 – paragraph 5 a (new)
5a. Member States, under the coordination of ESMA, shall require that a regulated market ensure that its fee structures are transparent, fair and non- discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way which contributes to disorderly trading conditions or market abuse. In particular, Member States, under the coordination of ESMA, shall require a regulated market to impose a higher fee for placing an order that is subsequently cancelled than an order which is executed and shall impose a higher fee on participants placing a high ratio of cancelled orders to executed orders in order to reflect the additional burden on system capacity. Member States, under the coordination of ESMA, shall allow a regulated market to adjust its fees for cancelled orders according to the length of time for which the order was maintained. ESMA shall adopt binding technical standards in order to harmonize fee structures among the different Member States.
Amendment 1033 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – introductory part
Article 51 – paragraph 7 – introductory part
7. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 and ESMA shall be granted the power to develop draft implementing technical standards concerning the requirements laid down in this Article, and in particular:
Amendment 1039 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point b
Article 51 – paragraph 7 – point b
(b) to set out conditions underboundaries within which trading should be halted if there isrestricted to prevent a significant price movement in a financial instrument on that market or a related market during a short period;
Amendment 1042 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point c
Article 51 – paragraph 7 – point c
(c) to set out the maximum and minimum ratio of unexecuted orders to transactions that may be adopted by regulated markets and minimum tick sizes tables that should be adopted and a mechanism for assigning each instrument to a single table;
Amendment 1277 #
2011/0298(COD)
Proposal for a directive
Article -92 a (new)
Article -92 a (new)
Article -92a General provisions 1. A third country entity entering into a derivative contract with a European counterparty, where that derivative has a direct, substantial and foreseeable effect within the Union within the meaning of Article 4(1)(a)(v)) of Regulation (EU) No .../... of the European Parliament and of the Council on OTC derivative transactions, central counterparties and trade repositories (EMIR), shall receive prior authorisation by ESMA where it holds itself out as dealers in derivative contracts, regularly enters into derivative contracts with counterparties as an ordinary course of business for its own account, or engages in activity causing itself to be commonly known in the trade as dealer or market maker in derivative contracts. 2. Third country entities referred to in paragraph 1 shall be registered by ESMA in the register of third country firms kept by ESMA in accordance with Article 38 of Regulation (EU) No .../... (MiFIR). 3. ESMA shall only grant the authorisation referred in paragraph 1 if it considers that the legal, supervisory and enforcement arrangements of the third country of origin of the entity meet the following conditions: (a) the investment services and activities are subject to authorisation and to effective supervision and enforcement on an ongoing basis; (b) the investment services and activities provided are subject to sufficient capital requirements and appropriate requirements applicable to shareholders and members of their management body; (c) the investment services and activities are subject to adequate organisational requirements in the area of internal control functions; (d) the investment services and activities are subject to appropriate conduct of business rules. 4. Powers are delegated to the Commission to adopt regulatory technical standards specifying (a) the information that the applicant third country entity shall provide to ESMA in its application for registration in accordance with paragraph 3; (b) the format of information to be provided in accordance with paragraph 1; (c) the criteria set out in paragraph 3. The regulatory technical standards referred to in the first subparagraph shall be adopted in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. ESMA shall submit a draft to the Commission for those regulatory technical standards by […]*. _________________ * OJ please insert date: …
Amendment 1278 #
2011/0298(COD)
Proposal for a directive
Article -92 b (new)
Article -92 b (new)
Amendment 1294 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section A – point 9
Annex 1 – Section A – point 9
Amendment 1297 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section A – point 10 a (new)
Annex 1 – Section A – point 10 a (new)
(10a) Algorithmic trading as defined in Article 4(2)(30) of this Directive.
Amendment 1300 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section B – point -1 a (new)
Annex 1 – Section B – point -1 a (new)
(-1a) Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management;
Amendment 107 #
2011/0296(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
Amendment 108 #
2011/0296(COD)
Proposal for a regulation
Recital 7 b (new)
Recital 7 b (new)
(7b) In order to guarantee the quality of the price formation process on stock markets, provision should be made to ensure that internal trade-matching systems which are not subject to pre- negotiation transparency rules do not absorb too large a volume of orders in relation to the general volume of the market. To this end, it should not be permitted to link such systems, and it should be laid down that above a certain threshold these systems will be required to obtain MTF status or, where appropriate, MR status. EMSA should draw up technical standards to determine this threshold.
Amendment 109 #
2011/0296(COD)
Proposal for a regulation
Recital 7 c (new)
Recital 7 c (new)
(7c) ‘Internal trade-matching systems’ means any electronic trade-matching system relating to shares or similar securities operated by an investment firm to allow its customers' orders and, where appropriate, orders for its own account, to be cross-executed.
Amendment 233 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 8 a (new)
Article 2 – paragraph 1 – point 8 a (new)
(8 a) 'Over-the-counter' trading or "OTC" trading for equity and equity-like instruments designates trading that meets all the following criteria: − conducted, pre-trade, on a bilateral basis; and − conducted between eligible counterparties; and − conducted on a non-systematic, ad-hoc, irregular and infrequent basis, without the use of automated technology; and − characterised by transactions that are large in scale or that fall into a set of OTC categories defined by ESMA;
Amendment 262 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in Article 3(1) based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of: - orders that are large in scale compared with normal market size for the share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or type of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument in question; - a trading methodology by which the price is determined in accordance with a reference price generated by another system, where that reference price is widely published and is regarded generally by market participants as a reliable reference price.
Amendment 270 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an binding opinion to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this,For the avoidance of doubt, the opinion from ESMA being binding, a competent authority shall only grant the waiver if it is fully compatible with the ESMA decision. Where that competent authority may refgrants the waiver, the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010.is waiver shall become automatically applicable in all Member States ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 277 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The CommissionESMA shall adopt, by means of delegated acts in accordance with Article 41binding technical standards, measures specifying:
Amendment 279 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point c
Article 4 – paragraph 3 – point c
Amendment 282 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point c
Article 4 – paragraph 3 – point c
(c) the market model for which pre-trade disclosure may be waived under paragraph 1, and in particular, the applicability of the obligation to trading methods operated by regulated markettrading venues which conclude transactions under their rules by reference to prices established outside the regulated market or by periodic auction for each class of financial instrument concerned.
Amendment 311 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 337 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an binding / positive opinion to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraphs 4(b). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010 and (c). For the avoidance of doubt, the opinion from ESMA being binding, a competent authority shall only grant waivers in full compliance with ESMA's opinion. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 345 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. The CommissionESMA shall adopt, by means of delegated acts in accordance with Article 41binding technical standards, measures specifying:
Amendment 355 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii
Article 8 – paragraph 4 – point b – point iii
(iii) for bonds, structured products and emission allowances, the liquidity profile, including the number and type of market participants in a given market and any other relevant criteria for assessing liquidity;
Amendment 75 #
2011/0295(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) A person who enters into transactions or issues orders to trade which are constitutive of market manipulation may be able to establish that his reasons for entering into such transactions or issuing orders to trade were legitimate and that the transactions and orders to trade were in conformity with accepted practice on the regulated market concerned. A sanction could still be imposed if the competent authority established that there was another, illegitimate, reason behind these transactions or orders to trade;
Amendment 81 #
2011/0295(COD)
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) A practice that is accepted in a particular market cannot be considered applicable to other markets unless the competent authorities of such other markets have officially accepted that practice;
Amendment 148 #
2011/0295(COD)
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Amendment 151 #
2011/0295(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 6 a (new)
Article 5 – paragraph 1 – point 6 a (new)
6 a. "Accepted market practices": means practices that are reasonably expected in one or more financial markets and are accepted by the competent authority in accordance with Article 4a;
Amendment 216 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a – indent 2
Article 8 – paragraph 1 – point a – indent 2
– it secures, or is likely to secure, the price of one or several financial instruments or a related spot commodity contracts at an abnormal or artificial level; unless the person who entered into the transactions or issued the orders to trade establishes that his reasons for so doing are legitimate and that these transactions or orders to trade conform to accepted market practices on the market concerned
Amendment 495 #
2011/0281(COD)
Proposal for a regulation
Recital 84 a (new)
Recital 84 a (new)
(84a) To enable beet growers to complete their adaptation to the far-reaching reform carried out in the sugar sector in 2006 and to continue the efforts to become competitive undertaken since then, the present quota system should be extended until the end of the 2019-2020 marketing year. However, given the tensions seen on the European sugar market, there has to be an arrangement whereby, for as long as necessary, non- quota sugar can automatically be supplied to the market, so as to enable the structural balance of the market to be preserved.
Amendment 505 #
2011/0281(COD)
Proposal for a regulation
Recital 84 b (new)
Recital 84 b (new)
(84b) Before 1 July 2018 the Commission should submit a report to Parliament and the Council on the appropriate procedures for relinquishing the present quota system and on the future of the sector after 2020, with any proposal needed to prepare the entire sector for the period after 2020.
Amendment 626 #
2011/0281(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
The reference prices may be changed in accordance with the procedure laid down in Article 43(2) of the Treaty, particularly in the light of developments in production costs, especially the costs of inputs, and the markets.
Amendment 740 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
Aid for private storage mayshall be granted in respect of the following products subject toin accordance with the conditions set out in this Section and toany further requirements and conditions to be adopted by the Commission, by means of delegated and/or implementing acts, pursuant to Articles 17 to 19:
Amendment 751 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point a a (new)
Article 16 – paragraph 1 – point a a (new)
(aa) dried fodder;
Amendment 758 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point b
Article 16 – paragraph 1 – point b
(b) olive oil and table olives;
Amendment 766 #
Amendment 772 #
Amendment 774 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point c c (new)
Article 16 – paragraph 1 – point c c (new)
(cc) goat’s and ewe’s curd;
Amendment 782 #
Amendment 794 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point e d (new)
Article 16 – paragraph 1 – point e d (new)
(ed) poultrymeat;
Amendment 799 #
2011/0281(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point h a (new)
Article 16 – paragraph 1 – point h a (new)
(ha) potato starch;
Amendment 837 #
2011/0281(COD)
Proposal for a regulation
Article 17 a (new)
Article 17 a (new)
Article 17a Conditions for granting aid for white sugar The Commission may, by means of implementing acts, decide in the light of the market situation to grant private storage aid for white sugar to factories provided with a quota if the recorded average price for white sugar in the EU has been less than 115% of the reference price for a representative period of time and is likely to remain at that level.
Amendment 1421 #
2011/0281(COD)
Proposal for a regulation
Article 100 a (new)
Article 100 a (new)
Article 100 a Duration This section shall apply from the 2015/2016 marketing year, which starts on 1 October 2015. With the exception of Article 101 paragraph 1, subparagraphs 1, 2b, 2d and 2e and Article 101(a), it shall apply until the end of the 2019/2020 marketing year, i.e. until 30 September 2020.
Amendment 1428 #
2011/0281(COD)
Proposal for a regulation
Article 101 – paragraph 1
Article 101 – paragraph 1
1. The terms for buying sugar beet and sugar cane, including pre-sowing delivery agreemencontracts, shall be governed by written agreements within the trade concluded between Union growers of sugar beet and sugar cane and Union sugar undertakings. in the Union or, on their behalf, organisations to which they belong, and Union sugar undertakings or, on their behalf, organisations to which they belong. Until the end of the 2019/2020 marketing year, on 30 September 2020, these agreements shall conform to the provisions of paragraph 2a, Annex IIId and section Ia, point 11 of Annex II.
Amendment 1450 #
2011/0281(COD)
Proposal for a regulation
Article 101 d (new)
Article 101 d (new)
Amendment 1458 #
2011/0281(COD)
Proposal for a regulation
Article 101 h (new)
Article 101 h (new)
Article 101h Allocation of quotas 1. The quotas for the production of sugar, isoglucose and inulin syrup at national and regional level are fixed in Annex IIIb. 2. The Member States shall allocate a quota to each undertaking producing sugar, isoglucose or inulin syrup established in its territory and approved under Article 101i. For each undertaking, the allocated quota shall be equal to the quota under Annex IIIb which was allocated to the undertaking starting from marketing year 2010/2011. 3. Where a quota is allocated to a sugar undertaking having more than one production unit, the Member States shall adopt the measures they consider necessary in order to take due account of the interests of sugar beet and cane growers.
Amendment 1475 #
2011/0281(COD)
Proposal for a regulation
Article 101 l (new)
Article 101 l (new)
Article 101l Over-quota production 1. The sugar, isoglucose or inulin syrup produced during a marketing year in excess of the quota referred to in Article 101h may be: (a) used for the processing of certain products as referred to in Article 101m; (b) carried forward to the quota production of the next marketing year, in accordance with Article 101n; (c) used for the specific supply regime for the outermost regions, in accordance with Chapter III of Regulation [ex (EC) No 247/2006] of the European Parliament and of the Council; or (d) exported within the quantitative limit fixed by the Commission by means of implementing acts, respecting the commitments resulting from agreements concluded in accordance with Article 218 of the Treaty; or (e) automatically released onto the internal market on the basis of the forecast supply balance in order to maintain the structural balance of the market, in quantities and subject to arrangements determined by the Commission. The measures referred to in this Article shall be implemented before any activation of the measures to prevent market disturbance referred to in Article 154(1). Other surplus quantities shall be subject to the surplus levy referred to in Article 101o. 2. Implementing acts pursuant to this Article shall be adopted in accordance with the examination procedure referred to in Article 162(2).
Amendment 1907 #
2011/0281(COD)
Proposal for a regulation
Article 125 – paragraph 3 – point a
Article 125 – paragraph 3 – point a
a) (a) for import tariff quotas apart from those in the sugar sector, give due weight to the supply requirements of the Union market in both raw and finished products and the need to safeguard the equilibrium of that market, or
Amendment 1927 #
2011/0281(COD)
Proposal for a regulation
Article 130 a (new)
Article 130 a (new)
Amendment 2041 #
2011/0281(COD)
Proposal for a regulation
Article 149 – paragraph 1
Article 149 – paragraph 1
Finland may make national payments of up to EUR 350 per hectare per marketing year to sugar beet growers until the end of the 2019/2020 marketing year.
Amendment 2125 #
2011/0281(COD)
Proposal for a regulation
Article 158 – paragraph 1 – point b a (new)
Article 158 – paragraph 1 – point b a (new)
(ba) by 1 July 2018 on the development of the market situation in the sugar sector, on appropriate means of discontinuing the current quota system and on the sector’s future after 2020, paying particular attention to the need to maintain a fair contractual system and a sugar price declaration system, together with any appropriate proposals;
Amendment 2154 #
2011/0281(COD)
Proposal for a regulation
Article 163 – paragraph 1 – subparagraph 2 – introductory part
Article 163 – paragraph 1 – subparagraph 2 – introductory part
However, the following provisions of Regulation (EUC) No [COM(2010)799]1234/2007 shall continue to apply:
Amendment 2156 #
2011/0281(COD)
Proposal for a regulation
Article 163 – paragraph 1 – subparagraph 2 – point a
Article 163 – paragraph 1 – subparagraph 2 – point a
(a) as regards the sugar sector, Title I of Part II, Articles 248, 260 to 262 and Part II of Annex III until the end of the 2014/2015 marketing year for sugar on 30 September 2015;all the provisions of Regulation (EC) No 1234/2007 and all the associated implementing rules until the end of the 2014/2015 marketing year for sugar on 30 September 2015; Article 51 of Regulation (EC) No 1234/2007 shall cease to apply as from 1 January 2014.
Amendment 2167 #
2011/0281(COD)
Proposal for a regulation
Article 163 – paragraph 1 – subparagraph 2 – point e
Article 163 – paragraph 1 – subparagraph 2 – point e
(e) the first and second paragraph of Article 293182(3) until the end of the 2013/2014 marketing year for sugar;
Amendment 2169 #
2011/0281(COD)
Proposal for a regulation
Article 165 – paragraph 1 – subparagraph 3
Article 165 – paragraph 1 – subparagraph 3
However, as regards the sugar sector, (a) Articles 7, 16 and 1017a and Annex III shall only apply from the start of the 2015/2016 marketing year on 1 October 2015. (b) Articles 106 to 108, 113b and section 3a of Chapter III of Title II of Part II, as regards the sugar sector, shall only apply afterfrom the end of the 20149/201520 marketing year for sugar on 1 October 201520, without prejudice to Article 158(bb).
Amendment 1553 #
2011/0280(COD)
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
1a. The first paragraph shall not apply to holdings: – where the area under grass and/or under perennial crops exceeds 70 % of the utilised agricultural area; – that can demonstrate a favourable agronomic balance over all cultivated land; – that practise mixed cropping/rearing and can show at least one animal production unit that adds to the value of the holding’s crops. For holdings where the land temporarily under grass or under a leguminous crop represents at least 10 % of the cultivated land, the requirement shall be reduced to two different crops.
Amendment 1741 #
2011/0280(COD)
Proposal for a regulation
Article 32 – paragraph 1
Article 32 – paragraph 1
1. Farmers shall ensure that at least 7 % of their eligible hectares as defined in Article 25(2), excluding areas under permanent grassland, is ecological focus area such as land left fallow, terraces, landscape features, buffer strips, areas sown with crops which do not require treatment with plant-health products and afforested areas as referred to in article 25(2)(b)(ii).
Amendment 2017 #
2011/0280(COD)
Proposal for a regulation
Article 38 – paragraph 1 – subparagraph 2
Article 38 – paragraph 1 – subparagraph 2
Amendment 159 #
2011/0202(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) Where the deduction of the minority interests included in consolidated Common Equity Tier 1 capital results in a disproportionate increase of capital requirement for certain types of credit institutions or investment firms, such institutions or firms should be exempted from the application of such rule.
Amendment 161 #
2011/0202(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) It is essential to take account of the diversity of credit institutions and investments firms in the Union by providing alternatives approaches to the calculation of capital requirements for credit risk incorporating different levels of risk- sensitivity and requiring different degrees of sophistication. Use of external ratings and credit institutions and investment firms' own estimates of individual credit risk parameters represents a significant enhancement in the risk-sensitivity and prudential soundness of the credit risk rules. There should be appropriate incentives for credit institutions and investment firms to move towards the more risk-sensitive approaches. In producing the estimates needed to apply the approaches to credit risk of this Regulation, credit institutions and investment firms should enhance credit risk measurement and management processes of credit institutions and investment firms to make methods for determining credit institutions and investment firms' regulatory own funds requirements available that reflect the sophistication of individual credit institutions and investment firms' processes. In this regard, the processing of data in connection with the incurring and management of exposures to customers should be considered to include the development and validation of credit risk management and measurement systems. That serves not only to fulfil the legitimate interest of credit institutions and investment firms but also the purpose of this Regulation, to use better methods for risk measurement and management and also use them for regulatory own funds purposes.
Amendment 352 #
2011/0202(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point 30 a (new)
Article 22 – paragraph 1 – point 30 a (new)
(30 a) ‘totally mutualised guarantee funds’ means guarantee funds raised by credit institutions dedicated to promote through guarantee specified sectors of the economy.
Amendment 360 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point f a (new)
Article 24 – paragraph 1 – point f a (new)
(fa) totally mutualised guarantee funds
Amendment 391 #
2011/0202(COD)
Proposal for a regulation
Article 26 – paragraph 1 – point h – point iii
Article 26 – paragraph 1 – point h – point iii
(iii) the conditions governing the instruments do not include a cap or other restriction on the maximum level of distributions, except in the case of the instruments referred to in Article 25; and higher or lower distributions than those paid on ordinary shares or instruments referred to in Article 25 do not constitute preferential distribution, a cap or other restrictions on the maximum level of distributions;
Amendment 405 #
2011/0202(COD)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Capital instruments issued by mutuals, cooperative societies and similar institutions shall qualify as Common Equity Tier 1 instruments only if the conditions laid down in Article 26 and amended by this Article are met.
Amendment 410 #
2011/0202(COD)
Proposal for a regulation
Article 27 – paragraph 4 – subparagraph 1 a (new)
Article 27 – paragraph 4 – subparagraph 1 a (new)
The condition laid down in the first sub- paragraph is without prejudice of the possibility for a mutual, cooperative society or a similar institution to recognize within CET1 capital instruments that do not afford voting rights to the holder and that meet both the following conditions: (a) the claim of the holders of the non- voting instruments in the insolvency or liquidation of the institution is proportionate to the share of the total Common Equity Tier 1 instruments that those non-voting instruments represent; (b) the instruments otherwise qualify as a Common Equity Tier 1 instruments.
Amendment 412 #
2011/0202(COD)
Proposal for a regulation
Article 27 – paragraph 5 – subparagraph 1 a (new)
Article 27 – paragraph 5 – subparagraph 1 a (new)
The condition laid down in the first sub- paragraph is without prejudice of the possibility for a mutual, cooperative society or a similar institution to recognize within CET1 capital instruments that do not afford voting rights to the holder and that meet both the following conditions: (a) the claim of the holders of the non- voting instruments in the insolvency or liquidation of the institution is proportionate to the share of the total Common Equity Tier 1 instruments that those non-voting instruments represent; (b) the instruments otherwise qualify as a Common Equity Tier 1 instruments.
Amendment 444 #
2011/0202(COD)
Proposal for a regulation
Article 46 – title
Article 46 – title
Amendment 450 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 1
Article 46 – paragraph 1 – subparagraph 1
Amendment 452 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 2
Article 46 – paragraph 1 – subparagraph 2
Amendment 465 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point a
Article 46 – paragraph 3 – point a
Amendment 487 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 a (new)
Article 46 – paragraph 3 a (new)
3a. The holdings in respect of which deduction is not made in accordance with paragraphs 1, 2 or 3 shall qualify as equity exposures and be risk weighted in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable.
Amendment 536 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
Where the parent company of a credit institution or of an investment firm is a non operating holding company having a minority control over its consolidated risk- weighted assets, such credit institution or investment firm is exempted, with regard to its relations with the minority subsidiaries concerned, from the application of the provisions of this Article. As the case may be, competent authorities may impose such rule on a case by case basis to a credit institution or an investment firm which they deemed exposed to a high degree of systemic risk.
Amendment 682 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 1 – point c
Article 121 – paragraph 1 – point c
(c) exposures related to property leasing transactions concerning offices or other commercial premises under which the institution is the less or and the tenant has an option to purchase may be assigned a risk weight of 50 % provided that the exposure of the institution is fully and completely secured by its ownership of the property. In a Member State where competent authorities have determined this risk weight is appropriate, according to article 119 (2) and where commercial real estate leasing is regulated and supervised, this risk weight will be assigned without the application of paragraph 2 (d) here below.
Amendment 689 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 3 – point a
Article 121 – paragraph 3 – point a
(a) losses stemming from lending or leasing collateralised by commercial immovable property up to 50 % of the market value or 60 % of the mortgage lending value (unless otherwise determined under Article 119(2)) do not exceed 0,3 % of the outstanding loans collateralised by commercial immovable property in any given year;
Amendment 691 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 3 – point b
Article 121 – paragraph 3 – point b
(b) overall losses stemming from lending or leasing collateralised by commercial immovable property do not exceed 0,5 % of the outstanding loans collateralised by commercial immovable property in any given year.
Amendment 709 #
2011/0202(COD)
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point d a (new)
Article 124 – paragraph 1 – subparagraph 1 – point d a (new)
(da) residential loans fully guaranteed by an eligible protection provider referred to in Article 197 qualifying for the credit quality step 2 or above as set out in this Chapter, where the limit for covered bonds issuance complies with the 80% limit set up in letter (d) and where a loan- to-income ratio respects at most 35% when the loan has been granted. The loan-to-income ratio represents the share of the gross income of the borrower that covers the reimbursement of the loan, including the interests. The protection provider shall be supervised by the competent authorities and shall establish a mutual guarantee fund or equivalent protection for regulated insurance companies to absorb credit risk losses, whose calibration shall be periodically reviewed by the competent authorities. Both the credit institution and the protection provider shall carry out a creditworthiness assessment of the borrower.
Amendment 711 #
2011/0202(COD)
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point e a (new)
Article 124 – paragraph 1 – subparagraph 1 – point e a (new)
(ea) the 10% limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities laid down in points (d) and (e) of the present Article 124(1) shall not apply provided that: (i) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds; (ii) a member of the same consolidated group of which the issuer of the covered bonds is also a member, or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated, retains the whole first loss tranche supporting those senior units;
Amendment 717 #
2011/0202(COD)
Proposal for a regulation
Article 129 – paragraph 7
Article 129 – paragraph 7
Amendment 747 #
2011/0202(COD)
Proposal for a regulation
Article 152 – paragraph 1 – point b – introductory part
Article 152 – paragraph 1 – point b – introductory part
(b) when the exposure is a residual value of leased assets in which case it shall be calculated as follows:Does not affect English version.)
Amendment 748 #
2011/0202(COD)
Proposal for a regulation
Article 152 – paragraph 1– point b – second subparagraph
Article 152 – paragraph 1– point b – second subparagraph
Amendment 756 #
2011/0202(COD)
Proposal for a regulation
Article 162 – paragraph 4
Article 162 – paragraph 4
Amendment 761 #
2011/0202(COD)
Proposal for a regulation
Article 174 – paragraph 1 – subparagraph 1 – point b
Article 174 – paragraph 1 – subparagraph 1 – point b
(b) the obligor is past due more than 90 days on any material credit obligation to the institution, the parent undertaking or any of its subsidiaries. In the case of residential or commercial real estate exposures (lending or leasing) and exposures to public sector entities (PSE) the institution shall set a number of days past due of between 90 days and 180 days.
Amendment 783 #
2011/0202(COD)
Proposal for a regulation
Article 195 – paragraph 9
Article 195 – paragraph 9
Amendment 836 #
2011/0202(COD)
Proposal for a regulation
Article 372 – paragraph 3
Article 372 – paragraph 3
3. Transactions with a central counterparty are excluded from the own funds requirements for CVA risk. 4. Exposures incurred by an 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 institution itself is subject, in accordance with this Regulation or with equivalent standards in force in a third country are excluded from the own funds requirements for CVA risk. 5. Transactions with counterparties referred to in Article 1 paragraph (4) of the Regulation (EU) No [xxxx/xxxx] of [date] on OTC derivative transactions, central counterparties and trade repositories ("EMIR) shall be excluded from the own funds requirements for CVA risk. Transactions with counterparties referred to in Article 2 paragraph (23) and therein subject to the transitional provisions referred to in Article 71 of the Regulation (EU) No [xxxx/xxxx] of [date] on OTC derivative transactions, central counterparties and trade repositories ("EMIR) shall be excluded from the own funds requirements for CVA risk. Transactions with non-financial counterparties that do not meet the conditions referred to in Article 3 of the Regulation (EU) No [xxxx/xxxx] of [date] on OTC derivative transactions, central counterparties and trade repositories ("EMIR) and therefore not subject to the clearing obligation shall be excluded from the own funds requirements for CVA risk.
Amendment 852 #
2011/0202(COD)
Proposal for a regulation
Article 373 – paragraph 5 – point b a (new)
Article 373 – paragraph 5 – point b a (new)
(ba) The three-times multiplier inherent in the calculation of a bond VaR and a stressed VaR will apply to these calculations. The EBA shall monitor for consistency any supervisory discretion used to apply a higher multiplier than the three-times multiplier to the VaR and stressed VaR inputs to the CVA charge. Competent authorities applying a multiplier higher than three shall provide a written justification to the EBA.
Amendment 884 #
2011/0202(COD)
Proposal for a regulation
Article 389 – paragraph 2 – point e
Article 389 – paragraph 2 – point e
(e) asset items constituting claims on and other exposures to credit institutions incurred by credit institutions operating on a non-competitive basis, providing loans under legislative programmes or their statutes, to promote specified sectors of the economy under some form of government oversight and restrictions on the use of the loans, provided that the respective exposures arise from such loans that are passed on to the beneficiaries via other credit institutions or assets items constituting claims on and other exposures to credit institutions operating on a non-competitive basis, guarantying loans under legislative programmes or their statutes, to promote specified sectors of the economy under some form of government oversight and restrictions on the use of the loans, provided that the respective exposures arise from such guaranteed loans;
Amendment 916 #
2011/0202(COD)
Proposal for a regulation
Article 400 – paragraph 1 – point 2
Article 400 – paragraph 1 – point 2
(2) ‘Retail deposit’ means a liability to a natural person or to a small and medium sized enterprise where the aggregate liability to such clients or group of connected clients is less than 1 million EURif this small and medium sized enterprise qualifies for the retail exposure class under the Standardised or IRB approaches for credit risk or to a company which is eligible to the treatment mentioned in Article 148(4).
Amendment 932 #
2011/0202(COD)
Proposal for a regulation
Article 403 – paragraph 1 – subparagraph -1 (new)
Article 403 – paragraph 1 – subparagraph -1 (new)
-1 new Until the liquidity coverage requirement in Article 401 is fully specified and implemented as a minimum standard according to Article 481 (3), the liquidity reporting requirements apply at the level of each liquidity sub-group that the institutions forecast to apply for.
Amendment 934 #
2011/0202(COD)
Proposal for a regulation
Article 403 – paragraph 1 – subparagraph 2
Article 403 – paragraph 1 – subparagraph 2
Competent authorities shall only authorise a lower reporting frequency or a longer reporting delay on the basis of the individual situation of a credit institution. They shall monitor the implementation of the restoration plan referred to in that Article and shall, if appropriate, require a more timely restoration than it is set out in the plan.
Amendment 935 #
2011/0202(COD)
Proposal for a regulation
Article 403 – paragraph 2
Article 403 – paragraph 2
2. When aA competent authority may decides that an institution has a significant liquidity risk in another currency or a significant branch as defined in Article 52 of Directive [inserted by OP] in a host Member State using a different currency than its home Member State, the institution shall separately report to the competent authorities of the home Member States the items denominated in or indexed to the former currency. liquidity sub group shall report the items referred to in paragraph 1 in a specific currency when it has: (a) aggregate liabilities in a currency different from the reporting currency as defined in paragraph 1 amounting to or exceeding 5% of the institution's or liquidity subgroup's total liabilities, or (b) a significant branch as defined in Article 52 of Directive [inserted by OP] in a host Member State using a currency different from the reporting currency as defined in paragraph 1.
Amendment 938 #
2011/0202(COD)
Proposal for a regulation
Article 403 – paragraph 6 a (new)
Article 403 – paragraph 6 a (new)
6a. Parent institutions in the Union, their subsidiaries, and sub-consolidated groups which belong to the same cross-border group shall be subject to one single coherent reporting framework when reporting to home and host competent authorities. Until EBA has issued a harmonised set of standards for reporting in accordance with paragraph 3, the consolidating supervisor shall, after consulting the competent authorities responsible for the supervision of the subsidiaries and sub-groups of the parent institutions, submit the reporting framework to the parent institutions and to other competent authorities.
Amendment 939 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – introductory part
Article 404 – paragraph 1 – subparagraph 1 – introductory part
1. Institutions shall report the following as liquid assets unless excluded by paragraph 2 and only if the liquid assets fulfil the conditions in paragraph 3:
Amendment 943 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point a
Article 404 – paragraph 1 – subparagraph 1 – point a
(a) cash and deposits held with central banks to the extent that these deposits can be withdrawn directly or indirectly through an institution linked by a relationship according times of stresso Articles 108(6), 108(7) or 389 (2) d ;
Amendment 948 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point b
Article 404 – paragraph 1 – subparagraph 1 – point b
(b) transferable assets that are of extremely high liquidity and credit quality;
Amendment 956 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point c
Article 404 – paragraph 1 – subparagraph 1 – point c
(c) transferable assets representing claims on or guaranteed by the central government of a Member State or a third country if the institution incurs a liquidity risk in that Member State or third country that it covers by holding those liquid assets;
Amendment 962 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d
Article 404 – paragraph 1 – subparagraph 1 – point d
(d) transferable assets that are of high liquidity and credit quality .
Amendment 985 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 2
Article 404 – paragraph 1 – subparagraph 2
Pending a uniform definition in accordance with Article 481(2) of high and extremely high liquidity and of high credit quality, institutions shall identify themselves in a given currency transferable assets that are respectively of high or extremely high liquidity and of high credit quality. Pending a uniform definition, competent authorities may, taking into account the criteria listed in Article 481(2), provide general guidance that institutions shall follow in identifying assets of high and extremely high liquidity and of high credit quality. In the absence of such guidance, institutions shall use transparent and objective criteria to this end, including some or all of the criteria listed in Article 481(2).
Amendment 991 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 2 – introductory part
Article 404 – paragraph 2 – introductory part
2. The following shall not be considered high liquid assets:
Amendment 996 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii
Article 404 – paragraph 2 – point a – point ii
(ii) they are bonds as defined in Article 52(4) of Directive 2009/65/EC other than those referred to in (i) especially bonds backed by loans and exposures to small or medium sized enterprises, or equivalent items subject to the approval of the competent authorities;
Amendment 1000 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii a (new)
Article 404 – paragraph 2 – point a – point ii a (new)
(ii a) they are bonds eligible for the treatment set out in Article 124 (3) or (4) or asset backed instruments of high liquid and credit quality as established by EBA pursuant to Article 481 (1) and which fulfil the requirements [as set forth in Article 174b (2), (5), (6), (7) and (8) of the Solvency draft implementing measures].
Amendment 1016 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 2 – point b – point ii
Article 404 – paragraph 2 – point b – point ii
Amendment 1020 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1
Article 404 – paragraph 3 – subparagraph 1
Institutions shall only report as high liquid assets that fulfil each of the following conditions:
Amendment 1035 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point b
Article 404 – paragraph 3 – subparagraph 1 – point b
(b) ideally they are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank inof a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country;
Amendment 1041 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point d
Article 404 – paragraph 3 – subparagraph 1 – point d
(d) ideally they are listed on a recognised exchange;
Amendment 1047 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 2
Article 404 – paragraph 3 – subparagraph 2
Amendment 1054 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 4
Article 404 – paragraph 4
Amendment 1059 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 4 a (new)
Article 404 – paragraph 4 a (new)
Amendment 1063 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 5
Article 404 – paragraph 5
5. Shares or units in CIUs may be treated as liquid assets up to an absolute amount of 250 million EUR provided that the requirements in Article 127(3) are met and that the CIU, apart from derivatives to mitigate interest rate or credit risk, only invests in liquid assets. Institutions may report as liquid assets deposits held at a central institution due to (i) legal requirements or (ii) contractual obligations within a network referred to in Art 389 (2) (d)
Amendment 1072 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – introductory part
Article 405 – paragraph 1 – introductory part
The institution shall only report as high liquid assets those holdings of liquid assets that meet the following conditions:
Amendment 1076 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point b
Article 405 – paragraph 1 – point b
Amendment 1090 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point f – introductory part
Article 405 – paragraph 1 – point f – introductory part
(f) price risks associated with the assets may be hedged but the liquid assets are subject to appropriate internal arrangements that ensure that they will not be used in other ongoing operations, including: (i) hedging or oare readily available to ther trading strategies; (ii) providing credit enhancementseasury function of a credit in structured transactions; (iii) to cover operational costsitution when needed.
Amendment 1094 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point g
Article 405 – paragraph 1 – point g
(g) the denomination of the liquid assets is consistent with the distribution by currency of liquidity outflows after the deduction of capped inflows.
Amendment 1120 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 2 – introductory part
Article 410 – paragraph 2 – introductory part
2. Institutions shall multiply liabilities resulting from secured lending and capital market driven transactions as defined in Article 188 if they are collateralised by assets that would qualify as liquid assets according to Article 404 by:
Amendment 1123 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 2 – point a
Article 410 – paragraph 2 – point a
(a) 0% up to the value of the collateralising liquid assets according to Article 406;
Amendment 1125 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 2 – point b
Article 410 – paragraph 2 – point b
(b) 100% for the remaining liability.25% if the assets would not qualify as high or extremely high liquid assets according to Article 404 and the lender is the central government, the central bank or another public sector entity of the Member State in which the credit institution has been authorised or has established a branch;
Amendment 1126 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 2 – point b a (new)
Article 410 – paragraph 2 – point b a (new)
(ba) 100 % otherwise.
Amendment 1127 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 3
Article 410 – paragraph 3
Amendment 1135 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 1 – point b a (new)
Article 410 – paragraph 4 – subparagraph 1 – point b a (new)
(ba) by the depositor in the context of an established operational relationship other than that mentioned under point (a);
Amendment 1140 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 3
Article 410 – paragraph 4 – subparagraph 3
Clearing, custody or cash management services referred to in point (a) only covers such services to the extent that they are rendered in the context of an established relationship on which the depositor has substantial dependency. They shall not merely consist in correspondent banking or prime brokerage services and the. Pending a uniform definition of 'established relationship', institutions shall have objective evidence that the client is unable to withdraw those amounts over a 30 day horizon without compromising its operational functioningestablish the criteria for qualifying as an 'established relationship'. Institutions shall follow any general guidance laid down by competent authorities for identifying deposits with established relationships.
Amendment 1148 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 5
Article 410 – paragraph 5
5. Institutions shall multiply liabilities resulting from deposits by clients that are not financial customers by 750% to the extent they do not fall under paragraph 4. When conducting the assessment referred to in Article 409(5), EBA shall also assess the calibration of corporate deposits.
Amendment 1153 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 6
Article 410 – paragraph 6
6. Institutions shall take payables and receivables expected over the 30 day horizon from the contracts listed in Annex II into account on a net basis across counterparties and net of the close out of the hedge (to the extend that the hedges is not already counted neither in the stock of liquid assets nor in other inflows and outflows, in line with the principle that items cannot be double-counted) and shall multiply them by 100% in case of a net amount payable. Net basis shall mean also net of collateral to be received that qualifies as liquid assets under Article 404.
