145 Amendments of Antolín SÁNCHEZ PRESEDO related to 2009/0142(COD)
Amendment 171 #
Proposal for a regulation
Title
Title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a European Banking AuthoritySupervisory Authority on Banking
Amendment 172 #
Proposal for a regulation
Recital 1
Recital 1
(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the financial globalisation and the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of CommunityEU law and trust between national supervisors.
Amendment 173 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Already long before the financial crisis the European Parliament had been calling regularly for the reinforcement of a true level playing-field for all actors at the European level while pointing out important failures in Europe’s supervision of ever more integrated financial markets (in its resolutions of 13 April 2000 on the Commission communication on implementing the framework for financial markets: Action Plan1, of 25 November 2002 on prudential supervision rules in the European Union2, of 11 July 2007 on financial services policy (2005–2010) – White Paper3, of 23 September 2008 with recommendations to the Commission on hedge funds and private equity4, of 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: future structure of supervision5, of 22 April 2009 on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)6 and of 23 April 2009 on the proposal for a regulation of the European parliament and of the Council on Credit Rating Agencies7). ___________ 1 OJ C 40, 7.2.2001, p. 453. 2 OJ C 25 E, 29.1.2004, p. 394. 3 OJ C 175 E, 10.7.2008, p. xx. 4 OJ C 8 E, 14.1.2010, p. 26. 5 OJ C 9 E, 15.1.2010, p. 48. 6 Texts adopted, P6_TA(2009)0251. 7 Texts adopted, P6_TA(2009)0279.
Amendment 174 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) On the 2nd of April, 2009, the G-20 leaders in the Leaders’ statement ‘The Global Plan for Recovery and Reform’ declared that “We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens”.
Amendment 175 #
Proposal for a regulation
Recital 5
Recital 5
(5) The financial and economic crisis has created real and serious risks to the stability of the financial system and of the internal market. Restoring and maintaining a stable and reliable financial system, at global and European levels, is an absolute prerequisite to preserving trust and coherence in the internal market, hence to preserve and improve the conditions for the establishment of a fully integrated and functioning internal market in the field of financial services. Moreover, deeper and more integrated financial markets offer better opportunities for financing and risk diversification, and thus help to improve the capacity of the economies to absorb shocks.
Amendment 176 #
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisorsion (ESFS) should be an integrated network of national and CommunityEuropean supervisory authorities, leaving ordinary day-to-day supervision of financial institutions at the national levelcompetent authorities of Member States, and according a central role in the supervision of cross-border groups to colleges of supervisors. Greater harmonisation and theconsistent and coherent application of ruleEuropean rules and standards for financial institutions and markets across the CommunityEuropean should also be achieved. A European Banking AuthoritySupervisory Authority on Banking should be established, along with a European Supervisory Authority on Insurance and Occupational Pensions Authority and a European Securities and Markets Authority (the European Supervisory Authorities). and a European Supervisory Authority on Securities and Markets (the European Supervisory Authorities) as well as a Joint Committee among them. The European Systemic Risk Board, as European Authority in macro supervision, completes the ESFS. The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 179 #
Proposal for a regulation
Recital 9
Recital 9
(9) The European Banking Authority (“the Authority”) should acAuthority should promote financial sustainability and a strong European financial market with a view to improving the functioning and competitiveness of the internal market, including in particular by ensur on the basis of financial inclusion and a level playing field, preventing and correcting systemic and cross border risks and including a high, effective and consistent European level of regulation and supervision taking account of the varying interests of all Member States, to protect depositors and investors,; to prevent regulatory arbitrage and guarantee a level playing field; to protect depositors and investors and other stakeholders as well as public finances; to ensure the integrity, efficiency, transparency and orderly functioning of financial markets, to safeguard the stability of the financial system, and to strengthen international supervisory coordination, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employe and its sustainable interaction with real economy, to reduce the procyclicality of finance and safeguard the stability of the financial system, to foster a smooth implementation of monetary policy in the markets and ensuring the traceability of credit, to achieve the goals of the UEM and to strengthen international supervisory coordination, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employees. Its tasks also include promoting supervisory integration and convergence towards best practices and providing advice to the EU institutions in the areas of banking, payments, e-money regulation and supervision, and related corporate governance, auditing and financial reporting issues. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a CommunityEuropean body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 182 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) A strong banking supervision at EU Level must cover all internationally recognised core supervisory principles. The first principle of the “List of Core Principles for Effective Banking Supervision” adopted by the Basle Committee on Banking Supervision states that a precondition for Effective Banking Supervision is that supervisors need “powers to address compliance with laws as well as safety and soundness concerns”. Therefore, it is necessary to identify and to define clearly the main concerns on safety and soundness of the banking system at EU level, that is, systemic risk (as a global risk) and cross border risk (as a European risk).
