[ParlTrack]

Proposal for a regulation
Title 1

Proposal for a ~~COUNCIL~~ REGULATION OF THE EUROPEAN PARLIAMENT AND THE COUNCIL conferring specific tasks on the European Central Bank and adopting measures necessary for the use of the euro as the single currency concerning policies relating to the prudential supervision of credit institutions

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Citation -1 (new)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Citation 1

Having regard to the Treaty on the Functioning of the European Union, and in particular the Articles 127(6) and 133 thereof,

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Citation 6

Acting in accordance with a ~~special~~qualified procedure that meets the requirements of both the special legislative procedure and the ordinary legislative procedure,

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Recital 5

(5) The solidity of credit institutions is in many instances still closely linked to the Member State in which they are established. Doubts about the sustainability of public debt, economic growth prospects, and the viability of credit institutions have been creating negative, mutually reinforcing market trends. This link affects specifically the use of the euro as a single currency because it causes financial fragmentation which impedes that the different members of private and public sectors being financed according their own creditworthiness altering the level playing field and may lead to risks for the viability of some credit institutions as well as for the stability of the financial system, and may impose a heavy burden for already strained public finances of the Member States concerned. The ~~problem poses specific risks within the euro area where the~~ single currency increases the likelihood that negative developments in one Member State can create risks for economic development and the stability of the Euro area as a whole.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Recital 19 a (new)

(19 a) Systemic and moral hazard risks may cause very negative consequences to the solvency and safety of financial institutions and financial stability. They may harm also the functioning of the internal market, the real economy, the use of the euro as single currency and the public finances. They deserve an intense, effective and reliable supervision.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Recital 19 b (new)

(19 b) Systemic risks are defined in accordance with Article 2(c) of the Regulation (EU) No 1092/2010 of the European Parliament and the Council of 24 November 2010 which defines it as a risk of disruption in the financial system with the potential to have serious negative consequences for the internal market and the real economy. All types of financial intermediaries, markets and infrastructure may be potentially systemically important to some degree.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Recital 19 c (new)

(19 c) Moral hazard is defined as a risk produced when actors in financial services do not bear the full cost of their actions and are thus more likely to take such actions with the potential to pose serious negative consequences for the internal market, the financial stability, the real economy and the public finances. This definition is inspired by the OECD Glossary of terms. The Eurobanking Central Supervisor (ECS) should prevent and minimise these kinds of risks that incentivise financial players to increase their risks and to behave against the interest of the others, which is totally contrary to the essence of the EMU.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Recital 23

(23) The ECB should carry out the tasks conferred on it with a view to ensuring the safety and soundness of credit institutions and the stability of the financial system ~~of the Union and the unity and integrity~~to ensuring the use of euro as a single currency in the banking sector while guaranteeing the integrity and well functioning of the Iinternal Mmarket in the field of financial services, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the single rulebook for financial services in the Union.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 1 – paragraph 1

This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, to ensure the use of the euro as a single currency with due regard for the unity and integrity of the internal market.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 1 – paragraph 1 a (new)

The tasks conferred shall be conducted in line with EBA and recognised international standards. They must ensure the existence of a level playing field and support and facilitate productive activities for the real economy, prevent and avoid systemic and moral hazard risks as well as fiscal cost arising from failures and banking crisis.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)

(1a) "Associated Member State" means a Member State whose currency is not the euro and which meets the requirements to be associated to the Eurobanking Central Supervisor;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘national competent authority’ means the national competent authority designated by participating or associated Member States in accordance with Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast)13 and Directive 2006/49/EC of the European Parliament and the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast)14 ;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)

1092/2010
Article 2

(6a) "Systemic risk" means a risk as defined in Article 2(c) of the Regulation (EU) No 1092/2010 of the European Parliament and the Council of 24 November 2010

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 6 b (new)

(6b) "Moral hazard" means a risk produced when a behaviour of agents in financial services do not bear the full cost of their actions and are thus more likely to take such actions with the potential to have serious negatives consequences for the internal market, the financial stability, the real economy, the single currency or the public finances.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Chapter 2 – title

~~Cooperation and tasks~~Tasks conferred on the ECB

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 3

The ECB shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010.Article 3 deleted Cooperation