Amendment 1162 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point d
Article 410 – paragraph 8 – subparagraph 1 – point d
Amendment 1168 #
2011/0202(COD)
Proposal for a regulation
Article 411 – paragraph 2
Article 411 – paragraph 2
2. If the competent authority considers the dealings of an institution in capital market driven transactions defined in Article 188 or in the contracts listed in Annex II material in relation to the potential liquidity outflows of the institution, the institution shall add an additional outflow for the additional collateral needs resulting, according to the contracts that the institution has entered into, from a material deterioration in the credit quality of the institution such as a downgrade in its external credit assessment by threewo notches. The extent of this material deterioration shall be reviewed regularly and notified to the competent authority.
Amendment 1171 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 1
Article 412 – paragraph 1
1. Institutions shall report outflows from committed credit and liquidity facilities, which shall be determined as a percentage of the maximum amount that can be drawn. This maximum amount that can be drawn may be assessed net of the value according to Article 406 of collateral to be provided if the institution can reuse the collateral and if the collateral is held in the form of liquid assets in accordance with Article 404. The collateral to be provided mayshall not be assets issued by the counterparty of the facility or one of its affiliated entities. If the necessary information is available to the institution, the maximum amount that can be drawn for credit and liquidity facilities provided to SSPEs shall be determined as the maximum amount that could be drawn given an SSPEs own obligationsthe counterparty's own obligations or given the pre-defined contractual drawing schedule coming due over the next 30 days.
Amendment 1172 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 2
Article 412 – paragraph 2
2. The maximum amount that can be drawn of undrawn credit and liquidity facilities shall be multiplied by 5% if they qualify for the retail exposure class under the Standardised or IRB approaches for credit risk. As regards revolving credit, it shall be possible to take into account only the off balance-sheet amounts held by clients who have been using their account for less than two years.
Amendment 1173 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 2
Article 412 – paragraph 2
2. The maximum amount that can be drawn of undrawn committed credit and liquidity facilities shall be multiplied by 5% if they qualify for the retail exposure class under the Standardised or IRB approaches for credit risk.
Amendment 1175 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 3 – introductory part
Article 412 – paragraph 3 – introductory part
3. The maximum amount that can be drawn of undrawn committed credit and liquidity facilities shall be multiplied by 10% where they meet the following conditions:
Amendment 1176 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 3 – point b
Article 412 – paragraph 3 – point b
(b) they have been provided to clients that are not financial customers or to SSPEs for the purpose of enabling such SSPE to purchase assets from clients that are not financial customers ;
Amendment 1179 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 3 – point c
Article 412 – paragraph 3 – point c
(c) they have not been provided for thexpressly the sole purpose of replacing funding of the client in situations where he is unable to obtainroll over its funding requirements in the financial markets. other than if provided to SSPEs as described in paragraph 3(b)
Amendment 1182 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 4 – introductory part
Article 412 – paragraph 4 – introductory part
4. The maximum amount that can be drawn of other undrawn committed credit and liquidity facilities shall be multiplied by 100%. This applies in particular to the following:
Amendment 1184 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 4 – point a
Article 412 – paragraph 4 – point a
(a) liquidity facilities that the institution has granted to SSPEs other than described in paragraph 3(b) above ;
Amendment 1185 #
2011/0202(COD)
Proposal for a regulation
Article 412 – paragraph 4 – point b
Article 412 – paragraph 4 – point b
(b) arrangements under which the institution is required to buy or swap assets from an SSPE other than described in paragraph 3(b) above.
Amendment 1189 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 1
Article 413 – paragraph 1
1. Institutions shall report their capped liquidity inflows. Capped liquidity inflows shall be the liquidity inflows limited to 75% of liquidity outflows. Institutions may exempt liquidity inflows from deposits placed with other institutions and qualifying for the treatments set out in Article 108(6) or Article 108(7) from this limit.
Amendment 1198 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – introductory part
Article 413 – paragraph 2 – introductory part
2. The liquidity inflows shall be measured over the next 30 days. They shall comprise only contractual inflows from exposures that are not past due and for which the bankinstitution has no reason to expect non- performance within the 30-day time horizon. The inflow shall be taken into account in full with the exception of the following:
Amendment 1203 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point a
Article 413 – paragraph 2 – point a
(a) monies due from customers that are not central banks or financial customers shall be reduced by 50% of their value or by the contractual commitments to those customers to extend funding, whichever is higher. This does not apply to monies due from secured lending and capital market driven transactions as defined in Article 188 that are collateralised by liquid assets according to Article 404 and to monies due from trade financing transactions referred to in point (b) in the second subparagraph of Article 158(3), customers' assets bought by consolidated SSPEs, and to loans that finance one-off well identified project that do not rollover (mortgages, shipping, aircraft, export finance, project finance, etc), which shall be taken into account in full as inflows;
Amendment 1209 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point b
Article 413 – paragraph 2 – point b
(b) monies due from secured lending and capital market driven transactions as defined in Article 188 if they are collateralised by liquid assets, shall not be taken into account up to the value net of haircuts of the liquid assets and shall be taken into account in full for the remaining monies du as defined in Article 404 (1), shall be treated symmetrically to outflows from secured borrowing specified in Article 410 (2) by applying the factor: (i) haircut value applicable to the liquid assets according to Article 406 if they qualify as extremely or highly liquid assets according to Article 404; (ii) 100 otherwise;
Amendment 1277 #
2011/0202(COD)
Proposal for a regulation
Article 416 – paragraph 5 – point c
Article 416 – paragraph 5 – point c
(c) netting of loans and deposits shall not be permitted except as regards the share of collected deposits which are covered by a legal requirement to be centralised and which in turn give rise to exposure to central government within the meaning of Article 109 of this Regulation.
Amendment 1288 #
2011/0202(COD)
Proposal for a regulation
Article 416 – paragraph 8 – point b a (new)
Article 416 – paragraph 8 – point b a (new)
(b a) the specific credit risk adjustment for guarantee given to credit institutions on credit risks which were already incorporated in the leverage ratio of that institution is 20%.
Amendment 1385 #
2011/0202(COD)
Proposal for a regulation
Article 444
Article 444
Amendment 1478 #
2011/0202(COD)
Proposal for a regulation
Article 473 – paragraph 1
Article 473 – paragraph 1
Amendment 1480 #
2011/0202(COD)
Proposal for a regulation
Article 473 – paragraph 2
Article 473 – paragraph 2
Amendment 1509 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 1
Article 481 – paragraph 1 – subparagraph 1
EBA and the ECB shall monitor and evaluate the reports made in accordance with Article 403(1), across currencies and across different business models. EBA shall, and after consulting the ESRB, non- financial end-users, the banking industry, competent authorities and national Central Banks biannually and for the first time by 31 December0 June 2013 report to the Commission whether a specification of the general liquidity coverage requirement in Article 401 based on the criteria for liquidity reporting in Part Six Title II, considered either individually or cumulatively, is likely to have a material detrimental impact on the business and risk profile of Union institutions or on financial markets or the economy and bank lending, with a particular focus on lending to small and medium enterprises and on trade financing, including lending under official export credit insurance schemes.
Amendment 1511 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 2 – introductory part
Article 481 – paragraph 1 – subparagraph 2 – introductory part
EBA shall in its report reviewassess in particular the appropriateness of the calibration of the following:
Amendment 1513 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 2 – point a
Article 481 – paragraph 1 – subparagraph 2 – point a
(a) theof providing mechanisms restricting the value of liquidity inflows, in particular assessing whether an inflow cap is appropriate; taking into account different business models including pass through financing models;
Amendment 1516 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 2 – point b
Article 481 – paragraph 1 – subparagraph 2 – point b
(b) the calibration of the outflows in accordance with Article 410(5);
Amendment 1518 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 2 – point c
Article 481 – paragraph 1 – subparagraph 2 – point c
(c) the calibration of the appropriate haircuts for purposes of Article 406 for assets held in accordance with the derogations laid down to in Article 407. (d) providing mechanisms restricting the coverage of liquidity requirements by certain categories of liquid assets.
Amendment 1523 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 2 – introductory part
Article 481 – paragraph 2 – introductory part
2. EBA and the ECB shall, by 31 December0 June 2013, report to the Commission on appropriate uniform definitions of high and of extremely high liquidity and credit quality of transferable assets for purpoliquidity and high credit quality assets for purposes of Article 404, taking into account all relevant factors such as applicable framework, incentive structures, available market initiatives and tools designed to enhance transparency and liquidity of assets. In particular, it shall be assessed if equities can be considered eligible asset under art. 404 (3), their volatility compared to other assets of Article 404and which haircuts can be applied.. EBA shall in particular test the adequacy of the following criteria and the appropriate levels for such definitions: A. High credit quality assets: (a) additional quality criteria on top of those set by central banks for monetary policies; (b) support financing of the European economy, notably in comparison with other financing mechanism that are applied by other jurisdictions B. High Liquid Assets:
Amendment 1532 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 2 – point d
Article 481 – paragraph 2 – point d
(d) credit quality steps referred to in Sub- section 2 of Annex VIPart Three, Title II, Chapter 2
Amendment 1538 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 2 a (new)
Article 481 – paragraph 2 a (new)
Amendment 1547 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 3 – subparagraph 1
Article 481 – paragraph 3 – subparagraph 1
By 31 December 2015, EBA shall report to the Commission on whether and how it would be appropriate to ensure that institutions use stable sources of funding, including an assessment of the impact on the business and risk profile of Union institutions or on financial markets or the economy and bank lending, with a particular focus on lending to small and medium enterprises and on trade financing, including lending under official export credit insurance schemes and pass through financing models.
Amendment 1555 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 3 – subparagraph 2 a (new)
Article 481 – paragraph 3 – subparagraph 2 a (new)
EBA shall, by 31 December 2014, report to the Commission on the application of Part Six, Titles I and II of this Regulation by major financial centres outside the European Union.
Amendment 1611 #
2011/0202(COD)
Proposal for a regulation
Article 486 a (new)
Article 486 a (new)
Article 486 a Credit valuation adjustment monitoring and updating 1. EBA shall monitor and evaluate the application of the provisions on credit valuation adjustment in Title VI of Part III. By 1 January 2015 EBA shall report to the Commission on the impact and effectiveness of such provisions and on the alignment with the trading book review conducted by the Basel Committee. All provisions in the field of Credit Valuation Adjustment shall not result in capital requirements until such date as the EBA shall specify following their review. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 445 to update the method of calculation of own funds requirements for credit valuation adjustment risk as referred to in Title VI of Part III, taking into account modifications to international standards and the report referred to in paragraph 1.
Amendment 228 #
2011/0062(COD)
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24a) The conclusions of the creditworthiness assessment should effectively be taken into account by the creditor when deciding whether to make a credit agreement available to a consumer. For example, the capacity for the creditor to transfer part of the credit risk to a third party should not drive him to ignore the conclusions of the creditworthiness assessment by making a credit agreement available to a consumer who is likely not to be able to repay it. Member states may transpose this principle by entitling supervisors to take relevant actions in this area as part of the supervisory review process.
Amendment 241 #
2011/0062(COD)
Proposal for a directive
Recital 31
Recital 31
(31) In order to be in a position to understand the nature of the service, consumers should be made aware of what constitutes an expert personalised recommendation on suitable credit agreements for that consumer’'s needs and financial situation ('advice') and when it is being provided and when it is not. It is therefore important to ensure that this advisory service is a separate service which is paid for separately in a manner transparent to the consumer. Consumers should also be able to rely on the competence of the adviser. Those providing advice should comply with general standards in order to ensure that the consumer is presented with a range of products suitable for his needs and circumstances and should also have the necessary professional competence to provide expert advice. That service should be based on a fair and sufficiently wide- ranging analysis of the products available on the marketoffered, in the case of advice provided by creditors or tied credit intermediaries, or of the products available on the market, in the case of advice provided by credit intermediaries who are not tied, and on a close inspection of the consumer’s financial situation, preferences and objectives. Such an assessment should be based on up-to-date information and reasonable assumptions on the consumer’s circumstances during the lifetime of the loan. Member States may clarify how the suitability of a given product for a consumer should be assessed in the context of the provision of advice. The act of making a binding offer to a consumer does not in itself constitute advice.
Amendment 270 #
2011/0062(COD)
Proposal for a directive
Recital 40
Recital 40
(40) In order to take account of developments in the markets for credit relating to residential immovable property, including the range of products available, the Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union to amend the content of the standard information items to be included in advertising, the content and format of the European Standardised Information Sheet (ESIS), the content of the information disclosures by credit intermediaries, the formula and the assumptions used to calculate the annual percentage rate of charge and the criteria to be taken into account for the assessment of the consumer’s creditworthinessregulatory technical standards to amend the assumptions used to calculate the annual percentage rate of charge should be delegated to the Commission.
Amendment 308 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
Amendment 330 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point m
Article 3 – paragraph 1 – point m
(m) 'Annual percentage rate of charge' means the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, where applicable, including the costs referred to in Article 12(2)harges levied by the creditor for his benefit in respect of the conclusion and performance of the credit agreement.
Amendment 472 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Member States shall ensure that when an offer binding on the creditor is provided to the consumer, it shall be accompanied by an ESIS in case no ESIS has been provided so far or essential information have changed with respect to the ESIS already handed out. In such circumstances, Member States shall ensure that the credit agreement cannot be concluded until the consumer has had sufficient time to compare the offers, assess their implications and take an informed decision on whether to accept an offer, regardless of the means of conclusion of the contract.
Amendment 524 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. For the purpose of calculating the annual percentage rate of charge, the total cost of the credit to the consumer shall be determined excluding any charges payable by the consumharges levied by the creditor for his benefit in respect of the conclusion and per for non-compliance with any of his commitments laid down in the credit agreementmance of the credit agreement shall be determined.
Amendment 573 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 2 – point a
Article 14 – paragraph 2 – point a
(a) Where the assessment of the consumer's creditworthiness results in a negative prospect for his ability to repay the credit over the lifetime of the credit agreement, the creditor refuses credit.Creditors effectively and appropriately take into account the outcome of the creditworthiness assessment when deciding whether to make the credit available to the consumer;
Amendment 574 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 2 – point a a (new)
Article 14 – paragraph 2 – point a a (new)
(aa) The assessment shall not allow any reliance on an increase in the value of the property as a means of repaying the loan.
Amendment 577 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 2 – point b
Article 14 – paragraph 2 – point b
Amendment 649 #
2011/0062(COD)
Proposal for a directive
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) consider a sufficiently large number of credit agreements available oin the markethis product range so as to enable the recommendation of the most suitable credit agreements for the consumer'’s needs, financial situation and personal circumstances;
Amendment 687 #
2011/0062(COD)
Proposal for a directive
Article 18a (new)
Article 18a (new)
Article 18a Portability Lenders may allow borrowers by means of contractual provisions to keep a credit agreement when moving house provided that the value of the new property is sufficient to serve as the collateral required by the credit agreement and when the conditions required to consider collaterals as equivalents referred to in paragraph 2 have been fulfilled.
Amendment 692 #
2011/0062(COD)
Proposal for a directive
Article 18 b (new)
Article 18 b (new)
Article 18b Payment flexibility Creditors may allow consumers by means of contractual provisions to make payments which exceed the amount required by the amortisation structure of the loan contained in the credit agreement without penalty and thereby have the right to redeem in the future the payments scheduled according the amortization structure up to the value by which they have previously exceeded the required amount.
Amendment 700 #
2011/0062(COD)
Proposal for a directive
Article 18c (new)
Article 18c (new)
Article 18c Switching of creditor 1. Creditors may transfer credit agreements or portfolios of credit agreement to other financial institutions without the consent of the consumer as long as the loan conditions are not altered to the disadvantage of the consumer. This paragraph shall be without prejudice to Article 122a of Directive 2006/48/EC. 2. Member States shall ensure that consumers also have the right to transfer a credit agreement to a new creditor which is prepared to accept the transfer and which makes a binding offer to the consumer provided that: a) the binding offer significantly improves the economic conditions for the consumer either by an improvement of at least 100 basis points in the interest rate or by an extension or reduction of more than a third in the length of the repayment period for the outstanding debt; b) the creditor refuses to make a binding offer before the expiry of the offer made by the new creditor which at least matches the terms of the binding offer made by the new creditor; and c) the creditor receives adequate compensation where appropriate according to national law. Such compensation shall be fair and proportionate.
Amendment 705 #
2011/0062(COD)
Proposal for a directive
Article 18 d (new)
Article 18 d (new)
Amendment 350 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – title
Article 77a – title
Amendment 351 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
Amendment 361 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2
Article 77a – paragraph 2
Amendment 367 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2 a (new)
Article 77a – paragraph 2 a (new)
Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, derived from the formula referred to in Article 86 an adapted relevant risk-free interest rate term structure shall be published for each relevant currency in the same frequency as the relevant risk-free interest rate term structure referred to in the first paragraph. Insurance and reinsurance undertakings may use that adapted relevant risk-free interest rate term structure in calculating the best estimate. In that event, insurance and reinsurance undertakings shall publicly disclose the use of this premium and the monetary effect on their financial position.
Amendment 368 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2 b (new)
Article 77a – paragraph 2 b (new)
EIOPA shall carry out the tasks referred to in paragraphs 1 and 2 in a transparent, objective and reliable manner.
Amendment 412 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 4
Article 138 – paragraph 4 – subparagraph 4
Without prejudice to the powers of the EIOPA under Article 18 of Regulation …/…,(EU) No 1094/2010 for the purposes of this paragraph, EIOPA shall, following a request by the supervisory authority concerned, address an individual decision to the requesting supervisory authority declaring the existence of an exceptional fall in financial markets. An exceptional fall in financial markets exists, where one or more insurance or reinsurance undertakings are unable to meet one of the requirements set out in paragraph 3 of this Article within the time period defined therein as a consequence of a fall in financial markets which is unforeseen, sharp and steep, which is different from the downturns that occur as part of the economic cycle and which has already affected seriously and adversely the financial situation of one or more insurance and reinsurance undertakings collectively representing a substantial part of the insurance or reinsurance market in one or more Member States.
Amendment 415 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 5 a (new)
Article 138 – paragraph 4 – subparagraph 5 a (new)
Without prejudice to their competences, the supervisory authorities concerned shall do everything within their power to inform in the framework of the colleges of supervisors its decision to refuse the extension of the period referred to in paragraph 4.
Amendment 416 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 5 b (new)
Article 138 – paragraph 4 – subparagraph 5 b (new)
Where there is diverging views among the college of supervisors concerning the refusal by the supervisory authority concerned to extend the period referred to in paragraph 4, the group supervisor or any of the other supervisory authorities may consult EIOPA. EIOPA shall be consulted during one month and all supervisory authorities concerned shall be informed. Where EIOPA has been consulted, the supervisory authority concerned shall duly consider such advice before taking its decision. In accordance with Article 19(2) of Regulation (EU) No 1094/2010, EIOPA shall act as a mediator at that stage.
Amendment 418 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Where, at the end of the period referred to in paragraph 6of this Article, if no agreement has been reached within the college, the group supervisor or any of the supervisory authorities concerned has referred the refusal of the supervisory authority concerned to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the supervisory authority concerned shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA’s decision. The period referred to in paragraphs 5 and 6, shall be deemed the conciliation period within the meaning of Article 19(2) of that Regulation. EIOPA shall take its decision within two months. The matter shall not be referred to EIOPA after the end of the period referred to in paragraph or after an agreement among supervisory authorities concerned has been reached.’
Amendment 424 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 35 – point b
Article 2 – point 35 – point b
Directive 2009/138/EC
Article 172 – paragraph 4
Article 172 – paragraph 4
4. By way of derogation from paragraph 3 and the second subparagraph of Article 134(1), the same treatment as in Article 172(3) and the second subparagraph of Article 134(1) shall be accorded, for a transitional period, to reinsurance contracts concluded withNotwithstanding paragraph 1, the Commission may, in accordance with Article 301a and for a limited period, and assisted by EIOPA in accordance with Article 33(2) of Regulation (EU) No 1094/2010, decide that the solvency regime of a third country applied to reinsurance activities of undertakings havingwith their head office in athat third country the solvency regimes of which are unlikely, by 31 December 2012, to fully meet the criteria for assessing equivalence, referred to in paragraph 1. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1).This derogation shall only apply where the Commission has made a decision in accordance with paragraph 6 that specified conditions have been met by the third countryis temporarily equivalent to that laid down in Title I, if at least the following conditions have been met by that third country: (a) the third country has established a convergence programme to fulfil this commitment; (b) sufficient resources have been allocated to fulfil this commitment; (c) agreements have been concluded to exchange confidential supervisory information, in accordance with Article 264; (d) the third country is assessed to comply with the core principles, principles and standards adopted by the International Association of Insurance Supervisors (IAIS). Any decisions on temporary equivalence shall take into account the reports by the Commission in accordance with Article 177. Those decisions shall be regularly reviewed, on the basis of progress reports by the relevant third country, which are presented to and assessed by the Commission and EIOPA every six months. EIOPA shall publish and keep up-to-date on its website a list of all third countries referred to in the first subparagraph. The Commission may adopt delegated acts, in accordance with Article 301a, further specifying the conditions laid down in the first subparagraph.
Amendment 444 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 62 – point c
Article 2 – point 62 – point c
Directive 2009/138/EC
Article 260 – paragraph 4 – subparagraph 1 a (new)
Article 260 – paragraph 4 – subparagraph 1 a (new)
No later than 3 years after 1 January 2014, and every three years, the Commission shall review in relation to each third country for which the Commission has made a decision in accordance with paragraph 7, the progress on convergence to an equivalent regime that has been made by the third country.
Amendment 458 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 7
Article 308a – paragraph 7
7. Where tThe Commission shasll adopted a delegated act in accordance with Article 308b(7), Article 94 shall not apply for a maximum period of 10 years from the date referred to in the first sub-paragraph of Article 309(1)s specifying the basic own-fund items subject to the transitional measures and the transitional requirements referred to in Article 308b(g) as to the classification of own fund items, which will apply to those specified basic own-fund items and requiring that during the transitional period insurance and reinsurance undertakings comply at least with the laws, regulations and administrative provisions adopted pursuant to Article 27 of Directive 2002/83/EC, Article 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own-fund items.
Amendment 461 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 9 a (new)
Article 308a – paragraph 9 a (new)
9a. The standard parameters to be used for equities that the undertaking purchased on or before 31 December 2013, when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304 shall be calculated as the weighted averages of: (a) the standard parameter to be used when calculating the equity risk sub- module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub- module in accordance with the standard formula without the option set out in Article 304, The weight for the parameter expressed in point (b) shall increase at least linearly at the end of each year from 0 % during the year starting on 1 January 2014 to 100 % as of 10 years after 1 January 2014. The Commission shall adopt delegated acts further specifying the procedure and criteria to be met, including the equities that shall be subject to the transitional measure.
Amendment 464 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 9 b (new)
Article 308a – paragraph 9 b (new)
9b. Where, on the date of entry into force of this Directive, home Member States applied provisions referred to in Article 4 of Directive 2003/41/EC, such home Member States may, until 31 December 2015, continue to apply the laws, regulations and administrative provisions that had been adopted by them with a view to comply with Articles 1 to 19, 27 to 30, 32 to 35 and 37 to 67 of Directive 2002/83/EC as in force on the last date of application of Directive 2002/83/EC.
Amendment 467 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 71
Article 2 – point 71
Directive 2009/138/EC
Article 308b – point g
Article 308b – point g
(g) with regard to Articles 308a(7), the length of the transitional period which may be shorter than the maximum of 10 years, the phasing of the transitional period, the specification of theBy way of derogation from Article 94, basic own -fund items subject to the transitional, and the transitional requirements as to the classification of own fund items, which will apply to those specified own funds items and requirthat meet the criteria set out ing that during the transitional period insurance and reinsurance undertakings comply at least with the laws, regulations and administrative provisions adopted pursuant to Article 27 of Directive 2002/83/EC, Articlee delegated act adopted by the Commission in accordance with Article 308a(7), shall be included in Tier 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own fund itemsr Tier 2 basic own funds for up to 10 years after 1 January 2014;
Amendment 6 #
2010/2302(INI)
Motion for a resolution
Recital B
Recital B
B. whereas CRAs are information intermediaries, reducing information asymmetries in the capital markets and facilitating global market access, reducing information costs and widening the potential pool of borrowers and investors, thus providing liquidity and transparency to markets and helping find prices,
Amendment 21 #
2010/2302(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the industry's key problemre is a lack of competition; though the industry and the regulatory system'’s key problem is dependencyover-reliance on external credit ratings,
Amendment 36 #
2010/2302(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. Whereas independence of ratings from market and political interference must be ensured whatever new structures and business models may emerge,
Amendment 37 #
2010/2302(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. While ratings can and do change as a result of fundamental adjustments to risk profile or new information, they should be designed to be stable and not fluctuate on the basis of market sentiment,
Amendment 79 #
2010/2302(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Transparency and consistency of ratings Considers that credit ratings must serve the purpose of increasing information to the market in a manner that provides investors with a consistent assessment of credit risk across sectors and countries;
Amendment 84 #
2010/2302(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishmentAsks the Commission to conduct a detailed investigation into the costs, benefits and governance structure of a fully independent European Credit Rating Foundation (ECRaF) which would expand its expertise into all three sectors of ratings;
Amendment 111 #
2010/2302(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Supports the establishment of a network of European CRAs; considers thatAsks the Commission to conduct a detailed investigation into the costs, benefits and governance structure of such a network of European CRAs; including considerations of how nationally active CRAs shcould be encouraged to move to partnership or joint- network structures in order to draw on existing resources and staffing, thus possibly enabling them to provide increased coverage and allowing them to compete with CRAs active at cross-border level;
Amendment 115 #
2010/2302(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that, in order to enable investors adequately to assess risk and to fulfil their due-diligence and fiduciary duties, increased disclosure of information is necessary in the field ofSupports the existing initiatives of the ECB and others to make more information available about structured finance instruments to allowenable investors to make informed judgments; considers that sophisticated investors should be able to rate the underlying credits from which they can then derive the risk of a securitised productadequately to assess risk and to fulfil their due diligence and fiduciary duties;
Amendment 156 #
2010/2302(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that, as almost all information on sovereigns is available in the public domain, larger and more sophisticated market players should use internal modelssuch information should be made more easily, consistently and comparably available so that larger and more sophisticated market players are incentivized to rely on their own judgment to assess sovereign credit risk;
Amendment 180 #
2010/2302(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Considers that if credit ratings fulfil a regulatory purpose they should not be classified as mere opinions, and that CRAs should be held accountable for their credit ratings; recommends therefore that CRAs‘ exposure to civil liability in the event of gross negligence be increased and that provisions to that effect be anchored in Member States’ civil law;CRAs should be held accountable for their credit ratings; asks the Commission to ensure that the CRA regulation is thoroughly implemented and enforced.
Amendment 122 #
2010/2239(INI)
Draft opinion
Paragraph 13
Paragraph 13
13. Calls on the Commission to clarify when a cross-border activity is triggered, also taking into account the provisions of the Posted workers Directive and the position of expatriates in general, and that national social and labour laws, including compulsory membership, applies only to pension schemes; in addition calls on the Commission to further harmonise rules concerningthe calculation of technical provisions, in particular the technical rate of interest, in order to prevent supervisory arbitrage; suggests that Member States should allow ring fencing;
Amendment 126 #
2010/2239(INI)
Draft opinion
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Recalls that Article 15.6 of the IORP Directive states concerning the calculation of technical provisions that “the Commission shall propose any necessary measures to prevent possible distortions caused by different levels of interest rates and to protect the interest of beneficiaries and members of any scheme”;
Amendment 148 #
2010/2239(INI)
Draft opinion
Paragraph 14
Paragraph 14
14. Considers that Solvency II is a valuable starting point for developing a solvency regime for IORPs; underlines that such a regime needs to be adapted to the specificities of pensions, in particular as regards the conditionality of pension rights, the duration of pension portfolios and the dedicated purpose vehicle operating a homogenous product portfolio; that any such solvency regime for IORPs dealing with all occupational pensions possible features should apply to all financial institutions providing pensions independently of their legal form in order to ensure a level playing field;
Amendment 151 #
2010/2239(INI)
Draft opinion
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Stresses, in line with the Commission's statement in the Green Paper, that the IORP Directive is based on a solvency I minimum harmonisation approach whilst in the near future insurance undertakings will apply the risk-based solvency II regime even for their occupational pension activity;
Amendment 163 #
2010/2239(INI)
Draft opinion
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the Commission to develop the elements of decision making concerning the IORPs solvency regime and notably, as it announced in the Green paper, to launch as soon as possible an impact study concerning the application of a Solvency II like solvency regime;
Amendment 164 #
2010/2239(INI)
Draft opinion
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Notes that there is an even greater need for an immediate review of the IORP Directive to protect employees and pensioners against the failure of IORPs as there is no European risk-based solvency regime yet in this sector;
Amendment 173 #
2010/2239(INI)
Draft opinion
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Is of the opinion that, just as solvency II allows companies in all insurance branches to comply with 27 Member States' national legislation in the fields of civil law, tax law or contract law, the design of a solvency regime applicable to IORPs is a clear European Union competence while dealing with all occupational pensions social and labour laws established by Member States on the basis of the subsidiarity principle;
Amendment 4 #
2010/2112(INI)
Motion for a resolution
Recital A
Recital A
A. whereas ensuring food security for Europe's citizens and providing consumers with healthy food at reasonable prices have been the core objectives of the Common Agricultural Policy (CAP) since its inception and remain key objectives of the European Union at present,
Amendment 6 #
2010/2112(INI)
Motion for a resolution
Recital B
Recital B
B. whereas recent food and commodity price volatility has raised serious concerns about the functioning of the European and global food supply and whereas the increase in food prices has hit the most vulnerable population groups hardest,
Amendment 45 #
2010/2112(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Further believes that the European Union should guarantee an adequate standard of living for every person and particularly for those with insufficient economic resources, who are often children, elderly persons, migrants, refugees and unemployed personsprimary objective of the European Union and the Member States should be to create the conditions required in order to secure an adequate standard of living for all, including for farmers, to be achieved by means an ambitious common agricultural policy;
Amendment 65 #
2010/2112(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Reaffirms its support for the Most Deprived Persons programme and for farmers in developing countries; recalls that through its Farm Bill the US allocates significant support to its Supplemental Nutrition Assistance Programme, which generates substantial revenues for the sector and the economy in general, in addition to alleviating some of the food needs of its poorest people;
Amendment 70 #
2010/2112(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is conscious of the great challenge climate change poses to achieving food security, especially through an increase in the frequency and scale of climatic events, such as droughts, floods, fires and storms;
Amendment 73 #
2010/2112(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recognises that energy costs are a key factor in determining the profitability of agriculture; encourages measures to reduce the costs of energy and to foster more consistent support for research and development in this area and to help farmers move over to alternative energy supply sources;
Amendment 84 #
2010/2112(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Is concerned about the level of reliance on imports of proteins and oleaginous products from third countries, which has negative consequences for the food and farming industry, in particular the animal husbandry sector, when price spikes occur; calls on the Commission to propose an action plan to gradually reduce this dependency;
Amendment 90 #
2010/2112(INI)
Motion for a resolution
Paragraph 11 e (new)
Paragraph 11 e (new)
11e. Believes that the productivity gains that will be made in the new Member States will increase the amount of land available and will provide an opportunity to boost the production of proteins and oleaginous products in the EU;
Amendment 92 #
2010/2112(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that financial and agricultural markets today are more intertwined than ever; considers that a European response alone is no longer sufficient and that Europe should act in concert with third countries and international organisations on the issues of price volatility and food security; endorses the action taken towards this end by the G20 Presidency;
Amendment 106 #
2010/2112(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Commission and the Member States to look into the possibility of setting up within the UN system an international organisation with a specific remit for food security and agricultural market regulation;
Amendment 109 #
2010/2112(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Notes, however, that global stocks of food are much more limited than in the past, having fallen to a record low of 12 weeks' worth of global food reserves during the food crisis of 2007; points out that world food production is increasingly vulnerable to extreme weather events linked to climate change, which can cause sudden and unpredictable food shortages, and to growing pressure on land resulting, in particular, from increased urbanisation;
Amendment 114 #
2010/2112(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers, therefore, that a global system of food stocks would be beneficial, helping to facilitate world trade when price spikes occur, warding off recurring protectionism and easing the pressure on world food markets; considers that these stocks should be managed by a common body under the aegis of the United Nations anor by the FAO and should make full use of the experience amassed by the FAO and the UN World Food Programme; calls on the Commission to play a leading role in advocating this global food-stock system;
Amendment 120 #
2010/2112(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Stresses the need for development aid to focus more closely on supporting the farming sector in developing countries and developing viable local and regional markets;
Amendment 140 #
2010/2112(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 151 #
2010/2112(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Notes that traditional agricultural practices, including small-scale farming and organic farming, can make a valuable contribution to food security, because they often represent the most effective way of utilising land through methods specifically developed in individual regions over lengthy periods of time;
Amendment 166 #
2010/2112(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Highlights the fact that products from small-scale farming supply local markets with fresh food, which is more environmentally sustainable than transported food and helps to support established farming communities; calls on the Commission to address these agricultural models in its future CAP proposals, including the possibility of creating special financial incentives and identification schemes;
Amendment 168 #
2010/2112(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Stresses the need for fairness in theto devise and implement a fairer CAP, which should ensure a balanced distribution of support to farmers from, both within and among the all Member States, greater territorial cohesion, and the phasing-outuse of export subsidies on an exceptional basis, as a means of managing severe crises in specific sectors;
Amendment 180 #
2010/2112(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 10 #
2010/2111(INI)
Motion for a resolution
Recital B
Recital B
B. whereas, historically, this significant deficit in protein crop production goes back to previously established international trade agreements, especially with the United States, which allowed the EU to protect its cereal production of other crops, and in return allowed duty-free imports of protein crops and oilseeds into the EU (GATT and 19962 Blair House AgreementDillon Round),
Amendment 14 #
2010/2111(INI)
Motion for a resolution
Recital C
Recital C
C. whereas 70% (45 million tonnes) of the raw materials rich in plant protein crops consumed in the EU today, especially soy beansflour, are imported, mainly from Brazil, Argentina and the USA, the bulk of them being used for animal feed,
Amendment 21 #
2010/2111(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the emergence of new customers for South American suppliers, notably China, who are not as demanding as the European Union in regard to production conditions and a rather opaque supply strategy, may in the long run weaken the stability of the markets and the EU supply chain,
Amendment 28 #
2010/2111(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the high degree of imports of protein crops for animal feed has made the entire EU livestock sector extremely vulnerable to price volatility, climate change in the three main protein-supplier countries and trade distortions, reflecting the consequences of increasingly liberalised agricultural markets,
Amendment 58 #
2010/2111(INI)
Motion for a resolution
Recital N
Recital N
N. whereas, in terms of protein production and global food security, a better balance needs to be achieved between crop and animal protein production, especially as regards the amount of energy, water and external inputs currently consumed for intensive animal protein production as opposed to protein crop production for human consumption, with the world food balance always the main focus,
Amendment 72 #
2010/2111(INI)
Motion for a resolution
Recital U
Recital U
U. whereas, instead of further encouraging cereal and maize monocultures for feed and energy production, the use of extended crop rotation systems, on-farm mixed cropping and grass-clover mixtures has greaterimportant environmental and agronomic benefits, since the growing of leguminous crops as part of a rotation system can prevent diseases and regenerate the soil, and must be supported,
Amendment 92 #
2010/2111(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission swiftly to submit to Parliament and to the Council a report on the scope for increasing domestic protein crop production in the EU by means of other policy instruments (TSE roadmap, biofuel policy, etc.), including the potential for substituting imports, the potential effect on farmers’ revenues, the contribution it would make to climate change mitigation, the effect on biodiversity and soil fertility, and the potential for reducing the necessary external input of mineral fertilisers and pesticides;
Amendment 96 #
2010/2111(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to carry out a study on deficits in terms of research and the breeding and supply of protein crop seeds, and to make proposals on ways to improve extension services and training for farmers in the use of crop rotation and mixed cropping for on-farm feed production, storage, cleaning and the preparation of feed;
Amendment 102 #
2010/2111(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Commission to propose a framework for, within the rural development menu, measures which introduce improved, decentralised facilities for the production of animal feed, based on local and regional crop varieties, the storage of those varieties and seed selection and development;
Amendment 104 #
2010/2111(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to carry out an appraisal evaluating the effects of current import tariffs and trade agreements on the various oilseed and protein crops, and to review the current strategies adopted in multilateral trade negotiations as regards so-called ‘non-trade aspects’, which include the agri-environmental effects of increased crop rotationcriteria;
Amendment 110 #
2010/2111(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission, in cooperation with the Member States, to revise the definition of good agricultural practices, including the use of mandatory crop rotation with domestic protein crops as a precautionary measure against crop disease and price volatility in the animal production sector;
Amendment 114 #
2010/2111(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission, in cooperation with the Member States, to revise the definition of good agricultural practices, including the use of mandatorypromote crop rotation with domestic protein crops as a precautionary measure against crop disease and price volatility in the animal production sector;
Amendment 130 #
2010/2111(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to introduce a top-upthe possibility to provide payments for farmers cultivating protein crops, including clover grass, as 10% of their rotation;
Amendment 2 #
2010/2105(INI)
Motion for a resolution
Citation 7
Citation 7
– having regard to the Commission staff working document on innovative financing at a global and European level (SEC(2010)0409) and the Commission Communication on the taxation of the financial sector (COM(2010)0549/5) as well as the accompanying staff working document (SEC(2010)1166),
Amendment 7 #
2010/2105(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the spectacular rise in the volume of financial transactions in the global economy within the last decade – a volume which in 2007 reached a level 73.5 times higher than nominal world GDP, mainly owing to the boom on the derivatives market - is clearly illustrating thesuggests a growing disconnection between financial transactions and the needs of the real economy,
Amendment 10 #
2010/2105(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the financial sector is heavily reliant on trading patterns, such as high- frequency trade (HFT), which are mainly targeted on short-term profits and are exposed to excessivehigh leverage, which was one of the main causes of the financial crisis; whereas this has caused excessivestrong price volatility and persistent deviations of stock and commodity prices from their fundamental levels,
Amendment 16 #
2010/2105(INI)
Motion for a resolution
Recital F
Recital F
F. whereas in the EU in particular the cost of the bail-outs has triggered a subsequentaccelerated the occurrence of an already looming fiscal and debt crisis that, and has placed a burden on public budgets and severely endangered job creation and welfare state provision,
Amendment 25 #
2010/2105(INI)
Motion for a resolution
Recital H
Recital H
H. whereas this prompted the current debate on European economic governance, a key component of which should be measures to strengthen the coordination of taxation policies in order to safeguard tax justice and bring about a shift in the tax be inefficiency of the Stability and Growth Pact in its present form and the divergence in competitiveness between Member States prompted the curdren from labour towards activities with strong negative externalitiest debate on European economic governance,
Amendment 28 #
2010/2105(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the crisis has highlighted the need to raise new, fair and sustainable revenues, as well as to enforce existent legislation and improve the effectiveness of tax collection in order to ensure that fiscal consolidation is effectively combined with long-term economic recovery and the sustainability of public finances, job creation and social inclusion, which are key priorities of the EU 2020 agenda,
Amendment 37 #
2010/2105(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the work carried out so far by the Commission, but deplores its obvious reluctance to make concrete proposals and its failure toand welcomes its respondse to the call made by Parliament in its resolution of March 2010 for a feasibility study on an EU-based FTTthe FTT as part of its planned impact assessment;
Amendment 40 #
2010/2105(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
Amendment 52 #
2010/2105(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the main advantage of innovative financing tools, as compared to traditional ones, is their can bring double dividend, as they can at the same time contribute to the achievement of important policy goals, such as financial market stability, and offer significant revenue potential; stresses, in this context, that the effects of these tools on the negative externalities produced by the financial sector should also be taken into account;
Amendment 53 #
2010/2105(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the main advantage of innovative financing tools, as compared to traditional ones, is their can bring double dividend, as they can at the same time contribute to the achievement of important policy goals, such as financial market stability, and offer significant revenue potential;
Amendment 66 #
2010/2105(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that the introduction of an FTT at a global level could help to tackle the growing and highlysome damaging trading patterns in financial markets, such as short-termism and automated HFT, and curb speculation; stresses that an FTT would thusmight improve market efficiency, and reduce excessive price volatility and create incentives for the financial sector to make long-term investments with added value for the real economy;
Amendment 72 #
2010/2105(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the revenue potentialcurrent revenue estimates of a low-rate FTT, which could, with its large tax base, yield nearly €200 billion per year at EU level and $650 billion at global level; considers that – would these amounts materialise - this would constitute a substantial contribution by the financial sector to the cost of the crisis and to public finance sustainability;
Amendment 76 #
2010/2105(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that there is a high risk that the momentum behNotes the rapid evolution of the debate concernindg the proposal to introduce a global FTT is about to be lost and deplores the fact that the G20 has so far been unable to promotFTT and the increasingly differentiated evaluation of the feasibility, efficiency and effectiveness of such a tax as well as the emeanrgingful joint initiatives on this matter; calls on the G20 leaders to reach an agreement discussion concerning a Financial Activities Tax (FAT); calls on the G20 leaders to give guidance on the desired future onf the minimum common elements of a global FTTse various kinds of taxation;
Amendment 77 #
2010/2105(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 88 #
2010/2105(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similar types of transaction taxes with no apparent negative impact, while other EU Member States have experienced strong negative impacts, including massive delocalization of financial activities, a phenomenon that could only be partially reversed after the tax was abolished;
Amendment 94 #
2010/2105(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Stresses that a European FTT should only be considered if the European Commission's impact assessment concludes that this is a viable option that does not cause a significant displacement of economic activity away from the European Union;
Amendment 101 #
2010/2105(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses, further, that the flow of merely speculative transactions to other jurisdictions would not have few detrimental effects, but could have the potential to contribute to increased market efficiency; also stresses that not all actions deemed to be speculation are to be condemned, rather that a broad variety of risk taking is necessary to maintain the stability of EU financial markets; recalls that the high interest rates offered on bonds in states experiencing a debt crisis are geared towards attracting the speculator's resources in order to help overcome the crisis;
Amendment 104 #
2010/2105(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that within the centralised European market central clearing and settlement services make an EU FTT technically feasible,could facilitate the introduction of an FTT that could be cheap in administrative terms and simple to implement;
Amendment 106 #
2010/2105(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Deplores the recentWelcomes the Commission Communication, which comes down against the introduction of an EU FTT not on the basis of comprehensive, evidence-based research, but on that of the general argument of the competitive disadvantage for the EU economy as a first step helping to get a grasp on this difficult and emotionally laden topic;
Amendment 109 #
2010/2105(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. CWelcomes the fact that the recent Commission Communication has announced an impact assessment on various options for the taxation of the financial sector and calls on the Commission also to address in its feasibility study the geographical asymmetry of transactions and revenues and the possibility of a graded or differentiated rate on the basis of the asset category, the nature of the actor involved or the short-term and speculative nature of the transaction; calls on the Commission to develop follow-up proposals based on the results of its impact assessment;
Amendment 122 #
2010/2105(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes, in that context, the recent Commission proposals on OTC derivatives and short selling which impose explicit central clearing and trading repository requirements on all OTC derivatives transactions, thus making the implementation of this broad-based EU FTT futechnically feasible;
Amendment 124 #
2010/2105(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses the importance of comprehensive rules on exemptions and thresholds in order to ensure that the main burden is not transferred toInsists on examining who will eventually be paying the tax, as taxes are usually burdened on the consumer, which in this case would be retail investors and individuals;
Amendment 127 #
2010/2105(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 131 #
2010/2105(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes the IMF proposal for a Financial Activities Tax (FAT), as endorsed in the recent Commission communication; stresses that an FAT is a solely revenue- oriented tax tool and therefore has no direct or indirect potential to restore mthat directly tarkget balance or to curb speculation in financial transactions; emphasises, moreover, that even if they are given the broadest possible scope FATs offer lower revenue potential than FTTs; believes, therefore, that an FAT can only be a complement to an FTTs the financial sector; notes that if well- designed, a FAT allows reaching two additional objectives of being a good proxy for value-added of the sector and to tax economic rents and excessive risk- taking; calls on the Commission to assess its potential;
Amendment 136 #
2010/2105(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware of different options for the management of the additional revenues generated by the taxation of the financial sector at both national and European level; is convinced that in order to safeguard the European added value of the aforementioned innovative financing tools a substantial part of those revenues should be allocated to the EU budget to finance EU projects and policies;
Amendment 142 #
Amendment 143 #
2010/2105(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 149 #
2010/2105(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Calls on the Commission to produce a feasibility assessment in order to establish in the long run a system under which Member States may participate in the issuance of common European bonds; calls for the inclusion in such an assessment of the strengths and weaknesses of all options, taking into account possible moral hazard implications for participating members;
Amendment 154 #
2010/2105(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Supports the idea of issuing common European bondsproject bonds to be administered by the European Investment Bank to finance Europe'’s significant infrastructure needs and structural projects in the framework of the EU 2020 agenda;
Amendment 159 #
2010/2105(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 164 #
2010/2105(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the current taxation model should fully embrace the polluter-pays principle by using innovativadequate financing tools in order to shift the tax burden on to activities which pollute the environment;
Amendment 167 #
2010/2105(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Supports, therefore, the introduction of a carbon tax on European sectors not covered bya strengthening of the Emissions Trading Scheme as well as a comprehensive revision of the energy taxation directive to make CO2 emissions and energy content one of the basic criteria for the taxation of energy products;
Amendment 169 #
2010/2105(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 174 #
2010/2105(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes adequate tools need to be found to impose a CO2 tax on imported products and services in order to rWarns against the risk of initiating trade wars as a resulet out competitive disadvantages for the internal marketf the imposition of a border tax based on the CO2 content of imported goods;
Amendment 177 #
2010/2105(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes thatCalls on the Commission to research the feasibility of a European carbon-added tax along the lines of VAT imposed on every product within the internal market would be the least distortive and fairest tool; suggests as an alternativealso calls on the Commission to explore the usefulness and feasibility of a Border Taxation Adjustment negotiated within the WTO framework to provide for the imposition of carbon tariffs on non-EU products imported into the internal market as an alternative to the carbon-added tax;
Amendment 181 #
2010/2105(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Understands that a Carbon Tax would be an instrument to reduce emissions rather than a long-term source of income, as this source would eventually dry up should that instrument be effective;
Amendment 184 #
2010/2105(INI)
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27 b. Points out that a common European carbon tax would have highly dissimilar effects on individual Member States; warns, in this respect,against the uneven burdens that such a tax would create;
Amendment 190 #
2010/2105(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Notes that there is as yet no clear idea to whom the proceedings thus collected are to be allocated;
Amendment 142 #
2010/2074(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Is of the view that, in order not to disadvantage banks recognized as financial conglomerates which hold a participation in insurance companies, the double counting of own funds between banks and insurance companies must be addressed under the current regime of the financial conglomerate directive;
Amendment 155 #
2010/2074(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Expresses strong concerns regarding the one-year liquidity standard (“net stable funding ratio”), notably for the financing of SMEs and Urges the Basel Committee and the Commission to replace it by more proportionate means to address excessive transformation;
Amendment 180 #
2010/2074(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Is of the view that counter-cyclical capital buffers would be ineffective to dampen the capital requirement pro- cyclicality with regards to market pressure to keep high levels of capital and redundant with through-the-cycle credit risk provisioning;
Amendment 222 #
2010/2074(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Asks the Basel Committee and the Commission to explore alternatives to a crude LR, such as setting backstop limits for business lines and portfoliosintroduce a leverage ratio as an unpublished Pillar 2 measure and not as a new binding Pillar 1 requirement;
Amendment 242 #
2010/2074(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Urges the Basel Committee and the Commission to explore alternatives to better address the credit value adjustment risk owing to the deterioration in the credit quality of banks’ counterparties;
Amendment 7 #
2010/2021(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses that Parliament's existing rights in the area of financial services must be maintained without prejudice to new and additional legislative control; and that Parliament must be invited to preparatory meetings held in relation to delegated acts and be provided with copies of draft documentthe same information which is forwarded to the Council, Member States and the future European supervisory authorities;
Amendment 12 #
2010/2008(INI)
Motion for a resolution
Recital D
Recital D
D. whereas, at the end of June 2009, the volume of over-the-counter (OTC) derivatives amounted worldwide to US$ 605 tn and, as a result of excessive leveragenotional amounts of all types of OTC contracts stood at US$605tn, gross market values, which provide a measure of market risk, at US$25trn and gross credit exposures, which take into account bilateral netting agreement, at US$3.7trn and; whereas, in a context of excessive leverage, undercapitalised banking system and the losses resulting from structured finance assets, OTC derivatives have helped to make large market participants mutually dependent in an opaque manner,even when they were regulated entities.
