68 Amendments of Antolín SÁNCHEZ PRESEDO related to 2009/0143(COD)
Amendment 151 #
Proposal for a regulation
Title
Title
establishing a European Supervisory Authority on Insurance and Occupational Pensions Authority
Amendment 168 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
21a. Furthermore, the Declaration on strengthening the financial system adopted on the summit of G-20 Leaders held in London on 2 April 2009 called for "[setting] 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 196 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority on Insurance and Occupational Pensions Authority ("the Authority").
Amendment 197 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of this Regulation and Directive 64/225/EEC, Directive 73/239/EEC, Directive 73/240/EEC, Directive 76/580/EEC, Directive 78/473/EEC, Directive 84/641/EEC, Directive 87/344/EEC, Directive 88/357/EEC, Directive 92/49/EEC, Directive 98/78/EC, Directive 2001/17/EC, Directive 2002/83/EC, Directive 2002/92/EC, Directive 2003/41/EC, Directive 2002/87/EC, Directive 2005/68/EC, Directive 2007/44/EC, Directive 2005/60/EC, Directive 2002/65/EC, including all directives, regulations, and decisions based on these acts, and of any further CommunityUnion act which confers tasks on the Authority.
Amendment 198 #
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 CommunityUnion law.
Amendment 199 #
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 Union financial market with the objective of contributeing 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 EU level of regulation and supervision, (ii) protecting depositors and investor, investors and other stakeholders as well as public finances, (iii) ensuring the integrity, transparency, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination and its sustainable interaction with real economy, (iv) reducing the procyclicality of finance and, in general, safeguarding the short, medium and long term stability of the financial system, (v) fostering a smooth implementation of monetary policy in the markets as well as the control on banking deposits and institutional funds, (vi) achieving the goals of the euro area 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 harmonisation and application of the CommunityUnion 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 an economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 208 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a The European System of Financial Supervision 1. The Authority shall form part of the European System of Financial Supervision (ESFS), which shall function as an integrated network of supervisors that brings together all the authorities in the Member States and the Union with competence in the field of financial supervision as laid down in Union law. The main objective of the ESFS is to ensure strong and consistent Union supervision of financial institutions in order to ensure confidence in the financial system, support sustainable Union growth and serve the needs of businesses and citizens 2. The ESFS shall comprise the following: (a) the European Systemic Risk Board, established by Regulation (EU) No .../... [ESRB]; (b) the European Supervisory Authority (Securities and Markets) established by Regulation (EU) No .../... [ESMA]; (c) the European Supervisory Authority (Banking (EU) No …/…[EBA]; (d) the Authority; (e) the Joint Committee of European Supervisory Authorities (JCESA) provided for in Article 40; (f) the authorities in the Member States referred to in Article 1(2) of Regulations (EU) No .../... [ESMA], Regulation (EU) No …/2009 [EIOPA] and Regulation (EU) No …/… [EBA]; (g) the Commission, for the purposes of carrying out the tasks referred to in Articles 7 and 9; 3. All the parties of the ESFS shall cooperate closely between each other with trust and full mutual respect, pursuant to the principle of sincere cooperation in accordance with Article 13(2) of the Treaty on European Union. 4. All financial institutions are subject to legally binding acts under Union law and to the supervision of the competent authorities part of the ESFS. 5. The ESFS shall not prevent competent authorities from exercising national supervisory powers in conformity with legally binding Union acts and in accordance with the international prudential principles on banking supervision. 6. Only those supervisory authorities included in the ESFS shall be entitled to supervise financial institutions in the Union.
Amendment 210 #
Proposal for a regulation
Article 2 – point 2 a (new)
Article 2 – point 2 a (new)
(2a) 'systemic risk' means a risk of disruption to financial services that is caused by a significant impairment of all or parts of the financial system and that has the potential to have serious negative consequences for the real economy. In this context, any type of financial institution and intermediary, market, infrastructure and instrument has the potential to be systemically significant.
Amendment 211 #
Proposal for a regulation
Article 2 – point 2 b (new)
Article 2 – point 2 b (new)
(2b) 'cross-border risk' means risk caused by economic imbalances or financial failures in all or parts of the 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 Union or any of its Member States. In this context, any type of economic and financial risk has the potential to be a cross-border risk.
Amendment 213 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The national supervisory authorities shall act, as members of the Authority, with a Union dimension.
Amendment 215 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. TIn order to ensure an effective and consistent Union supervision of financial institutions the Authority shall have the following tasks:
Amendment 216 #
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 CommunityUnion institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on this Regulation and the legislation referred to in Article 1(2);
Amendment 218 #
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 legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of this Regulation and the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisorycompetent authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 224 #
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 Insurance and Occupational Pensions Supervisors;
Amendment 227 #
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
Article 6 – paragraph 2 – point f a (new)
(fa) promote coordination between competent authorities, as specified in Article 16, including the activation of their powers as members of the Authority to achieve a common Union response to deal with systemic and cross-border risks;
Amendment 233 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate Union powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees.