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 4 – paragraph 1 – point d

(d) ~~only in the cases specifically set out in Union acts,~~ to set higher prudential requirements and apply additional measures to credit institutions supplementing the Union acts;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 4 – paragraph 1 – point h

(h) To carry out ~~supervisory~~an annual agenda, supervisory programs horizontal reviews, thematic enquiries, aleatory inspections and stress-tests on credit institutions to support the supervisory review;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 4 – paragraph 1 – point k

(k) To carry out supervisory tasks in relation to early intervention, prompt correction measures and all crisis management measures that do not involve winding up where a credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authorities;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 4 – paragraph 4 a (new)

4a. In order to ensure consistent development and uniform conditions for the enforcement of this Regulation to prevent systemic and moral hazard risks and to promote the smooth use of the euro as a single currency, powers are delegated to the Commission to adopt regulatory prudential standards by means of Delegated Acts in accordance with Articles 8a to 8e and powers are conferred to the Commission to adopt implementing prudential standards through Regulations in accordance with Article 8f in relation to the powers conferred in the paragraphs 1 and 2 of this Article that are not conferred on the ECB by the Article 132(1) TFEU.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Chapter II a (new)

CHAPTER IIa EUROBANKING CENTRAL SUPERVISOR Article 4 a Eurobanking Central Supervisor The tasks conferred on the ECB shall be carried out through a separate organization within the ECB, namely the Eurobanking Central Supervisor (ECS).

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 4 b (new)

Article 4 b Single Supervisory Mechanism The ECS shall carry out its tasks in a single supervisory mechanism that integrates also the assisting national competent authorities.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – title

NAssisting national authorities

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – paragraph 1

~~1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB and national competent authorities.~~deleted

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – paragraph 1

1. The ECBS shall carry out its tasks ~~with~~in a single supervisory mechanism ~~composed of the ECB and~~that integrates also the assisting national competent authorities.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – paragraph 2

2. National competent authorities of participating and associated Member States shall assist the ECBS on its request with the preparation and implementation of any acts relating to the tasks referred to in Article 4.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – paragraph 3

3. The ECBS shall organise the practical modalities of implementation of paragraph 2 by the national supervisory authorities in discharging its tasks. It shall clearly define the framework and conditions under which national competent authorities shall carry out those activities. The ECS shall entrust to assisting national authorities tasks relative to the ordinary day to day supervision of domestic banks that do not pose systemic or moral hazard risks or have insignificant impact in the transmission of the credit conditions of the single currency; in any case the ECS remains the ultimate responsible for all the aspects of supervision of all banks and may intervene directly in the activity of the banks.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 5 – paragraph 4

4. National competent authorities shall follow the instructions given by the ECBS.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – title

~~Close cooperation with the competent authorities~~Association of non participating Member States

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1

1. Within the limits set out in this Article, the ECBS shall carry out the tasks in the areas referred to in Article 4 (1) and (2) in relation to credit institutions established in a Member State whose currency is not the euro, where a ~~close cooper~~n association has been established between the ECB and the national competent authority of such Member State in accordance with this Article.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – introductory part

2. The ~~close cooper~~association between the ECBS and the national competent authority of a non participating Member State shall be established, by a decision adopted by the ECB after a proposal of the ECS, where the following conditions are met:

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – point a

(a) The Member State concerned notifies the other Member States, the Commission, the ECS, the ECB and the EBA the request to enter into ~~a close cooper~~full association with the ECBS in relation to the exercise of the tasks referred to in Article 4 with regards to all credit institutions established in the Member State concerned;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – point b – indent 1

– to ensure that it accepts that its national competent authority will ~~abide by any guidelines or requests issued by the ECB~~give the same assistance inside the ECS as the authorities of participating Member States;

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – point b – indent 2

– to ~~provide all information on the credit institutions established in that Member State that the ECB may require for the purpose of carrying out a comprehensive assessment of those credit institutions~~meet the same conditions as participating Member States and, in particular, to take all the necessary measures to ensure that measures for prudential supervision arising from this Regulation or adopted in accordance with the Articles 132 and 133 TFEU are adopted internally.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – point b – indent 2 a (new)

- to be part of the programs or mechanisms of participating Member States to provide financial assistance for the recapitalisation of financial institutions or ensure financial stability.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 2 – point c