Amendment 183 #
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9b) The Regulation takes in the definition of systemic risk elaborated jointly by the International Monetary Fund, the Bank for International Settlements and the Financial Stability Board and adopted the 28 of October of 2009 within the Report to G 20 Finance Ministers and Governors responding to the request made by the G20 Leaders in April 2009. The Report defines systemic risk as “a risk of disruption to financial services that is (i) caused by an impairment of all or parts of the financial system and (ii) has the potential to have serious negative consequences for the real economy. Fundamental to the definition is the notion of negative externalities from a disruption or failure in a financial institution, market or instrument. All types of financial intermediaries, markets and infrastructure can potentially be systematically important to some degree”.
Amendment 184 #
Proposal for a regulation
Recital 9 c (new)
Recital 9 c (new)
(9c) The definition of cross border risk includes all risks caused by economic unbalances or financial failures in all or parts of the European Union that have the potential to have significant negative consequences for the transactions between economic operators of two or more Member States, for the functioning of the internal market or for the public finances of the EU or any of its Member States. All types of economic and financial risks can potentially be cross border relevant to some degree.
Amendment 185 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Given the horizontal nature of Directive 2005/60/EC, this Regulation does not prejudice the existing institutional framework of Member States with regard to anti-money laundering and combating of financing of terrorism. When taking action in the context of Directive 2005/60/EC, the Authority shall take into account the existing framework and cooperate, as appropriate, with other relevant bodies.
Amendment 187 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) In order to achieve the objectives of the Authority and to ensure a consistent and effective supervision at European level, the authorities in the Member States, insofar competent authorities and members of the Authority, should be granted with a number of powers to adopt preventing and correcting supervisory measures while facilitating joint, coordinated and integrated action. These powers shall be exercised in a proportionate way, and include the capacity to demand and receive adequate information; impose reporting and disclosure requirements; carry out on site inspections; adopt prudential measures (including those affecting conflicts of interest, good governance, liquidity, provisions, dividends and remuneration policies); split or segregate retail banking activities from trading and other non utility activities in case of relevant risk assessed following common criteria; restrict or forbid temporarily certain products or types of transactions that may cause directly or indirectly excessive volatility in the markets or cause perturbations; order financial institutions to operate through a subsidiary in justified cases according to common criteria; impose dissuasive fines; disqualify managers and Directors; remove executives or the Board of Directors; intervene temporally in financial institutions; withdraw the benefits of limited liability to significant shareholders of financial institutions when they are passive in defending the corporate interest in critical cases; extend financial liability to those involved in severe infringements; custody, when appropriate, declarations to ensure integrity and liability; request contingency plans; cancel licenses and withdraw passports; and agree on protocols to articulate a common and effective response.
Amendment 188 #
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13b) The Single Rule Book is essential to ensure consistent harmonisation and uniform application of legislation, regulation and standards in financial services. The Regulatory and Supervisory Standards developing the Single Rule Book must avoid regulatory arbitrage while ensuring a level playing field and an adequate protection of depositors, investors and consumers across Europe. The Single Rule Book shall detail definitions, specify common elements for reporting and disclosure requirements, and provide the necessary elements in order to ensure effective cooperation processes, including supervisory risk assessment and information sharing as requested by European legislation. In the development of the present Regulation, the Single Rule Book shall define appropriate regulatory and supervisory standards to deal with the early warnings and recommendations of the ESRB and to deal with the cross border risks identified by the Authority or the European institutions concerning either all or a significant part of the European Union. Furthermore, the Single Rule Book shall define appropriate regulatory and supervisory standards regarding reporting, disclosure and prudential requirements for relevant high leveraged companies and investment vehicles operating throughout the EU in order to prevent systemic and correct cross border risks.
Amendment 190 #
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in aAs a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in level 2 Lamfalussy regulations (in areas defined by European law or at request of the Commission) and in level 3 Lamfalussy supervisory measureas defined by Community law(following its own initiative), with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect and must respect the principle of proportionality. The draft technical standards have to be adopted by the Commission. They w as Regulatory Standards could be subject to amendment if, for example,by the Commission. In the case of Supervisory Standards, the Commission shall endorse those draft technical standards were incompatible with Community Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected hen they are in accordance with European law in order to give them binding legal effect. The Commission is empowered to adopt Regulatory Standards in financial services as Delegated Acts in accordance with the Article 290 of the Treaty on the Functioning of the European Union. The Supervisory Standards should be endorsed as Implementing Acts in accordance with a procedure following the acquis of Community financial services legislatArticle 291 of the Treaty on the Functioning of the European Union. To ensure a smooth and expedited adoption process for those standards, the Commission shcould be subject to a time limit for both its resolution on adoption or for its decision on the endorsement.
Amendment 196 #
Proposal for a regulation
Recital 15
Recital 15
Amendment 199 #
Proposal for a regulation
Recital 16
Recital 16
(16) In areas not covered by technicalRegulatory or Supervisory standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of CommunityEU legislation to promote best practices. In order to ensure transparency and strengthen compliance by national supervisory authorities and financial institutions with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations and the financial institutions should be obligated to report if they comply with these guidelines and recommendations when reporting.