Amendment 17 #
2010/2008(INI)
Motion for a resolution
Recital E
Recital E
E. whereas OTC derivatives have become increasingly complex and counterparty credit risk has not been correctly assessed and priced, and whereas there are considerable weaknessesimportant for hedging and trading purposes for a wide variety of market participants and whereas there are some areas of improvement in how derivatives markets are organised, provided that they are assessed asset class by asset class and that they are not ultimately detrimental to liquidity,
Amendment 31 #
2010/2008(INI)
Motion for a resolution
Recital F
Recital F
Amendment 36 #
2010/2008(INI)
Motion for a resolution
Recital G
Recital G
G. whereas most derivatives used by firms involve nothe systemic risk created by derivatives used by firms depends primarily on the size of the positions taken individually or collectively by these companies, with non-financial small and medium-sized enterprises presenting a limited systemic risk,
Amendment 50 #
2010/2008(INI)
Motion for a resolution
Recital I
Recital I
Amendment 58 #
2010/2008(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the latest events involving the sale of OTC derivatives to local governments and the dealings with sovereign Credit Default Swaps reinforce the need for financial stability and market transparency to be primary goals for the drafting of legislation By European regulator;
Amendment 63 #
2010/2008(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas systemic risk associated with clearing houses is very likely to be considerable and growing and unfettered access to information on transactions for regulators is essential for market and prudential supervision, at least the transactions on derivatives products denominated in an EU currency, covering an underlying EU entity or involving EU financial institutions should be cleared, when eligible, and reported in clearing houses and repositories located, authorized and supervised in the EU, and which are covered by European laws on data protection,
Amendment 70 #
2010/2008(INI)
Motion for a resolution
Recital I c (new)
Recital I c (new)
Ic. whereas, the current Greek situation cannot lead to firm conclusions on the interaction between the sovereign CDS and underlying bond markets because of a blatant lack of information but precisely calls for very strong guarantees in terms of access to comprehensive information and empowerment of supervisors so that they can react to diverse and unexpected situations,
Amendment 76 #
2010/2008(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative for better regulation of derivatives, and in particular OTC derivatives, and backs the calls for standardisation of contracts, the establishment of trade repositories, the strengthening of central clederivatives contracts including through regulatory incentives in the CRD regarding houses and the extensive use of organised trading venuesoperational risk;
Amendment 79 #
2010/2008(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative for better regulation of derivatives, and in particular OTC derivatives, and backs the calls for process and legal standardisation of contracts, the establishment of trade repositories, the strengthening of central clearing houses and the extensive use of organised trading venueson a homogeneous basis across Europe;
Amendment 82 #
2010/2008(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Supports a strong EU regime for the whole chain of post-market infrastructures covering all types of financial instruments: trade repositories, central clearing houses as well as central securities depositories, which ensure secure reconciliation of all transactions;
Amendment 86 #
2010/2008(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Calls for more transparency on all transactions, both pre-trade for all instruments that qualifies for the extensive use of organised trading venues and in all cases, for increased post-trade trade transparency through reporting of all transactions to repositories, to the benefit of both regulators and investors;
Amendment 91 #
2010/2008(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearingCCP clearing independent from key market participants or risk takers between financial institutions for all standardisedzable derivatives, so as to ensure better assessment of counterparty credit risk, and backs the aim ofsupports trading as many standardised derivatives as possible, in future, on organised marketstrading venues as defined in MiFID;
Amendment 95 #
2010/2008(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearing between financial institutions for all standardisedthe maximum of eligible for clearing derivatives, so as to ensurmaximise bnetter assessment of counterparty credit risk, and backs the aim of trading as many standardised derivatives as possible, in future, on organised markets;ing of positions and contribute to better framed assessment of counterparty credit risk.
Amendment 97 #
2010/2008(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearing between financial institutions for all standardisedclearable derivatives, so as to ensure better assessment of counterparty credit risk, and backs the aim of trading as many standardisedclearable derivatives as possible, in future, on organised markemarkets that are regulated or equivalent to a regulated market within the meaning of the Directive on markets in financial instruments;
Amendment 113 #
2010/2008(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives totailor- made derivatives drawn up for the specific purpose of hedgeing firms’ transactions and purthe standard derivatives available on the financial market derivatives;
Amendment 127 #
2010/2008(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is of the opinion that, through clearing, collateral and mark to market arrangements and by adjusting capital requirements to reflect the risk of any particular trade, counterparty credit risk can be reduced for contracts cleared centrally via central counterparty clearing facilities (CCPs) and non- centrally cleared contracts; backs the Commission in proposing higher capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed with;
Amendment 128 #
2010/2008(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is of the opinion that, through clearing arrangements and by adjusting capital requirements, counterparty credit risk can be reduced for contracts cleared centrally viathrough clearing by central counterparty clearing facilities (CCPsS) and, for non-centrally cleared contracts, by adjusting capital requirements; backs the Commission in proposing higher capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed withcontracts for which collateral is exchanged bilaterally by parties and which are not subject to central clearing;
Amendment 134 #
2010/2008(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Backs the Commission in its intention to confer responsibilities for authorising European and third-country clearing houses on the European Securities and Markets Authority (ESMA) and see considerable legitimacy in their supervision by this same Authority, inter alia pooling of supervisory expertise in one body and the fact that the risk associated with a CCP will be crossborder, chiefly aligned with the perimeter of financial institutions participating in the CCP;
Amendment 141 #
2010/2008(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 160 #
2010/2008(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- CCP-cleared and calls for trade repositories to be regulated and supervised under EMSMA direction;
Amendment 176 #
2010/2008(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPs under independent European responsibility which are independent from key market participantEurope-based CCPs for the clearing of derivatives;
Amendment 178 #
2010/2008(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPs under independent European responsibility which are independent from key market participants;and within a strong and consistent governance and risk management framework and calls for the establishment of European infrastructures for certain key euro denominated instruments like eligible for clearing credit default swaps.
Amendment 184 #
2010/2008(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Assumes that, in the legislative proposal, the Commission will make bilateral clearing for non-financial institutionall market participants possible on the basis of an understandable risk assessment in future, too, if graduated capital charges for financial institutions are ensured;.
Amendment 187 #
2010/2008(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Assumes that, in the legislative proposal, the Commission will make the bilateral clearingexchange of collateral for non- financial and non-systemic institutions possible on the basis of an understandable risk assessment in future, too, if graduappropriated capital charges for are imposed on financial institutions are ensured;
Amendment 220 #
2010/2008(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is of the view that high-risk derivatives from non-financial institutions must also be regulated, with a requirement for all clearable derivatives to be cleared by a CCP, despite accounting, according to the market analyses to hand, for a small proportion of the total;
Amendment 223 #
2010/2008(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls for any derivative position, whether taken by financial or non- financial institutions, above a certain threshold to be specified by ESMA to be centrally cleared by a CCP;
Amendment 230 #
2010/2008(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes that for trading commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that that market operates transparently in order to stem specbe it OTC or on-exchange and, is not subject to market manipulation;.
Amendment 232 #
2010/2008(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. NCalls for enabling the ESMA and the competent authorities with a wide range of powers to effectively tackle dysfunctions in derivatives markets, e.g. banning naked selling of CDS or requiring physical settlement of derivatives and setting position limits to avoid undue concentration of dealers on some market segments; in particular, notes that for trading commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that that market operates transparently in order to stem speculation and avoid undue volatility;
Amendment 240 #
2010/2008(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
Amendment 244 #
2010/2008(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines the fact that regulation which is as consistent as possible and internationally coordinated is desirable, but, since there are differing viewpoints and stakes, considers separatedifferent European regulation for derivatives to be necessary should international targets be detrimental to either market liquidity or the positioning of European financial centres or contrary to other European legislation, and;
Amendment 245 #
2010/2008(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines the fact that regulation which is as consistent as possible and internationally coordinated is desirable, but that, since there are differing viewpoints, considers separate European regulation for derivatives to be necessaryshould take account of Europe’s specific circumstances;
Amendment 248 #
2010/2008(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls for a cohesive approach within Europe in order to leverage on each financial centre strengths and take the opportunity of this crisis to move a step further in the integration and development of an efficient European financial market;
Amendment 250 #
2010/2008(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Calls to support industry initiatives and acknowledge their value since they can, in some instances, be as appropriate as and supplemental to legislative action.
Amendment 23 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following paragraphoint shall be added to Article 136(1) of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may(c) to establish a permanent stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a wholecomposed of Member States whose currency is the euro. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality consistent with the principles and objectives of the Union, as laid down in the Treaty on European Union and in this Treaty. The permanent stability mechanism should be designed in such a way as to foster budgetary discipline and to contribute to long-term sustainable finances.".
Amendment 256 #
2010/0251(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. For the purposes of this Regulation, a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a Member State or the Union, to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for whichthe risk of decline in value of any asset of the natural or legal person where the pricvalue of its debt has a highthe asset is positively correlation withed to the price of the obligation of a Member State or the Union. The party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph.
Amendment 262 #
2010/0251(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the relevant competent authority whenever the position reaches or falls below a relevant notification threshold referred to in paragraph 2of that fact upon the request of that competent authority.
Amendment 263 #
2010/0251(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 279 #
2010/0251(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
A trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing orders on the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share. The collected data shall be made available to the relevant competent authority. The trading venue shall publish at least daily a summary of the volume of orders marked as short orders. for each traded share on that trading venue.
Amendment 152 #
2010/0250(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) The characteristics of the foreign exchange market (daily volume of the transaction, currency pairs, important of third country transactions, settlement risk addressed through a robust existing mechanism) call for an appropriate regime that would rely notably on preliminary international convergence and mutual recognition of the relevant infrastructure. In this respect exemption on foreign exchange swaps and forwards should be considered by ESMA.
Amendment 158 #
2010/0250(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) The regulatory capital charge for financial counterparties dealing in OTC derivatives which are cleared bilaterally and not in a central clearing house should be able to be calculated in relation to the levels of potential loss associated with the risk of default, measured for each counterparty.
Amendment 190 #
2010/0250(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27 a) The relevant competent authority should satisfy itself that a CCP maintains sufficient available financial resources (which should include a minimum contribution of own funds of the CCP), in accordance with guidelines issued by ESMA.
Amendment 204 #
2010/0250(COD)
Proposal for a regulation
Recital 37 a (new)
Recital 37 a (new)
The FSB has identified CCPs as systemically important institutions. There is no common practice internationally or within the European Union regarding conditions under which CCPs may access central bank liquidity facilities or may need to be licensed as credit institutions. The implementation of the clearing obligation required by this Regulation may increase the systemic importance of CCPs and the need for liquidity. The Commission should therefore be invited to take into account any results of ongoing work between central banks, to assess, in cooperation with the ESCB, the possible need for measures to facilitate CCPs' access to central bank liquidity facilities in one or more currencies and to report to the European Parliament and the Council.
Amendment 304 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2 a (new)
Article 3 – paragraph 1 – subparagraph 2 a (new)
OTC derivatives contracts entered into before the date from which the clearing obligation takes effect for that class of derivatives are exempted from the clearing obligation.
Amendment 393 #
2010/0250(COD)
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a In order to promote effective and consistent global regulation of derivative contracts, the Commission, may submit proposals to the Council for an appropriate mandate for negotiation with a view to obtaining an agreement on the effective equivalent legislation applicable to transactions executed outside the European Union by financial counterparties and non-financial counterparties referred to in article 7.
Amendment 402 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
A CCP that has been authorised to clear eligible OTC derivative contracts shall accept clearing such contracts on a non- discriminatory basis, regardless of the venue of execution and based where possible on international open industry standards.
Amendment 413 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Financial counterparties and non-financial counterparties referred to in Article 7(1) shall report to a trade repository registered in accordance with Article 51 or recognised under Article 53 the details of any OTC derivative contract they have entered into and anyconcluded and any material modification, novation or termination of the contract. The details shall be reported no later than the working day following the execution, clearing, or modification of the contractconclusion, modification, novation or termination of the contract, except where provided in acts adopted under paragraph 5.
Amendment 424 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
Amendment 429 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2 a (new)
Article 6 – paragraph 1 – subparagraph 2 a (new)
A counterparty that reports the full details of a contract to a trade repository shall not be considered in breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision.
Amendment 442 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
A counterparty which is subject to the reporting obligation may delegate the reporting of the details of the OTC derivative contract to the other counterparty or a third party.
Amendment 443 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
A counterparty that reports the full details of a contract to a trade repository on behalf of another counterparr a competent authority shall not be considered in breach of any restriction on disclosure of information imposed by that any contract or by any legislative, regulatory or, administrative or other legal provision.
Amendment 445 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 3
Article 6 – paragraph 3 – subparagraph 3
No liability resulting from that disclosure shall lie withfall on the reporting entity or its directors or employees or others persons acting on its behalf.
Amendment 461 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 5 – subparagraph 1
Article 6 – paragraph 5 – subparagraph 1
In order to ensure uniform conditions of application of paragraphs 1 and 2, powers are conferred upon the Commission to determine the timing format and frequency of the reports referred to in paragraphs 1 and 2 for the different classes of derivatives, including cases where it would be appropriate to allow a longer period for reporting than that specified in paragraph 1, and to determine protocols and processes for reporting to avoid duplication of reports or records of an OTC derivative contract. The draft implementing standards referred to in the first subparagraph shall be adopted in accordance with [Article 7e] of Regulation …/… [ESMA Regulation].
Amendment 525 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
For the purposes of point (b), the value of outstanding contracts shall be marked-to- market on a daily basis and risk management procedures shall require the timely, and accurate and appropriately segregated exchangeexchange of an appropriate amount of collateral ofr collateral or the appropriate and proportionate holding of capitalmpliance with proportionate regulatory capital requirements, in each case where appropriate and in respect of the net exposures between the parties. Financial counterparties and the non- financial counterparties referred to in Article 7(2) must offer counterparties the option of segregation of initial margin at the outset of the contract.
Amendment 548 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Where a CCP that is a legal perscredit institution established in the Union and has access to adequate liquidity intends to perform its services and activities, it shall apply for authorisation to the competent authority of the Member State where it is established.
Amendment 551 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Such liquidity could results from access to central bank liquidity or to creditworthy and reliable commercial bank liquidity, or a combination of both. Access to liquidity could result from an authorisation granted in accordance with Article 6 of Directive 2006/48/EC or other appropriate arrangements.
Amendment 632 #
2010/0250(COD)
Proposal for a regulation
Article 20 – paragraph 3
Article 20 – paragraph 3
3. Without prejudice to cases covered by criminal law, the competent authorities, ESMA, bodies or natural or legal persons other than competent authorities which receive confidential information pursuant to this Regulation may use it only in the performance of their duties and for the exercise of their functions, in the case of the competent authorities, within the scope of this Regulation or, in the case of other authorities, bodies or natural or legal persons, for the purpose for which such information was provided to them or in the context of administrative or judicial proceedings specifically related to the exercise of those functions, or both. Where ESMA, the competent authority or other authority, body or person communicating information consents thereto, the authority receiving the information may use it for other purposes.
Amendment 647 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – introductory part
Article 23 – paragraph 2 – introductory part
2. ESMA, in consultation with the competent authorities within the Union, shall recognise a CCP from a third country, where the following conditions are met:
Amendment 653 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point c
Article 23 – paragraph 2 – point c
(c) co-operation arrangements have been established in accordance with paragraph 4.
Amendment 654 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point c a (new)
Article 23 – paragraph 2 – point c a (new)
(c a) an equivalent mutual recognition regime has been implemented in that third country.
Amendment 751 #
2010/0250(COD)
Proposal for a regulation
Article 36 – paragraph 3
Article 36 – paragraph 3
3. A CCP shall publicly disclosedisclose to its clearing members and competent authority the price information used to calculate its end of day exposures with its clearing members and. A CCP shall publicly disclose the volumes of the cleared transactions for each class of instruments cleared by the CCP on an aggregated basis.
Amendment 761 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. A CCP shall keep records and accounts that shall enable it, at any time and without delay, to identify and segregate the assets and positions of one clearing member from the assets and positions of any other clearing member and from its own assets including, where relevant, the assets provided via a title transfer financial collateral arrangement.
Amendment 838 #
2010/0250(COD)
Proposal for a regulation
Article 41 – paragraph 1 a (new)
Article 41 – paragraph 1 a (new)
1 a. The amount of own funds of a CCP, as mentioned in paragraph 1, should be proportionate to the risks shared by the CCP and the others underwriting risk in the CCP.
Amendment 907 #
2010/0250(COD)
Proposal for a regulation
Article 55
Article 55
Amendment 913 #
2010/0250(COD)
Proposal for a regulation
Article 55 a (new)
Article 55 a (new)
Article 55a Supervisory fees 1. ESMA shall charge fees to the trade repositories in accordance with this Regulation and the Regulation on fees referred to in paragraph 2. Those fees shall fully cover ESMA's expenditure relating to the registration and supervision of trade repositories. 2. The Commission shall adopt a Regulation on fees. That Regulation shall determine in particular the type of fees and the matters for which fees are due, the amount of the fees and the way in which they are to be paid. 3. The amount of a fee charged to a trade repository shall cover all administrative costs incurred by ESMA for its registration and supervision activities and be proportionate to the turnover of the trade repository concerned. 4. The Commission shall adopt the Regulation on fees referred to in the first subparagraph by means of a delegated act.
Amendment 914 #
2010/0250(COD)
Proposal for a regulation
Article 55 b (new)
Article 55 b (new)
Article 55b Fines 1 Where ESMA's Board of Supervisors finds that a trade repository has committed an infringement it shall adopt a decision imposing a fine in accordance with paragraph 2. An infringement by a trade repository shall be considered to have been committed intentionally if ESMA has discovered objective elements which demonstrate that the trade repository or its senior management acted deliberately to commit the infringement. 2. The basic amounts of the fines referred to in paragraph 1 shall be included within EUR 2,500 and shall not exceed EUR 10,000. In order to decide whether the basic amount of the fines should be at the lower, the middle or the higher end of the limits set out in the first subparagraph, ESMA shall have regard to the annual turnover of the preceding business year of the trade repository concerned. The basic amount shall be at the lower end of the limit for trade repositories whose annual turnover is below EUR 1 million, the middle of the limit for the trade repository whose turnover is between EUR 1 and 5 million and the higher end of the limit for the trade repository whose annual turnover is higher than EUR 5 million. 4. Notwithstanding paragraphs 2, the amount of the fine shall not exceed 20 % of the annual turnover of the trade repository concerned in the preceding business year but, where the trade repository has directly or indirectly benefitted financially from the infringement, the amount of the fine shall be at least equal to that benefit
Amendment 915 #
2010/0250(COD)
Proposal for a regulation
Article 56
Article 56
Periodic penalty payments 1. At the request of ESMA, the Commission may,ESMA's Board of Supervisors shall by decision, impose periodic penalty payments oin any persons employed by or for a trade repository or related to it, in order to compel them:order to compel: (a) a trade repository to put an end to an infringement; (ab) to put an end to an infringement; (b)a person involved in trade repositories and related third parties to supply complete and correct information which ESMA has been requested; (c) puersuant to Article 61(2); (c)ons involved in trade repositories and related third parties to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by ESMA pursuant to Article 61(2); (d) to submit to an on-site inspection ordered by ESMA pursuant to Article 61(2); (d) persons involved in trade repositories and related third parties to submit to an on-site inspection. 2. The periodic penalty payments provided for shall be effective and proportionate. The amount of the periodic penalty payments shall be imposed for each day of delay. It shall not exceed 53. Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year and. It shall be calculated from the date stipulated in the decision. imposing the periodic penalty payment. 4. A periodic penalty payment may be imposed for a period of no more than six months following the notification of ESMA's decision. After 6 months ESMA shall consider the measures set out in Article 58a (1)a.
Amendment 917 #
2010/0250(COD)
Proposal for a regulation
Article 57
Article 57
Hearing of the persons concerned before supervisory measures, fines and/or penalty payments are imposed 1. Before taking any decision on a fine or periodic penalty payment as provided for in Articles 55 and 56, the Commprovided for in Article 58a(1), ESMA's Board of Supervisors shall give the persons subject to the proceedings the opportunity to be heard on the matters to which ESMA has taken objection. ESMA's Board of Supervisors shall base its decisions only on objections on which the parties concerned have been able to comment. The first subparagraph does not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA's Board of Supervisors may adopt an interim decission and shall give the persons concerned the opportunity to be heard on the matters to which the Commission has taken objection. The Commissionas soon as possible after having taken its decision. 2. Before taking any decision imposing a fine and/or periodic penalty payment as provided for in Article 55 and points (a) to (d) of Article 56 (1), ESMA's Board of Supervisors shall give the persons subject to the proceedings the opportunity to be heard on the matters to which ESMA has taken objection. ESMA's Board of Supervisors shall base its decisions only on objections on which the persons concerned have been able to comment. 23. The rights of defence of the persons concerned shall be fully respected in the proceedings. Those personsey shall be entitled to have access to the CommissionESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information andincluding internal preparatory documents of the CommissionESMA.
Amendment 918 #
2010/0250(COD)
Proposal for a regulation
Article 58
Article 58
Amendment 919 #
2010/0250(COD)
Proposal for a regulation
Article 58 a (new)
Article 58 a (new)
Amendment 920 #
2010/0250(COD)
Proposal for a regulation
Article 59
Article 59
Review by the Court of Justice of the European Union The Court of Justice of the European Union shall have unlimited jurisdiction to review decisions whereby the CommissionESMA has imposed a fine or a periodic penalty payment. The Court of JusticeIt may annul, reduce or increase the fine or periodic penalty payment imposed.
Amendment 926 #
2010/0250(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point d a (new)
Article 63 – paragraph 2 – point d a (new)
(d a) the relevant authorities of a third country that has entered into a international agreement with the Union as referred to in Article 62 provided that they agree to indemnify the trade repository and the EU authorities for any expenses arising from litigation relating to the information provided by the trade repository.
Amendment 949 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 2 – introductory part
Article 67 – paragraph 2 – introductory part
2. A trade repository shall make the necessary information available to the following entities:, provided that access to such information is strictly necessary to enable them to fulfil their respective responsibilities and mandates.
Amendment 953 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 3
Article 67 – paragraph 3
3. ESMA shall share the information necessary for the exercise of their duties with other relevant competent authorities.
Amendment 954 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 4 – subparagraph 1
Article 67 – paragraph 4 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the details of the information referred to in paragraphs (1) and (2). and when it is necessary for the authorities referred to in paragraph (2) to have access to that information. The regulatory technical standards shall ensure that the information published under paragraph (1) shall not be capable of identifying any party to any contract.
Amendment 959 #
2010/0250(COD)
Proposal for a regulation
Article 67 a (new)
Article 67 a (new)
Article 67a In order to ensure that they can fulfil their mission, trade repositories shall be adequately organized in order to be in a position to give to ESMA and relevant competent authorities direct and immediate access to the details of derivatives contracts as referred to in article 6.
Amendment 962 #
2010/0250(COD)
Proposal for a regulation
Article 68 – paragraph 1
Article 68 – paragraph 1
By 31 December 20134 at the latest, the Commission shall review and report on the institutional and supervisory arrangements undprepare a general report on this Regulation. The Commission shall submit the report to the European Parliament and the Council, together Twitle III and in particular the role and responsibilities of ESMA. The Commission shall submit the report to the European Parliament and the Council, together with any appropriate proposalsh any appropriate proposals. The Commission shall in particular: - assess the need for any measures to promote central clearing for those classes of derivative contracts that are subject to a clearing obligation but for which no CCP has yet received authorization; - assess in cooperation with the ESCB the need for any measure to facilitate the access of CCPs to central bank liquidity facilities, including the appropriateness of requiring a CCP to be subject to certain authorization requirements under Directive 2006/48/EC, and taking into account any results of ongoing work between central banks at the international level.
Amendment 963 #
2010/0250(COD)
Proposal for a regulation
Article 68 – paragraph 1 – subparagraph 2
Article 68 – paragraph 1 – subparagraph 2
Amendment 150 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point h a (new)
Article 2 – paragraph 1 – point h a (new)
(ha) The duty to pay contributions only applies when the amount of funds held by the DGS is less than the target level.
Amendment 152 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point i
Article 2 – paragraph 1 – point i
(i) ‘'available financial means’' means cash, deposits and low-risk assets with a residual term to final maturity of 24 months or less, which can be liquidated within a time limit not exceeding the limit set by Article 7(1);
Amendment 155 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point i a (new)
Article 2 – paragraph 1 – point i a (new)
(ia) Available financial means may also include: (I) payment commitments which are duly backed by collateral and subject to the following conditions: a) the collateral consists of low risk assets unencumbered by any third party rights, at the free disposal, and earmarked for the exclusive use of the Deposit Guarantee Scheme which has the irrevocable right to claim these payments on demand, b)Valuation haircuts are applied in the valuation of underlying assets and the DGS requires the haircut-adjusted market value of the underlying assets to be maintained over time.
Amendment 192 #
2010/0207(COD)
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Amendment 200 #
2010/0207(COD)
Proposal for a directive
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. The beginning of the pay out period requires that accurate data on depositors and deposits, which are necessary for the verification of claims, and a valid account number for such pay out are available.
Amendment 220 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
The available financial means shall at least reach the target level. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level is reached again. WThe regular contributions are 0.1% of covered deposits. After the target level has been reached for the first time, where the available financial means amount to less than two thirds of the target level due to funds being paid out, the regular contribution shall not be less than 0.25% of eligiblecovered deposits.
Amendment 274 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The contributions to Deposit Guarantee Schemes referred to in Article 9 shall be determined for each member on the basis of the degree of risk incurred by it. Credit institutions shall not pay less than 75% or more than 2050% of the amount that a bank with an average risk would have to contribute. Member States may decide that members of Schemes referred to in Article 1(3) and (4) pay lower contributions to Deposit Guarantee Schemes but not less than 37.5% of the amount that a bank with an average risk would have to contribute.
Amendment 63 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Directive 97/9/EC
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. Each Member State shall ensure that within its territory one or more investor- compensation schemes are introduced and officially recognized. Except in the circumstances envisaged in the second subparagraph and in Article 5(3), no investment firm authorized in that Member State or UCITS authorized in that Member State may carry on investment business or carry on activities as a UCITSmay carry on investment business, unless it belongs to such a scheme.