(c) The Member State concerned has adopted national legal acts to ensure these compromises are met and that its national competent authority will be obliged to adopt any measure in relation to credit institutions requested by the ECBS, in accordance with ~~paragraph 5~~Union law.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 6 – paragraph 3

3. The decision referred to in paragraph 2 shall determine, in compliance with the Statute of ESCB and of the ECB, the conditions under which representatives of the competent authorities of the associated Member States ~~which established a close cooperation in accordance with this Article~~ shall take part to the activities of the Supervisory Board.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

CHAPTER II b COOPERATION Article 6a Cooperation with the European Authorities of micro and macro- supervision The ECB shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2

For the purpose of carrying out the task referred to in Article 4(1) and (2), the ECB shall be considered as the designated authority in accordance with the relevant acts of Union law and have the powers and obligations which designated authorities shall have under those actsThe ECS may prepare draft regulatory prudential standards and draft implementing regulatory standard in accordance with the Article 4(3) and Articles 8a to 8e of this Regulation.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Section -1 (new) – Article 8 a (new)

SECTION -1 REGULATORY AND IMPLEMENTING PRUDENTIAL STANDARDS Article 8a Regulatory prudential standards 1. Where the European Parliament and the Council delegate power to the Commission to adopt Regulatory prudential standards by means of delegated acts pursuant to Article 290 TFEU in order to ensure consistent harmonisation in the areas specifically set out in the legislative acts referred to in Article 1(2), the ECS may develop draft Regulatory prudential standards. The ECS shall submit its draft standards to the Commission for endorsement. Regulatory prudential standards shall be delimited by this Regulation and by legislative acts on which they are based. Before submitting them to the Commission, the ECS shall conduct open public consultations on draft Regulatory prudential standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the draft Regulatory prudential standards concerned or in relation to the particular urgency of the matter. Where the ECS submits a draft Regulatory prudential standard, the Commission shall immediately forward it to the European Parliament and the Council. Within 3 months of receipt of a draft Regulatory prudential standard, the Commission shall decide whether to endorse it. The Commission may endorse the draft Regulatory prudential standards in part only, or with amendments, where the Union's interests so require. Where the Commission intends not to endorse a draft Regulatory prudential standard or to endorse it in part or with amendments, it shall send the draft Regulatory prudential standard back to the ECS, explaining why it does not endorse it, or, as the case may be, explaining the reasons for its amendments. Within a period of 6 weeks, the ECS may amend the draft Regulatory prudential standard on the basis of the Commission's proposed amendments and resubmit it in the form of a formal opinion to the Commission. The ECS shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that six-week period, the ECS has not submitted an amended draft Regulatory prudential standard, or has submitted a draft Regulatory prudential standard that is not amended in a way consistent with the Commission's proposed amendments, the Commission may adopt the Regulatory prudential standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft Regulatory prudential standard prepared by the ECS without prior coordination with the ECS, as set out in this Article. 2. Where the ECS has not submitted a draft Regulatory prudential standard within the time limit set out in the legislative acts, the Commission may request such a draft within a new time limit. 3. Only where the ECS does not submit a draft Regulatory prudential standard to the Commission within the time limits in accordance with paragraph 2, may the Commission adopt a Regulatory prudential standard by means of a delegated act without a draft from the ECS. The Commission shall conduct open public consultations on draft Regulatory prudential standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the draft Regulatory prudential standards concerned or in relation to the particular urgency of the matter. The Commission shall immediately forward the draft Regulatory prudential standard to the European Parliament and the Council. The Commission shall send its draft Regulatory prudential standard to the ECS. Within a period of 6 weeks, the ECS may amend the draft Regulatory prudential standard and submit it in the form of a formal opinion to the Commission. The ECS shall send a copy of its formal opinion to the European Parliament and to the Council. If on the expiry of the six-week period referred to in the fourth subparagraph, the ECS has not submitted an amended draft Regulatory prudential standard, the Commission may adopt the Regulatory prudential standard. If the ECS has submitted an amended draft Regulatory prudential standard within the six-week period, the Commission may amend the draft Regulatory prudential standard on the basis of the ECS's proposed amendments or adopt the Regulatory prudential standard with the amendments it considers relevant. The Commission shall not change the content of the draft Regulatory prudential standard prepared by the ECS without prior coordination with the ECS, as set out in this Article. 4. The Regulatory prudential standards shall be adopted by means of regulations or decisions. They shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 b (new)