Amendment 202 #
Proposal for a regulation
Recital 17
Recital 17
(17) Ensuring the correct and full application of CommunityEuropean law is a core prerequisite for the integrity, transparency, efficiency and orderly functioning of financial markets, the stability of the financial system, and for neutral conditions of competition for financial institutions in the CommunityEU. A mechanism should therefore be established whereby the Authority addresses instances of incorrect or insufficient application of CommunityEuropean law. This mechanism should apply in areas where CommunityEuropean legislation defines clear and unconditional obligations
Amendment 210 #
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the deThe European Systermination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionc Risk Board should establish when there is an emergency situation; the Commission or the Council can also adopt a decision determining the existence of such a situation or other justified circumstances which demand the same reinforced institutional response. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 213 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) Having regarded the Declaration on Strengthening the financial system of the summit of G-20 Leader’s held in London, 2nd April 2009 calling to “set guidelines for, and support the establishment, functioning of, and participation in, supervisory colleges, including through ongoing identification of the most systemically important cross-border firms”.
Amendment 218 #
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority’s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityEuropean law in supervisory decisions; compliance with binding decisions adopted does not prevent the exercise of additional prudential discretion by the competent authority in conformity with international principles on cross-border supervision. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityEuropean law directly applicable to them.
Amendment 220 #
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) The crisis has exposed major fault lines in existing approaches to supervision of cross-border financial institutions, particularly the biggest and most complex institutions the bankruptcy of which is capable of producing systemic damages. Those fault lines arise from the different areas of activity of the financial institutions and from the supervisory bodies on the other. The former act in a market without borders, the latter check on a daily basis whether their jurisdictions end at national borders. In order to address such misalignments it is necessary to foster more supervisory convergence and integration within the European Union and at international level.
Amendment 222 #
Proposal for a regulation
Recital 22 b (new)
Recital 22 b (new)
(22b) According to the Turner Review, published in March 2009, “existing single market rules can create unacceptable risks to depositors and taxpayers” and “the current arrangements, combining branch passporting rights, home country supervision, and purely national deposit insurance, are not sound basis for the future regulation and supervision of European cross-border retail banks”.
Amendment 223 #
Proposal for a regulation
Recital 22 c (new)
Recital 22 c (new)
(22c) As the Turner review also states, “sounder arrangements require either increased national powers, implying a less open single market, or a greater degree of European integration. A mix of both seems appropriate: the extent to which more national powers are required will depend on how effective ‘more Europe’ options can be”.
Amendment 224 #
Proposal for a regulation
Recital 22 d (new)
Recital 22 d (new)
(22d) The European solution calls for the creation of a new European Union institutional structure, an independent Authority with legal powers, a standard setter and overseer in the area of cross border supervision, the reinforcement of the colleges of supervisors in the supervision of cross-border institutions and for a coherent and increased empowerment of supervisory powers at both national and EU level.
Amendment 225 #
Proposal for a regulation
Recital 22 e (new)
Recital 22 e (new)
(22 e) The Authority should have the power to develop supervisory standards to foster the uniform application of the Single Rule Book. The Authority should also have a key role as sectoral coordinator and consultative body for the Colleges of Supervisors with a view to streamlining the functioning of the information-exchange process, to foster convergence and consistency across colleges in the application of EU law. The Authority should act as leader coordinator in supervising banking institutions operating in the European Union. The Authority should also have a legally binding mediation role to solve conflicts between competent supervisors.
Amendment 226 #
Proposal for a regulation
Recital 22 f (new)
Recital 22 f (new)
(22f) Colleges of supervisors should play an important role in the efficient, effective and consistent supervision of cross-border financial institutions in EU. There is little usefulness in working towards the convergence of basic financial regulations if the supervision practices remain fragmented. As the de Larosière Report points out, “competition distortions and regulatory arbitrage stemming from different supervisory practices must be avoided, because they have the potential of undermining financial stability – inter alia by encouraging a shift of financial activity to countries with lax supervision. The supervisory system has to be perceived as fair and balanced”.
Amendment 231 #
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) A report to be submitted to the European Parliament and to the Council by the Commission should analyse, under a procyclical perspective, the internalisation of cost in the financial system. All related issues such as set-offs and counterclaims; dynamic provisions; the determination of contributions to schemes; the scope of products and depositors covered; the effectiveness of cross-border deposit-guarantee schemes and the link between deposit guarantee schemes and alternative means for reimbursing depositors, such as emergency payout mechanisms and a European Financial Protection Fund, should also be analysed. For the purpose of that report, Member States should collect the relevant data and submit them to the Commission on request.