Amendment 73 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2b
Article 2 – paragraph 2b
Amendment 75 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2c
Article 2 – paragraph 2c
Amendment 4 #
2009/2202(INI)
Motion for a resolution
Citation 4
Citation 4
having regard to Article 13 of the Treaty on the Functioning of the European Union, which lays down that, in formulating and implementing the Union's agriculture, fisheries, transport, internal market, research and technological development and space policies, the Union and the Member States shall always, since animals are sentient beings, pay full regard to the welfare requirements of animals as sentient beings, while respecting the legislative or administrative provisions and customs of the Member States relating in particular to religious rites, cultural traditions and regional heritage,
Amendment 25 #
2009/2202(INI)
Motion for a resolution
Recital B
Recital B
B. whereas our high animal welfare standards are part of the 'brand' of European agricultural producers, but only on condition that the rules in force are genuinely complied with,
Amendment 42 #
2009/2202(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the communication from the Commission of October 2009 entitled 'A better functioning food supply chain in Europe' indicates that 'significant imbalances in bargaining power between contracting parties are a common occurrence' and that they 'have a negative impact on the competitiveness of the food supply chain as smaller but efficient actors may be obliged to operate under reduced profitability, limiting their ability and incentives to invest in improved product quality and innovation of production processes',
Amendment 46 #
2009/2202(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes the Community Action Plan on the Protection and Welfare of Animals 2006-2010, which has for the first time translated the Protocol on protection and welfare of animals, appended to the Amsterdam Treaty, into an integrated approach to the development of the protection of animals in Europe;
Amendment 60 #
2009/2202(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Appreciates the work which has been done to develop alternatives to animal testing and the Commission's efforts, under the auspices of the WTO and in bilateral agreements with third countries, to assign the highest priority to animal welfare; notes, however, that much remains to be done with regard to the principle of reciprocity in imports from third countries and compliance with the standards of the Union;
Amendment 63 #
2009/2202(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Observes that numerous measures, most of them requiring significant investment, have been taken by the parties concerned during the period 2006-2010 to improve animal welfare;
Amendment 70 #
2009/2202(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes with great satisfaction the progress which has been made in the Animal Welfare Quality Project, as regards new science and knowledge relating to animal health indicators; notes, however, that this project has not fully taken into account the promotion, in practice, of the use of these indicators;
Amendment 80 #
2009/2202(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets, nonetheless, that more has not been done to adopt a proposal for new rules on animal transport and the associated issue of developing a satellite system to monitor such transport, and urges the Commission, in the time still remaining before the action plan expires, to take the initiative in this fieldNotes that no progress is being made with the adoption of a proposal for new rules on animal transport;
Amendment 106 #
2009/2202(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is particularly concernedObserves that, despite the clear recommendations and conclusions issued by the European Food Safety Authority (EFSA) in this regard, many pig farmers in Europe are violatinghave been unable to implement the provisions of Directive 2008/120/EC of 18 December 2008 laying down minimum standards for the protection of pigs, and calls on the Commission, therefore, to devise without delay a strategy to increase compliance with this Directive;
Amendment 141 #
2009/2202(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that Article 13 of the Treaty on the Functioning of the European Union has created a new legal situation in which new powers and greater responsibility have been vested in the European Union and its institutions and considers that this article applies to all animals and not onlylays down that, when formulating and implementing Union policy in the fields of agriculture, fisheries, transport, the internal market, research and technological development and space, the Union and Member States shall, since animals are sentient beings, pay full regard to the welfare requirements of animals, while respecting the legislative or administrative provisions and customs of the Member States relating in particular to religious rites, cultural traditions and regional heritage; considers that this article applies to all livestock and animals in captivity, such as food- producing animals, circus animals and animals in zoos;
Amendment 153 #
2009/2202(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission, in the light of Article 13 of the Treaty on the Functioning of the European Union, to submit no later than 2012 a proposal for general animal welfare legislation for the EU which, on the basis of an impact assessment and consultation of stakeholders, as well as the available science and proven experience, should contribute to a common understanding of the concept of animal welfare and, the fundamental conditions applicable and the costs of animal welfare;
Amendment 160 #
2009/2202(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that this general animal welfare legislation, which should be accompanied by individual legal acts concerning specific species of animal, must include suitable guidelines on responsible keeping of animals, a common system for monitoring and to gather comparable data, as well as requirements relating to basic know-how on the part of handlers of animals and provisions establishnd provisions establishing the particular responsibilities of animal owners; stresses that it is necessary to continue to devote attention to the way in which any such specific acts are applied, ensuring thein particular responsibilithat Parliament's prerogatives of animal ownersare safeguarded;
Amendment 177 #
2009/2202(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the debate concerning various possible animal welfare labelling schemes in the aforementioned Commission communication of 28 October 2009, and stresses that it is important that consumers in the European Union should receive adequ; recalls, however, the need to consider them in a wider context, taking account, in particular, of the various existing environmental, nutritional and climate labelling schemes; stresses thate information to enable them to make well-informed choices in this regard as well as in otherson the subject for European consumers absolutely must have a sound and consensual scientific basis and be clear to the consumer;
Amendment 195 #
2009/2202(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 256 #
2009/2202(INI)
Motion for a resolution
Heading 4
Heading 4
A European network of reference centres for animal welfare and animal health
Amendment 268 #
2009/2202(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers that a European network of reference centres for animal welfare and animal health should be established no later than 2012, whose work should be based on the general animal welfare legislation proposed above;
Amendment 280 #
2009/2202(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 306 #
2009/2202(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Considers furthermore that, having regard to Article 13 of the Treaty on the Functioning of the European Union, such a centrenetwork should, inter alia, be assigned the tasks of assessing and stating views on future legislative and policy proposals and their impact on animal welfare and animal health, assessing precisely the economic impact of any new rules on the subject, defining and assessing animal welfare standards on the basis of the latest available knowledge, providing training and information about animal welfare and animal health, and coordinating an EU system for testing new techniques;
Amendment 316 #
2009/2202(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission as soon as possible to perform comprehensive inspections to ascertain how the Member States are applying and enforcing existing animal welfare ruleto continue its inspections, particularly concerning animal transport and pigs, and if necessary to assess the causes of any shortcomings and to propose in 2012 at the latest recommendations, guidelines and other necessary measures to tackle problems;
Amendment 337 #
2009/2202(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that the aim must be a purposeful, risk-based monitoring system in which objective factors such as mortality statistics and the use of antibioticspresence of disease are central;
Amendment 347 #
2009/2202(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Stresses that the European Union budget must include sufficient appropriations to enable the Commission to monitor the Member States more effectively and comprehensively perform its monitoring this regardasks;
Amendment 371 #
2009/2202(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Recalls that the use ofanimal health is an essential component of animal welfare; considers that, in this context, antibiotics resis tance indicator of the state of health of animals, and expresses its deep co animals is cause for concern, as it jeopardises their health and therefore, indirectly, their welfare; stresses that antibiotic resistancer in about the acute problem ofnimals may result in antibiotic resistance in animals and humanshumans, particularly through the food chain;
Amendment 376 #
2009/2202(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 404 #
2009/2202(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Recalls in this context its aforementioned resolution of 22 May 2008, which likewise stressed the problem of antibiotic resistance, and eEmphasises that farmers, breeders and animal owners are primarily responsible for monitoring animals' health and welfare;
Amendment 419 #
2009/2202(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Calls for an assessment and further development of the Animal Welfare Quality Project, particularly as regardsto simplify its use on farms and thus provide incentives for farmers and producers to use the new indicators, as much work remains to be done to prepare the new indicators for practical application;
Amendment 422 #
2009/2202(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Considers that it will prove complex to measure these animal welfare indicators in the case of imported products; stresses that, without calling into question their utility or validity, these tools should not distort competition to the detriment of European producers;
Amendment 423 #
2009/2202(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 430 #
2009/2202(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Calls on the Commission as soon as possible, and in close cooperation with European producers' organisations and other operators, to propose a system for practical trialling of new techniques within the European Union which are relevant to animal welfare, and considers that - in addition to common test standards - such a system should comprise a structure for use in disseminating the results amongto communicate the results to the operators and authorities of the various Member States;
Amendment 436 #
2009/2202(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls on the Member States in this context to make better use of the opportunities for support for applied research and investment in innovation and modernisation beneficial to animal welfare which is available from EU rural development funds and the 7th Framework Programme (2007-2013) of DG Research;
Amendment 2 #
2009/2157(INI)
Motion for a resolution
Citation 3
Citation 3
Amendment 11 #
2009/2157(INI)
Motion for a resolution
Recital B
Recital B
B. whereas agriculture is directly affected, since it manages the landis one of the human economic activities which manage the natural resources necessary to human survival,
Amendment 19 #
2009/2157(INI)
Motion for a resolution
Recital C
Recital C
C. whereas agriculture, as the main source of two major GHGs (nitrous oxide and methane), which are emitted by intrinsically biological processes linked to all kinds of agricultural production, is contributing to climate change while also being very vulnerable to its adverse impact, which has repercussions for European food safety,
Amendment 28 #
2009/2157(INI)
Motion for a resolution
Recital D
Recital D
D. whereas GHG emissions caused by agricultural activity (including rearing) decreased by 20% between 1990 and 2007 in the 27 Member States, and whereas the proportion of the Union’s GHGse emissions produced by agriculture dropped from 11% in 1990 to 9.3% in 2007, inter alia as a result of smaller hmore effective use of fertiliserds and more sustainable fertiliser useliquid manure, the recent structural reforms of the CAP and the gradual implementation of agricultural and environmental initiatives,
Amendment 41 #
2009/2157(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the agricultural sector is capable of adapting with the help of farmers’ know-how, a strong CAP and research and innovation developments; whereas, however, since the natural processes involved are difficult to deal with, a great deal of effort must be made,
Amendment 43 #
2009/2157(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas European agriculture constitutes a pool of jobs which should be protected and expanded,
Amendment 44 #
2009/2157(INI)
Motion for a resolution
Recital G b (new)
Recital G b (new)
Gb. whereas agriculture remains vital to the continuance of human activity in European rural areas, inter alia because of the wide range of services which farmers can provide for the rest of society;
Amendment 58 #
2009/2157(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Affirms that EU agriculture can contribute to the Union’s global warming mitigation objectives by finding ways to limit and reduce its GHG emissions, promoting carbon storage in the soil and developing the production of sustainable renewable energies; emphasises that, to this end, it is essential to foster the development of a different kind of agriculture better able topotential of European agriculture to improve its sustainability and focus on improving production efficiency by reducing emissions per production unit, whilst reconcileing economic, social and environmental imperatives with the natural potential of each ecosystem;
Amendment 83 #
2009/2157(INI)
Motion for a resolution
Paragraph 3 – introduction
Paragraph 3 – introduction
3. Calls, in particular, for the future CAP to encourage – through the provision of information, training and incentives – practices that limitcontribute to improving the efficiency of agriculture and its potential to reduce GHG emissions, and/or fix carb to improving carbon sequestration, including:
Amendment 85 #
2009/2157(INI)
Motion for a resolution
Paragraph 3 – indent 1
Paragraph 3 – indent 1
- simplified cultivation techniques that provide plant cover (such as reduced or no-tillage and leaving crop residues on the ground) and facilitate intercropping and crop rotation, thereby maximising photosynthesis and helping to enrich the soil with organic matter, as demonstrated by the SoCo project launched at the European Parliament’s instigation; farm modernisation (building insulation, energy-efficient equipment and the use of renewable energies); Or. fr (Indents 1 and 4 should change places with each other)
Amendment 98 #
2009/2157(INI)
Motion for a resolution
Paragraph 3 – indent 3
Paragraph 3 – indent 3
- protection of carbon-rich land (peatlandarable crop bans on peatland) and wetlands (growing suitable crops, such as reeds, as an alternative to drainage); and
Amendment 102 #
2009/2157(INI)
Motion for a resolution
Paragraph 3 – indent 4
Paragraph 3 – indent 4
- farm modernisation (building insulation, energy-efficient equipment and the use of renewable energies); simplified cultivation techniques that provide plant cover (such as reduced or no-tillage and leaving crop residues on the ground) and facilitate intercropping and crop rotation, thereby maximising photosynthesis and helping to enrich the soil with organic matter, as demonstrated by the SoCo project launched at the European Parliament’s instigation; Or. fr (Indents 1 and 4 should change places with each other)
Amendment 106 #
2009/2157(INI)
Motion for a resolution
Paragraph 3 d (new)
Paragraph 3 d (new)
3d. Points out, however, the need for coherence between the objective of reducing emissions and other environmental objectives, as some farming techniques might have undesirable effects such as an increase in the consumption of plant protection products as a result of non-tillage techniques;
Amendment 115 #
2009/2157(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends introducing an effective forestry policy that promotes sustainable forestry management and production and does more to tap the potential and the economic development of this industry, which is the one that makes the greatest contribution to carbon capture;
Amendment 120 #
2009/2157(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Emphasises that nitrous oxide emissions can be cut significantly by making more limited and effective use of nitrogen fertilisers (such as precision farming, farm advisory schemes, plot monitoring), encouraging the use of organic fertilisers based on recovered waste (local biomass from intercropping, and forest waste, compost, sludge), developing intermediate crops such as forage legumes and identifying new varieties with superior carbon and nitrogen capture potential and, above all, developing farming techniques which aim to improve nitrogen efficiency;
Amendment 132 #
2009/2157(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that better animal manureoptimised storage – and the application systems– of organic fertiliser and the processing of such manure in biogas factoriefertiliser in anaerobic digesters are currently some of the most promising ways of reducing methane emissions (whilst also providing a source of renewable energy), particularly in regions characterised by high-density livestock farming;
Amendment 139 #
2009/2157(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the speeding up of administrative simplification and of research and development work on the exploitation and utilisation of biomass found on farms (farm and forest waste), biogas from livestock farming and other sustainable agrofuels, provided that the latter do not jeopardise food security;
Amendment 146 #
2009/2157(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Emphasises that the Union’s position as the leading importer of agricultural produce results in a higher carbon cost than that generated by European farms, owing to the lower environmental standards often found in non-EU countries coupled with long-distance transport emissions; takes the view that there is a need to inform consumers by means of appropria targeted carbon footprint labelling, to compensate European farmers fairly for their efforts to reduce emissions, and toommunication strategy; notes that particular emphasis must be placed on a healthy, balanced diet made up of high- quality regional and seasonal items produced by an efficient and highly productive agricultural system; encourages local farms to diversify (inter alia by developing EU production of plant proteins);
Amendment 159 #
2009/2157(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Emphasises that EU agriculture must nowis adapting and must continue to adapt to the effects of the climate change currently taking place and prepare for its negative net impact on many regions of the Union;
Amendment 162 #
2009/2157(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers in this regard that the Union must develop a coherent strategy for agriculture to adapt to the two kinds of adverse climatic effects anticipated: - overall global warming; - more marked variations in climate conditions resulting in an increase in extreme weather events;
Amendment 173 #
2009/2157(INI)
Motion for a resolution
Paragraph 13 – indent 2
Paragraph 13 – indent 2
- choosing crop varieties, particularly those selected for their ability to resist extreme weather events, and practising crop rotation according to considerations such as drought and disease;
Amendment 179 #
2009/2157(INI)
Motion for a resolution
Paragraph 13 – indent 5
Paragraph 13 – indent 5
- monitoring and controlling insects and diseasedisease; in this context, there is a need to develop national and European instruments to monitor outbreaks and repeat outbreaks;
Amendment 182 #
2009/2157(INI)
Motion for a resolution
Paragraph 13 – indent 5 c (new)
Paragraph 13 – indent 5 c (new)
- undertaking monitoring and control of insects; in this context, monitoring of invasiveness potential and cross compliance measures concerning plant health (increased controls at borders and sensitive locations such as tree nurseries and airports, biosecurity measures) must be developed;
Amendment 205 #
2009/2157(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes the view that the ‘new challenges’ of climate change, water management, renewable energies and biodiversity weare not fully taken on board at the time of the CAP Health Checkmajor issues affecting future generations, and that they should be addressed through all the CAP instruments, not just the ‘second- pillar’ subsidies;
Amendment 211 #
2009/2157(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that the current cross-compliance system, which is based on a best efforts obligation rather than an obligation to achieve results, is both very complicated for farmers and inadequate as a response to environmental issues; takes the view that a new approach focusing oncontinuing work on improvements in efficiency which might lead to more sustainable production models should be adoptencouraged, necessitating compensatory aid to cover the extra costs arising from these objectives (local eco-certification contracts) and pay for the services rendered to society through the supply of ‘public goods’ (such as the preservation of rural areas, biodiversity conservation, carbon capture and food security) that are not rewarded by the market;
Amendment 236 #
2009/2157(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers it more essential than ever to strengthen risk and crisis management instruments and adapt them to increasing market volatility and growing climatic risks, and to introduce a genuine European policy on preventing and responding urgently to natural disasters; considers it the task of the Union to implement instruments of this kind, as the stability of its agricultural production volumes is a basic stabilising factor in world prices and therefore world food safety;
Amendment 308 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Member States may maintain differences in the national transposition of Union law only if they respond to specific risks. Member States shall ensure that those differences are justified and shall communicate their specific national requirements, as well as the grounds for maintaining them, to the Commission.
Amendment 309 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 1 b (new)
Article 9 – paragraph 1 b (new)
1b. Financial market participants may communicate to the Commission differences in the national transposition or alleged incorrect application of Union law.
Amendment 370 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The system of colleges of supervisors may apply to key financial market participants, in the conditions defined by Union law. Where applicable, the Authority shall contribute to promote the efficient and consistent functioning of colleges of supervisors and fostercontrol the coherence of the application of CommunityUnion legislation across colleges.
Amendment 374 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Authority shall participate as an observer in colleges of supervisors as it deems appropriate. For the purpose of that participation, it shall be considered a 'competent authority' within the meaning of the relevant legislation and, at its request, shall receive all relevant information shared with any member of the college.
Amendment 603 #
2009/0144(COD)
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
1. Any natural or legal person, including competent authorities, may appeal against a decision of the Authority referred to in Articles 9, 10 and 11 and any other decision taken by the Authority according to legislation as referred to in Article 1(2) which is addressed to that person, or against a decision which, although in the form of a decision addressed to another person, is of direct and individual concern to that person. They may also appeal against an alleged incorrect application of Union law.
Amendment 605 #
2009/0144(COD)
Proposal for a regulation
Article 47 – paragraph 1
Article 47 – paragraph 1
1. An action may be brought before the specific panel attached to the Court of First Instance or the Court of Justice, in accordance with Articles 257 and 2630 of the Treaty, contesting a decision taken by the Board of Appeal or, in cases where there is no right of appeal before the Board of Appeal, by the Authority.
Amendment 606 #
2009/0144(COD)
Proposal for a regulation
Article 47 – paragraph 1 a (new)
Article 47 – paragraph 1 a (new)
1a. The specific panel which is an integral part of the Court of Justice institution shall exercise jurisdiction at first instance in disputes between European Supervisory Authorities and financial market participants. That panel will examine the possibilities for amical settlement of disputes at all stages of the procedure.
Amendment 343 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas wherecases specified in the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, at the request of one or more of the national supervisory authorities concerned, may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 491 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI. All other decisions of the Board of Supervisors shall be taken by simple majority of members 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.
Amendment 230 #
2009/0142(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) A report to be submitted as soon as possible to the European Parliament and to the Council by the Commission should analyse the measures necessary for a new EU framework for Crisis Management in the Banking Sector. In particular, it should examine the feasibility to set a European Financial Protection Fund or harmonised national funds to protect depositors and institutions facing difficulties when those could menace financial stability of the European single financial market.
Amendment 298 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4 – subparagraph 1 a (new)
Article 1 – paragraph 4 – subparagraph 1 a (new)
In the exercise of its tasks, the Authority shall pay particular attention to the institutions with European Union dimension, notably by ensuring a close link with the colleges of supervisors in charge of their supervision.
Amendment 152 #
2009/0140(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) one high level representative per Member State of the competent national supervisory authorities, in accordance with paragraph 3;
Amendment 154 #
2009/0140(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. When the agenda of a meeting contains points pertaining to the competence of severalith regard to the representation of national supervisory authorities in the same Member State, the respective high level representatives shall only participate in the discussion on items falling under his or her competencrotate depending on the item discussed, unless the national supervisory authorities have agreed on a common representative.
Amendment 68 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 7
Recital 7
Amendment 77 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 11
Recital 11
(11) In order to improve the efficiency of cross border right issues and to adequately take into account the size of issuers, notably credit institutions issuing the securities mentioned in Article 1(2)(j) of Directive 2003/71/EC at or above the limit laid down in that Article and companies with reduced market capitalization, a proportionate disclosure regime should be introduced for rights issues and for offers of shares of issuers with reduced market capitalization and offers of non- equity securities referred to in Article 1(2)(j) of Directive 2003/71/EC issued by credit institutions at or above the limit laid down in that Article.
Amendment 82 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 13
Recital 13
Amendment 100 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Directive 2003/71/EC
Article 2 – paragraph 1 – point m – point ii
Article 2 – paragraph 1 – point m – point ii
Amendment 143 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 9 – point a
Article 1 – point 9 – point a
Directive 2003/71/EC
Article 9 – paragraphs 1 and 2
Article 9 – paragraphs 1 and 2
Amendment 146 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 9 – point b
Article 1 – point 9 – point b
Directive 2003/71/EC
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 75 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
Amendment 108 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 26 a (new)
Recital 26 a (new)
Amendment 111 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 26 b (new)
Recital 26 b (new)
(26b) The Basel Committee is undertaking a comprehensive impact assessment in 2010 in order to calibrate the changes to the capital framework in late 2010. By 30 June 2011, the Commission should report to the European Parliament and the Council about internationally agreed changes to the proposals resulting from this recalibration exercise and bring forward a proposal to amend elements of this Directive to reflect those changes.
Amendment 112 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 26 c (new)
Recital 26 c (new)
(26c) The Basel Committee is conducting impact studies on the capital charges for securitisation positions in the trading book and on the capital charges for correlation trading portfolios. Because of (i) a desire to achieve agreement as quickly as possible on comprehensive structural reforms of the regulatory capital rules; (ii) uncertainty regarding the quantum of incremental capital charges required as a result of the changes subject to the impact studies; (iii) the incremental quantum of incremental capital required as the result of additional regulatory capital changes in the process of adoption (including reforms to tier 1 and tier 2 instruments and the introduction of new liquidity ratios); (iv) the practical limits on the amount of additional capital that credit institutions can raise in the capital markets in the immediate to medium term; and (v) the essential requirement from a public policy standpoint that credit institutions continue to make new credit available to their commercial and retail customers in significant volumes during the period of decreasing leverage of credit institutions resulting from the increased capital requirements, it is appropriate that the implementation of this Directive occur over a transitional period and that implementation should be deferred until 2012 and certain positions held on 31 December 2009 should be grandfathered to allow for their run off.
Amendment 140 #
2009/0099(COD)
Proposal for a directive – amending act
Article 2 - point 3 a (new)
Article 2 - point 3 a (new)
Directive 2006/49/EC
Article 41 – paragraph 1 – point h a (new)
Article 41 – paragraph 1 – point h a (new)
(3a) In Article 41(1), the following point is added: "(ha) technical adaptations to take account of the measures agreed at international level as far as the methodology and, if appropriate, minimum levels referred to in point 5l of Annex V, are concerned.”
Amendment 143 #
2009/0099(COD)
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2006/49/EC
Article 51 a (new)
Article 51 a (new)
(3a) The following article is inserted: "Article 51a By 30 June 2011, the Commission shall review and report, as a result of the impact assessment and internationally agreed re-calibration, Annex I, II, V and VII and submit that report to the European Parliament and the Council together with any appropriate legislative proposals."
Amendment 146 #
2009/0099(COD)
Proposal for a directive – amending act
Article 3 – paragraph 1 – subparagraph 1
Article 3 – 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 2010 at the latest. They1 January 2011. In derogation from the first subparagraph, Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with the amendments introduced by Annex II, point 1 and 3(c) to (i) of this Directive by 1 January 2012. Member States shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.
Amendment 154 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – introductory part
Annex V – section 11 – point 22 – introductory part
22. When establishing and applying the remuneration policies for those categories of staff, including senior management, whose professional activities have a material impact on their risk profile, credit institutions shall comply with the following principles in a way that is appropriate to their size, internal organisation and the nature, the scope and the complexity of their activities:
Amendment 170 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point f
Annex V – section 11 – point 22 – point f
(f) Ffixed and variable components of total remuneration are appropriately balanced; the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible bonusvariable remuneration policy, including the possibility to pay no bonus; variable remuneration, while credit institutions ensure that total variable remuneration does not limit their ability to strengthen their capital base;
Amendment 177 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point h a (new)
Annex V – section 11 – point 22 – point h a (new)
(ha) at least 50 % of the variable remuneration component is made in shares or share-linked instruments of the credit institution, subject to the legal structure of the credit institution concerned, or, for non-listed credit institutions, in other non-cash instruments where appropriate and those shares, share-linked instruments and non- cash instruments are subject to an appropriate retention policy designed to align incentives with the longer-term interests of the credit institution;
Amendment 189 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 2 – point b a (new)
Annex I – point 2 – point b a (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – point d
Annex VI – part 1 – section 12 – point 68 – point d
(ba) Point 68(d) is replaced by the following: "(d) loans secured by residential real estate or shares in Finnish residential housing companies as referred to in point 46 up to the lesser of the principal amount of the liens that are combined with any prior liens and 80 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising residential real estate exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, since their inclusion in the cover pool be at least 90 % composed of residential mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 80 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Annex and that such units do not exceed 20 % of the nominal amount of the outstanding issue. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;"
Amendment 190 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 2 - point b b (new)
Annex I – point 2 - point b b (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – point e
Annex VI – part 1 – section 12 – point 68 – point e
(bb) Point 68(e) is replaced by the following: "(e) loans secured by commercial real estate or shares in Finnish housing companies as referred to in point 52 up to the lesser of the principal amount of the liens that are combined with any prior liens and 60 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising commercial real estate exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, since their inclusion in the cover pool be at least 90 % composed of commercial mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 60 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Annex and that such units do not exceed 20 % of the nominal amount of the outstanding issue. The competent authorities may recognise loans secured by commercial real estate as eligible where the Loan to Value ratio of 60 % is exceeded up to a maximum level of 70 % if the value of the total assets pledged as collateral for the covered bonds exceed the nominal amount outstanding on the covered bond by at least 10 %, and the bondholders' claim meets the legal certainty requirements set out in Annex VIII. The bondholders' claim must take priority over all other claims on the collateral. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;"
Amendment 191 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – point 2 - point b a (new)
Annex I – point 2 - point b a (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – paragraph 3
Annex VI – part 1 – section 12 – point 68 – paragraph 3
(ba) In point 68, the third paragraph is replaced by the following: "[...] The 20 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points (d) and (e) does not apply, provided that: (i) those senior units have a credit assessment by a nominated ECAI which is the most favourable category of credit assessment made by the ECAI in respect of covered bonds; (ii) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds); and (iii) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units."
Amendment 207 #
2009/0099(COD)
Proposal for a directive – amending act
Annex II – point 1 – point a a (new)
Annex II – point 1 – point a a (new)
Directive 2006/49/EC
Annex I – point 14 a (new)
Annex I – point 14 a (new)
(aa) The following point is inserted: "14a. By way of derogation from point 14, an institution may determine the specific risk capital charge for the correlation trading portfolio as follows: the institution computes (i) the total specific risk capital charges that would apply just to the net long positions of the correlation trading portfolio and (ii) the total specific risk capital charges that would apply just to the net short positions of the correlation trading portfolio. The larger of these total amounts shall be the specific risk capital charge for the correlation trading portfolio. For the purpose of this Directive, the correlation trading portfolio shall consist of securitisation positions and nth-to-default credit derivatives that meet the following criteria: (a) the positions are neither re- securitisation positions, nor options on a securitisation tranche, nor any other derivatives of securitisation exposures that do not provide a pro-rata share in the proceeds of a securitisation tranche; and (b) all reference instruments are single- name instruments, including single- name credit derivatives, for which a liquid two- way market exists. This shall also include commonly traded indices based on these reference entities. A two-way market is deemed to exist where there are independent bona fide offers to buy and sell so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at such price within a relatively short time conforming to trade custom. Notwithstanding the exclusion of re- securitisation positions, [options on securitisation positions] or other derivatives on securitisation positions and leveraged super senior tranches in point (a), the specific risk capital charge for correlation trading set out in this paragraph shall apply to such excluded positions provided these positions were held on a firm trading book at 31 December 2009."
Amendment 242 #
2009/0064(COD)
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The financing provided to AIFM employing high levels of leverage in their investment strategies on a systematic basis should be closely monitored. To this end specific coordination should be put in place between the ESMA and the EBA to keep track of the level of financing provided to such AIFM by financial institutions involved in those activities.
Amendment 252 #
2009/0064(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Short selling plays an important role in the functioning of the financial markets and is a legitimate investment technique. Nevertheless, there is a concern that, notably in extreme market conditions, short selling may contribute to market disorder. Therefore, short selling should operate in a harmonised regulatory framework to reduce the potential destabilising effect that it may cause. In that respect, the Commission should adopt a horizontal instrument in order to avoid inconsistency and to achieve level playing field across Union legislation.
Amendment 256 #
2009/0064(COD)
Proposal for a directive
Recital 16 b (new)
Recital 16 b (new)
(16b) Consideration should be given by the Commission to develop a European private placement regime.
Amendment 433 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 4 – subparagraph 1
Article 2 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measures with a view to determining the procedures under which AIFM managing portfolios ofdelegated acts in accordance with Articles 49a, 49b and 49c to adjust requirements in relation to liquidity management, valuation, disclosure to investors applying to AIFM managing private equity funds, real-estate funds and AIFs whose assets under management do not exceed the threshold set ith specific characteristics in terms of size and number of institutional investors and that do not pose systemic risks. These adjustments shall take into account in paragraph 2(a) may exercise their right under paragraph 3the existing national laws and EU legislation applying to these products.
Amendment 524 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2 a (new)
Article 4 – paragraph 2 – subparagraph 2 a (new)
In addition to the management services, Member States may authorise AIFM to provide investment advice as a non-core service. This activity shall represent a minor part of the AIFM turnover.
Amendment 628 #
2009/0064(COD)
Proposal for a directive
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. Where the AIFM uses the services of a prime broker, this shall be materialised by a contract. In particular the possibility of transfer and reuse of AIF assets shall be made clear and shall be in compliance with the AIF rules. The depositary shall be informed about that contract. The contract between the AIFM and the depositary shall foresee this information obligation. Before they invest in the AIF, investors are informed about that clause and are updated about the identity of the prime broker. In particular investors shall be informed about the transfer of liability to the prime broker that may exist, including in case of loss of financial instruments. In that case, the delay for restitution shall be in accordance with the terms of the contract between the AIFM and the prime broker. AIFM shall exercise due skill, care and diligence in the selection and appointment of prime brokers with whom they have concluded a contract.
Amendment 732 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2 a (new)
Article 16 – paragraph 1 – subparagraph 2 a (new)
Amendment 733 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The AIFM is responsible for the proper valuation of AIF assets as well as for the calculation of the net asset value of the AIF and the publication of that net asset value. The AIFM's liability shall not be affected by the fact that it has delegated any of its tasks in relation with the AIF's valuation to a third party. All valuations, whether carried out by the AIFM or by an external valuer, shall be subject to the oversight and monitoring of the AIF's depositary.
Amendment 806 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) safe-keep any financial instruments which belong to the AIF; , namely: (i) hold in custody all financial instruments that can be held in a Central Securities Depository and in the books of the depositary. For this purpose, the depositary shall ensure the segregation of the AIF’s assets from its own assets and those of any sub-custodian, and shall open separate accounts in the name of each AIF; (ii) keep an inventory for the financial instruments that cannot be held in custody; Or. en Justification
Amendment 861 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2 a (new)
Article 17 – paragraph 2 – subparagraph 2 a (new)
The appointment of the depositary by the AIFM is materialised by a contract.
Amendment 915 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries, apart from functions of selection, monitoring and oversight over their subdepositaries and subcustodians. A depositary shall not delegate its functions to the extent that it becomes a letter-box entity.
Amendment 923 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 4 c (new)
Article 17 – paragraph 4 c (new)
4c. Depositaries shall exercise due skill, care and diligence in the selection, appointment and ongoing supervision of any third party to whom they have delegated part of their tasks.
Amendment 945 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 c (new)
Article 17 – paragraph 5 – subparagraph 2 c (new)
In the event of any loss of financial instruments which the depositary safe- keeps, as a primary obligation, without prejudice to national law, the depositary shall return the assets to the AIF without undue delay. This requirement shall apply without prejudice to legal proceedings.
Amendment 949 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 f (new)
Article 17 – paragraph 5 – subparagraph 2 f (new)
Where a depositary is legally prevented by the law of the country where the AIFM invests on behalf of the AIF to exercise its custodial functions, its liability towards AIFM and investors may be shifted to the authorised third party that has been entrusted to carry out its custodial tasks. The shift shall be the object of a contract between the depositary and the third party. The AIFM shall be informed of that arrangement before its implementation. The contract between the AIFM and the depositary shall provide for this information obligation. Before they invest in the AIF, investors shall be informed of that contract and of the sharing of responsibility between the parties involved.
Amendment 952 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 i (new)
Article 17 – paragraph 5 – subparagraph 2 i (new)
Where a third country is the subject of the decisions taken pursuant to paragraph 3d, the contract referred to in paragraph 5(2f) shall not be required, though it can be concluded.
Amendment 953 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 j (new)
Article 17 – paragraph 5 – subparagraph 2 j (new)
Where the contract between the depositary and the third party allows for the transfer and reuse of assets in compliance with the AIF's rules, the AIFM shall be informed of that clause before its implementation. The contract between the AIFM and the depositary shall provide for this information obligation. Before they invest in the AIF, investors shall be informed of that clause and updated about the identity of the third party. In particular, investors shall be informed of any transfer of liability to the third party that may exist, including in the event of loss of financial instruments. In that case, the delay for restitution shall be in accordance with the terms of the contract between the depositary and the third party.
Amendment 957 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 e (new)
Article 17 – paragraph 5 – subparagraph 2 e (new)
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the duties and responsibilities of depositaries and the conditions under which an AIF depositary may delegate some of its functions to a third party. Those acts, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 290 of the Treaty on the functioning of the European Union.
Amendment 967 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3 b (new)
Article 17 – paragraph 5 – subparagraph 3 b (new)
The depositary's liability towards AIFM and investors shall not be affected by the fact that it has chosen to delegate to an authorised third party, such as a subdepositary or a sub-custodian, a part of its tasks.
Amendment 1076 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
(e) a description of any delegated management or depositary function and, the identity of the third party to whom the function has been delegated, including AIF's sub-custodians and prime brokers; a description of their duties and responsibilities and a description of residual risks that investors may be exposed to in exceptional circumstances related to unforeseeable events out of the control of the depositary and of the AIFM;
Amendment 1 #
2008/2237(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Underlines that the application of the "Think Small First" principle at Community and, national and local level requires the consistent implementation of the internal market rules and the Services Directive1 and an efficient and specific follow-up by the Commission and the Member States as part of the annual reports on the Lisbon Strategy in order to secure that all obstacles are eliminated in accordance with those rules and in keeping with the needs of small enterprises and calls for a sector inquiry to be conducted with a view to facilitating fair and open competition for small and medium-sized enterprises (SMEs) all over Europe, in close cooperation with their representative organisations;
Amendment 22 #
2008/2237(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Stresses that dynamic financial markets are essential for the financing of SMEs and underlines the need to open up European risk capital markets by improving the availability of and access to venture capital, mezzanine finance and micro- credit; draws attention, further, to the need to create and develop financing tools and arrangements tailored to the requirements of small enterprises which do not rely solely on the financial markets for their funding, in particular during periods marked by economic difficulties;
Amendment 24 #
2008/2237(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that no analysis has been carried out at Community level in order to measure the impact of the various forms of Community funding on SMEs and the benefits they have gained from that funding; reiterates Parliament's call to the Commission to carry out all the requisite studies; regards it as fundamental that the rules and procedures governing access for the various categories of SME to these forms of funding and the relevant programmes should be simplified as far as possible; with that aim in view, calls on the Commission to hold talks with the organisations representing SMEs in an effort to eliminate the obstacles encountered;
Amendment 28 #
2008/2237(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Calls on the Commission to find suitable ways of monitoring more effectively the use made by intermediary financial, banking or administrative bodies of Community funding intended for small enterprises and micro- enterprises, and to make sure that all the funding in question reaches those undertakings, within a reasonable time- frame;
Amendment 32 #
2008/2237(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Takes the view that all legislation regardconcerning SMEs must be supportive of their growth and must not create artificial limits for their ability to take the lead in the development of European Economy; in that connection, stresses the need to take account of their diversity, in particular the diversity of the craft enterprises and small enterprises which make up 98% of the Union economy, drawing on assistance from their representative organisations and providing responses tailored to their specific needs.
Amendment 1 #
2008/2233(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. States that the lack of transparent information in this field is contrary to good faith, pecuniary liability and the commitments under the Treaties, and leads to unacceptable costs for the internal marketinadequate knowledge of the national laws on enforcement procedures is likely to slow down completion of a unified internal market and leads to unnecessary costs;
Amendment 2 #
2008/2233(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that late payment, non- payment and the problem of debt recovery damage the interests of creditor businesses and consumers, reduce confidence in the internal market, and undermine legal action and violate citizens’ rights;
Amendment 3 #
2008/2233(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Insists that the creditor should have access not just to the public information but, subject to supervision by the competent authority and in simple form throughout the internal market, also to the data required – from the debtor’s declaration, other public registers or third parties – to initiate the enforcement procedure and recover the deb, besides the public information, the creditor should have access to the data required – subject to supervision by, or with the assistance of, a competent authority – in order to initiate the enforcement procedure and recover the debt by procedures readily applicable throughout the internal market;
Amendment 4 #
2008/2233(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Advocates a manual of enforcement laws and practices, increasing the information available in registers, improving access to, and the interconnection of, these registers, the exchange of information between enforcement authorities and the adoption of measures relating to the debtor’s declaration these registers, under rules to be laid down in each Member State, and the exchange of information between enforcement authorities;
Amendment 8 #
2008/2125(INI)
Motion for a resolution
Annex – Recommendation 1
Annex – Recommendation 1
Amendment 11 #
2008/2125(INI)
Motion for a resolution
Annex – Recommendation 2 – section 2
Annex – Recommendation 2 – section 2
Amendment 13 #
2008/2125(INI)
Motion for a resolution
Annex – Recommendation 2 – section 4 – subparagraph 2
Annex – Recommendation 2 – section 4 – subparagraph 2
The coordinating and management unit should also bear responsibility for the design and operation of three European e- Justice portals, which should be separate but may share components and features, and report to the Commissioner for Justice, Freedom and Security, the European Parliament and the Council. Feasibility studies of the use of electronic signatures in a legal setting, interconnectionremote accessing of national databaseregisters (insolvency registers, land registers, commercial registers, etc) and the creation of a secure network should be started as soon as possible (not later than 2009-2010). The feasibility study for a virtual-exchange platform should begin in 2011. The feasibility studies should conform to the rules on publicity and access to information laid down in each Member State in order to ensure data protection and legal certainty in respect of information.