Amendment 234 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Amendment 235 #
Proposal for a regulation
Article 7 – Title
Article 7 – Title
Technical standards The Single Rule Book
Amendment 236 #
Proposal for a regulation
Article 7 – paragraph -1 a (new)
Article 7 – paragraph -1 a (new)
Amendment 237 #
Proposal for a regulation
Article 7 – paragraph -1 b (new)
Article 7 – paragraph -1 b (new)
-1b. The Single Rule Book shall: (a) set out definitions contained in Union legislation; (b) specify common elements for reporting and disclosure requirements contained in Union legislation; (c) provide the necessary elements in order to ensure effective cooperation processes, including supervisory risk assessment and information sharing as requested by Union legislation; (d) define appropriate regulatory and supervisory standards to deal with the early warnings and recommendations of the ESRB concerning all or a significant part of the Union; (e) define appropriate regulatory and supervisory standards to deal with the cross-border risks identified by the Authority or the EU institutions in all or a significant part of the Union; and (f) define appropriate regulatory and supervisory standards regarding reporting, disclosure and prudential requirements for relevant high leveraged companies and investment vehicles operating throughout the Union to prevent systemic risks and to correct cross-border risks.
Amendment 239 #
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 the present Regulation and in the legislation referred to in Article 1(2) or on the Commission's request. Technical standards shall not include policy choices and shall reflect the principle of proportionality. The Authority shall submit its draft technical standards to the Commission for endorsement. adoption as delegated acts (regulatory standards) or endorsement as implementing acts (supervisory standards) in accordance with this Regulation and with the legislation referred to in Article 1(2). The draft standards shall be transmitted at the same time to the European Parliament and the Council.
Amendment 242 #
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 benefitswith 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 the particular urgency of the matter. The Authority shall also request an opinion or advice of the Insurance, Reinsurance and Occupational Pensions Stakeholder Group referred to in Article 22.
Amendment 245 #
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 Union legislation. Within the same period, the Commission may endorseadopt the draft standards only in part ortechnical standards with amendments where the Community interest so requires. y were drawn up as regulatory standards. In both cases, the Commission may extend that period by one month.
Amendment 250 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 252 #
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 shall endorse the supervisory standards as implementing acts following a procedure pursuant Article 291 of the Treaty on the Functioning of the European Union.
Amendment 254 #
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 255 #
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 in accordance with Union law.
Amendment 256 #
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 or supervisory standards.
Amendment 258 #
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 262 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Amendment 264 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 270 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The guidelines and recommendations shall be published on the website of the Authority.
Amendment 271 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
The national supervisory authoritiecompetent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations.
Amendment 272 #
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 it 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 273 #
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 manner, if they comply with that guideline or recommendation.
Amendment 274 #
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 shall outline how the Authority intends to ensure that compliance in the future. The Authority shall include the same information for the main larger financial entities.
Amendment 277 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a national supervisorycompetent authority has not correctly applied the legally binding acts and legislation referred to in Article 1(2) or has applied them in a manner that appears to be in breach of 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 279 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more national supervisorycompetent authorities, from the CommissionEuropean Parliament, the Commission, the Council, the Insurance and Reinsurance Stakeholder Group or on its own initiative and after having informed the national supervisorycompetent authority concerned, the Authority may investigate the alleged incorrect application of Communitybreach of, or failure to apply, Union law.
Amendment 311 #
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,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 315 #
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 national supervisory authorities to take the necessary actESRB has issued a warning pursuant to paragraph 1, or where the European Parliament, the Council or the Commission, on their own initiative or following a request by the Authority, or a Member State, adopts a decision determining the existence of similar or justified circumstances in which coordinated action by national authorities is necessary to respond to adverse developments which could seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union, the Authority may, without further requirements, adopt 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 national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 362 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at Union 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 Union. 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 review of this Regulation, as provided for in Article 66, which should take place no later than three years after its entry into force.
Amendment 367 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. National supervisoryCompetent authorities may, by bilateral agreement, delegate tasks and responsibilities to other national supervisorycompetent authorities.
Amendment 368 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The Authority shall facilitate the delegation of tasks and responsibilities between national supervisory 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 377 #
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 379 #
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the adequacy of institutional arrangements, resourcing and staff expertiseresources and governance arrangements of the national supervisory 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 380 #
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 CommunityUnion law and in supervisory practice, including regulatory and supervisory technical standards, guidelines and recommendations adopted under Articles 7 and 8, and the extent to which the supervisory practice achieves the objectives set out in CommunityUnion law;
Amendment 382 #
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 national supervisory authorities concerned.
Amendment 386 #
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 392 #
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 covered 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 Union law.
Amendment 426 #
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 CommunityEuropean Union.
Amendment 452 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that the insurance and occupational pensions sector 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 458 #
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 within one monthand the European Parliament within twenty working days after notification of the Authority's decision to the national supervisory authority that the decision will not be implemented by the national supervisory authority.
Amendment 463 #
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 487 #
Proposal for a regulation
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. The members of the Board of Supervisors and their staff should not have worked or provided 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 505 #
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 506 #
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 510 #
Proposal for a regulation
Article 32 – paragraph 8
Article 32 – paragraph 8
Amendment 516 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
1a. 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 521 #
Proposal for a regulation
Article 37 – paragraph 1 a (new)
Article 37 – paragraph 1 a (new)
1a. The Executive Director should not have worked or provided services to financial institutions during three previous years nor should they do it in the 3 years after having left their responsibilities in the Authority.
Amendment 522 #
Proposal for a regulation
Article 37 – paragraph 1 b (new)
Article 37 – paragraph 1 b (new)
1b. 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 527 #
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 andwith the European Banking Authority and the European Securities and Markets Authority; it shall also ensure cross- sectoral consistency with the European Banking Authority and the European Securitisupervisory 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 Markets Authority- information exchange with the European Systemic Risk Board.
Amendment 538 #
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 542 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 544 #
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 547 #
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 557 #
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 563 #
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 Insurance and Occupational Pensions 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 Insurance and Occupational Pensions Supervisors will be automatically transferred to the Authority. The Committee of European Insurance and Occupational Pensions 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 568 #
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 sector 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 Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group.