Amendment 236 #
Proposal for a regulation
Recital 27
Recital 27
(27) The Authority should actively promote a coordinated CommunityUnion supervisory response, in particular where adverse developments could potentially jeopardisto ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion. In addition to its powers for action in emergency situations, it should therefore be entrusted with a general coordination function within the European System of Financial SupervisorsSFS. The smooth flow of all relevant information between competent authorities should be a particular focus of the Authority’s actions.
Amendment 239 #
Proposal for a regulation
Recital 29
Recital 29
(29) Given the globalisation of financial services and the increased importance of international standards, the Authority should fosterrepresent the European Union in the dialogue and cooperation with supervisors outside the Community. It shall fully respect the existing roles and competences of the European Institutions in relations with authorities outside the Community and in international forumsUnion. National competent authorities may continue to contribute to such fora as pertain to national issues and issues relevant for their own functions and competences under EU law.
Amendment 254 #
Proposal for a regulation
Recital 34
Recital 34
(34) Member States have a core responsibility in preserving financial stability in crisis management, in particular with regard to stabilising and resolving individual ailing financial institutions. They shall act closely coordinated within the framework and the principles of the EMU. Measures by the Authority in emergency or settlement situations affecting the stability of a financial institution should not impinge on the fiscal responsibilities of Member States. A mechanism should be established whereby Member States may invoke this safeguard and ultimately bring the matter before the Council for a decision. It is appropriate to confer on the Council a role in this matter given the particular responsibilities of the Member States in this respect.
Amendment 259 #
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a short list for the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 269 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Banking AuthoritySupervisory Authority on Banking ("the Authority").
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of this Regulation as well as Directive 2006/48/EC, Directive 2006/49/EC, Directive 2002/87/EC, Directive 2005/60/EC, Directive 2002/65/EC and Directive 94/19/EC, including all directives, regulations, and decisions based on these acts, and of any further CommunityEU act which confers tasks on the Authority.
Amendment 274 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Authority shall also act in the field of activities of credit institutions, financial conglomerates, investment firms, payment institutions and e-money institutions, including matters of corporate governance, auditing and financial reporting, provided that such actions by the Authority are necessary to effectively ensure the consistent harmonisation of the legislation referred to in paragraph 2 and its uniform application as well of that of subsequent legally binding acts.
Amendment 275 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The provisions of this Regulation are without prejudice to the powers of the Commission, in particular under Article 22658 of the Treaty on the Functioning of the European Union to ensure compliance with CommunityEU law.
Amendment 276 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be toAuthority shall promote financial sustainability and a strong European financial market with the objective of contributeing to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 277 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning and competitiveness of the internal market on the basis of financial inclusion and a level playing field, preventing and correcting systemic and cross-border risk, and, including in particular a high, effective and, consistent and European level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 279 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors and other stakeholders as well as public finances, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 280 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, transparency, efficiency and orderly functioning of financial markets and its sustainable interaction with real economy, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 281 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding thereducing the procyclicality of finance and, in general, safeguarding the short-, medium- and long-term stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 282 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) fostering a smooth implementation of monetary policy in the markets and ensuring the traceability of credit as well as the control on banking deposits and institutional funds, strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 286 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v)i) achieving the goals of the UEM and strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 293 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, (v) and (vii) strengthening international supervisory coordination and cooperation, enhancing global competitiveness and supporting the financial development of the less advanced economies. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 294 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective harmonisation and application of the CommunityEuropean Union law referred to in Article 1(2) above, fostering supervisory integration and convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 301 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 304 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) 'financial institutions' means 'credit institutions' as defined in Directive 2006/48/EC, 'investment firms' as defined in Directive 2006/49/EC, and 'financial conglomerates' as defined in Directive 2002/87/EC and in general all kinds of undertakings and entities subject to any of the legislative acts mentioned in Article 1(2);
Amendment 306 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) 'competent authorities' means competent authorities for credit and financial institutions as defined in Directives 2006/48/EC and, 2006/49/EC, 2007/64/EC, 2009/110/EC, 2002/65/EC, 2005/60/EC, and, where deposit guarantee schemes are concerned, public bodies which administer deposit- guarantee schemes or, when administered by a private company, the public authority supervising the scheme, pursuant to Directive 94/19/EC.
Amendment 308 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2a (new)
Article 2 – paragraph 1 – point 2a (new)
(2a) Systemic risk is a risk of disruption to financial services that is caused by an important impairment of all or parts of the financial system and has the potential to have serious negative consequences for the real economy. All types of financial institutions and intermediaries, markets, infrastructures and instruments can potentially be systemically important to some degree.
Amendment 309 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2b (new)
Article 2 – paragraph 1 – point 2b (new)
(2b) Cross border risk is a risk caused by economic imbalances or financial failures in all or parts of the European Union that have the potential to have significant negative consequences for the transactions between economic operators of two or more Member States, for the functioning of the internal market, or for the public finances of the EU or any of its Member States. All types of economic and financial risks can potentially be cross border relevant to some degree.