Amendment 2 #
2008/2124(INI)
Motion for a resolution
Recital J
Recital J
Amendment 3 #
2008/2124(INI)
Motion for a resolution
Recital G
Recital G
G. whereas businesses have more and more brancheestablishments abroad and intra- Community activities that result in the greater movement of authentic acts relating to the setting up and operation of these businesses,
Amendment 5 #
2008/2124(INI)
Motion for a resolution
Recital N
Recital N
N. whereas differences in the structure and organisation of public registry systems in the field of property ownership, as well as differences concerning the nature and scale of the public confidence placed in them, mean that the field oftransfer of immovable property lawrights has to be excluded from a future Community instrument, given the close correlation between the method of drawing up an authentic act and entry into the public register,
Amendment 6 #
2008/2124(INI)
Motion for a resolution
Recital P
Recital P
P. whereas the institution of the authentic act does not exist in common-law systems, in particular the law of England and Wales, or in Nordic countries; whereas although in England and Wales there exist solicitors who act as notaries public and the profession of scrivener notaries, those lawyers cannot produce authentic acts, but merely certify signatures, and accordingly, in adopting any legislation on European authentic acts, action should be taken to ensure that no confusion can arise in this respect; whereas, in turn, every precaution should be taken to ensure that authentic acts cannot be used in countries where such acts cannot be made by nationals of those countries in order to circumvent procedures prescribed by the those countries' legal systems (e.g. grant of probate); whereas, in addition, in order to raise awareness among legal professionals in those Member States where authentic acts do not exist, a suitable information campaign should be initiated by the Commission and every effort should be made to ensure that common-law legal professionals are aware of the work done by civil-law notariepublic officials and of the potential advantages for their clients – in terms of, in particular, legal certainty – of using authentic acts in transactions which they are proposing to conclude in those countries where that instrument is used; whereas this underscores a need often expressed by Parliament's Committee on Legal Affairs for trans-European networks of legal practitioners, information campaigns and material and common training, which the Commission is called upon to promote,
Amendment 5 #
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 and whereas the recipients of microcredit should seek to integrate or reintegrate themserlved bys into the traditional banksing system,
Amendment 8 #
2008/2122(INI)
Motion for a resolution
Recital G
Recital G
G. whereas microcredits are by definition small but the possibility of 'recycling' them (granting as further such loan after repayment) due to their generally short maturity multiplies their impact, without disregarding the objective of reintegrating the recipients into the traditional banking system,
Amendment 9 #
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, member-owned organisations, non-governmental organisations and savings and commercial banks, and whereas cooperation between non-bank microfinance institutions (MFIs) and commercial bankthese various providers could be beneficial,
Amendment 18 #
2008/2122(INI)
Motion for a resolution
Recital K
Recital K
Amendment 26 #
2008/2122(INI)
Motion for a resolution
Recommendation 1 – point d
Recommendation 1 – point d
Amendment 35 #
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 non-bank MFImicrocredit providers 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 non-bank MFImicrocredit providers. The elements of such a framework should be:
Amendment 37 #
2008/2122(INI)
Motion for a resolution
Recommendation 3 – point a
Recommendation 3 – point a
(a) a clear definition of microcredit providers, providing that they do not take deposits, and therefore do not constitute financial institutions under the CRD;
Amendment 38 #
2008/2122(INI)
Motion for a resolution
Recommendation 3 – point b
Recommendation 3 – point b
(b) the ability to conduct credit-only activitiesharmonised, risk-based rules as regards authorisation, registration, reporting and prudential supervision;
Amendment 39 #
2008/2122(INI)
Motion for a resolution
Recommendation 3 – point c
Recommendation 3 – point c
(c) the ability to on-lend; anda detailed impact assessment which should be carried out in advance with a view to measuring the risk of over- indebtedness and abuse of market position by lenders;
Amendment 41 #
2008/2122(INI)
Motion for a resolution
Recommendation 3 – point d
Recommendation 3 – point d
Amendment 43 #
2008/2122(INI)
Motion for a resolution
Recommendation 5 – point b
Recommendation 5 – point b
(b) The Commission should specify in legislation that the role of non-bank MFImicrocredit providers and, if applicable, the public support that such institutions receive are in line with EU competition rules.
Amendment 31 #
2008/0266(CNS)
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1
Article 5 – paragraph 3 – subparagraph 1
3. The Commission shall take a decision on the authorisation referred to in paragraphs 1 and 2 in accordance with the procedure referred to in Article 8(2).
Amendment 36 #
2008/0266(CNS)
Proposal for a regulation
Article 7 – paragraph 5 – subparagraph 1
Article 7 – paragraph 5 – subparagraph 1
5. TWhere the Commission shall takes a decision on the authorisation referred to in paragraphs 3 and 4 in accordance with, the procedure referred to in Article 8(3) and (4) shall apply.
Amendment 39 #
2008/0266(CNS)
Proposal for a regulation
Article 8
Article 8
Amendment 31 #
2008/0259(COD)
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1
Article 5 – paragraph 3 – subparagraph 1
3. The Commission shall take a decision on the authorisation referred to in paragraphs 1 and 2 in accordance with the procedure referred to in Article 8(2).
Amendment 36 #
2008/0259(COD)
Proposal for a regulation
Article 7 – paragraph 5 – subparagraph 1
Article 7 – paragraph 5 – subparagraph 1
5. TWhere the Commission shall takes a decision on the authorisation referred to in paragraphs 3 and 4 in accordance with, the procedure referred to in Article 8(3) and (4) shall apply.
Amendment 39 #
2008/0259(COD)
Proposal for a regulation
Article 8
Article 8
Amendment 289 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. Credit rating agencies shall make available on a dedicated page of their websites, free of charge and accessible at any time, information on structured finance products, which clarifies assumptions, parameters, limits and uncertainties surrounding their models and rating methodologies, including simulations of stress scenarios undertaken by the agency when establishing the ratings. That information shall be clear and easily understandable.
Amendment 292 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. Credit rating agencies shall take adequate steps to assess the credibility, robustness and accuracy of data and information provided to them by issuers or related parties (e.g. originators, underwriter or lawyers, in the case of structured finance products). Credit rating agencies shall indicate to which extent they have verified information provided to them.
Amendment 304 #
2008/0217(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. A credit rating agency shall disclose, on ongoing basis, information about all structured finance products submitted for their initial review or a preliminary rating. Such disclosure shall be made whether or not issuers contract with the credit rating agency for a final rating.
Amendment 318 #
2008/0217(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Credit rating agencies shall make available, in a common format, in a central repository established by CESR information on their historical performance data and information about past credit rating activities. The repository shall be open to the public.
Amendment 341 #
2008/0217(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 2 a (new)
Article 15 – paragraph 3 – subparagraph 2 a (new)
Credit rating agencies shall publish their code of conduct and their number of registration under this Regulation on the homepage of their websites.
Amendment 424 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section A – point 3 a (new)
Annex I – Section A – point 3 a (new)
3a. A credit rating agency shall designate an independent auditor to assess the compliance of the credit rating agency with the provisions of this Regulation periodically.
Amendment 427 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section A – point 7 – paragraph 1
Annex I – Section A – point 7 – paragraph 1
7. A credit rating agency shall establish an independent review function responsible for periodically reviewing the methodologies, models and significant changes to methodologies and models it uses, as well as the appropriateness of those methodologies and models for the assessment of new financial instruments.
Amendment 428 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section B – point 1 a (new)
Annex I – Section B – point 1 a (new)
1a. Credit rating agencies shall separate the decision-making process in regard to making the original rating from the decision-making process in regard to reviewing and potentially up or downgrading the original rating of structured finance products. The analysts responsible for the original rating shall be different from those responsible for monitoring the rating.
Amendment 447 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section D – part I – point 3 – paragraph 2 a (new)
Annex I – Section D – part I – point 3 – paragraph 2 a (new)
Credit rating agencies shall introduce a differentiated rating scale to enable investors to assess the specific risk characteristics of rated products.
Amendment 15 #
2008/0194(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Since the fragmentation of payment markets should be prevented, it is appropriate to apply the principle of equality of charges. For that purpose, a national payment having the same or very similar characteristics to the cross-border payment, in particular as far as initiation channel, speed and degree of automation are concerned, should be identified for each category of cross-border payment transaction. The following criteria may, for example, be used to identify the national payment corresponding to a cross-border payment: currency, channel used to initiate, execute and terminate the payment, degree of automation, payment guarantee, customer status and relationship with the payment service provider, form of consent and payment instrument used, as defined in Article 4 of Directive 2007/64/EC.
Amendment 17 #
2008/0194(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation shall apply to cross- border payments up to the amount of EUR 50 000, in line with the provisions of Directive 2007/64/EC, which are denominated in euro or in the currencies of the Member States referred to in Article 11.
Amendment 18 #
2008/0194(COD)
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. This Regulation shall not apply to payments made by payment service providers for their own account or on behalf of other payment service providers.
Amendment 19 #
2008/0194(COD)
Proposal for a regulation
Article 2 – point (5)
Article 2 – point (5)
(5) 'payment service provider' means any of the categories referred to in Article 1(1) of Directive 2007/64/EC and legal and natural persons referred to inbenefiting from the waiver under Article 26 of that Directive;
Amendment 20 #
2008/0194(COD)
Proposal for a regulation
Article 2 – point 9
Article 2 – point 9
(9) 'charges' means any charge levied by a payment service provider on the payment service user and directly or indirectly linked to a payment transaction.
Amendment 21 #
2008/0194(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Charges levied by a payment service provider on a payment service user in respect of cross-border payments shall be the same as the charges levied by the sameat payment service provider on that payment service user for corresponding payments of the same value in the same currency within the Member State from which the cross-border payment originates.
Amendment 26 #
2008/0194(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. For credit transfers and direct debits, the provisions of Article 52(2) of the Directive 2007/64/EC shall apply.
Amendment 27 #
2008/0194(COD)
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. This Regulation shall apply to electronic payments, including payments initiated or terminated on paper or in cash, if the transaction is electronically processed. This Regulation shall apply to all charges linked to a framework contract and the associated payment transactions. For example, charges for setting up a permanent payment order, or fees for using a payment card, should be the same for national and cross-border payment transactions within the Union. However, currency conversion charges are not covered by this Regulation.
Amendment 32 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 3
Recital 3
(3) Therefore, it is important to lay down criteria for those capital instruments to be eligible for original own funds of credit institutions and to align the provisions in Directive 2006/48/EC to that agreement. The amendments to Annex XII to Directive 2006/48/EC result directly from the establishment of those criteria. The eligibility criteria should refer to the most subordinated instruments of a credit institution that does not have proprietors or shareholders under national law, such as certain members' certificates of cooperative banks, insofar as the respective capital has been paid up and ranks after all other claims.
Amendment 47 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 14 a (new)
Recital 14 a (new)
(14a) The provisions related to External Credit Assessment Institutions (ECAIs) under this Directive should be consistent with Regulation (EC) No .../2009 on Credit Rating Agencies. In particular, the Committee of European Banking Supervisors should review its guidelines on the recognition of ECAIs to avoid duplication of work and reduce the burden of the recognition process where an ECAI is registered as a Credit Rating Agency (CRA) at Community level.
Amendment 48 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 15
Recital 15
(15) It is important to remove misalignment between the interest of firms that 're-package' loans into tradable securities and other financial instruments (originators or sponsors) and firms that invest in these securities or instruments (investors). It is therefore important for the originators or the sponsors to retain exposure to the risk of the loans in question. In particular where credit risk is transferred by securitisation, investors should make their decisions only after conducting thorough due diligence, for which they need adequate information about the securitisations. ; the exposure of the originators or the sponsors shall be to this end a net exposure after the effects of credit risk mitigation techniques so that an alignment of interest with investors is achieved by the retention. Such retention should be applicable in all situations where the economic substance of a securitisation according to the definition of the directive is applicable, whatever legal structures or instruments are used to obtain this economic substance. Accordingly, retention should be applicable to credit risk transfers such as sales of receivables, syndicated loans or credit default swaps to the extent that their economic substance does meet the definition of a securitisation under this Directive. In particular where credit risk is transferred by securitisation, investors should make their decisions only after conducting thorough due diligence, for which they need adequate information about the securitisations. Investors need to apply robust due diligence on securitisation positions regardless of whether these positions reside in the banking or in the trading book and in any event subject to the minimum list of analyses set out in this directive. The processes and procedures adopted to this end by credit institutions should be appropriately designed for the respective trading or banking book environment. The measures to address the potential misalignment of these structures need to be consistent and coherent in all relevant financial sector regulation; the Commission intends to bring forward the appropriate legislative proposals to ensure this will be the case, after duly considering the impact.
Amendment 73 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 8 – point a
Article 1 – point 8 – point a
Directive 2006/48/EC
Article 57 – point a
Article 57 – point a
(a) capital within the meaning of Article 22 of Directive 86/635/EEC, in so far as it has been paid up, plus the related share premium accounts, it fully absorbs losses in going concern situations, and in the event of bankruptcy or liquidation ranks after all opari passu with ordinary shares on a going concern basis and in the event of bankruptcy or liquidation ranks pari passu with ordinary shares. Original own funds referred to in this subparagraph may include instruments providing preferential rights of dividend payment on a non-cumulative basis, provided that they are included in Article 22 of Directive 86/635/EEC, rank pari passu with ordinary shares during bankruptcy or liquidation, and fully absorb losses on a going concern basis pari passu with ordinary shares. Original own funds referred to in this subparagraph also include any other instrument under credit institutions' statutory terms taking into account the specific constitution of mutuals, cooperative societies and similar institutions and which are deemed equivalent to ordinary shares in terms of their claims. apital qualities. Instruments that do not rank pari passu with ordinary shares during liquidation or that do not absorb losses on a going concern basis pari passu with ordinary shares are included in the category of hybrids referred to in Article 57(ca).
Amendment 74 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 8 – point b a (new)
Article 1 – point 8 – point b a (new)
Directive 2006/48/EC
Article 57 – paragraph 3
Article 57 – paragraph 3
(ba) The third paragraph of Article 57 is amended as follows : "For the purposes of point (b), the Member States shall permit inclusion of interim or year-end profits before a formal decision has been taken only if these profits have been verified by persons responsible for the auditing of the accounts and if it is proved to the satisfaction of the competent authorities that the amount thereof has been evaluated in accordance with the principles set out in Directive 86/635/EEC and is net of any foreseeable charge or dividend."
Amendment 82 #
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
Article 63a – paragraph 6
6. The Committee of European Banking Supervisors shall elaborate guidelines for the convergence of supervisory practices with regard to the instruments referred to in paragraph 1 and in Article 57(a) and shall monitor their application. By January 2012, the Commission shall review the application of this Article and shall report to the European Parliament and the Council together with any appropriate proposals to ensure the quality of own funds.
Amendment 87 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 13 a (new)
Article 1 – point 13 a (new)
Directive 2006/48/EC
Article 81 - paragraph 2
Article 81 - paragraph 2
13a. Article 81(2) is replaced by the following: "2. Competent authorities shall recognise an ECAI as eligible for the purpose of Article 80 only if they are satisfied that its assessment methodology complies with the requirements of objectivity, independence, ongoing review and transparency, and that the resulting credit assessments meet the requirements of credibility and transparency. For those purposes, the competent authorities shall take into account the technical criteria set out in Annex VI, part 2. Where an ECAI is registered as a CRA in accordance with Regulation (EC) No .../2009 of ... *of the European Parliament and of the Council on Credit Rating Agencies**, the competent authorities shall consider that the requirements of objectivity, independence, ongoing review and transparency with respect to its assessment methodology are satisfied." ** OJ please insert number and date * OJ L ...
Amendment 88 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 14 – point a
Article 1 – point 14 – point a
Directive 2006/48/EC
Article 87 – paragraph 11 – subparagraph 1
Article 87 – paragraph 11 – subparagraph 1
"11. Where exposures in the form of a collective investment undertaking (CIU) meet the criteria set out in Annex VI, Part 1, points 77 and 78 and the credit institution is aware of all or parts of the underlying exposures of the CIU, the credit institution shall look through to those underlying exposures in order to calculate risk-weighted exposure amounts and expected loss amounts in accordance with the methods set out in this Subsection. Paragraph 12 shall apply to the part of the underlying exposures of the CIU the credit institution is not aware of andor could not reasonably be aware of. In particular, paragraph 12 shall apply where it would be unduly burdensome for the credit institution to look through the underlying exposures in order to calculate risk- weighted amounts and expected loss amounts in accordance with methods set out in this section.
Amendment 92 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 15 a (new)
Article 1 – point 15 a (new)
Directive 2006/48/EC
Article 97 – paragraph 2
Article 97 – paragraph 2
15a. Article 97(2) is replaced by the following: "2. The competent authorities shall recognise an ECAI as eligible for the purpose of paragraph 1 only if they are satisfied as to its compliance with the requirements laid down in Article 81, taking into account the technical criteria set out in Annex VI, part 2, and that it has a demonstrated ability in the area of securitisation, which may be evidenced by a strong market acceptance. Where an ECAI is registered as a CRA in accordance with the Regulation (EC) No .../2009 of ...* of the European Parliament and of the Council on Credit Rating Agencies**, competent authorities shall consider the requirements of objectivity, independence, ongoing review and transparency with respect to its assessment methodology to be satisfied." * OJ L ... ** OJ please insert number and date.
Amendment 94 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 16 – point a
Article 1 – point 16 – point a
Directive 2006/48/EC
Article 106 – paragraph 2 – point a
Article 106 – paragraph 2 – point a
(a) in the case of foreign exchange transactions, exposures incurred in the ordinary course of settlement during the 48 hourtwo working days following payment;
Amendment 96 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 16 – point a
Article 1 – point 16 – point a
Directive 2006/48/EC
Article 106 – paragraph 2 – point c
Article 106 – paragraph 2 – point c
(c) in the case of: (i) the provision of money transmission or securities clearing and settlement services to clients, delayed receipts in funding and other exposures arising from client activityincluding the execution of payment instructions, clearing and settlement in any currency and correspondent banking; or (ii) financial instruments clearing, settlement and custody services, exposures including balances and overdrafts on current accounts such as delayed receipts in funding, which do not last longer than the following businessworking day.
Amendment 108 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 19 – point a
Article 1 – point 19 – point a
Directive 2006/48/EC
Article 111 – paragraph 1 – subparagraph 3
Article 111 – paragraph 1 – subparagraph 3
Amendment 111 #
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), 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 115 #
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) exposures to an institution with maturity of three months or less;"
Amendment 117 #
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 120 #
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 123 #
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
(iv) Point (s) and (t) are deleted.
Amendment 125 #
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 – introductory part
Article 113 – paragraph 4 – introductory part
"4. Member States may fully or partially exempt tThe following exposures shall be exempted from the application of Article 111(1):
Amendment 134 #
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 f
Article 113 – paragraph 4 – point f
(f) asset items constituting claims on and other exposures to institutions, provided that these exposures do not constitute such institutions' own funds, do not last longer than the following business day and are denominated in a currency of the Member State exercising this option, provided that such currency is not the euro.
Amendment 135 #
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 f a (new)
Article 113 – paragraph 4 – point f a (new)
(fa) 50 % of medium/low risk off-balance- sheet documentary credits and of medium/low risk off-balance-sheet undrawn credit facilities referred to in Annex II and subject to the competent authorities' agreement, 80 % of guarantees other than loan guarantees which have a legal or regulatory basis and are given for their members by mutual guarantee schemes possessing the status of credit institution.
Amendment 137 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 23
Article 1 – point 23
Directive 2006/48/EC
Article 115 – paragraph 1 – subparagraph 2
Article 115 – paragraph 1 – subparagraph 2
The value of the property shall be calculated, to the satisfaction of the competent authorities, on the basis of strict valuation standards laid down by law, regulation or administrative provisions. Valuation shall be carried out at least once a yearevery three years for residential real estate.
Amendment 142 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 1
Article 122a – paragraph 1
1. A credit institution shall only be exposed to the credit risk of an obligation or potential obligation or a pool of obligati, other than an originator, spons or potential obligations where it was not involved in directly negotiating, structuring and documenting the original agreement which created the obligations or potential obligations, if: (a) the persons or entities that directly negotiated, structured and documented the original agreement with the obligor or potential obligor; or alternatively and where applicable, (b) the persons or entities that manage and purchase such obligatior original lender, shall be exposed to the credit risk of a securitisation position in its trading book or non-trading book only if the originator, spons or potential obligations directly or indirectly on behalf of the credit institution, have issued an explicit commitmentor original lender has explicitly disclosed to the credit institution to mainhat it will retain, on an ongoing basis, a material net economic interest andwhich, in any event not less than 5 per cent in positions having the same risk profile as the one that the credit institution is exposed toshall be no less than 5%.
Amendment 151 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 1 a (new)
Article 122a – paragraph 1 a (new)
1a. For this purpose, retention of net economic interest shall mean either: (a) retention of not less than 5% of the nominal value of each of the tranches sold or transferred to the investors; or (b) in the case of securitisations of revolving exposures, retention of originator's interest of not less than 5% of the nominal value of the securitised exposures; or (c) retention of randomly selected exposures, equivalent to not less than 5% of the nominal amount of the securitised exposures, where these would otherwise have been securitised in the securitisation provided that the number of potentially securitised exposures is not less than 100 at origination.
Amendment 152 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 1 b (new)
Article 122a – paragraph 1 b (new)
1b. Net economic interest is measured at the origination and shall be maintained on an ongoing basis. It shall not be subject to any credit risk mitigation or any short positions or any other hedge. The net economic interest shall be determined by the notional value for off-balance- sheet items.
Amendment 155 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph c (new)
Article 122a – paragraph c (new)
1c. For the purpose of this Article, "ongoing basis” shall mean that retained positions, interest or exposures shall not be hedged or sold.
Amendment 171 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 2
Article 122a – paragraph 2 – subparagraph 2
Paragraph 1 shall not apply either to syndicated loanto: (i) transactions based on an index, where the underlying reference entities are identical to those that make up an index of entities that is widely traded, or are other tradable securities other than securitisation positions; (ii) syndicated loans, purchased receivables or credit default swaps where these instruments are not used to package and/or hedge an oblig securitisation that is covered by paragraph 1.;
Amendment 174 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 2 – point ii a (new)
Article 122a – paragraph 2 – subparagraph 2 – point ii a (new)
(iia) when the originator or sponsor of the securitisation concerned, or (in the case where the securitised exposures were not originated by the originator or sponsor) the original regulated lender of the securitised exposures, either: - originated the securitised exposures and retains an interest in the securitised exposures concerned; or - otherwise has an interest in common with the investors in the securitisation positions concerned or in the ongoing performance of the securitised exposures concerned.
Amendment 207 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 5 – save for last sentence
Article 122a – paragraph 5 – save for last sentence
5. Credit institutions shall establish formal procedure, other than originators or sponsors or original lenders, shall establish formal procedures appropriate to their trading book and non-trading book and commensurate with the risk profile of their investments in securitised positions to monitor on an ongoing basis and in a timely manner performance information on the exposures underlying their securitisation positions. Where relevantappropriate, this shall include, at a minimum: the exposure type, the length of time the exposures have been held by the originator including the percentage held by the originator for less than 2 years, the percentage of loans more than 30, 60 and 90 days past due, default rates, prepayment rates, loans in foreclosure, collateral type and occupancy, frequency distribution of credit scores or other measures of credit worthiness across underlying exposures, industry and geographical diversification, frequency distribution of loan to value ratios with band widths that facilitate adequate sensitivity analysis. Where the underlying exposures are themselves securitisation positions, the requirements tcredit institutions shall have the above listed information not only on the underlying securitisation tranches, such as the issuer name and credit quality, but also monitor and be able to access information shall apply to the characteristics and performance of the pools underlying securitisation tranches. Credit institutions shall have a thorough understanding of all structural features of a securitisation transaction that would materially impact the performance of their exposures underlying these securitisation positionsto the transaction such as the contractual waterfall and waterfall related triggers, credit enhancements, liquidity enhancements, market value triggers, and deal-specific definition of default.
Amendment 213 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 5 – last sentence
Article 122a – paragraph 5 – last sentence
Where the requirements in paragraph 4 and in this paragraph are not met, credit institutions shall apply a risk weight of 1250% to these securitisation positions under Annex IX, part 4 in any material respect, or by reason of negligence or omission, including, in the case of an investment made from 31 December 2010, failure to obtain and analyse from the originator or sponsor, prior to investing, all relevant information required under paragraphs 4 and 5, credit institutions shall apply a risk weight of 1250% to these securitisation positions under Annex IX, part 4 except where competent authorities have decided to temporarily suspend the requirements referred to in paragraphs 1 and 2 during periods of general market liquidity stress.
Amendment 280 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 35 b (new)
Article 1 – point 35 b (new)
Directive 2006/48/EC
Annex IX – part 3 – paragraph 7 a (new)
Annex IX – part 3 – paragraph 7 a (new)
(35b) In Annex IX, Part 3, the following paragraph is inserted: "7a. Competent authorities shall, furthermore, take the necessary measures to ensure that, with regard to credit assessments relating to securitisation positions, the ECAI is committed to produce, on an ongoing basis, summary information on the structure of the transaction, the performance of pool assets and how this affects its credit assessment. That summary information shall be made available to all credit institutions using the credit assessments for the purpose of Article 96."
Amendment 24 #
2008/0190(COD)
Proposal for a directive – amending act
Recital 5
Recital 5
(5) It is appropriate to limit the application of this Directive to payment service providers that issue electronic money. It should not apply to pre-paid instruments that can only be used in a limited way, either because they allow the holder to purchase goods or services only in the premises of the issuer or within a limited network of service providers under direct commercial agreement with a professional issuer, or because they can only be used to acquire a limited range of goods or services. An instrument should be considered to be used within a 'limited network' if it can be used only for the purchase of goods and services in a specific store, a chain of stores or for a limited range of goods or services, regardless of the geographical location of the point of sale. Examples of such instruments are store cards, petrol cards, membership cards and public transport cards and meal vouchers. Instruments which can be used for purchases in stores of listed merchants should not be exempted as such instruments are typically designed for a network of service providers which is continuously growing. Finally, the Directive should not apply to payment transactions for the purchase of digital goods or services, where, by virtue of the nature of the good or service, the operator adds intrinsic value to it, e.g. in the form of access, search or distribution facilities, provided that the good or service in question can only be used through a digital device, such as a mobile phone or a computer. and provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.
Amendment 26 #
2008/0190(COD)
Proposal for a directive – amending act
Recital 16
Recital 16
(16) Pursuant to Directive 2006/48/EC, electronic money institutions are considered to be credit institutions, although they can neither receive deposits from the public nor grant credit from the funds received from the public. Given the system introduced by this Directive, it is appropriate to amend the definition of credit institution in Directive 2006/48/EC in order to ensure that electronic money institutions are not considered as credit institutions. However, credit institutions should continue to be allowed to issue electronic money and to carry on such activity Community-wide, subject to mutual recognition and to the comprehensive prudential supervisory regime applying to them in accordance with the Community legislation in the field of banking. In the interests of maintaining a level playing field, however, credit institutions should be able, alternatively, to carry out that activity through a subsidiary under the prudential supervisory regime of this Directive, instead of the banking Directive (2006/48/EC).
Amendment 33 #
2008/0190(COD)
Proposal for a directive – amending act
Article 4 a (new)
Article 4 a (new)
Amendment 35 #
2008/0190(COD)
Proposal for a directive – amending act
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that, upon request by the holder, issuers of electronic money redeem, at any moment during the period of validity of the contract and at par value, the monetary value of the electronic money held.
Amendment 37 #
2008/0190(COD)
Proposal for a directive – amending act
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The contract between the issuer and the holder shall clearly state the conditions of redemption, including timing and the financial implications thereof.
Amendment 38 #
2008/0190(COD)
Proposal for a directive – amending act
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Where redemption takes place on the date of termination ofduring the period of termination, as defined in the contract, the monetary value of the electronic money held shall be redeemed free of charge.
Amendment 39 #
2008/0190(COD)
Proposal for a directive – amending act
Article 6
Article 6
1. Member States shall require electronic money institutions to hold, at the time of authorisation, initial capital, comprised of the items defined in Article 57(a) and (b) of Directive 2006/48/EC, of not less than EUR 1250 000. Their own funds shall not fall below that amount at any time.
Amendment 42 #
2008/0190(COD)
Proposal for a directive – amending act
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The own funds of electronic money institutions shall be calculated either in accordance with one of the three methods (A, B, or C) set out in Article 8 of Directive 2007/64/EC for in accordance with Method D set out in paragraph 3. The appropriate methodthe activities set out in Article 8(1)(a), (b) and (d) of this Directive and in accordance with Method D set out in paragraph 3 for the activities set out in Article 1(1). The appropriate method whether A, B or C, for the activities set out in Article 8(1)(a), (b) and (d), shall be determined by the competent authorities on the basis of national legislation.
Amendment 45 #
2008/0190(COD)
Proposal for a directive – amending act
Article 7 – paragraph 6 a (new)
Article 7 – paragraph 6 a (new)
6a. If the conditions laid down in Article 69 of Directive 2006/48/EC are met, Members States or their competent authorities may choose not to apply Article 7(2) and (3) of this Directive to payment institutions which are included in the consolidated supervision of the parent credit institutions pursuant to Directive 2006/48/EC.
Amendment 48 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) the provision of payment services listed in the Annex to Directive 2007/64/EC provided that the conditions laid down in Article 16(2) and (4) of Directive 2007/64/EC are met;
Amendment 50 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) granting credit related to payment services referred to in points 4, 5 or 7 of the Annex to Directive 2007/64/EC, where the conditions laid down in Article 16(3) and (5) of that Directive are met; moreover such credit shall not be granted from the funds received or held in exchange for the issuance of electronic money:
Amendment 55 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Any funds received by electronic money institutions from the payment service user in exchange for electronic money shall not constitute a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC. Funds received for any other payment service shall not constitute either a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC, or electronic money within the meaning of this Directive.
Amendment 66 #
2008/0190(COD)
Proposal for a directive – amending act
Article 16
Article 16
Directive 2005/60/EC
Article 11 – paragraph 5 – point d
Article 11 – paragraph 5 – point d
Amendment 16 #
2008/0182(COD)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 78/855/EEC
Article 6
Article 6
Amendment 25 #
2008/0182(COD)
Proposal for a directive – amending act
Article 2 – point 1
Article 2 – point 1
Directive 82/891/EEC
Article 4
Article 4
"Such publication shall not be required from a company ifA company may, for a continuous period beginning noat later thaneast one month before the day fixed for the general meeting, it which is to decide on the draft terms of division, also makes available the draft terms of such division on its own or on any other Internet site. Where a company makes use of this possibility it shall publish a reference that gives access to that Internet site oin the central electronic platform referred to inaccordance with Article 3 (4) of Directive 68/151/EEC. That reference shall include the date of the publication of the draft terms of division on the Internet site."
Amendment 31 #
2008/0182(COD)
Proposal for a directive – amending act
Article 3 – point 1
Article 3 – point 1
Directive 2005/56/EC
Article 6 – paragraph 1
Article 6 – paragraph 1
"A publication in accordance with the first subparagraph shall not be required from a company ifcompany may, for a continuous period beginning noat later thaneast one month before the day fixed for the general meeting, the company which is to decide on the draft terms of merger, also makes available the draft terms of such merger on its own or on any other Internet site. Where a company makes use of this possibility it shall publish a reference that gives access to that Internet site oin the central electronic platform referred to inaccordance with Article 3 (4) of Directive 68/151/EEC. The reference shall include the date of the publication of the draft terms of merger on the Internet site."
Amendment 31 #
2008/0153(COD)
Proposal for a directive
Article 21 – paragraph 2 a (new)
Article 21 – paragraph 2 a (new)
The Commission may adopt implementing measures specifying the liability and obligations of depositaries as established in this Article
Amendment 32 #
2008/0153(COD)
Proposal for a directive
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
The Commission may adopt implementing measures specifying the liability and obligations of depositaries as established in this Article.
Amendment 33 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 2 – point c
Article 36 – paragraph 2 – point c
(c) a certificate issued bystatement by each of the depositaries of the merging and the receiving UCITS confirming that, in accordance with Article 38, they have verified compliance of the common draft terms of merger with the particulars listed inArticle 37(1), points (c), (f) and (g) of this Directive and the fund rules or instruments of incorporation of their respective UCITS and indicating their conclusions in this respect;
Amendment 34 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Member States shall require that the management or administrative body of the merging UCITS and of the receiving UCITS draw up common draft terms of merger. The common draft terms of merger shall include the following particulars: (a) identification of the type of merger and of the UCITS involved; (b) the background to and the rationale for the proposed merger; (c) the expected impact, including the tax treatment, of the proposed merger on the unit-holders of both the merging UCITS and the receiving UCITS; (d) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the planned effective date of the merger; (e) the calculation method of the exchange ratio; (f) the planned effective date of the merger; (fa) the rules applicable for the transfer of units; (g) the fund rules or instruments of incorporation of the receiving UCITS. The particulars listed in points (c), (f) and (g) shall be provided by the depositary, taking into account the provisions of Article 36(2), point (c). The particulars listed in points (d) and (e) shall be provided by the independent auditor, taking into account the provisions of Article 39(1). The particulars listed in points (a), (b) and (g) shall be provided under the responsibility of the management company.
Amendment 35 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(b) the calculation method of the exchange ratio and the outcome of that calculation.
Amendment 36 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4
Article 40 – paragraph 4
4. The information to be provided to unit- holders of the merging UCITS and, where applicable, the receiving UCITS, shall include appropriate and accurate information on the proposed merger such as to enable them to take an informed decision on the possible impact thereof on their investment and to exercise their rights under Articles 41 and 42. It shall include at least the following: (a) the background to and the rationale ofor the proposed merger; (b) the possible impact of the proposed merger on unit-holders, including but not limited to any material differences in respect of investment policy and strategy, costs, expected outcome, periodic reporting and possible dilution in performance, and tax treatment; (c) any specific rights unit-holders have in relation to the proposed merger, including but not limited to the right to obtain additional information ;, the right to obtain a copy of the report of the independent auditor on request, and the right to request the re-purchase or redemption of their units without charge as specified in Article 42; (d) the relevant procedural aspects and the last date for exerting that right; (d) the relevant procedural aspects, including the procedure for the transfer of units, and the planned effective date of the merger; (e) a copy of the key investor information referred to in Article 73 of the receiving UCITS.
Amendment 37 #
2008/0153(COD)
Proposal for a directive
Article 56
Article 56
1. Member States shall require that, if the master UCITS and the feeder UCITS have different depositaries, these depositaries enter into an information-sharing agreement in order to ensure the fulfilment of the duties of both de management company of the master UCITS is to be responsitaries. The feeder UCITS shall not invest in unitsble for informing the feeder UCITS or, where applicable, the management company of the mastfeeder UCITS until such agreement has become effective. 2. The depositary of the master UCITS shall immediately inform the feeder UCITS or, where applicable, the management company and the depositary of the feeder UCITS about any irregularities it detects with regard toabout any irregularities it detects with regard to the master UCITS. 2. The feeder UCITS or, where applicable, the management company of the feeder UCITS, shall be responsible for communicating to the depositary of the feeder UCITS any information about the master UCITS which is required for complete performance of the duties of the depositary of the mastfeeder UCITS. 3. The Commission may adopt implementing measures further specifying the following: (a) the particulars that need to be included in the agreementinformation referred to in paragraphs 1 subparagraph 1and 2; (b) the types of irregularities referred to in paragraph 2 which are deemed to have a negative impact on the feeder UCITS1. Those measures, designed to amend this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 93 #
2008/0153(COD)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Where a provision of this Directive requires a UCITS to take action, the obligation should be understood to refer to the management company where the UCITS is constituted as a common fund and where such fund has no legal personality and cannot act by itself.
Amendment 94 #
2008/0153(COD)
Proposal for a directive
Recital 9
Recital 9
(9) By virtue of the principle of home Member State supervision, management companies authorised in their home Member States should be permitted to carry on the services for which they have received authorisation throughout the Community by establishing branches or under the freedom to provide services. The approval of the fund rules of common funds/unit trusts falls within the competence of the management company's home Member State.
Amendment 97 #
2008/0153(COD)
Proposal for a directive
Recital 10
Recital 10
(10) With regard to collective portfolio management (management of unit trusts/common funds and investment companies), the authorisation granted to a management company authorised in its home Member State should permit the company to carry on in host Member States the following activities: to distribute the units of the harmonised unit trusts/common funds managed by the company in its home Member State; to distribute the shares of the harmonised investment companies, managed by such a company; to perform all the other functions and tasks included in the activity of collective portfolio management; to manage the assets of investment companies incorporated in Member States other than its home Member State; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.