Amendment 310 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Authority shall be a CommunityEuropean Union body with legal personality.
Amendment 312 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. National supervisory authorities shall act, as members of the Authority, with a European dimension.
Amendment 316 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. TIn order to ensure a effective and consistent European supervision of financial institutions the Authority shall have the following tasks:
Amendment 317 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) contribute to the establishment of high- quality common regulatory and supervisory standards and practices, in particular by providing opinions to the CommunityEuropean Union institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the present Regulation and the legislation referred to in Article 1(2);
Amendment 319 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of Communitystandards and EU legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the present Regulation and the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 322 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) encourage and facilitate the delegation of tasks and responsibilities between competent authorities;
Amendment 325 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) organise and conduct peer review analysis of competent authorities, to strengthen consistency in supervisory outcomes;
Amendment 327 #
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) assess, in particular, the accessibility, availability and credit cost for households and enterprises, especially SMEs;
Amendment 328 #
Proposal for a regulation
Article 6 – paragraph 1 – point f b (new)
Article 6 – paragraph 1 – point f b (new)
(fb) undertake economic analyses of markets, risks and relevant highly leveraged companies to inform the discharge of the Authority's functions;
Amendment 329 #
Proposal for a regulation
Article 6 – paragraph 1 – point f c (new)
Article 6 – paragraph 1 – point f c (new)
(fc) foster investor and saver protection;
Amendment 330 #
Proposal for a regulation
Article 6 – paragraph 1 – point g
Article 6 – paragraph 1 – point g
(g) fulfil any other specific tasks set out in this Regulation or in the CommunityEuropean Union legislation referred to in Article 1(2).
Amendment 332 #
Proposal for a regulation
Article 6 – paragraph 1 – point g a (new)
Article 6 – paragraph 1 – point g a (new)
(ga) take over, as appropriate, all existing tasks from the Committee of European Banking Supervisors;
Amendment 333 #
Proposal for a regulation
Article 6 – paragraph 1 – point g b (new)
Article 6 – paragraph 1 – point g b (new)
(gb) publish and regularly update information relating to its field of activities on its website, in order to ensure easily accessible information to the public.
Amendment 335 #
Proposal for a regulation
Article 6 – paragraph 2 – point d
Article 6 – paragraph 2 – point d
(d) take individual or collective decisions addressed to competent authorities in the specific cases referred to in Articles 10 and 11;
Amendment 337 #
Proposal for a regulation
Article 6 – paragraph 2 – point e
Article 6 – paragraph 2 – point e
(e) take individual or collective decisions addressed to financial institutions, in the specific cases referred to in Article 9(6), Article 10(3), and Article 11(4);
Amendment 342 #
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
Article 6 – paragraph 2 – point f a (new)
(fa) promote coordinated action between competent authorities, as specified in Article 16, including the activation of their powers as members of the Authority to achieve a common EU response to deal with systemic and cross border risks;
Amendment 347 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
3. The Authority shall execute any exclusive European supervisory powers over entities with CommunityEuropean-wide reach or economic activities with CommunityEuropean-wide reach entrusted to it in the legislation referred to in Article 1(2).
Amendment 350 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate European powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees.
Amendment 351 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Amendment 352 #
Proposal for a regulation
Article 7 – title
Article 7 – title
Technical standardshe Single Rule Book
Amendment 353 #
Proposal for a regulation
Article 7 – paragraph -1 a (new)
Article 7 – paragraph -1 a (new)
-1a. In order to ensure a effective and consistent European supervision of financial institutions, the Commission taking into account international principles accorded by the EU and under the EU legislation, shall adopt Regulatory and endorse Supervisory Standards to achieve a Single Rule Book for the European Financial Supervision by means of Regulations or Decisions.
Amendment 354 #
Proposal for a regulation
Article 7 – paragraph -1 b (new)
Article 7 – paragraph -1 b (new)
Amendment 355 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority mayshall develop technical standards in the areas specifically set out in present Regulation and in the legislation referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsement or at the Commission request. Technical standards shall not include policy choices and shall reflect the principle of proportionality. The Authority shall submit its draft standards to the Commission for adoption as Delegated Acts (Regulatory Standards) or endorsement as Implementing Acts (Supervisory Standards) according to the present Regulation and the legislation referred to in Article 1(2). The draft standards shall also be transmitted at the same time to the European Parliament and the Council.
Amendment 361 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits. with all stakeholders and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the technical standards concerned or in relation to the particular urgency of the matter. The Authority shall also request an opinion or advice of the Banking Stakeholder Group referred to in Article 22.
Amendment 371 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft technical standards, the Commission shall decide whether to endorse the draft standards. The Commission may extend that period by one month. Tupervisory standards if they comply with European legislation. Within the same period, the Commission may endorseadopt the draft standards only in part or with amendments where the Community interest so requirestechnical standards with amendments where they were drawn up as regulatory standards. In both cases, the Commission may extend that period by one month.
Amendment 378 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 382 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
The Commission shall adopt the Regulatory Standards as Delegated Acts in accordance with Articles 7a to 7d of this Regulation and endorse the Supervisory Standards as Implementing Acts following a procedure pursuant Article 291 of the TFEU.
Amendment 390 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European UnionHaving completed the due procedure the standards shall be published in the Official Journal of the European Union with the title EU Delegated Standards or EU Implementing Standards respectively.
Amendment 391 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The Single Rule Book shall be updated regularly and shall be adapted to new European legislation.
Amendment 392 #
Proposal for a regulation
Article 7 – paragraph 2 b (new)
Article 7 – paragraph 2 b (new)
2b. In its annual report the Authority shall set out which national authorities have not complied with the regulatory and supervisory standards.
Amendment 394 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Exercise of the delegation 1. The powers to adopt regulatory standards referred to in Article 7 shall be conferred on the Commission for an indeterminate period of time, unless otherwise specified by sectoral legislation. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 7b and 7c.
Amendment 395 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 397 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Article 7c Objections to Delegated Acts 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period may be extended by two months. 2. If on the expiry of that period, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force at the date stated therein. Before the expiry of that period and in exceptional and duly justified cases, the European Parliament and the Council may both inform the Commission that they do not intend to raise objections to a delegated act. In such cases, the delegated act shall be published in the Official journal of the European Union and shall enter into force at the date stated therein. 3. If the European Parliament or the Council objects to a Delegated Act, it shall not enter into force. The institution which objects shall state the reasons for objecting to the delegated act.
Amendment 403 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct open public consultations with all stakeholders and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the guidelines and recommendations concerned or in relation to the particular urgency of the matter. The Authority shall also request an opinion or advice of the Banking Stakeholder Group referred to in Article 22.
Amendment 405 #
Proposal for a regulation
Article 8 – paragraph 1 b (new)
Article 8 – paragraph 1 b (new)
The guidelines and recommendations shall be published on the website of the Authority.
Amendment 406 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
The competent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations.
Amendment 407 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
Within two months of the issuance of a guideline or recommendation, each competent authority shall decide whether intends to comply with that guideline or recommendation. In the event that competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasons. The Authority may decide, on a case by case basis, to publish such reasons provided by a competent authority.
Amendment 409 #
Proposal for a regulation
Article 8 – paragraph 2 b (new)
Article 8 – paragraph 2 b (new)
After the issuance, all financial entities shall report yearly, in a clear and detailed way, if they comply with that guideline or recommendation.
Amendment 410 #
Proposal for a regulation
Article 8 – paragraph 2 c (new)
Article 8 – paragraph 2 c (new)
In its annual report the Authority shall state which national authority has not complied with its issued guidelines and recommendations and outlining how the Authority intends to ensure that they follow its recommendations and guidelines in the future; it shall also include the same information for the main larger financial entities .
Amendment 412 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctlyapplied or has applied the legally binding Acts and legislation referred to in Article 1(2) in a way which appears to be a breach of European Union law, in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 415 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, from the Commission the European Parliament, the Council, the Banking Stakeholder Group or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect breach or non-application of CommunityEuropean Union law.
Amendment 434 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under CommunityEuropean Union law including the cessation of any practice.
Amendment 443 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its annual report, the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 451 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the Commission,European Union, the ESRB upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determinEuropean Parliament or a Member State may issue a warning declaring the existence of an emergency situation for the purposes of this regulation.
Amendment 464 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary actESRB has issued a warning pursuant to paragraph 1, or when the Commission or the Council, upon its own initiative or following a request by the Authority, the European Parliament or a Member State, adopts a decision determining the existence of similar or justified circumstances where co- ordinated action by national authorities is necessary to respond to adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union; the Authority may adopt, without further requirements, individual decisions in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 487 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. In its annual report, the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
Amendment 500 #
Proposal for a regulation
Article 11 – paragraph 4 a (new)
Article 11 – paragraph 4 a (new)
4a. In its annual report, the Authority shall set out the disagreement between competent authorities, the agreements reached and the decision taken to settle such disagreements.
Amendment 508 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 511 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Competent authorities may, by bilateral agreementagreements among them, delegate tasks and responsibilities to other competent authorities supervisory.
Amendment 512 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The Authority shall facilitate the delegation of tasks and responsibilities between competent authorities by identifying those tasks and responsibilities that can be delegated or jointly exercised and, by promoting best practices and by preparing appropriate multilateral frameworks.