Amendment 98 #
2008/0153(COD)
Proposal for a directive
Recital 11
Recital 11
(11) The principle of home Member State supervision requires that the competent authorities should not grant or should withdraw authorisation where factors, such as the content of programmes of operations, the geographical distribution or the activities actually carried on indicate clearly that a management company has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within the territory of which it intends to carry on or does carry on the greater part of its activities. For the purpose of this Directive, a management company should be authorised in the Member State in which it has its registered office. In accordance with the principle of the home country control, only the Member State in which the management company has its registered office can be considered competent to approve the fund rules of unit trusts/common funds set up by such a company and the choice of the depositary. In order to prevent supervisory arbitrage and to promote confidence in the effectiveness of supervision by the home Member State authorities, a requirement for authorisation of a UCITS should be that it should not be prevented in any legal way from being marketed in its home Member State. This does not affect the free decision, once the UCITS has been authorised, to choose the Member State(s) where the units of the UCITS are to be marketed in accordance with this Directivsupervision, only the competent authorities of the management company’s home Member State can be considered competent to supervise the organisation of the management company, which should be subject to the law of the management company’s home Member State.
Amendment 99 #
2008/0153(COD)
Proposal for a directive
Recital 11 a (new)
Recital 11 a (new)
Amendment 100 #
2008/0153(COD)
Proposal for a directive
Recital 11b (new)
Recital 11b (new)
(11b) The competent authorities of the UCITS home Member State should be competent to supervise compliance with the rules regarding the constitution and functioning of the UCITS, which should be subject to the law of the UCITS home Member State. To this effect, the competent authorities of the UCITS home Member State should be able to get information directly from the management company. To remedy any breach of the rules under their responsibility, the competent authorities of the UCITS home Member State should be able to rely on the cooperation of the competent authorities of the management company’s home Member State and, if necessary, they should be able to take action directly against the management company.
Amendment 101 #
2008/0153(COD)
Proposal for a directive
Recital 11c (new)
Recital 11c (new)
(11c) In order to prevent supervisory arbitrage and to promote confidence in the effectiveness of supervision by the home Member State authorities, a requirement for authorisation of a UCITS should be that it should not be prevented in any legal way from being marketed in its home Member State. This does not affect the free decision, once the UCITS has been authorised, to choose the Member State(s) where the units of the UCITS are to be marketed in accordance with this Directive.
Amendment 102 #
2008/0153(COD)
Proposal for a directive
Recital 11d (new)
Recital 11d (new)
(11d) Appropriate procedures and arrangements to deal with investor complaints, including through appropriate provisions that are reflected in distribution arrangements or through providing an address in the UCITS home Member State, which need not be an address of the management company itself, should be adopted by the management company.
Amendment 103 #
2008/0153(COD)
Proposal for a directive
Recital 18
Recital 18
(18) Despite the need for consolidation between UCITS, mergers of UCITS encounter many legislative and administrative difficulties in the Community. It is therefore necessary, in order to improve the functioning of the Internal Market, to lay down Community provisions facilitating mergers between UCITS (and investment compartments thereof). Although some Member States havemay authorised only contractual funds, cross border mergers between all types of funds (contractual, corporate and unit trusts) should be allowed and recognised by the laws of each Member State. This Directive covers those merger techniques which are most commonly used in thdoes not require Member Sstates. It does not prevent UCITS from using other techniques on a domestic or cross-border basis. These will however remain subject to the relevant provisions of national law to introduce new legal forms of UCITS into their national regulation.
Amendment 105 #
2008/0153(COD)
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) This Directive covers those merger techniques which are most commonly used in Member States. It does not imply that all Member States have to introduce all three techniques into their national laws but each Member State should recognize a transfer of assets resulting from these merger techniques. It should not prevent a UCITS from using other techniques on a purely domestic basis, in situations where none of the UCITS concerned by the merger has been notified for cross border marketing of its units. Those mergers should remain subject to the relevant provisions of national law. Quorum rules should not discriminate between national and cross border mergers, nor should they be more stringent than laid down for mergers of corporate entities.
Amendment 106 #
2008/0153(COD)
Proposal for a directive
Recital 19
Recital 19
(19) In order to safeguard investors' interests, Member States should require proposed mergers between UCITS either within their jurisdiction or on a cross- border basis to be subject to authorisation by their competent authorities. For cross- border mergers, the competent authorities of the home Member State of the UCITS that will cease to exist (the merging UCITS) should approve the merger so as to ensure that the interests of the unit- holders who effectively change funds are duly protected. If the merger involves more than one merging UCITS and such UCITS are domiciled in different Member States, the competent authorities of each merging UCITS will need to approve the merger, in close cooperation with each other. Since the interests of the unit-holders of the UCITS which continues to exist after the merger (, including through appropriate information sharing. Since the interests of the unit-holders of the receiving UCITS) also need to be adequately safeguarded, they should be taken into account by the competent authorities of the mergreceiving UCITS' home Member State when approving a cross- border merger. Furthermore, unit-holders of both the merging UCITS and the receiving UCITS should have the right to request the repurchase or redemption of their units, without additional charge, i.e. being subject only to the fees to be retained by the respective funds to cover disinvestment costs in all situations, as laid down in the respective prospectuses; or, where possible, to convert them into units in another UCITS with similar investment policies and managed by the same management company or by another company linked to it.
Amendment 107 #
2008/0153(COD)
Proposal for a directive
Recital 20
Recital 20
(20) It is necessary to ensure additional tThird-party control of mergers should also be ensured. The depositaries of each of the UCITS involved in the merger should verify the conformity of the common draft terms of the merger with the relevant provisions of this Directive and of the UCITS fund rules. AEither a depositary or an independent auditor should draw-up a report on behalf of all the UCITS involved in the merger validating the valuation methods of the assets and liabilities of such UCITS and the calculation method of the exchange ratio as set forth by the management and/or administrative body of such UCITS in the common draft terms of merger. In order to limit costs connected with cross-border mergers, it should be possible to draw up a single report for all UCITS involved and the statutory auditor of the merging UCITS and/or the receiving UCITS should be enabled to do so. For investor protection reasons, unit-holders should be offered the possibility to obtain a copy of such report free of charge.
Amendment 108 #
2008/0153(COD)
Proposal for a directive
Recital 21
Recital 21
(21) It is particularly important that the unit-holders are adequately informed about the proposed merger and that their rights are sufficiently protected. Although unit- holders of the merging UCITS are most concerned, the interests of the unit-holders of the receiving UCITS should also be safeguarded in such situations where the proposed merger could have a substantial impact on their investment.
Amendment 112 #
2008/0153(COD)
Proposal for a directive
Recital 39
Recital 39
(39) In order to facilitate the effective operation of the Internal Market and to ensure the same level of investor protection throughout the Community, both master- feeder-structures where the master and the feeder are established in the same Member State and where they are established in different Member States should be allowed. In order to allow investors to better understand master-feeder-structures and regulators to supervise them more easily, notably in a cross-border context, no feeder UCITS should be able to invest into more than one master. In order to ensure the same level of investor protection throughout the Community the master should be itself an authorised UCITS. In order to avoid undue administrative burden, provisions on notification of cross border marketing should not apply if a master UCITS does not raise capital from the public in a Member State other than that in which it is established, but only has one or more feeder UCITS in that other Member State.
Amendment 113 #
2008/0153(COD)
Proposal for a directive
Recital 40
Recital 40
(40) In order to protect the feeder UCITS' investors, the feeder UCITS' investment into the master UCITS should be subject to prior approval of the competent authorities of the feeder UCITS' home Member State. Only the initial investment into the master UCITS by which the feeder UCITS exceeds the limit applicable for investing into another UCITS should require approval. In order to facilitate the effective operation of the internal market and to ensure the same level of investor protection throughout the Community, the conditions which have to be met and the documents and information which have to be provided for approving the feeder UCITS' investment into the master UCITS should be exhaustive.
Amendment 114 #
2008/0153(COD)
Proposal for a directive
Recital 41
Recital 41
(41) In order to allow the feeder UCITS to act in the best interests of its unit-holders and notably place it in a position to obtain from the master UCITS all information and documents necessary to perform its obligations, the feeder UCITS and the master UCITS should enter into a binding and enforceable agreement. In a similar way theHowever, if both are managed by the same management company, it should be sufficient that the latter set up internal conduct of business rules. An information- sharing agreement between the depositaries or, respectively, the auditors of the feeder UCITS and the master UCITS should ensure the flow of information and documents that is needed for the feeder UCITS' depositary or auditor to fulfil its duties. This Directive should ensure that, when complying with these requirements, the depositaries or the auditors would not be in breach of any restriction on disclosure of information or of data protection.
Amendment 115 #
2008/0153(COD)
Proposal for a directive
Recital 42
Recital 42
(42) In order to ensure a high level of protection of the interests of the feeder UCITS' investors, the prospectus, the key investor information as referred to in Article 73, as well as all marketing communications should be adapted to the specificities of master-feeder-structures. The investment of the feeder UCITS into the master UCITS should not affect the ability of the feeder UCITS to itself repurchase or redeem units at the request of its unit-holders and to act in the best interests of its unit-holders.
Amendment 116 #
2008/0153(COD)
Proposal for a directive
Recital 44
Recital 44
(44) The conversion rules should enable an existing UCITS to convert into a feeder UCITS. At the same time they should sufficiently protect unit-holders. As such a conversion is a fundamental change of the investment policy, the converting feeder UCITS should be required to provide its unit-holders with sufficient information asin order to enable them to decide whether to maintain their investment or not. Competent authorities should not require the feeder UCITS to provide more or other information than those specified.
Amendment 117 #
2008/0153(COD)
Proposal for a directive
Recital 46
Recital 46
(46) Key investor information should be provided to investors, at a pre-contractual stageas a specific document to investors free of charge, in good time before the subscription of the UCITS, in order to help them to reach informed investment decisions. It should contain only the essential elements for making such decisions. The nature of the information to be found in the key investor information should be fully harmonised to the highest extent so as to ensure adequate investor protection and comparability. Key investor information should be presented in a short format. A single document of limited length presenting the information in a specified order is the most appropriate way to achieve the clarity and simplicity of presentation that is required by retail investors, and should allow for useful comparisons.
Amendment 119 #
2008/0153(COD)
Proposal for a directive
Recital 47
Recital 47
(47) Key investor information should be produced for all UCITS. Management companies or, where applicable, investment companies should deliverprovide the key investor information to the relevant entities, depending on the distribution method used (direct sales or intermediated sales). Regulation on how the key investor information is used by intermediaries at the point of sale is to be left to the relevant legislation covering such intermediaries, such as Directive 2004/39/ECIntermediaries should provide key investor information to clients and potential clients.
Amendment 120 #
2008/0153(COD)
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47a) The right for UCITS to sell their units in other Member States should be subject to their taking the necessary measures to ensure that facilities are available in the host Member State for making payments to unit-holders, re- purchasing or redeeming units and making available the information which UCITS are obliged to provide. However, UCITS should not be obliged by the law of the host Member State to have a paying agent in that Member State in order to fulfil their duties.
Amendment 121 #
2008/0153(COD)
Proposal for a directive
Recital 49
Recital 49
(49) In order to facilitate cross-border marketing of units of UCITS, control of compliance of arrangements made for marketing of units of UCITS with laws regulations and administrative procedures applicable in the UCITS host Member State, should be performed on a on-going basis after the UCITS has started marketing its units in that Member State. This control can cover, in particular,after the UCITS has accessed the market of that Member State. This control can cover the adequacy of arrangements made for marketing, in particular the adequacy of distribution arrangements and the obligation for marketing communications to be presented in a fair, clear and not- misleading way. This Directive should not prevent competent authorities of the host Member State from checking marketing communications (which does not include key investor information, prospectus and annual and half-yearly reports) according to national law before the UCITS can use them, but this control should not be discriminatory and should not prevent this UCITS from accessing the market.
Amendment 122 #
2008/0153(COD)
Proposal for a directive
Recital 50
Recital 50
(50) For the purpose of enhancing legal certainty there is a need to ensure that a UCITS which markets its units on a cross- border basis has an easy access, in the form of an electronic publication and in a language customary in the sphere of international finance, to complete information on the laws, regulations and administrative provisions applicable in the UCITS host Member State and related tothat specifically relate to the arrangements made for the marketing of UCITS.
Amendment 123 #
2008/0153(COD)
Proposal for a directive
Recital 51
Recital 51
(51) To facilitate cross-border marketing of units of UCITSaccess of UCITS to the markets of Member States, a UCITS should be required to translate only the key investor information into the official language or one of the official languages of a UCITS host Member State or a language approved by its competent authority. Key investor information should specify the language(s) in which other obligatory disclosure documents and additional information are available.
Amendment 124 #
2008/0153(COD)
Proposal for a directive
Recital 52
Recital 52
(52) It is necessary to enhance convergence of powers at the disposal of competent authorities so as to bring about an equal enforcement of the Directive throughout the Member States. A common minimum set of powers, consistent with those conferred upon competent authorities by other Community financial services legislation should guarantee supervisory effectiveness. In addition, Member States should lay down rules on penalties, including criminal, civil and administrative penalties, and administrative measures, applicable to infringements of this Directive and should take the measures necessary to ensure that they are implemented.
Amendment 125 #
2008/0153(COD)
Proposal for a directive
Recital 53 a (new)
Recital 53 a (new)
(53a) Member States should take the necessary administrative and organisational measures to enable the cooperation between national authorities and competent authorities of other Member States, including through bilateral or multilateral agreements between those authorities, so that they can fully carry out their duties in accordance with this Directive.
Amendment 126 #
2008/0153(COD)
Proposal for a directive
Recital 55
Recital 55
(55) The principle of home Member State supervision requires that the competent authorities should not grant or should withdraw authorisation where factors such as the content of programmes of operations, the geographical distribution or the activities actually carried on indicate clearly that a UCITS or an undertaking contributing towards its business activity has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within whose territory it carries on or intends to carry on the greater part of its activities. A UCITS or an undertaking contributing towards its business activity which is a legal person must be authorised in the Member State in which it has its registered office. A UCITS or an undertaking contributing towards its business activity which is not a legal person must have its head office in the Member State in which it has been authorised. In addition, Member States must require that a UCITS' head office or a head office of an undertaking contributing towards its business activity always be established in its home Member State and that it actually operates there.
Amendment 127 #
2008/0153(COD)
Proposal for a directive
Recital 65
Recital 65
(65) The Commission should be empowered to adopt the measures necessary for the implementation of this Directive. Concerning mergers, those measures are designed to specify detailed content and way to provide information to unit-holders. Concerning master-feeder structures, those measures are designed to specify the particulars to be included in the agreement between master and feeder, their depositories and their auditors, the definition of measures appropriate to prevent late trading risks, the impact of the merger of the master on the authorisation of the feeder, the type of irregularities originating from the master to be reported to the feeder, the way and format of the information to be provided to unit-holders in case of conversion from a UCITS to a feeder UCITS, the procedure for valuating and auditing the transfer of assets from a feeder to a master and the role of the depository of the feeder in this process. Concerning the provisions on disclosure, those measures are designed to specify the specific conditions to be met when the prospectuanagement companies, those measures are designed to specify the details regarding organisational requirements, risk management, conflicts of interest and conduct of business. Concerning depositaries, those measures are designed to specify the duties of depositaries ias provided in a durable medium other than paper and by means of a website which does not constitute a durable medium, the detailed content, form and presentation of the key investor information taking into account the different nature or components of the UCITS concerned, and the specific conditions for delivering key investor information in a durable medium other than paper and by means of a website which does not constitute a durable medium. Concerning notification, those measures are designed to specify the format and scope of the information on the applicable local rules to be published by host authorities, the application of the notification procedure to the marketing of compartments of UCITS and new share classes, and the technical details on access by host authorities to updated fund documents stored by home authorities. Those measures are also designed to clarify definitions and to align terminology and framing definitions in accordance with subsequent acts on UCITS and related matters. Since those measures are of general scope and are designed to amend non-essential elements of this Directive, by supplementing it with new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/EC. Powers not falling under the above category should be subject to the regulatory procedure provided in Article 5 of the same Decision. Those measures are designed to specify the form and content of the standardised notification letter, the standard model of attestation and the procedure for the exchange of information and thfor in this Directive in the context of the management company passport and the particulars of the agreement between the depositary and the management company. Those measures should facilitate the uniform application of the obligations of management companies and depositaries under this Directive. However, the adoption of these measures should not be a precondition to implement the right of management companies to carry on the services for which they have been authorised in their home Member State throughout the Community by establishing branches or under the freedom to provide use of electronic communication during the notification process. They are also designed to detail the procedures for on-the-spot verifications and investigations exchange of information between competent authoritiesrvices including the management of UCITS in another Member State.
Amendment 128 #
2008/0153(COD)
Proposal for a directive
Recital 65 a (new)
Recital 65 a (new)
Amendment 129 #
2008/0153(COD)
Proposal for a directive
Recital 65 b (new)
Recital 65 b (new)
Amendment 132 #
2008/0153(COD)
Proposal for a directive
Article 4
Article 4
For the purposes of this Directive, a UCITS shall be deemed to be established in the Member State in which the investment company or the management company of the common fund has its registered office. The Member States shall require that the head office be established in the same Member State as the registered officits home Member State.
Amendment 133 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 1 - subparagraph 1
Article 5 - paragraph 1 - subparagraph 1
1. No UCITS shall carry on activities as such unless it has been authorised by the competent authorities of thits home Member State in which it is established.
Amendment 135 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 2
Article 5 - paragraph 2
2. A common fund shall be authorised only if the competent authorities of its home Member State have approved the choice of the management company to manage the UCITS, the fund rules and the choice of depositary. An investment company shall be authorised only if the competent authorities of its home Member State have approved both its instruments of incorporation and the choice of depositary, and, where applicable, the choice of the designated management company to manage the UCITS.
Amendment 137 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 2 a (new)
Article 5 - paragraph 2 a (new)
2a. Without prejudice to paragraph 2, if the UCITS is not established in the management company’s home Member State, the competent authorities of the UCITS home Member State shall approve the application of the management company to manage the UCITS pursuant to Article 5a. It must not be made a condition of authorisation that the UCITS be managed by a management company having its registered office in the UCITS home Member State or that the management company performs or delegates any activities in the UCITS home Member State.
Amendment 138 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 3 - subparagraph 1
Article 5 - paragraph 3 - subparagraph 1
3. The competent authorities may not authorise a UCITS if the management company or the investment company does not comply with the preconditions laid down in Chapters III and V respectively. of the UCITS home Member State may not authorise a UCITS if: (a) such authorities establish that the investment company does not comply with the preconditions laid down in Chapter V; or b) the management company is not authorised as a UCITS management company in its home Member State.
Amendment 139 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 3 - subparagraph 1 a (new)
Article 5 - paragraph 3 - subparagraph 1 a (new)
Without prejudice to Article 26, the management company or, where applicable, the investment company shall be informed, within one month of the submission of the complete documents, whether or not the choice has been approved.
Amendment 140 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 3 - subparagraph 2
Article 5 - paragraph 3 - subparagraph 2
Moreover, the competent authorities of the UCITS home Member State may not authorise a UCITS if the directors of the depositary are not of sufficiently good repute or are not sufficiently experienced also in relation to the type of UCITS to be managed. To that end, the names of the directors of the depositary and of every person succeeding them in office shall be communicated forthwith to the competent authorities.
Amendment 141 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 5
Article 5 - paragraph 5
5. Neither the management company nor the depositary may be replaced, nor may the fund rules or the instruments of incorporation of the investment company be amended, without the approval of the competent authorities of the UCITS home Member State.
Amendment 142 #
2008/0153(COD)
Proposal for a directive
Article 5 - paragraph 5 a (new)
Article 5 - paragraph 5 a (new)
5a. Member States shall ensure that complete information on the laws, regulations and administrative provisions implementing this Directive which relate to the constitution and functioning of the UCITS is easily accessible at a distance or by electronic means. Member States shall ensure that this information is available, at least, in a language customary in the sphere of international finance, provided in a clear and unambiguous manner, and kept up-to-date.
Amendment 143 #
2008/0153(COD)
Proposal for a directive
Article 5 a (new)
Article 5 a (new)
Amendment 144 #
2008/0153(COD)
Proposal for a directive
Article 6 - paragraph 1
Article 6 - paragraph 1
1. Access to the business of management companies shall be subject to prior official authorisation to be granted by the competent authorities of the UCITSmanagement company's home Member State. Authorisation granted under this Directive to a management company shall be valid for all Member States.
Amendment 147 #
2008/0153(COD)
Proposal for a directive
Article 12 - paragraph 1 - subparagraph 1
Article 12 - paragraph 1 - subparagraph 1
1. Each management company's home Member State shall draw up prudential rules which management companies authorised in that Member State, with regard to the activity of management of UCITS authorised according to this Directive, shall observe at all times.
Amendment 148 #
2008/0153(COD)
Proposal for a directive
Article 12 - paragraph 1 - point b
Article 12 - paragraph 1 - point b
(b) is structured and organised in such a way as to minimise the risk of UCITS' or clients' interests being prejudiced by conflicts of interest between the company and its clients, between one of its clients and another, between one of its clients and a UCITS orand between two UCITS. Nevertheless, where a branch is set up, the organisational arrangements may not conflict with the rules of conduct laid down by the UCITS host Member State to cover conflicts of interest.
Amendment 149 #
2008/0153(COD)
Proposal for a directive
Article 12 - paragraph 2 a (new)
Article 12 - paragraph 2 a (new)
2a. Management companies shall set up appropriate procedures and arrangements to ensure that they properly deal with investor complaints, and that there are no restriction for investors to exercise their rights in case the management company is located in another jurisdiction. Investors should be able to file complaints in their local language.
Amendment 150 #
2008/0153(COD)
Proposal for a directive
Article 12 - paragraph 2 b (new)
Article 12 - paragraph 2 b (new)
2b. The Commission shall adopt implementing measures specifying procedures and arrangements set out in point (a) of paragraph 1and the structures and organizational requirements to minimize conflicts of interests set out in point (b) of paragraph. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 152 #
2008/0153(COD)
Proposal for a directive
Article 13 - paragraph 1 - introductory part
Article 13 - paragraph 1 - introductory part
1. If the management company’s home Member States permits management companies to delegate to third parties for the purpose of a more efficient conduct of the companies' business, to carry out on their behalf one or more of their own functions all of the following preconditions shall be complied with:
Amendment 156 #
2008/0153(COD)
Proposal for a directive
Article 13 - paragraph 1 - point i
Article 13 - paragraph 1 - point i
(i) the UCITS' prospectuses list the functions which the management company has been permitted to delegate by the management company’s home Member State.
Amendment 159 #
2008/0153(COD)
Proposal for a directive
Article 14 - paragraph 1 a (new)
Article 14 - paragraph 1 a (new)
1a. The Commission shall adopt implementing measures, with a view to ensuring that the management company complies with the duties set out in paragraph 1, in particular to: (a) define the steps that management companies might reasonably be expected to take to identify, prevent, manage and/or disclose conflicts of interest as well as to establish appropriate criteria for determining the types of conflicts of interest whose existence may damage the interests of the UCITS; (b) establish appropriate criteria for acting honestly and fairly and with due skill, care and diligence in the best interests of the UCITS; Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 161 #
2008/0153(COD)
Proposal for a directive
Article 15 - paragraph 2 a (new)
Article 15 - paragraph 2 a (new)
2a. Subject to the conditions set out in this Article, a UCITS shall be free to designate, or to be managed by, a management company authorized in another Member State in accordance with this Directive, provided that such a management company fulfils the following criteria: a) it complies with the provisions of Article 16 or Article 17; b) it complies with the provisions of Article 17a and Article 5a.
Amendment 166 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 1
Article 16 - paragraph 1
1. In addition to meeting the conditions imposed in Articles 6 and 7, any management company wishing to establish a branch within the territory of another Member State to carry on the activity for which it has been authorised shall notify the competent authorities of its home Member State.
Amendment 167 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 3 - subparagraph 2 a (new)
Article 16 - paragraph 3 - subparagraph 2 a (new)
Where a management company wishes to carry out the service of collective portfolio management as referred to in Annex II, the competent authorities of the management company's home Member State shall attach to the documentation an attestation that the management company has been authorised in accordance with this Directive and a description of the scope of the management company's authorisation and details of any restriction on the types of UCITS that the management company is authorised to manage.
Amendment 168 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 3 a (new)
Article 16 - paragraph 3 a (new)
3a. The services provided by a branch of a management company shall comply with the rules drawn up by the management company’s host Member State in accordance with Article 14.
Amendment 169 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 3 b (new)
Article 16 - paragraph 3 b (new)
3b. The competent authorities of the management company’s host Member State are responsible for supervising compliance with the rules referred to in paragraph 3a.
Amendment 170 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 4
Article 16 - paragraph 4
4. Before the branch of a management company starts business, the competent authorities of the management company's host Member State shall, within twoone months of receiving the information referred to in paragraph 2, prepare for the supervision of the management company and, if necessary, indicate the conditions, including the rules mentioned in Articles 86 and 87 in force in the management company's host Member State and the rules of conduct to be respected in the case of provision of the portfolio management service mentioned in Article 6 (3) (a) and of investment advisory services and custody, under which, in the interest of the general good, that business must be carried on in the management company's host Member Statecompliance of the management company with the rules under their responsibility.
Amendment 171 #
2008/0153(COD)
Proposal for a directive
Article 16 - paragraph 7 - subparagraph 1 a (new)
Article 16 - paragraph 7 - subparagraph 1 a (new)
The competent authority of the management company's home Member State shall update the information contained in the attestation referred to in paragraph 3 and inform the competent authorities of the management company's host Member State whenever there is a change in the scope of the management company’s authorisation or in the details of any restriction on the types of UCITS that the management company is authorised to manage.
Amendment 172 #
2008/0153(COD)
Proposal for a directive
Article 17 - paragraph 1 - introductory part
Article 17 - paragraph 1 - introductory part
1. Any management company wishing to carry on businessthe activities for which it has been authorised within the territory of another Member State for the first time under the freedom to provide services shall communicate the following information to the competent authorities of the management company's home Member State:
Amendment 174 #
2008/0153(COD)
Proposal for a directive
Article 17 - paragraph 2 - subparagraph 3 a (new)
Article 17 - paragraph 2 - subparagraph 3 a (new)
Where a management company wishes to carry out the service of collective portfolio management as referred to in Annex II, the competent authorities of the management company's home Member State shall enclose to the documentation an attestation that the management company has been authorised in accordance with this Directive and a description of the scope of the management company's authorisation and details of any restriction on the types of UCITS that the management company is authorised to manage.
Amendment 175 #
2008/0153(COD)
Proposal for a directive
Article 17 - paragraph 3
Article 17 - paragraph 3
3. When appropriate, the competent authorities of the management company's host Member State shall, on receipt of the information referred to in paragraph 1, indicate to the management company the conditions, including the rules of conduct to be respected in the case of provision of the portfolio management service mentioned in Article 6 (3) (a) and of investment advisory services and custody, with which, in the interest of the general good, the management company must comply in the the management company's host Member StateThe services provided by the management company under the freedom to provide services shall comply with the rules drawn up by the management company’s home Member State in accordance with Article 14.
Amendment 176 #
2008/0153(COD)
Proposal for a directive
Article 17 - paragraph 4
Article 17 - paragraph 4
4. Should the content of the information communicated in accordance with paragraphArticle 1(b) be amended, the management company shall give notice of the amendment in writing to the competent authorities of the management company's home Member State and of the management company's host Member State before implementing the change, so that t. The competent authorities of the management company's hostme Member State may, if necessary, inform the company of any change or addition to be made to the information communicated under paragraph 3shall update the information contained in the attestation referred to in paragraph 2 and inform the competent authorities of the management company's host Member State whenever there is a change in the scope of the management company’s authorisation or in the details of any restriction on the types of UCITS that the management company is authorised to manage.
Amendment 177 #
2008/0153(COD)
Proposal for a directive
Article 17 - paragraph 5
Article 17 - paragraph 5
Amendment 179 #
2008/0153(COD)
Proposal for a directive
Article 17 a (new)
Article 17 a (new)
Amendment 180 #
2008/0153(COD)
Proposal for a directive
Article 18 − paragraph 2 −subparagraph 1
Article 18 − paragraph 2 −subparagraph 1
Amendment 181 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 2− − subparagraph 2
Article 18 −paragraph 2− − subparagraph 2
Management company's host Member States may require management companies, carrying on business within their territories under the freedom to provide services or through the establishment of a branch, to provide them with the information necessary for the monitoring of their compliance with the standards set byrules under responsibility of the management company'’s host Member State that apply to them, although tincluding information regarding transactions concerning the investments of the UCITS. Those requirements may not be more stringent than those which the same Member State imposes on established management companies authorised in that Member State for the monitoring of their compliance with the same standards.
Amendment 182 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 3
Article 18 −paragraph 3
3. Where the competent authorities of a management company's host Member State ascertain that a management company that has a branch or provides services within its territory is in breach of the legal or regulatory provisions adopted in that State pursuant to those provisions of this Directive which confer powers on the management company's host Member State's competent authoritiesone of the rules under their responsibility, those authorities shall require the management company concerned to put an end to its irregular situation and inform the competent authorities of the management company's home Member State.
Amendment 183 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 5
Article 18 −paragraph 5
5. If, despite the measures taken by the management company's home Member State or because such measures prove inadequate or are not available in the Member State in question, the management company persists in breaching the legal or regulatory provisions referred to in paragraph 2 in force in the management company's host Member State, the latter may, after informing the competent authorities of the management company's home Member State, take appropriate measures, including those referred to in Articles 93 and 94, to prevent or to penalise further irregularities and, insofar as necessary, to prevent that management company from initiating any further transaction within its territory. Member States shall ensure that within their territories it is possible to serve the legal documents necessary for those measures on management companies. Where the service provided within the management company’s host Member State is the management of a UCITS, the management company’s host Member State may require the management company to cease managing this UCITS.
Amendment 184 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 6
Article 18 −paragraph 6
Amendment 185 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 7
Article 18 −paragraph 7
7. Any measure adopted pursuant to paragraphs 4, 5 or 6 and 5 involving penalties or restrictions on the activities of a management companymeasures or penalties shall be properly justified and communicated to the management company concerned. Every such measure shall be subject to the right to apply to the courts in the Member State which adopted it.
Amendment 186 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 9 −subparagraph 1
Article 18 −paragraph 9 −subparagraph 1
9. In the event of the withdrawal of authorisation, the competentThe competent authorities of the management company’s home Member State shall consult the competent authorities of the UCITS home Member State before withdrawing the authoritiessation of the management company's host Member State shall be informed and shall take appropriate measures to. In such cases, the competent authorities of the UCITS home Member State shall take appropriate measures to safeguard investors' interests. Those measures can include decisions preventing the management company concerned from initiating any further transactions within its territory and to safeguard investors' interests.
Amendment 187 #
2008/0153(COD)
Proposal for a directive
Article 18 −paragraph 10 −subparagraph 1
Article 18 −paragraph 10 −subparagraph 1
10. Member States shall inform the Commission of the number and type of cases in which there have been refusals pursuant to Articles 5a and 16 or measures have been taken in accordance with paragraph 5 of this Article.
Amendment 188 #
2008/0153(COD)
Proposal for a directive
Article 20 −paragraph 2
Article 20 −paragraph 2
2. A depositary shall be an institution which is subject to public controlrudential regulation and on-going supervision. It shall also furnish sufficient financial and professional guarantees to be able effectively to pursue its business as depositary and meet the commitments inherent in that function.
Amendment 189 #
2008/0153(COD)
Proposal for a directive
Article 20 - paragraph 3 a (new)
Article 20 - paragraph 3 a (new)
3a. The depositary shall establish procedures that enable the competent authorities of the UCITS home Member State to obtain on request all information, which the depositary has obtained while discharging its duties, and which are necessary for the competent authorities to supervise compliance of the UCITS with the requirements under this Directive.
Amendment 191 #
2008/0153(COD)
Proposal for a directive
Article 20 - paragraph 3 b (new)
Article 20 - paragraph 3 b (new)
3b. If the management company’s home Member State is not the UCITS home Member State, the depositary shall sign a written agreement with the management company regulating the flow of information deemed necessary to allow it to perform the functions referred to in Article 19 and in other laws, regulations and administrative provisions which are relevant for depositaries in the UCITS home Member State.
Amendment 192 #
2008/0153(COD)
Proposal for a directive
Article 20 - paragraph 3 c (new)
Article 20 - paragraph 3 c (new)
3c. The Commission shall adopt implementing measures on the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company situated in another Member State, including the particulars that need to be included in the standard agreements to be used by the depositary and the management company as referred to in paragraph 3a. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 193 #
2008/0153(COD)
Proposal for a directive
Article 26 – paragraph 2
Article 26 – paragraph 2
2. AIn appliccase the investment company has not designated a management company, the investment companty shall be informed, within six months of the submission of a complete application, whether or not authorisation has been granted. Reasons shall be given whenever an authorisation is refused.
Amendment 194 #
2008/0153(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. A depositary shall be an institution which is subject to public control. It shall also furnish sufficient financial and professional guarantees to be able effectively to pursue its business as depositary and meet the commitments inherent in that functrudential regulation and on-going supervision.
Amendment 196 #
2008/0153(COD)
Proposal for a directive
Article 30 – paragraph 3 a (new)
Article 30 – paragraph 3 a (new)
3a. The depositary shall establish procedures that enable the competent authorities of the UCITS home Member State to obtain on request all information, which the depositary has obtained while discharging its duties, and which are necessary for the competent authorities to supervise compliance of the UCITS with the requirements under this Directive.
Amendment 197 #
2008/0153(COD)
Proposal for a directive
Article 30 – paragraph 3 b (new)
Article 30 – paragraph 3 b (new)
Amendment 198 #
2008/0153(COD)
Proposal for a directive
Article 30 – paragraph 3 c (new)
Article 30 – paragraph 3 c (new)
3c. The Commission shall adopt implementing measures on the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company situated in another Member state, including the particulars that need to be included in the standard agreements to be used by the depositary and the management company as referred to in paragraph 3a.Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 199 #
2008/0153(COD)
Proposal for a directive
Article 34 – paragraph 1 – introductory part
Article 34 – paragraph 1 – introductory part
Amendment 200 #
2008/0153(COD)
Proposal for a directive
Article 35
Article 35
1. Member States shall, subject to the conditions set out in this SectionChapter and irrespective of the manner in which UCITS are constituted as set out in Article 1(3), allow for mergers between: (a) UCITS established within their territories; (b) UCITS established within their territories and UCITS established within the territories of othercross border mergers and domestic mergers as defined in this Article in accordance with one or more of the merger techniques provided for under Article 34. 2. For the purpose of this Directive a cross border merger shall mean: (a) a merger of UCITS of which at least two are established in different Member States; and (b) a merger of UCITS established in the same Member State into a newly constituted UCITS established in another Member State. The merger techniques used for cross border mergers must be allowed for under the laws of the merging UCITS home Member State. 3. For the purpose of this Directive, a domestic merger shall mean a merger of UCITS established in the same Member State when at least one of the involved UCITS has been notified pursuant to article 88. The merger techniques used for domestic mergers must be allowed for under the laws of that Member States. .
Amendment 202 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 2 – point a
Article 36 – paragraph 2 – point a
(a) the common draft terms of the proposed merger duly approved by the competent management or administrative body of the merging UCITS and the receiving UCITS;
Amendment 203 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 2 – point c
Article 36 – paragraph 2 – point c
(c) a certificate issued bystatement by each of the depositaries of the merging and the receiving UCITS confirming that they have verified compliance of the common draft terms of merger , in accordance with Article 38, they have verified the elements set out in points (a), ( f) and (g) of Article 37(1)with this Directive and the fund rules or instruments of incorporation of their respective UCITS and indicating their conclusions in this respect;
Amendment 204 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 2 – point d
Article 36 – paragraph 2 – point d
(d) the information on the proposed merger ithat the merging UCITS and the receiving UCITS intends to provide to itstheir respective unit-holders.
Amendment 205 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 2 – subparagraph 1 a (new)
Article 36 – paragraph 2 – subparagraph 1 a (new)
This information shall be provided so that both the competent authorities of the merging UCITS home Member State and the competent authorities of the receiving UCITS home Member State can read them in the official language or one of the official languages of the relevant Member State, or in a language approved by the relevant competent authorities.
Amendment 206 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 3 – subparagraph 1
Article 36 – paragraph 3 – subparagraph 1
3. The competent authorities of the merging UCITS home Member State shall consider the potential impact of the proposed merger on unit-holders of both the merging UCITS and the receiving UCITS and when doing so, shall consultshall immediately transmit copies of the information referred to in paragraph 2 to the competent authorities of the receiving UCITS. The competent authorities of the merging UCITS home Member State and the competent authorities of the receiving UCITS home Member State unless theyshall, respectively, consider that the potential impact of the proposed merger on the unit-holders of the receiving UCITS is negligible. merging UCITS and the receiving UCITS to assess whether appropriate information is provided to unit-holders.
Amendment 207 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 3 – subparagraph 2
Article 36 – paragraph 3 – subparagraph 2
If the competent authorities of the merging or receiving UCITS home Member State consider it necessary, they may require that the information to unit-holders of the merg, respectively, the merging or the receiving UCITS be clarified.
Amendment 208 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 3 – subparagraph 3
Article 36 – paragraph 3 – subparagraph 3
Amendment 209 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 4 – point c
Article 36 – paragraph 4 – point c
(c) after having considered the potential impact of the proposed merger on unit- holders in accordance with paragraph 3, the competent authorities arethe competent authorities of the merging and the receiving UCITS are, respectively, satisfied with the proposed information to be provided to unit-holders, of the merging UCITS, and where applicable, of the receiving UCITSr no indication of dissatisfaction from the competent authority of the receiving UCITS has been received under sub- paragraph 3 of paragraph (3).
Amendment 210 #
2008/0153(COD)
Proposal for a directive
Article 36 – paragraph 5 – subparagraph 1
Article 36 – paragraph 5 – subparagraph 1
5. The competent authorities of the merging UCITS home Member State shall inform the merging UCITS, within at the latest 30 days of the submission of a complete file as provided for in paragraph 2, whether or not the merger has been authorised.
Amendment 211 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
1. Member States shall require that the management or administrative body of the merging UCITS and of the receiving UCITS draw up common draft terms of merger.