Amendment 517 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. The Authority shall play an active role in building a common European supervisory culture and consistent supervisory practices, and ensuring uniform procedures and consistent approaches throughout the CommunityEuropean Union and shall carry out, at a minimum, the following activities:
Amendment 524 #
Proposal for a regulation
Article 14 – paragraph 1 – point d
Article 14 – paragraph 1 – point d
(d) review the application of the relevant technical standards adopted or endorsed by the Commission, guidelines and recommendations issued by the Authority and propose amendments where appropriate;
Amendment 526 #
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the adequacy of institutional arrangements, resourcinges and staff expertisegovernance arrangements of the competent authority, with particular regard to the effective application of the standards and legislation referred to in Article 1(2) and to the capacity to respond to market developments;
Amendment 527 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) the degree of convergence reached in the application of CommEuropean unityon law and in supervisory practice, including technicalregulatory and supervisory standards, guidelines and recommendations adopted under Articles 7 and 8, and the extent to which the supervisory practice achieves the objectives set out in CommunityEuropean Union law;
Amendment 528 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue recommendations or adopt other appropriated measures to the competent authorities concerned.
Amendment 531 #
Proposal for a regulation
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
The Authority shall promote a coordinated Community, consolidated and integrated European Union response, inter alia by:
Amendment 532 #
Proposal for a regulation
Article 16 – paragraph 2 – point 3 a (new)
Article 16 – paragraph 2 – point 3 a (new)
(3a) taking all appropriate measures in situations of financial instability and crisis with a view to achieve a common response, as fast and automatically as possible, by relevant national competent supervisory authorities;
Amendment 543 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority and actively participating within the JCESA.
Amendment 545 #
Proposal for a regulation
Article 18 – paragraph -1 a (new)
Article 18 – paragraph -1 a (new)
The Authority shall represent the European Union in all international fora concerning regulation and supervision of the institutions falling under the legislation referred to in Article 1(2). National competent authorities may continue to contribute to such fora as pertain to national issues and issues relevant for their own functions and competences under EU law.
Amendment 547 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Without prejudice to the competences of the Community Institutions, the Authority may develop contacts with supervisory authorities from third countries. It mayEuropean Union Institutions and Member States, the Authority may develop contacts and enter into administrative arrangements with supervisory authorities, international organisations and the administrations of third countries.
Amendment 549 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
In its annual report, the Authority shall set out the administrative arrangements and equivalent decisions agreed upon with international organisations or administration in third countries.
Amendment 564 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals. These requests shall, where possible, use common reporting formats.
Amendment 577 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority shall provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 580 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. The European Banking Authority shall co-operate closely with the ESRB.
Amendment 583 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion credit and investment institutions, their employees as well as consumers and users of banking services and representatives of business. The diverse models and sizes of financial institutions and business shall be represented. Not less than 5 of the members shall be independent top- ranking academics. The number of members representing market participants shall not exceed 10. Not more than 10 members shall be representatives of larger financial institutions.
Amendment 597 #
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 2
Article 22 – paragraph 3 – subparagraph 2
In making its decision, the Board of Supervisors shall, to the extent possible, ensure an appropriate geographical and gender balance and representation of stakeholders across the Community.
Amendment 606 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority with particular focus on the tasks set out in specified in Articles 7 and 8.
Amendment 613 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that the banking system internalise, with a cyclical perspective, its costs and that no decision adopted under Articles 10 or 11 impinges in any direct way on the fiscal responsibilities of Member States.
Amendment 623 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers thadoes not accept a decision taken under Article 11 (3) because it impinges on its fiscal responsibilities, it mayshall notify the Authority and, the Commission and the European Parliament within one month after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 632 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within two months, decide shall take a decision by a majority of the votes cast, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph, as to whether the Authority's decision is maintained or revoked.
Amendment 651 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 657 #
Proposal for a regulation
Article 25 – paragraph 1 – point b
Article 25 – paragraph 1 – point b
(b) the Head of the national public authority competent for the supervision of credit institutions in each Member State. Where there is more than one competent authority in the territory for which the Member State is responsible for the application of EU law, the Heads of those organisations shall be joint representatives on the Board of Supervisors and shall decide between themselves how to exercise their representation, including any votes under Article 29, which shall be shared;
Amendment 662 #
Proposal for a regulation
Article 27
Article 27
When carrying out the tasks conferred upon it by this Regulation, the Chairperson and the voting members of the Board of Supervisors shall act independently and objectively in the Communitysole interest of the European Union as a whole interest and shall neither seek nor take instructions from CommunityEuropean Union institutions or bodies, from a Government of a Member State or from any other public or private body.
Amendment 664 #
Proposal for a regulation
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
The members of the Board of Supervisors and their staff should not have worked or provide services to financial institutions during the 3 previous years nor should they do it in the 3 years after having left their responsibilities in the Authority.
Amendment 692 #
Proposal for a regulation
Article 31
Article 31
The members of the Management Board shall act independently and objectively in the Community interestsole interest of the European Union as a whole, without seeking or taking any instructions from CommunityEuropean Union institutions or bodies, from any government of a Member State or from any other public or private body.
Amendment 693 #
Proposal for a regulation
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
Neither Member States, European Union institutions or bodies, nor any other public or private body shall seek to influence the members of the Management Board.
Amendment 694 #
Proposal for a regulation
Article 31 – paragraph 1 b (new)
Article 31 – paragraph 1 b (new)
In accordance with the Staff Regulations referred to in Article 54, the members of the Management Board shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 697 #
Proposal for a regulation
Article 32 – paragraph 8
Article 32 – paragraph 8
Amendment 705 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
In accordance with the Staff Regulations referred to in Article 54, the Chairperson shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 708 #
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information on, in particular, the accessibility, availability, amount and cost of banking credit to households and SMEs, and the volume and changes therein of public debt owned by credit institutions. It shall also include information on the 50 larger financial institutions operating in the EU and any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 715 #
Proposal for a regulation
Article 37 – paragraph 1 a (new)
Article 37 – paragraph 1 a (new)
Amendment 716 #
Proposal for a regulation
Article 37 – paragraph 1 b (new)
Article 37 – paragraph 1 b (new)
In accordance with the Staff Regulations referred to in Article 54, the Executive Director shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 727 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority it shall also ensure cross-sectoral supervisory consistency and coordination in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board.
Amendment 736 #
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Joint Committee of European Supervisory Authorities as well as the Sub- Committees mentioned in Article 43 as observers.
Amendment 739 #
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the EuropeaSupervisory Authority on Banking , the European Supervisory Authority on Insurance and Occupational Pensions Authority and the European Supervisory Authority on Securities and Markets Authority.
Amendment 753 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Two members of the Board of Appeal and two alternates shall be appointed by the Management Board of the Authority from a short-list proposedEuropean Parliament, two members by the Council and the other two members by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors.
Amendment 757 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 758 #
Proposal for a regulation
Article 44 – paragraph 5
Article 44 – paragraph 5
5. A member of the Board of Appeal, who was appointed by the Management Board of the Authority, may not be removed during his term of office, unless he has been found guilty of serious misconduct, and the Management Boardinstitution who appointed him/her takes a decision to that effect after consulting the Board of Supervisors.
Amendment 763 #
Proposal for a regulation
Article 47 – paragraph 1 a (new)
Article 47 – paragraph 1 a (new)
1a. Member States and the European Union institutions, as well as any natural or legal person, may lodge a direct appeal before the Court of Justice against decisions of the Authority, in accordance with Article 263 of the Treaty on the Functioning of the European Union.
Amendment 775 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. In the case of non-contractual liability, the Authority shall, in accordance with the general principles common to the laws of the Member States, make good any unjustifiable damage caused by it or by its staff in the performance of their duties. The Court of Justice shall have jurisdiction in any dispute over the remedying of such damage.
Amendment 776 #
Proposal for a regulation
Article 56 – paragraph 1
Article 56 – paragraph 1
1. Members of the Board of Supervisors and the Management Board, the Executive Director, and members of the staff of the Authority including officials seconded by Member States on a temporary basis and all other persons carrying out tasks for the Authority on a contractual basis shall be subject to the requirements of professional secrecy pursuant to Article 287339 of the Treaty on the Functioning of the European Union and the relevant provisions in the relevant communityEuropean Union legislation, even after their duties have ceased.
Amendment 778 #
Proposal for a regulation
Article 59 – paragraph 2
Article 59 – paragraph 2
2. The Management BoardBoard of Supervisors shall decide on the internal language arrangements for the Authority.
Amendment 784 #
Proposal for a regulation
Article 62 – paragraph 3 a (new)
Article 62 – paragraph 3 a (new)
3a. The Authority shall be considered the legal successor of the Committee of European Banking Supervisors. At the latest on the date of establishment of the Authority, all assets and liabilities and all pending operations of the Committee of European Banking Supervisors will be automatically transferred to the Authority. The Committee of European Banking Supervisors shall establish a statement showing its closing asset and liability situation as of the date of that transfer, This statement shall be audited and approved by its members and by the Commission.
Amendment 795 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate the progress achievedthat has been made in the achievement of the Authority's objectives and the evolution towards regulatory and supervisory convergence and integration in the fields of crisis management and resolution in the CommunityEuropean Union. Equally, the report shall evaluate how the system is dealing with the costs derived from its ordinary functioning and how can their full internalisation be achieved taking into account a cyclical perspective. The evaluation shall be based on extensive consultation, including with the Banking Stakeholder Group.
Amendment 796 #
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission shall draft its report taking into account the proposals made by the Banking Stakeholder, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission. The Commission shall also consider the views of other stakeholders groups.
Amendment 798 #
Proposal for a regulation
Article 66 – paragraph 2 a (new)
Article 66 – paragraph 2 a (new)
2a. The European Parliament and the Council shall examine this Regulation on the basis of the report referred to in paragraph 1 and shall determine whether the missions and organisation of the Authority need to be reviewed.