Amendment 212 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 2 – introductory wording
Article 37 – paragraph 1 – subparagraph 2 – introductory wording
The common draft terms of merger shall includeset out the following particulars:
Amendment 213 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 2 – point d
Article 37 – paragraph 1 – subparagraph 2 – point d
(d) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the planned effective date of the merger in accordance with Article 44(1);
Amendment 214 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 2 – point f a (new)
Article 37 – paragraph 1 – subparagraph 2 – point f a (new)
(fa) the rules applicable for respectively the transfer of assets and the exchange of units;
Amendment 215 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 2 – point g
Article 37 – paragraph 1 – subparagraph 2 – point g
(g) in the case of a merger pursuant to Article 34 (b), the fund rules or instruments of incorporation of the newly constituted receiving UCITS.
Amendment 216 #
2008/0153(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 2 a (new)
Article 37 – paragraph 1 – subparagraph 2 a (new)
Competent authorities may not require that any additional information is included in the common draft terms of mergers.
Amendment 217 #
2008/0153(COD)
Proposal for a directive
Article 38
Article 38
Member States shall require that the depositaries of the merging UCITS and of the receiving UCITS verify the conformity of the common draft terms of mergerelements set out in points (a),( f) and (g) Article 37(1) with this Directive and the fund rules or instruments of incorporation of their respective UCITS.
Amendment 218 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
1. Member States shall require thatThe law of the merging UCITS home Member States shall entrust either a depositary or an independent auditor, approved in accordance with Directive 2006/43/EC of the European Parliament and of the Council, with validateing the following:
Amendment 219 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the planned effective date of the merger pursuant to Article 44(1);
Amendment 220 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 1 – point a a (new)
Article 39 – paragraph 1 – point a a (new)
(aa) where applicable, the cash payment per unit;
Amendment 221 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(b) the calculation method of the exchange ratio as well as the actual exchange ratio determined at the date in accordance with Article 44(1).
Amendment 222 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 2
Article 39 – paragraph 2
2. The statutory auditors of the merging UCITS or the statutory auditor of the receiving UCITS shall be considered independent auditors for the purposes of paragraph 1.
Amendment 223 #
2008/0153(COD)
Proposal for a directive
Article 39 – paragraph 3
Article 39 – paragraph 3
3. A copy of the reports of the independent auditor, or, where applicable, the depositary shall be made available on request and free of charge to the unit- holders of both the merging UCITS and the receiving UCITS and to their respective competent authorities.
Amendment 224 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 1
Article 40 – paragraph 1
1. Member States shall require the merging and receiving UCITS to provide appropriate and accurate information on the proposed merger to its or theirtheir respective unit-holders so as to enable their respective unit-holders to make an informed decisionjudgement of the impact of the proposal on their investment.
Amendment 225 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 2
Article 40 – paragraph 2
Amendment 226 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 3 – subparagraph 1
Article 40 – paragraph 3 – subparagraph 1
3. The information shall be provided to unit-holders of the merging UCITS and of the receiving UCITS only after the competent authorities of the merging UCITS home Member State have authorised the proposed merger under Article 36.
Amendment 227 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 3 – subparagraph 2
Article 40 – paragraph 3 – subparagraph 2
It shall be provided not less than 30 days before the date of the general meeting of unit-holders as referred to in Article 41 or, if no such general meeting of unit- holders is provided for under national law, not less than 30 days before the proposed effective date of the mergerlast date for requesting repurchase or redemption without additional charge referred to in Article 44.
Amendment 228 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4 – subparagraph 1
Article 40 – paragraph 4 – subparagraph 1
4. The information to be provided to unit- holders of the merging UCITS and, where applicable, the receiving UCITS, shall include appropriate and accurate information on the proposed merger such as to enable them to take an informed decision on the possible impact thereof on their investment and to exercise their rights under Articles 41 and 42.
Amendment 229 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4 – subparagraph 2 –introductory wording
Article 40 – paragraph 4 – subparagraph 2 –introductory wording
It shall include at least the following:
Amendment 230 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4 – subparagraph 2 – point a
Article 40 – paragraph 4 – subparagraph 2 – point a
(a) the background to and the rationale ofor the proposed merger;
Amendment 231 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4 – subparagraph 2 – point b
Article 40 – paragraph 4 – subparagraph 2 – point b
(b) the possible impact of the proposed merger on unit-holders, including but not limited to any material differences in respect of investment policy and strategy, costs, expected outcome, periodic reporting and, possible dilution in performance, and, where relevant, a prominent warning to investors that their tax treatment may be changed following the merger;
Amendment 233 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 4 – subparagraph 2 – point c
Article 40 – paragraph 4 – subparagraph 2 – point c
(c) any specific rights unit-holders have in relation to the proposed merger, including but not limited to the right to obtain additional information, the right to obtain a copy of the report of the independent auditor or the depositary on request, and the right to request the repurchase or redemption of their units without charge as specified in Article 42 and the last date for exerting that right;
Amendment 234 #
2008/0153(COD)
Proposal for a directive
Article 40 – paragraph 5
Article 40 – paragraph 5
5. If the merging UCITS and, where applicable,or the receiving UCITS, hasve been notified in accordance with Article 88, the information referred to in paragraph 4 shall be provided in the official language, or one of the official languages, of the merging UCITS host Member State and, where applicable the receivingrelevant UCITS host Member State, or in a language approved by theirits competent authorities. The translation shall be produced under the responsibility of the UCITS required to provide the information. It shall faithfully reflect the content of the original information.
Amendment 235 #
2008/0153(COD)
Proposal for a directive
Article 41 – paragraph 2
Article 41 – paragraph 2
The first paragraph shall be without prejudice to any presence quorum provided for under national laws. Where applicable, Member States shall not impose more stringent presence quora for cross border mergers than for domestic mergers. Nor shall they impose more stringent presence quora for UCITS mergers than for mergers of corporate entities.
Amendment 236 #
2008/0153(COD)
Proposal for a directive
Article 42 – paragraph 1
Article 42 – paragraph 1
1. The laws of Member States shall provide that unit-holders of both the merging UCITS and the receiving UCITS have the right to request, without any other charge than those retained by the fund to cover disinvestment costs, the repurchase or redemption of their units or, where possible, to convert them into units in another UCITS with similar investment policies, without charge and managed by the same management company or by any other company with which the management company is linked by common management or control, or by a substantial direct or indirect holding. This right shall become effective from the moment the unit-holders of the merging UCITS and, where applicable, those of the receiving UCITS, have been informed of the proposed merger. It shall cease to exist on the effective date of the merger in accordance with article 40. It shall cease to exist five working days before the date for calculating the exchange ratio as referred to in Article 44.
Amendment 238 #
2008/0153(COD)
Proposal for a directive
Article 42 – paragraph 2
Article 42 – paragraph 2
2. FWithout prejudice to the provisions of paragraph 1, for mergers between UCITS, by way of derogation from Article 79(1), Member States may allow the competent authorities to require or to allow the temporary suspension of the subscription, repurchase or redemption of units provided that such suspension is justified for the protection of the unit- holders.
Amendment 239 #
2008/0153(COD)
Proposal for a directive
Article 43
Article 43
Except in case where UCITS are self- managed, Member States shall ensure that any legal, advisory or administrative costs associated with the preparation and the completion of the merger shall not be charged, either directly or indirectly, to the merging UCITS, the receiving UCITS or any of their unit- holders.
Amendment 241 #
2008/0153(COD)
Proposal for a directive
Article 44 – paragraph 1
Article 44 – paragraph 1
1. Member States shall provide that theFor domestic mergers, the laws of the Member States shall determine the date on which a merger shall takes effect as soon as all assets, and where applicable, all liabilities have been transferred fromwell as the date for calculating the ratio for exchange of units of the merging UCITS into units of the receiving UCITS and unit- holders in the merging UCITS have received units in the receiving UCITS in exchange for their units in the merging UCITS, where applicable, for determining the relevant net asset value for cash payments. For cross border mergers, the laws of the receiving UCITS home Member State shall determine the dates referred to in the first subparagraph.
Amendment 242 #
2008/0153(COD)
Proposal for a directive
Article 44 – paragraph 2
Article 44 – paragraph 2
Amendment 245 #
2008/0153(COD)
Proposal for a directive
Article 44 – paragraph 3
Article 44 – paragraph 3
3. The entry into effect of the merger shall be made public through all appropriate means in the manner prescribed by the laws of the receiving UCITS home Member State, and notified to the competent authorities.
Amendment 246 #
2008/0153(COD)
Proposal for a directive
Article 44 – paragraph 4
Article 44 – paragraph 4
Amendment 247 #
2008/0153(COD)
Proposal for a directive
Article 44 a (new)
Article 44 a (new)
Article 44a 1. A merger carried out as laid down in point (a) of Article 34 shall have the following consequences: (a) all the assets and liabilities of the merging UCITS shall be transferred to the receiving UCITS or, where applicable, the depositary of the receiving UCITS; (b) the unit-holders of the merging UCITS shall become unit-holders of the receiving UCITS; in addition, if applicable, they are entitled to a cash payment not exceeding 10% of the net asset value of their units in the merging UCITS; (c) the merging UCITS shall cease to exist with the entry into effect of the merger. 2. A merger carried out as laid down in point (b) of Article 34 shall have the following consequences: (a) all the assets and liabilities of the merging UCITS shall be transferred to the newly constituted receiving UCITS or, where applicable, the depositary of the receiving UCITS; (b) the unit-holders of the merging UCITS shall become unit-holders of the newly constituted receiving UCITS; in addition, if applicable, they are entitled to a cash payment not exceeding 10% of the net asset value of their units in the merging UCITS; (c) the merging UCITS shall cease to exist with the entry into effect of the merger. 3. A merger carried out as laid down in point (c) of Article 34 shall have the following consequences: (a) the [net] assets of the merging UCITS shall be transferred to the receiving UCITS or, where applicable, the depositary of the receiving UCITS; (b) the unit-holders of the merging UCITS shall become unit-holders of the receiving UCITS; (c) the merging UCITS continues to exist until all remaining outstanding liabilities have been discharged. 4. Member States shall provide that a procedure is established, whereby the management company of the receiving UCITS confirms to the depositary of the receiving UCITS that transfer of assets and, where applicable, liabilities is complete. Where the receiving UCITS has not designated a management company, it will give that confirmation to the depositary of the receiving UCITS.
Amendment 251 #
2008/0153(COD)
Proposal for a directive
Article 46 – paragraph 4
Article 46 – paragraph 4
4. Member States shall inform the Commission on their regulation concerning the methods used to calculate the risk exposures mentioned inThe Commission shall adopt implementing measures specifying the following: - criteria for assessing the adequacy of risk management process employed by the management company in accordance with paragraph 31, including the risk exposure to a counterparty in OTC derivative transactions. The Commission shall forwardfirst sentence above; - detailed rules regarding the accurate and independent assessment of the value of OTC derivatives; - detailed rules regarding the content and the procedure to be followed for communicating thate information to the other Member States. Such information shall be the subject of exchanges of views within the European Securities Committeemanagement company home Member States' competent authorities referred to in paragraph 1 third sentence above ; Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 252 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 1
Article 53 – paragraph 1
1. A feeder UCITS is a UCITS whichor an investment compartments thereof, which has been approved to invests, by way of derogation from Article 1(2)(a), Article 45, Article 47, Article 50 and Article 51(2)(c), at least 85 % of its assets in units of another UCITS ("the master UCITS") or an investment compartment thereof ("the master UCITS").
Amendment 253 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 2 – subparagraph 1 – point b
Article 53 – paragraph 2 – subparagraph 1 – point b
(b) financial derivative instruments, which may be used only for hedging purposes, in accordance with Article 45(1)(g) and Article 46(2) and (3).
Amendment 255 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 2 – subparagraph 2
Article 53 – paragraph 2 – subparagraph 2
For the purposes of point (b) of the first subparagraph, the exposure of the feeder UCITS to the underlying assets as referred to in the third subparagraph of Article 46(3) shall be calculated by also taking into account the investments ofcompliance with Article 46(3), the feeder UCITS may calculate its global exposure related to financial derivative instruments by combining its own direct exposure under point (b) of the first subparagraph with: - either the master UCITS' actual exposure to financial derivative instruments in proportion to the mastfeeder UCITS,' including the investments of the master UCITS into financial derivative instruments and their underlyings,vestment into the master UCITS; or - the master UCITS potential maximum global exposure to financial derivative instruments provided for in the master UCITS' fund rules or instruments of incorporation in proportion to the feeder UCITS investment into the master UCITS.
Amendment 256 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 3 – introductory part
Article 53 – paragraph 3 – introductory part
3. A master UCITS is a UCITS or an investment compartment thereof which:
Amendment 257 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 3 – point a
Article 53 – paragraph 3 – point a
(a) must have among its unit-holders at least one feeder UCITS as unit-holder;
Amendment 258 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 1
Article 54 – paragraph 1
1. Member States shall ensure that the investment of a feeder UCITS into a given master UCITS which exceeds the limit applicable under Article 50(1) for investments into other UCITS be subject to prior approval by the competent authorities of the feeder UCITS' home Member State.
Amendment 259 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 2
Article 54 – paragraph 2
2. If the feeder UCITS already carried on activities as a UCITS, including as a feeder UCITS of a different master UCITS, tThe feeder UCITS shall be informed within at the latest 15 working days following the submission of a complete file, whether or not the competent authorities approved the feeder UCITS' investment into the master UCITS.
Amendment 260 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 3 – introductory part
Article 54 – paragraph 3 – introductory part
3. In the event that the feeder UCITS and the master UCITS are established in the same Member State, the competent authorities of thatThe competent authorities of the feeder UCITS home Member State shall grant approval if the feeder UCITS, its depositary and its auditor, as well as the master UCITS, comply with all the requirements set out in this Chapter. For such purpose, the feeder UCITS shall provide to the competent authorities of its home Member State the following documents:
Amendment 261 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 3 – point c
Article 54 – paragraph 3 – point c
(c) the agreement between the feeder UCITS and the master UCITS or the internal conduct of business rules referred to in Article 55(1);
Amendment 262 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 3 – point e
Article 54 – paragraph 3 – point e
Amendment 263 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 3 – point f
Article 54 – paragraph 3 – point f
(f) in the event thatf the master UCITS and the feeder UCITS have different depositaries, the information-sharing agreement referred to in Article 56(1) between their respective depositaries;
Amendment 264 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 3 – point g
Article 54 – paragraph 3 – point g
(g) in the event thatf the master UCITS and the feeder UCITS have different auditors, the information-sharing agreement referred to in Article 57(1) between their respective auditors.
Amendment 266 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 4 – subparagraph 1
Article 54 – paragraph 4 – subparagraph 1
4. When the feeder UCITS is established in another Member State than the master UCITS, the competent authorities of the feeder UCITS' home Member State shall grant approval provided the following conditions are met: (a)feeder UCITS shall also provide an attestation by the competent authorities of the master UCITS that the feedmaster UCITS, its depositarya UCITS, or and its auditor comply with all the requirements set out in this Chapter and the feeder UCITS for such purpose submits the documents referred to in paragraph 3 of this Article; (b) the feeder UCITS demonstrates that the master UCITS is duly authorised as a UCITS, that it is not itself a feeder UCITS and does not hold any units of a feeder UCITSnvestment compartment thereof, which fulfils the conditions set out in point (b) and (c) of Article 53(3). Documents shall be provided by the feeder UCITS in the official language, or one of the official languages, of the feeder UCITS home Member State or in a language approved by its competent authorities.
Amendment 267 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 4 – subparagraph 2
Article 54 – paragraph 4 – subparagraph 2
Amendment 268 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 1
Article 55 – paragraph 1 – subparagraph 1
1. Member States shall require the feeder UCITS to enter into an agreement withat the master UCITS provide the mastfeeder UCITS concernewith all documents and in forder to enable the feeder UCITSmation necessary for the latter to meet the requirements laid down in this Directive. For this purpose, the feeder UCITS shall enter into an agreement with the master UCITS.
Amendment 269 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 2 – introductory part
Article 55 – paragraph 1 – subparagraph 2 – introductory part
Amendment 270 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 2 – point a
Article 55 – paragraph 1 – subparagraph 2 – point a
Amendment 271 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 2 – point b
Article 55 – paragraph 1 – subparagraph 2 – point b
Amendment 272 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 2 – point c
Article 55 – paragraph 1 – subparagraph 2 – point c
Amendment 273 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 – subparagraph 3
Article 55 – paragraph 1 – subparagraph 3
The feeder UCITS shall not invest in units of that master UCITS until the agreement referred to in subparagraph 1 has become effective. This agreement shall be available, on request and without charges, to all unit-holders.
Amendment 274 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 1 a (new)
Article 55 – paragraph 1 a (new)
1a. In the event that both master and feeder UCITS are managed by the same management company or administrative body, the agreement may be replaced by internal conduct of business rules ensuring compliance with the requirements set out in paragraph 1.
Amendment 278 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 4 – subparagraph 2
Article 55 – paragraph 4 – subparagraph 2
Amendment 279 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 5 – subparagraph 1 – point a
Article 55 – paragraph 5 – subparagraph 1 – point a
(a) continues to be a feeder UCITS of the master UCITS or another UCITS resulting from the merger or division of the master UCITS; or
Amendment 280 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 5 – subparagraph 2
Article 55 – paragraph 5 – subparagraph 2
No merger or division of a master UCITS shall become effective, unless the master UCITS provided all of its feeder UCITSunit-holders and the competent authorities of theseits feeder UCITS' home Member States with the information referred to in or comparable with Article 40 no later than 60 days before the proposed effective date.
Amendment 281 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 6 – subparagraph 1 – point a
Article 55 – paragraph 6 – subparagraph 1 – point a
(a) the particulars that need to be included in the agreement referred to in the first subparagraph ofcontent of the agreement or of the internal conduct of business rules referred to in paragraph 1;
Amendment 282 #
2008/0153(COD)
Proposal for a directive
Article 56 – paragraph 1 – subparagraph 2 a (new)
Article 56 – paragraph 1 – subparagraph 2 a (new)
Neither the depositary of the master UCITS nor that of the feeder UCITS, when complying with the requirements laid down in this Chapter, shall be in breach of any restriction on disclosure of information or of data protection imposed by contract or by any legislative, regulatory or administrative provision nor shall such behaviour involve such depositary or any person acting on its behalf in liability of any kind.
Amendment 283 #
2008/0153(COD)
Proposal for a directive
Article 56 – paragraph 1 – subparagraph 2 b (new)
Article 56 – paragraph 1 – subparagraph 2 b (new)
Member States shall require that the feeder UCITS or, when applicable, the management company of the feeder UCITS shall be in charge of communicating to the depositary of the feeder UCITS any information about the master UCITS and required for the completion of the duties of the depositary of the feeder UCITS.
Amendment 284 #
2008/0153(COD)
Proposal for a directive
Article 56 – paragraph 2
Article 56 – paragraph 2
2. The depositary of the master UCITS shall immediately inform the competent authorities of the master UCITS, the feeder UCITS or, where applicable, the management company and the depositary of the feeder UCITS about any irregularities it detects with regard to the master UCITS which are deemed to have a negative impact on the feeder UCITS.
Amendment 285 #
2008/0153(COD)
Proposal for a directive
Article 56 – paragraph 3 – subparagraph 1 – point a
Article 56 – paragraph 3 – subparagraph 1 – point a
(a) the particulars that need to be included in the agreement referred to in paragraph 1 subparagraph 1;
Amendment 286 #
2008/0153(COD)
Proposal for a directive
Article 57 – paragraph 1 – subparagraph 1
Article 57 – paragraph 1 – subparagraph 1
1. Member States shall require that, if the master UCITS and the feeder UCITS have different auditors, these auditors enter into an information-sharing agreement in order to ensure the fulfilment of the duties of both auditors, including the arrangements taken to comply with the requirements of paragraph 2.
Amendment 287 #
2008/0153(COD)
Proposal for a directive
Article 57 – paragraph 2 – subparagraph 1
Article 57 – paragraph 2 – subparagraph 1
2. In its audit report, the auditor of the feeder UCITS shall take into account the audit report of the master UCITS. If the feeder UCITS and the master UCITS do not have the same accounting year, the auditor of the master UCITS shall make an ad hoc report on the same closing date as the closing date of the feeder UCITS.
Amendment 288 #
2008/0153(COD)
Proposal for a directive
Article 57 – paragraph 2 a (new)
Article 57 – paragraph 2 a (new)
2a. Neither the auditor of the master UCITS nor that of the feeder UCITS, when complying with the requirements laid down in this Chapter, shall be in breach of any restriction on disclosure of information or of data protection imposed by contract or by any legislative, regulatory or administrative provision nor shall such behaviour involve such auditor or any person acting on its behalf in liability of any kind.
Amendment 289 #
2008/0153(COD)
Proposal for a directive
Article 57 – paragraph 3
Article 57 – paragraph 3
3. The Commission may adopt implementing measures specifying the particulars that need to be included incontent of the agreement referred to in paragraph 1 subparagraph 1. Theose measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 290 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 1 – subparagraph 1 – point b
Article 58 – paragraph 1 – subparagraph 1 – point b
(b) onthe investment objective and policy, including the risk profile and whether the performance of the feeder UCITS and the master UCITS are identical, or to what extent and for which reasons they differ, including a description of the investment made in accordance with Article 53(2);
Amendment 291 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 1 – subparagraph 1 – point d
Article 58 – paragraph 1 – subparagraph 1 – point d
Amendment 292 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 1 – subparagraph 1 – point e
Article 58 – paragraph 1 – subparagraph 1 – point e
(e) a summary of the agreement entered into between the feeder UCITS and the master UCITS or of the internal conduct of business rules pursuant to Article 55(1);
Amendment 293 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 1 – subparagraph 1 – point g
Article 58 – paragraph 1 – subparagraph 1 – point g
Amendment 294 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 4
Article 58 – paragraph 4
4. A feeder UCITS shall disclose in any relevant marketing communications that it is a feeder UCITS of a given master UCITS and as such permanently invests 85 % or more of its assets in units of such master UCITS.
Amendment 295 #
2008/0153(COD)
Proposal for a directive
Article 58 – paragraph 4 a (new)
Article 58 – paragraph 4 a (new)
4a. A paper copy of the prospectus, annual and half-yearly report of the master shall be delivered by the feeder UCITS to investors upon their request, free of charge.
Amendment 296 #
2008/0153(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c
Article 59 – paragraph 1 – subparagraph 1 – point c
(c) the date when the feeder UCITS is to start to invest into the master UCITS or, if it has already invested into the master, the date when its investment is to exceed the limit applicable under Article 50(1);
Amendment 297 #
2008/0153(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point d
Article 59 – paragraph 1 – subparagraph 1 – point d
(d) a statement that the unit-holders have the right to request the re-purchase or redemption of their units free of chargewithout any other charges than those retained by the fund to cover disinvestment costs within 30 days; this right shall become effective from the moment the feeder UCITS has provided the information referred to in this paragraph.
Amendment 298 #
2008/0153(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
This information shall be provided not less than 30 days before the date of the feeder UCITS' investment into the master UCITS pursuant toreferred to in point (c) of the first subparagraph.
Amendment 299 #
2008/0153(COD)
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. Member States shall ensure that the feeder UCITS does not invest into the units of the given master UCITS in excess of the limit applicable under Article 50(1) before the period of 30 days referred to in the second subparagraph of paragraph 1 has elapsed.
Amendment 300 #
2008/0153(COD)
Proposal for a directive
Article 59 – paragraph 4 – subparagraph 2
Article 59 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2).
Amendment 301 #
2008/0153(COD)
Proposal for a directive
Article 60 – paragraph 3
Article 60 – paragraph 3
3. Where, by virtue ofin connection with an investment in the units of the master UCITS, a commissiondistribution fee, commission or monetary benefit is received by the feeder UCITS, the management company of the feeder UCITS or any person acting on behalf of either the feeder UCITS or the management company of the feeder UCITS, the fee, commission or monetary benefit shall be paid into the assets of the feeder UCITS.
Amendment 302 #
2008/0153(COD)
Proposal for a directive
Article 62 – paragraph 1
Article 62 – paragraph 1
1. If the master UCITS and the feeder UCITS are established in the same Member State, the competent authorities shall immediately inform the feeder UCITS and, when they deem it necessary, the other unit-holders, of any decision, measure, observation of non-compliance with the conditions of this Chapter or of any information reported pursuant to Article 101(1) with regard to the master UCITS or, where applicable, its management company, depositary or auditor.
Amendment 303 #
2008/0153(COD)
Proposal for a directive
Article 62 – paragraph 2
Article 62 – paragraph 2
2. If the master UCITS and the feeder UCITS are established in different Member States, the competent authorities of the master UCITS' home Member State shall immediately communicate any decision, measure, observation of non-compliance with the conditions of this Chapter or information reported pursuant to Article 101(1) with regard to the master UCITS or, where applicable, its management company, depositary or auditor, to the competent authorities of the feeder UCITS' home Member State. The latter, which shall then immediately inform the feeder UCITS. When those authorities deem it necessary, they shall also immediately communication this information to the other unit-holders.
Amendment 304 #
2008/0153(COD)
Proposal for a directive
Article 69
Article 69
UCITS shall send their prospectus and any amendments thereto, as well as their annual and half-yearly reports, to the competent authorities of the UCITS home Member State. UCITS shall provide this documentation to the competent authorities of the management company’s home Member State on request.
Amendment 305 #
2008/0153(COD)
Proposal for a directive
Article 70 – paragraph 2
Article 70 – paragraph 2
2. The prospectus may be provided in a durable medium or by means of a website. A paper copy shall be provided to the investors on request, free of charge. Or. en The prospectus may be provided in a durable medium or in electronic form. 2.
Amendment 306 #
2008/0153(COD)
Proposal for a directive
Article 70 – paragraph 3
Article 70 – paragraph 3
3. The annual and half-yearly reports shall be available to investors in the manner specified in the prospectus and in the key investor information referred to in Article 73. A paper copy of the annual and half- yearly reports shall be delivered to the investors on request, free of charge.
Amendment 307 #
2008/0153(COD)
Proposal for a directive
Article 72
Article 72
All marketing communications to investors shall be clearly identifiable as such. They shall be fair, clear and not misleading and the inform. In particular, any marketing communications contained therein shall be consistmprising an invitation to purchase units of UCITS that contains specific information about a UCITS shall not make statements withhich contradict or diminish the significance of the information contained in the prospectus and the key investor information referred to in Article 73. TheyIt shall indicate that a prospectus exists and that the key investor information referred to in Article 73 is available and specify where and in which language such information or documents may be obtained by investors or potential investors or how they may have access to them.
Amendment 308 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 1
Article 73 – paragraph 1
1. Member States shall require that an investment company and, for each of the common funds it manages, a management company draw up a short document containing key investor information for investors ( “key investor information”). The words “key investor information” should be clearly mentioned on this document, in the language referred to in point (b) of Article 89(1).
Amendment 309 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 3 – subparagraph 1 – introductory part
Article 73 – paragraph 3 – subparagraph 1 – introductory part
3. Key investor information shall incluprovide information on at least the following essential elements in respect of the UCITS concerned: Or. eenen
Amendment 310 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 3 – point -a (new)
Article 73 – paragraph 3 – point -a (new)
(-a) identification of the UCITS;
Amendment 311 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 3 – point b
Article 73 – paragraph 3 – point b
(b) past performance presentation or, where relevant, performance scenarios;
Amendment 313 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 7 – subparagraph 1 – point a
Article 73 – paragraph 7 – subparagraph 1 – point a
(a) the detailed and exhaustive content of the key investor information to be provided to investors as referred to under paragraphs 2,3 and 4;
Amendment 314 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 7 – subparagraph 1 – point b – introductory part
Article 73 – paragraph 7 – subparagraph 1 – point b – introductory part
(b) the detailed and exhaustive content of the key investor information to be provided to investors in the following specific cases:
Amendment 315 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 7 – subparagraph 1 – point b – point v
Article 73 – paragraph 7 – subparagraph 1 – point b – point v
Amendment 316 #
2008/0153(COD)
Proposal for a directive
Article 73 – paragraph 7 – subparagraph 1 – point b – point vi
Article 73 – paragraph 7 – subparagraph 1 – point b – point vi
(vi) for structured, capital protected and other comparable UCITS, the key investor information to be provided to investors subscribing to structured, capital protected and other comparable UCITS offering a predetermined pay-off at a certain time horizon, entirely depending on certain parameters such as the evolution of a given indexin relation to the special characteristics of such UCITS;
Amendment 318 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 1
Article 75 – paragraph 1
1. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which sells UCITS directly or through a tied agent to investors, delivers to investors, either directly or through their tied agent,nother natural or legal person who acts on its behalf and under its full and unconditional responsibility, provides investors with key investor information on such UCITS in good time before their proposed subscription of units in such UCITS.
Amendment 319 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 2
Article 75 – paragraph 2
2. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which does not sell UCITS directly or through a tied agentperson who acts on its behalf and under its full and unconditional responsibility to investors, deliverprovides key investor information to product manufacturers and intermediaries selling or advising investors on potential investments in such UCITS or in products offering exposure to such UCITS, so as to enable them to provide all relevant information on the proposed investment to their client. Member States shall require that the intermediaries selling or advising investors orn potential cliinvestments, in compliance with any information obligations applicable to them under the relevant Community and national lawUCITS, provide key investor information to their clients or potential clients.
Amendment 323 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 2a (new)
Article 75 – paragraph 2a (new)
2a. Key investor information shall be provided to investors free of charge.
Amendment 324 #
2008/0153(COD)
Proposal for a directive
Article 76 – paragraph 1
Article 76 – paragraph 1
1. Member States shall allow investment companies and, for each of the common funds they manage, management companies, to deliverprovide key investor information in a durable medium or by means of a website. A paper copy shall be delivered free of charge to the investor, upon request.
Amendment 328 #
2008/0153(COD)
Proposal for a directive
Article 86 – paragraph 3
Article 86 – paragraph 3
3. Member States shall ensure that complete information on the laws, regulations and administrative provisions which do not fall within the field governed by this Directive and which are relevant tospecifically relevant to the arrangements made for the marketing of units of UCITS, established in another Member State within their territories, is easily accessible at distance and by electronic means. Member States shall ensure that this information is available in a language customary in the sphere of international finance, is provided in a clear and unambiguous manner and is kept up to date.
Amendment 329 #
2008/0153(COD)
Proposal for a directive
Article 86 – paragraph 3 a (new)
Article 86 – paragraph 3 a (new)
3a. For the purpose of this Chapter, a UCITS shall mean a UCITS or an investment compartment thereof.
Amendment 330 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 1 – subparagraph 1
Article 88 – paragraph 1 – subparagraph 1
1. If a UCITS proposes to market its units in a Member State other than that in which it is establishedits home Member State, it shall first submit a notification letter to the competent authorities of its home Member State.
Amendment 331 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 1 – subparagraph 2
Article 88 – paragraph 1 – subparagraph 2
The notification letter shall include information on arrangements made for marketing of units of the UCITS in thae host Member State.
Amendment 332 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 3 – subparagraph 2
Article 88 – paragraph 3 – subparagraph 2
The competent authorities of the UCITS home Member State shall transmit the complete documentation referred to in paragraphs 1 and 2 to the competent authorities of the Member State in which the UCITS proposes to market its units, no later that one monthn five working days after the date of receipt of the notification letter and the complete documentation provided for in paragraph 2. They shall enclose to the documentation an attestation that the UCITS fulfils the conditions imposed by this Directive.
Amendment 336 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 4
Article 88 – paragraph 4
4. Member States shall ensure that the notification letter as referred to in paragraph 1 and the attestation as referred to in paragraph 3 are provided in a language customary in the sphere of international finance. , unless the UCITS home Member State and the UCITS host Member State agree to the notification letter as referred to in paragraph 1 and the attestation as referred to in paragraph 3 being provided in an official language of both Member States. Or. en Justification
Amendment 338 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 7
Article 88 – paragraph 7
7. The UCITS home Member State shall ensure that the competent authorities of the UCITS host Member State have access, by electronic means, to the documents referred to in paragraph 2 and, if applicable, to any translations thereof and that those documents and translations are kept up to date. It shall ensure that the UCITS keep those documents and translations up to date. The UCITS shall notify any amendments to the documents referred to in paragraph 2 to the competent authority of the host Member State and indicate where these documents can be obtained electronically.
Amendment 339 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 8
Article 88 – paragraph 8
8. In the event of a change in the information regarding the marketing arrangements made for marketing communicated in the notification letter in accordance with paragraph 1, the UCITS shall give a written notice of this change to the competent authorities of the host Member State before implementing the change.
Amendment 340 #
2008/0153(COD)
Proposal for a directive
Article 90 – paragraph 1 – subparagraph 1 – point a
Article 90 – paragraph 1 – subparagraph 1 – point a
(a) the format and the scope of the information as referred to in Article 86 (3);
Amendment 341 #
2008/0153(COD)
Proposal for a directive
Article 92 – paragraph 1
Article 92 – paragraph 1
1. Member States shall designate the competent authorities which are to carry out the duties provided for in this Directive. They shall inform the Commission thereof, indicating any division of duties.
Amendment 342 #
2008/0153(COD)
Proposal for a directive
Article 92 – paragraph 3
Article 92 – paragraph 3
3. The authorities of the UCITS home Member State shall be competent to supervise that UCITS including, where relevant, pursuant to Article 17a. However, the authorities of the UCITS host Member State shall be competent to supervise compliance with the provisions falling outside the field governed by the Directive and requirements set out in Articles 87 and 89.
Amendment 343 #
2008/0153(COD)
Proposal for a directive
Article 93 – paragraph 2 – point j
Article 93 – paragraph 2 – point j
(j) require the suspension of the issue, repurchase or redemption of units in the interest of the unit holders or of the public;
Amendment 344 #
2008/0153(COD)
Proposal for a directive
Article 94 – paragraph 1
Article 94 – paragraph 1
1. Member States shall lay down the rules on measures and penalties applicable to infringements of the national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that they are implemented. TheWithout prejudice to the procedures for the withdrawal of authorization or to the right of Member States to impose criminal sanctions, Member States shall in particular ensure, in conformity with their national law, that the appropriate administrative measures can be taken or administrative sanctions be imposed against the persons responsible where the provisions adopted in the implementation of this Directive have not been complied with. The measures and penalties provided for must be effective, proportionate and dissuasive. Without precluding rules on measures and penalties applicable to infringements of the other national provisions adopted pursuant to this Directive, Member States shall in particular lay down effective, proportionate and dissuasive measures and penalties concerning the duty to present key investor information in a way that is likely to be understood by retail investors according to Article 73(5).
Amendment 345 #
2008/0153(COD)
Proposal for a directive
Article 94 – paragraph 2
Article 94 – paragraph 2
2. Member States shall provide that the competent authorities may disclose to the public any measure or sanction that will be imposed for infringement of the provisions adopted in the implementation of this Directive, unless such disclosure would seriously jeopardise the financial markets, be detrimental to the interests of investors or cause disproportionate damage to the parties involved.
Amendment 346 #
2008/0153(COD)
Proposal for a directive
Article 96 – paragraph 1 – subparagraph 2
Article 96 – paragraph 1 – subparagraph 2
Member Sstates shall take the necessary administrative and organisational measures to facilitate the cooperation provided for in this paragraphbetween competent authorities, including through bilateral or multilateral agreements, so that they can fully carry out their duties according to this Directive.
Amendment 347 #
2008/0153(COD)
Proposal for a directive
Article 96 – paragraph 2a (new)
Article 96 – paragraph 2a (new)
2a. Where a competent authority has good reasons to suspect that acts contrary to this Directive, carried out by entities not subject to its supervision, are being or have been carried out on the territory of another Member State, it shall notify this in a manner as specific as possible to the competent authority of the other Member State. The latter authority shall take appropriate action. It shall inform the notifying competent authority of the outcome of the action and, to the extent possible, of significant interim developments. This paragraph shall be without prejudice to the competences of the competent authority that has forwarded the information.
Amendment 349 #
2008/0153(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1a (new)
Article 97 – paragraph 2 – subparagraph 1a (new)
Competent authorities exchanging information with other competent authorities under this Directive may indicate at the time of communication that such information must not be disclosed without their express agreement, in which case such information may be exchanged solely for the purposes for which those authorities gave their agreement.
Amendment 350 #
2008/0153(COD)
Proposal for a directive
Article 97 – paragraph 5 – subparagraph 1 – introductory part
Article 97 – paragraph 5 – subparagraph 1 – introductory part
5. Paragraphs 1 and 4 shall not preclude the exchange of information between the competent authorities, within onea Member State or between several Member States, which arebetween competent authorities; and:
Amendment 351 #
2008/0153(COD)
Proposal for a directive
Article 102 – paragraph 1
Article 102 – paragraph 1
1. The competent authorities shall give reasons for any decision to refuse authorisation, and any negative decision taken in implementation of the general measures adopted in application of this Directive, in writing and communicate them to applicants.
Amendment 352 #
2008/0153(COD)
Proposal for a directive
Article 102 – paragraph 2
Article 102 – paragraph 2
2. Member States shall provide that any decisions taken in respect of a UCITS pursuant tounder laws, regulations andor administrative provisions adopted in accordance with this Directive areis properly reasoned and is subject to the right to apply to the courts; the same shall apply if no decision is taken within six months of the submission of an authorisation application made by a UCITS. The right to apply to the courts shall apply also where, in respect of an application for authorization which incluprovides all the information required under the provisions in force, no decision is taken within six months of its submission.
Amendment 353 #
2008/0153(COD)
Proposal for a directive
Article 103 – paragraph 2
Article 103 – paragraph 2
2. Any decision to withdraw authorisation, or any other serious measure taken against a UCITS, or any issue, suspension of re- purchase or redemption imposed upon it, shall be communicated without delay by the authorities of the UCITS home Member State to the authorities of the UCITS host Member States and, if the management company of a UCITS is situated in another Member State, to the competent authorities of the management company’s home Member State.
Amendment 354 #
2008/0153(COD)
Proposal for a directive
Article 103 – paragraph 2 a (new)
Article 103 – paragraph 2 a (new)
2a. The competent authorities of the management company’s home Member State and those of the UCITS home Member State shall, respectively, have the ability to take action against the management company if it infringes rules under their respective responsibility.
Amendment 355 #
2008/0153(COD)
Proposal for a directive
Article 103 – paragraph 4 – subparagraph 1 – introductory part
Article 103 – paragraph 4 – subparagraph 1 – introductory part
4. If, despite the measures taken by the competent authorities of the UCITS home Member State or because such measures prove inadequate, or because the UCITS home Member State fails to act within a reasonable timeframe, the UCITS persists in acting in a manner that is clearly prejudicial to the interests of the UCITS host Member State's investors, the competent authorities of the UCITS host Member State, may take consequently either of the following actions:
Amendment 356 #
2008/0153(COD)
Proposal for a directive
Article 103 – paragraph 4 – subparagraph 1 – point b
Article 103 – paragraph 4 – subparagraph 1 – point b
(b) if necessary, bring the matter to the attention of the Committee of European Securities Regulators.
Amendment 357 #
2008/0153(COD)
Proposal for a directive
Article 103 – paragraph 5
Article 103 – paragraph 5
5. Member States shall ensure that within their territories it is legally possible to serve the legal documents necessary for the measures which may be taken by the UCITS host Member State on UCITS pursuant to paragraphs 2 to 4.
Amendment 359 #
2008/0153(COD)
Proposal for a directive
Article 104 – paragraph 2
Article 104 – paragraph 2
2. Insofar as it is necessary for the purpose of exercising their powers of supervision, the competent authorities of the management company's home Member State shall be informed by the competent authorities of the management company's host Member State of any measures taken by the management company's host Member State pursuant to Article 18 (6) which involve measures and penalties imposed on a management company or restrictions on a management company's activities.
Amendment 360 #
2008/0153(COD)
Proposal for a directive
Article 104 – paragraph 2 a (new)
Article 104 – paragraph 2 a (new)
2a. The competent authorities of the management company's home Member State shall notify, without delay, the competent authority of the UCITS home Member State of any problems identified at the level of the management company and which would affect the ability of the management company to properly perform its duties with respect to the fund and any breaches of the requirements under Chapter III. .
Amendment 361 #
2008/0153(COD)
Proposal for a directive
Article 104 – paragraph 2 b (new)
Article 104 – paragraph 2 b (new)
2b. The competent authorities of the UCITS's home Member State shall notify, without delay, the competent authority of the management company’s home Member State of any problems identified at the level of the UCITS and which may affect the ability of the management company to properly perform its duties and comply with applicable rules.
Amendment 362 #
2008/0153(COD)
Proposal for a directive
Article 111 – paragraph 2 a (new)
Article 111 – paragraph 2 a (new)
References to the simplified prospectus shall be construed as references to the key investor information referred to in Article 73.
Amendment 363 #
2008/0153(COD)
Proposal for a directive
Article 112 – paragraph 1 a (new)
Article 112 – paragraph 1 a (new)
1a. The Commission shall adopt and publish by July 2010 at the latest, the implementing measures as provided by Articles 12, 14, 20, 30, 46 and 73.
Amendment 364 #
2008/0153(COD)
Proposal for a directive
Annex I – schedule A – point 1 – middle column
Annex I – schedule A – point 1 – middle column
1. Information concerning the management company including an indication whether the management company is domiciled in another Member State than in the UCITS home Member State
Amendment 59 #
2008/0130(CNS)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The capital of the SPE shall be fully subscribed. Shares issued for cash shall be paid up, at the time of subscription, at a rate not less than 25% of their nominal value. The remainder shall be paid up in one or more instalments by decision of the management or administrative board within not more than five years of registration of the SPE.
Amendment 62 #
2008/0130(CNS)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. The capital of the SPE shall be at least EUR 15 000.
Amendment 76 #
2008/0130(CNS)
Proposal for a regulation
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
ea) it shall have a cross–border component, in the form of a corresponding business object.
Amendment 105 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Registration of the SPE may be subject to only one of the following requirements: (a) a control by an administrative or judicial body of the legality of the documents and particulaCompliance of the SPE's documents and particulars with this Regulation and, if applicable, with national law and the articles of association shall be certified by the founding shareholders ofr the SPE; (b) the certification of the documents and particul or shall be subject merely to a single control by a judicial body or by a notarsy of the SPEr by another competent authority.
Amendment 136 #
2008/0130(CNS)
Proposal for a regulation
Article 19
Article 19
1. Without prejudice to Article 42, the capital of the SPE shall be expressed in euro. 2. The capital of the SPE shall be fully subscribed. At least 25% of the nominal value of shares issued for cash shall be paid up at the time of subscription. Payment of the outstanding balance shall be made in one or more instalments at the decision of the management or administrative body within a time limit not exceeding 5 years from the date of registration of the SPE. 3. The shares of the SPE do not need to be fully paid on issue. 4. The capital of the SPE shall be at least EUR 15 000.
Amendment 146 #
2008/0130(CNS)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. The capital of the SPE shall be at least EUR 1 000.
Amendment 170 #
2008/0130(CNS)
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
Amendment 24 #
2008/0084(COD)
Proposal for a directive – amending act
Article 2
Article 2
Directive 83/349/CEE
Article 13 – paragraph 2 a
Article 13 – paragraph 2 a
(2a) Without prejudice to Articles 4(2) and Articles 5 and 6, any parent undertaking governed by the national law of a Member State which only has subsidiary undertakings which are not material for the purposes of Article 16(3), both individually or as a whole, shall be exempted from the obligation imposed in Article 1(1), provided that it gives grounds for this in the annex to its annual accounts.
Amendment 5 #
2008/0083(COD)
Proposal for a directive – amending act
Recital 6
Recital 6
(6) In order to allow for a cost effective publication that provides users with easy access to the information Member States should make mandatory the use of a central electronic platform. They may, in keeping with their national practices and obligations, also provide for publication by other means. They should, furthermore, ensure that this publication and any additional publication duties they may impose on companies in this context, do not lead to any specific fees, in addition to over and above those that may be charged for entries in the register.
Amendment 8 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
4. Disclosure of the documents and particulars referred to in Article 2 shall be effected by publication through a central electronic platform that allows access to the information disclosed in chronological order. Member States may require the documents to be published by other means as well.
Amendment 9 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 - subparagraph 2
Article 3 – paragraph 4 - subparagraph 2
Member states shall ensure that companies are not charged a specific fee, in respect of theadditional publication obligation through a central electronic platform os, any specific fees over anyd additional publication obligation imposed by Member States relating to those documents and particularsbove the single publication fee.
Amendment 11 #
2008/0083(COD)
Proposal for a directive – amending act
Recital 6
Recital 6
(6) In order to allow for a cost effective publication that provides users with easy access to the information Member States should make mandatory the use of a central electronic platform. They may, in keeping with their national practices and obligations, also provide for publication by other means. They should, furthermore, ensure that this publication and any additional publication duties they may impose on companies in this context, do not lead to any specific fees, in addition to over and above those that may be charged for entries in the register.
Amendment 12 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 2 a (new)
Article 3 – paragraph 4 – subparagraph 2 a (new)
This paragraph is without prejudice to the freedom of Member States to pass on to companies costs including those connected with the setting up and operation of the central electronic platform.
Amendment 13 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
4. Disclosure of the documents and particulars referred to in Article 2 shall be effected by publication through a central electronic platform that allows access to the information disclosed in chronological order. Member States may require the documents to be published by other means as well.
Amendment 15 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
Member States shall ensure that companies are not charged a specific fee in respect of the publication obligation through a central electronic platform or any additional publication obligation imposed by Member States relating to those documents and particulars. This paragraph is without prejudice to the freedom of Member States to pass on to companies costs including those connected with the setting up and operation of the central electronic platform.
Amendment 16 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
Member states shall ensure that companies are not charged a specific fee, in respect of theadditional publication obligation through a central electronic platform os, any specific fees over anyd additional publication obligation imposed by Member States relating to those documents and particularsbove the single publication fee.
Amendment 223 #
2008/0028(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. Such additional forms of expression referred to in paragraph 1 shall be identified under a national scThe Commission must, in accordance with the procedure referred to in Article 290 TFEU, lay down rules governing the use of these additional forms of expression. The criteria must be based on scientific knowledge of diet and nutrition and how themse areferred to in Article 44 linked to health. In order to establish the criteria, the Commission must ask the Authority to provide a suitable scientific study within 12 months.
Amendment 230 #
2008/0028(COD)
Proposal for a regulation
Article 34 – paragraph 5 – introductory part
Article 34 – paragraph 5 – introductory part
5. Graphical forms or symbols for the presentation of the nutrition declaration may be used under a national scheme referred to in Article 44 provided the following essential requirements are met:
Amendment 231 #
2008/0028(COD)
Proposal for a regulation
Article 34 – paragraph 6
Article 34 – paragraph 6
6. Rules relating to other aspects of presentation of nutrition declaration, other than those referred to in paragraph 5, may be established by the Commission. Thoese measures designed to amend non-essential elements of this Regulation by supplementing it, shall be adopted, in accordance with the regulatory procedure with scrutinyprocedure referred to in Article 49(3)290 TFEU.
Amendment 249 #
Amendment 261 #
Amendment 7 #
2007/2287(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that the provision of financial services to private clients and small businesses will remain to a large extent a local business, in view linguistic and cultural factors and the need for personal contact; recognises, at the same time, the opportunities presented by opening up retail markets on the supply side, which would enable the industry to achieve economies of scale by creating pan- European product platforms and thus offer products across Europe, resulting in more product diversity and competition in national markets;
Amendment 65 #
2007/2287(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that disclosure of cost, risk and performance at the point of sale is crucial to enable investors to take informed decisions; in this context, calls for comparable transparency requirements for all substitute investment products, such as investment funds, structured products and unit-linked life insurance products; regrets the inconsistencies of the EU regulatory framework and is concerned about their impact on fair competition and investor protection; requests the Commission to address regulatory shortcomings of Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and Directive 2002/92/EC on insurance mediation by taking disclosure requirements under Directive 2004/39/EC on markets in financial instruments (MiFID) and the new UCITS Key Investor Information document as benchmarks for all substitute products;
Amendment 76 #
2007/2287(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the great importance of financial service brokers in providing financial services from other Member States to private clients and small businesses; calls on the Commission to create a framework that will strengthen this industrial sector; stresses the importance of differentiating according to type of brokerage and of avoiding a 'one size fits all' approach;
Amendment 82 #
2007/2287(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Emphatically draws attention to the importance of enabling credit institutions and credit data agencies to have non- discriminatory cross-border access to credit data registers and to fraud-data registers; calls on the Commission to identify the obstacles to exchanges of data relating not just to credit but also to fraud;
Amendment 50 #
2007/2201(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses the importance of reliable data for bankcredit and fraud data for banks and other credit providers to grant credits, accessible on a fair and transparent basis; insists nevertheless on the necessity to protect consumers' personal data; requestscalls on the Commission to make proposals for the interoperability of data registers while respecting consumers' private lives and rights of access and rectificationidentify obstacles to credit and fraud data sharing;
Amendment 60 #
2007/2201(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Requests the Commission to clarify and harmonise the rights and liabilities of intermediaries, since problems often arise in the sale, administration and enforcement of financial services agreements; stresses the importance of differentiating between the types of intermediaries and avoiding a one-size-fits-all approach; requests the Commission to distinguish clearly between information which has to be clear, concise, readable and cost-free and the provision of advisory services;
Amendment 65 #
2007/2201(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is of the opinion that decentralised banking networks such as saving and cooperative banks guarantee along with other continuity of financial markets even in smaller and remote marketredit institutions contribute to the financing of the local economy and facilitating access to financial services for all customers; stresses that pluralistic banking markets and diversity of providers may enhance competition throughout the EU banking market while ensuring the financing of the local economy and facilitating access to financial services for all customersprovided that there is no distortion in competition and that a level playing field is guaranteed to all market participants following the principle, '‘same business, same rules'’;
Amendment 71 #
2007/2201(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is confident that the SEPA and the Payment Services Directive should provide solutions to the fragmentation and lack of competition identified by the sector inquiry concerning payment infrastructures; recalls that the first phase of the SEPA entered into force on 28 January 2008 and requires integrated clearing and settlement platforms, operating on the basis of the 1 OJ L 207, 18.8.2003, p. 1. same rules and technical standards, emphasises that the access criteria for SEPA are fair and open; recalls also that the Payment Services Directive states that there should be no other discrimination on access to payments systems other than those necessary to safeguard against risk and to protect the financial and operational stability; points out that under the principle of neutrality of Community policies, no one method of payment should be favoured over another, and the costs related to the use of the various payments systems should be transparent so that consumers can choose their method of payment in full knowledge of the facts;
Amendment 78 #
2007/2201(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes that the Commission has repeatedly qualified multilateral interchange fees as anti-competitive and consequently requested the industry to abolish them; is of the opinion that the Commission should provide stakeholders with clear indications, guidelines and transparency requirements that could enable the industry to ensure a fair and transparent calculation method, compatible with EC competition lawlooked at MIF in the context of Article 81(1) and (3) of the Treaty; is of the opinion that the Commission should provide stakeholders with clear indications and guidelines;
Amendment 83 #
2007/2201(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Believes in a strong need for better clarification concerning the methodology and rules for the management of multilaterally agreed interchange fees for ATMs and non-card payments; recalls that the SEPA direct debit scheme and the SEPA credit transfer scheme are two sided networks creating economic benefits thanks to network effects; asks the Commission to provide a balancing mechanism in order to distribute more evenly the costs and benefits of network membership; suggests to the Commission to define and communicate to all stakeholders the methodology to be used to calculate all multilaterally agreed interchange fees in order to ensure a real level playing field and the enforcement of all competition rulescard payments and for the mechanism to calculate interbanking fees for ATMs and non card payments; asks the Commission to provide a balancing mechanism in order to distribute more evenly the costs and benefits of network membership;
Amendment 15 #
2007/2027(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers, however, that the time is ripe for a pragmatic institutional solution to judicial training for judges and law officers at EU level which makes full use of existing structures whilst avoiding unnecessary duplication of programmes; calls, therefore, for the creation of a European Judicial Academy, the composed of the European Judicial Training Network, whose task it would be to set training priorities, and the Academy of European Law, which would become its operative arm, implementing those prioritiesition of which should allow fully for the entire range of participants operating in this field; calls for this institutional solution to take account of relevant experience gained in running the European Police College;
Amendment 27 #
2007/2027(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Insists on the need for plaingreater clanguagerity in Community legislation, and greater terminological coherence between legal instruments; strongly supports the use of theupports in particular the use of the projected Common Frame of Reference in European Ccontract Llaw Project as a better law-making instrument, for example, in the area of consumer policy;
Amendment 12 #
2007/0267(CNS)
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Suppliers of insurance and financial services are increasingly able to allocate input VAT on costs incurred by them precisely to the output to be taxed. Where the services they supply are fee-based, they can establish the taxable amount for these services easily. It is therefore appropriate to extend the possibility to opt for taxation for such operators, preventing any double taxation concerns that may arise by coordinating such taxation with national taxes on insurance and financial services.
Amendment 15 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 1 – point a
Article 1 – point 1 – point a
Directive 2006/112/EC
Article 135 – paragraph 1 – point a
Article 135 – paragraph 1 – point a
(a) insurance and, including reinsurance;
Amendment 21 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 1
Article 135a – point 1
(1) 'insurance and reinsurance' means a commitment whereby a person is obliged, in return for a payment, to provide another person, in the event of materialisation of a risk, with an indemnity or a benefit as determined by the commitment;
Amendment 31 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 9
Article 135a – point 9
(9) 'intermediation in insurance and financial transactions' means the direct or indirect supply of services rendered to, and remunerated by, a contractual party as a distinct act of mediation in relation to the insurance or financial transactions referred to in points (a) to (ef) of Article 135(1), by a third -party intermediaryies;
Amendment 46 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137b – point 1
Article 137b – point 1
(1) the group itself and all its members areis established or resident in the Community;
Amendment 47 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137b – point 3
Article 137b – point 3
(3) members of the group are supplying services which are exempt under Article 135(1)(a) to (g)insurance and financial services or other services in respect of which they are not taxable persons;
Amendment 48 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137b – point 4
Article 137b – point 4
(4) the services are supplied by the group only to its members and are necessary to allow members to supply services which are exempt pursuant to Article 135(1)(a) to (g)insurance and financial services;
Amendment 50 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 22
Recital 22
(22) Spectrum users should also be able to freely choose the services they wish to offer over the spectrum subject to transitional measures to cope with previously acquired rights. It should be possible for exceptions to the principle of service neutrality which require the provision of a specific service to meet clearly defined general interest objectives such as safety of life, the need to promote social, regional and territorial cohesion, or the avoidance of inefficient use of spectrum to be permitted where necessary and proportionate. Those objectives should include the promotion of cultural and linguistic diversity and media pluralism as defined in national legislation in conformity with Community law. Except where necessary to protect safety of life, exceptions should not result in exclusive use for certain services, but rather grant priority so that other services or technologies may coexist in the same band insofar as possible. In order that the holder of the authorisation may choose freely the most efficient means to carry the content of services provided over radio frequencies, the content should not be regulated in the authorisation to use radio frequencies.
Amendment 60 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 50
Recital 50
Amendment 129 #
2007/0247(COD)
Proposal for a directive – amending act
Annex II – point 1 –point d
Annex II – point 1 –point d
(d) the method of determining usage fees for the right of use of the radio frequencies, without prejudice to systems defined by Member States where the obligation to pay usage fees is replaced by an obligation to fulfil specific general interest objectives;
Amendment 25 #
2007/0199(COD)
Proposal for a regulation – amending act
Article 1 – point 7
Article 1 – point 7
Regulation (EC) No 1775/2005
Article 5 – paragraph 3 – point (a)
Article 5 – paragraph 3 – point (a)
(a) in the event of contractual congestion, the transmission system operator shall offer unused capacity on the primary market at least on a day-ahead and interruptible basis, insofar as this does not prevent the implementation of a long-term supply contract;
Amendment 26 #
2007/0199(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1775/2005
Article 5a – paragraph 3 – subparagraph 1 a (new)
Article 5a – paragraph 3 – subparagraph 1 a (new)
Those measures shall take into account the integrity of the system concerned as well as security of supply.
Amendment 27 #
2007/0199(COD)
Proposal for a regulation – amending act
Article 1 – point 10
Article 1 – point 10
Regulation (EC) No 1775/2005
Article 6a – paragraph 4
Article 6a – paragraph 4
4. All LNG and storage system operators shall make public the amount of gas in each storage facility or group of storage facilities in a same balancing zone or LNG facility, inflows and outflows, and the available storage and LNG facility capacities, including for those facilities exempted from third party access. The information shall also be communicated to the transmission system operator who shall make it public on an aggregated level per system or subsystem defined by the relevant points. The information shall be updated at least every day.
Amendment 30 #
2007/0199(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1775/2005
Article 9 – paragraph 2 – subparagraph 2 a (new)
Article 9 – paragraph 2 – subparagraph 2 a (new)
Before amending the guidelines referred to in the first subparagraph or adopting guidelines on the matters listed in paragraph 1, the Commission shall ensure that impact assessments have been conducted and all the relevant parties concerned have been consulted, including, as appropriate, supply undertakings, customers, system users, transmission system operators, distribution system operators, LNG system operators and storage system operators, including relevant (industry) associations, technical bodies and stakeholder platforms. The Commission shall also ask the Agency for its input.
Amendment 21 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 3 a (new)
Article 1 – point 3 a (new)
Directive 2003/55/EC
Article 6a (new)
Article 6a (new)
Amendment 37 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/55/EC
Article 9 b (new)
Article 9 b (new)
Amendment 46 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24c – paragraph 1 – point k
Article 24c – paragraph 1 – point k
(k) monitoring and reviewing the access conditions to storage, linepack and other ancillary services as provided for in Article 19;
Amendment 48 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24c – paragraph 1 – point p
Article 24c – paragraph 1 – point p
(p) monitoring the correct application of the criteria that determine whether access to storage facility falls under Article 19(3) or 19(4)ies and linepack is technically and/or economically necessary in order to provide efficient access to the system for the supply of customers.
Amendment 51 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24c – paragraph 3 – point b
Article 24c – paragraph 3 – point b
(b) to carry out in cooperation with the national competition authority investigations of the functioning of gas markets, and to decide, in the absence of violations of competition rules,, of any propose to the competent authorities appropriate measures necessary and proportionate to promote effective competition and ensure the proper functioning of the market, including gas release programs;
Amendment 54 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24c – paragraph 6
Article 24c – paragraph 6
6. Regulatory authorities shall have the authority to require transmission, storage, LNG and distribution system operatorsoperators of infrastructures submitted to regulated third party access under the provisions of Article 18, Article 19(4) and Article 20, if necessary, to modify the terms and conditions, including tariffs referred to in this Article, to ensure that they are proportionate and applied in a non- discriminatory manner.
Amendment 61 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24f – paragraph 1
Article 24f – paragraph 1
1. Member States shall require supply undertakings to keep at the disposal of the national regulatory authority, the national competition authority and the Commissioncompetent authorities, for the fulfilment of their tasks, for at least five years, the relevant data relating to all transactions in gas supply contracts and gas derivatives with wholesale customers and transmission system operators as well as storage and LNG operators.
Amendment 63 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/55/EC
Article 24f – paragraph 3
Article 24f – paragraph 3
Amendment 25 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 2003/54/EC
Article 5a
Article 5a
Member States’ authorities and regulators shall cooperate among themselves for the purpose of integrating their national markets at least at the regional level. In particular, Member Statesthey shall promotensure the cooperation of network operators at a regional level, and foster the convergence and consistency of their legal and regulatory frameworks. The geographical area covered by regional cooperations shall be in line with the definition of geographical areas by the Commission in accordance with Article 2h(3) of Regulation (EC) No 1228/2003 of the European Parliament and of the Council of 26 June 2003 on conditions for access to the network for cross-border exchanges in electricity .
Amendment 44 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The obligation set out in paragraph 1(a) is deemed to be fulfilled in a situation where several undertakings which own transmission systems have created a joint venture which acts as a transmission system operator in several Member States for theWith respect to the goal of achieving regional cooperation as laid down in Article 5a, Member States shall favour and support any collaboration or cooperation between transmission system operators and regulators aiming to harmonise the access and balancing rules (favouring the integration of balancing zones) within and across several neighbouring Member States, in accordance with Article 2h(3) of Regulation (EC) No 1228/2003. Such cooperation may take the form of a common structure between transmission system operators concerned. No other undertaking may be part of the joint venture, unless it has been approved under Article 10 as an independent system operator to cover several neighbouring territories. In such a case, Member States shall ensure that the common structure of transmission system operators complies with Articles 8 and 10a.
Amendment 53 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 2003/54/EC
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. In carrying out its tasks, each transmission system operator shall ensure that the benefit to the region in which it is operating is duly taken into account. Without prejudging shareholders' rights related to investment profitability and equity needs, operational and investment decisions taken by a transmission system operator shall be consistent with the Community–wide and regional investment plans pursuant to Articles 2c and 2d of Regulation (EC) No 1228/2003 and shall facilitate market development, market integration and optimise socio-economic welfare gains at least at regional level.
Amendment 67 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 3 – point b
Article 22c – paragraph 3 – point b
(b) to carry out in cooperation with the national competition authority investigations of the functioning of electricity markets, and to decide, in the absence of violations of competition rules, of any appropriate measures necessary and proportionate to promote effective competition and ensure the proper functioning of the market, including virtual power plants;
Amendment 68 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 3 – point c
Article 22c – paragraph 3 – point c
(c) to request any reasonable information from electricity undertakings relevant for the fulfilment of its tasks;
Amendment 69 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 3 – point d
Article 22c – paragraph 3 – point d
(d) to impose effective, appropriate and dissuasive, where necessary, impartial, proportionate and consistent sanctions to electricity undertakings not complying with their obligations under this Directive or any binding decisions of the regulatory authority or of the Agency;
Amendment 30 #
2007/0143(COD)
Proposal for a directive
Recital 23
Recital 23
(23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. In order to fulfil its tasks of mediation and arbitrage in the event of conflicts among supervisory authorities within the colleges of supervisors, this Committee should be given a legal basis and personality under a new regulation to enter into force at the same time as this Directive.
Amendment 32 #
2007/0143(COD)
Proposal for a directive
Recital 35
Recital 35
(35) The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). The Minimum Capital Requirement should be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited. It should correspond to an amount of eligible basic own funds below which policyholders and beneficiaries would be exposed to an unacceptable level of risk if insurance and reinsurance undertakings were allowed to continue their operations. The Minimum Capital Requirement should be linked to the Solvency Capital Requirement as a percentage thereof, corresponding to a confidence level in the range of 80% to 90% over a one-year period. Both capital requirements should be harmonized throughout the Community in order to achieve a uniform level of protection for policyholders.
Amendment 35 #
2007/0143(COD)
Proposal for a directive
Recital 95 a (new)
Recital 95 a (new)
(95a) Given the increasingly cross-border nature of insurance business, it is necessary to work on the functioning of insurance guarantee throughout Europe, taking account of the supervision structures. This work in progress will be done outside the scope of this Directive, since new solvency requirements will by themselves offer a high level of harmonised protection for policyholders.
Amendment 40 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – introductory part
Article 127 – paragraph 1 – introductory part
1. The Minimum Capital Requirement shall be calibrated as a percentage of technical provisions based on 33% of the last Solvency Capital Requirement approved by the supervisor, corresponding to a confidence level of 80% over a one- year period. In addition, it shall be calculated in accordance with the following principles:
Amendment 41 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point c
Article 127 – paragraph 1 – point c
Amendment 42 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 2
Article 127 – paragraph 2
2. Insurance and reinsurance undertakings shall calculate the Minimum Capital Requirement at least quarterannually and report the results of that calculation to supervisory authorities.
Amendment 43 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 2 a (new)
Article 127 – paragraph 2 a (new)
2a. The supervisory authorities shall have the right to request that they be provided with the Minimum Capital Requirement calculations more frequently, but not more frequently than each quarter.
Amendment 47 #
2007/0143(COD)
Proposal for a directive
Article 130 – paragraph 4 – subparagraph 5 a (new)
Article 130 – paragraph 4 – subparagraph 5 a (new)
Supervisors may take account of the effects on asset management of voluntary codes of conduct and transparency adhered to by the relevant institutions dealing in unregulated or alternative investment instruments.
Amendment 56 #
2007/0143(COD)
Proposal for a directive
Article 304 – paragraph 3 a (new)
Article 304 – paragraph 3 a (new)
3a. Notwithstanding paragraph 1 and having regard to the decision-making procedure provided for by recital 23 and Article 251(4), the Committee of European Insurance and Occupational Pensions Supervisors shall be given legal personality in a regulation to enter into force at the same time as this Directive.
Amendment 91 #
2007/0143(COD)
Proposal for a directive
Recital 36
Recital 36
(36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order better to serve policyholders' needs and enhance their protection. Thus, the calibration of the capital charge shall properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets, such as equity and real estate, and shall not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and Solvency Capital Requirement.
Amendment 104 #
2007/0143(COD)
Proposal for a directive
Recital 64 a (new)
Recital 64 a (new)
(64a) According to their national law, mutual companies, mutual associations and provident societies are able to come close to another through mergers or the constitution of groups. These groups are not constituted with capital ties but through formalized long-lasting financial relationships that guarantee a financial solidarity between the affiliated companies. Therefore, in case a significant or dominant influence is exercised through these relationships, those relationships shall be supervised according to the same rules as the one provided for groups constituted through capital ties to achieve an adequate level of policyholders’ protection and a level- playing field between groups.
Amendment 119 #
2007/0143(COD)
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) The key benefits of the application of Solvency II regime to all pension activities will be greater consumer confidence, enhanced and cost-effective policyholder protection and more innovative and competitive products. In the interest of a high level and harmonised protection of European citizens, with a modern principle based framework which will allow a real level playing field among pension providers across Europe and increased competition, the inclusion of pension funds in the Solvency II framework is particularly legitimate. References to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC should therefore be construed as references to this Directive in accordance with the correlation table. The other elements of Directive 2003/41/EC should be reviewed according to the principle of harmonisation with Solvency II before the entry into force of this Directive, including the appropriate quantitative impact studies.
Amendment 280 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1
Article 90 – paragraph 1
Amendment 281 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1
Article 90 – paragraph 1
Amendment 284 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 a (new)
Article 90 – paragraph 1 a (new)
The value of the surplus funds shall be assessed on the basis of the following: (a) the recoverability of such realised profits to absorb losses, taking account of the legal form of these surpluses, as well as any conditions and circumstances which would prevent the use of surplus funds; (a) any information on the authorisation of the use of such realised profits by the supervisory authority, to the extent that information can be reliably used to assess the expected use of the realised profits.
Amendment 285 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 b (new)
Article 90 – paragraph 1 b (new)
The Commission shall adopt implementing measures laying down the method to be used when calculating the amount of realised profits that may cover losses subject to the approval of the supervisory authority.
Amendment 286 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 c (new)
Article 90 – paragraph 1 c (new)
The Commission shall adopt implementing measures laying down the method to be used when assessing the amount of profit that is available to absorb losses.
Amendment 287 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 d (new)
Article 90 – paragraph 1 d (new)
Those measures, designed to amend non- essential elements of this Directive by supplementing it with new non-essential elements, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 299 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 1
Article 96 – point 1
(1) surplus funds falling under Article 90 shall be classified in Tier 12;
Amendment 303 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 2
Article 96 – point 2
(2) letters of credit and guarantees, provided by credit institutions authorised in accordance with Directive 2006/48/EC, andrespecting a minimum maturity from issue date and, if there is a potential conflict of interest between managers that have to exercise those letters of credit or guarantees and the entities whose default the credit institutions are covering, held in trust for the benefit of insurance creditors by an independent trustee shall be classified in Tier 2;
Amendment 305 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 3
Article 96 – point 3
(3) any future claims which Protection and Indemnity Associationsan insurance undertaking may have against their membits policyholders by way of a call for supplementary contributions, within the financial yearprovided that the amount of these potential claims has been previously either notified individually to policyholders or included in the status of the undertaking and that in case of supplementary call such potential claims will have to be paid by those policyholders within the next 12 months, shall be classified in Tier 2.
Amendment 308 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 3 a (new)
Article 96 – point 3 a (new)
(3a) at least half of the future claims which a mutual or mutual-type association with variable contributions may have against its members, that do not fall under point 3, by way of a call for supplementary contribution, within the financial year concerned shall be classified in Tier 2.
Amendment 312 #
2007/0143(COD)
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 – point c
Article 97 – paragraph 1 – subparagraph 1 – point c
(c) a list of own fund items, including those referred to in Article 96, deemed to meet the criteria, set out in Article 94 and in point (b) of this paragraph, which contains for each own fund item a precise description of the features which determined its classification;
Amendment 356 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 1
Article 105 – paragraph 4 – subparagraph 1
4. WherThe health insurance is pursued on a similar technical basis to that of life insurance as referred to in Article 204, the special health underwriting risk module shall reflect the risk arising from the underwriting of health insurance contracts, following from both the perils covered and the processes used in the conduct of business.
Amendment 360 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 2 – points a to c
Article 105 – paragraph 4 – subparagraph 2 – points a to c
(a) the risk of loss, or of adverse changehealth long term sub-module, covering underwriting risk in the value ofalth insurance liabilities, resulting from changes in the level, trend, or volatility of the expenses incurred in servicing inthat is practised on a similar technical basis to that of life assurance oras reinsurance contracts (health expense risk); (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the timing, frequency and severity of insured events, and in the timing and amount of claim settlements at the time of provisioning (health premium and reserve risk); (c) the risk of loss, or of advferred to in Article 204; (b) the accident and health short-term sub-module, covering underwriting risk of short-term health and accident lines of business; (c) the workerse change in the value of insurance liabilities, resulting from the significantompensation sub-module, covering uncdertainty of pricing and provisioning assumptions related to outbreaks of major epidemics, as well as the unusual accumulation of risks under such extreme circumstances (health epidemic risk)writing risk in workers’ compensation lines of business.
Amendment 363 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 1
Article 105 – paragraph 5 – subparagraph 1
5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 370 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 a (new)
Article 105 – paragraph 5 – subparagraph 2 a (new)
The impact on the own funds of the changes in market price of equities and real estate shall be assessed taking into account the duration of liabilities. The equity (respectively property) risk sub- module is therefore calibrated on the Value-at-Risk of the return on equities (respectively real estate) for the time horizon of the liabilities, subject to the confidence level that is consistent with a confidence level of 99,5 % over a one-year period.
Amendment 375 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 b (new)
Article 105 – paragraph 5 – subparagraph 2 b (new)
The equity (or property) risk sub-module shall be calculated using the Value-at- Risk of the annualised return on the equities (or annualised return on the property) subject to a confidence level of 99,5 % duly taking into account the holding period of equities (or property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 379 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 c (new)
Article 105 – paragraph 5 – subparagraph 2 c (new)
Notwithstanding subparagraph 2b, insurance and reinsurance undertaking may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 505 #
2007/0143(COD)
Proposal for a directive
Article 210 – paragraph 2 a (new)
Article 210 – paragraph 2 a (new)
2a. For the purposes of this Title, any undertakings that have set up long-lasting financial relationships through a legal entity shall be deemed to be related undertaking and the legal entity as their participating undertaking, if the following conditions are met: (a) the setting-up or dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises through such financial relationships a significant influence over thesundertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be deemed to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 574 #
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 monthsthree months of the date of receipt of the complete application by the group supervisor, 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 expressed within a six months period. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor. That decision shall be recognised as determinative and applied by trequest the CEIOPS, within a further eight weeks, to deliver its advice to all the supervisory authorities concerned. The group supervisor shall take a decision within one week of the transmission of the CEIOPS' advice, taking full account of that advice and of the views of the other supervisory authorities concerned. The group supervisor's decision shall be set out in a document containing full reasons, in particular concerning the way that CEOPS' advice and the advice and views of other supervisory authorities have been taken into account. The group supervisor shall provide its decision to the applicant and the other supervisory authorities concerned. The supervisory authorities concerned shall comply with the decision.
Amendment 613 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisor shall duly consider such advice before taking its final decision. The decision's final decision must take into account that advice fully. The decision, comprising full reasons and an explanation how that advice was taken into account, shall be subtransmitted to the subsidiary and the supervisory authority by the group supervisor.
Amendment 618 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 3
Article 236 – paragraph 4 – subparagraph 3
Amendment 627 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 2
Article 237 – paragraph 1 – subparagraph 2
Amendment 820 #
2007/0143(COD)
Proposal for a directive
Article 311 a (new)
Article 311 a (new)
Amendment 31 #
2007/0022(COD)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) The legislation listed in the Annexes to this Directive contains provisions which should be subject to measures which relate to criminal law, in order to ensure that the rules on environmental protection are fully effective.
Amendment 33 #
2007/0022(COD)
Proposal for a directive
Recital 6 b (new)
Recital 6 b (new)
(6b) The obligations imposed by this Directive relate only to the provisions of the legislation listed in the Annexes to this Directive which entail an obligation for Member States, when implementing that legislation, to provide for prohibitive measures.
Amendment 36 #
2007/0022(COD)
Proposal for a directive
Recital 12
Recital 12
(12) Such an approximation is particularly important where the offences have seriously damaging results or the offences are committed in the framework of criminal organisations which play a significant role in environmental crime.
Amendment 38 #
2007/0022(COD)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13 a) The Euratom Treaty and its secondary legislation regulate environmental protection with regard to nuclear activity. As a result, the unlawfulness of actions which affect the environment as a result of nuclear activities can only be defined by reference to the Euratom Treaty and its secondary legislation.
Amendment 39 #
2007/0022(COD)
Proposal for a directive
Recital 15
Recital 15
(15) Since the objectives of the action to be taken, namely to ensure a more effective protection of the environment, for example by combating large-scale organised crime which causes serious environmental damage, cannot be sufficiently achieved by the Member States and can therefore be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.
Amendment 41 #
2007/0022(COD)
Proposal for a directive
Article 2 – point a
Article 2 – point a
(a) "unlawful" means - infringing Community legislation orlaid down in Annex A, or - for activities concerning the EURATOM Treaty, any infringement of Community legislation as laid down in Annex B, or - a law, an administrative regulation or a decision taken by a competent authority in a Member State aiming at the protection of the environmplementing Community legislation mentioned in the first and second indents;
Amendment 42 #
2007/0022(COD)
Proposal for a directive
Article 2 – point aa (new)
Article 2 – point aa (new)
(aa) "protected wild fauna and flora species” means, 1) for the purposes of Article 3(g), the species listed in Annex IV of Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora, and the wild bird species mentioned in Articles 1 and 5 of Council Directive 79/409/EEC of 2 April 1979 on the conservation of wild birds; 2) for the purposes of Article 3(ga), the species listed in Annexes A or B of Council Directive 338/97/EC of 9 December 1996 on the protection of species of wild fauna and flora by regulating trade therein.
Amendment 45 #
2007/0022(COD)
Proposal for a directive
Article 2 – point ab (new)
Article 2 – point ab (new)
(ab) "protected habitat" means any habitat of a species for which an area has been declared a special protection area within the meaning of Article 4(1) or (2) of Council Directive 79/409/EEC of 2 April 1979 on the conservation of wild birds1, and any natural habitat of a species for which an area has been declared a special area of conservation within the meaning of Article 4(4) of Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora.
Amendment 76 #
2007/0022(COD)
Proposal for a directive
Annex a (new)
Annex a (new)