Article 8b Exercise of the delegation 1. The power to adopt Regulatory prudential standards referred to in Article 8a shall be conferred on the Commission for a period of 4 years from*. The Commission shall draw up a report in respect of the delegated power not later than 6 months before the end of the 4- year period. The delegation of power shall be automatically extended for periods of an identical duration, unless the European Parliament or the Council revokes it in accordance with Article 8c. 2. As soon as it adopts a Regulatory prudential standard, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt Regulatory prudential standards is conferred on the Commission subject to the conditions laid down. _____________ *Date of entry into force of this Regulation

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 c (new)

Article 8c Revocation of the delegation 1. The delegation of power referred to in Article 8a may be revoked at any time by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke a 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 power which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the Regulatory prudential standards already in force. It shall be published in the Official Journal of the European Union.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 d (new)

Article 8d Objections to Regulatory prudential standards 1. The European Parliament or the Council may object to a Regulatory prudential standard within a period of 3 months from the date of notification of the Regulatory prudential standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by 3 months. Where the Commission adopts a Regulatory prudential standard which is the same as the draft Regulatory prudential standard submitted by the ECS, the period during which the European Parliament and the Council may object shall be 1 month from the date of notification. At the initiative of the European Parliament or the Council that period shall be extended by 1 month. 2. If, on the expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the Regulatory prudential standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The Regulatory prudential standard may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 3. If either the European Parliament or the Council objects to a Regulatory prudential standard within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the Regulatory prudential standard.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 e (new)

Article 8e Non-endorsement or amendment of draft Regulatory prudential standards 1. In the event that the Commission does not endorse a draft Regulatory prudential standard or amends it as provided for in Article 8a, the Commission shall inform the ECS, the European Parliament and the Council, stating its reasons. 2. Where appropriate, the European Parliament or the Council may invite the responsible Commissioner, together with the Chairperson of the ECS, within 1 month of the notice referred to in paragraph 1, for an ad hoc meeting of the competent committee of the European Parliament or the Council to present and explain their differences.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 8 f (new)

Article 8f Implementing prudential standards 1. The ECS may develop Implementing prudential standards, by means of implementing acts pursuant to Article 291 TFEU, in the areas specifically set out in this legislation or in other legislative acts. Implementing prudential standards shall be technical, shall not imply strategic decisions or policy choices and their content shall be to determine the conditions of application of those acts. The ECS shall submit its draft Implementing prudential standards to the Commission for endorsement. Before submitting draft Implementing prudential standards to the Commission, the ECS shall conduct open public consultations and shall analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the draft Implementing prudential standards concerned or in relation to the particular urgency of the matter. Where the ECS submits a draft Implementing prudential standard, the Commission shall immediately forward it to the European Parliament and the Council. Within 3 months of receipt of a draft Implementing prudential standard, the Commission shall decide whether to endorse it. The Commission may extend that period by 1 month. The Commission may endorse the draft Implementing prudential standard in part only, or with amendments, where the Union's interests so require. Where the Commission intends not to endorse a draft Implementing prudential standard or intends to endorse it in part or with amendments, it shall send it back to the ECS explaining why it does not intend to endorse it, or, as the case may be, explaining the reasons for its amendments. Within a period of 6 weeks, the ECS may amend the draft Implementing prudential standard on the basis of the Commission's proposed amendments and resubmit it in the form of a formal opinion to the Commission. The ECS shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of the six-week period referred to in the fifth subparagraph, the ECS has not submitted an amended draft Implementing prudential standard, or has submitted a draft Implementing prudential standard that is not amended in a way consistent with the Commission's proposed amendments, the Commission may adopt the Implementing prudential standard with the amendments it considers relevant or reject it. The Commission shall not change the content of a draft Implementing prudential standard prepared by the ECS without prior coordination with the ECS, as set out in this Article. 2. In cases where the ECS has not submitted a draft Implementing prudential standard within the time limit set out in the legislative acts, the Commission may request such a draft within a new time limit. 3. Only where the ECS does not submit a draft Implementing prudential standard to the Commission within the time limits in accordance with paragraph 2, may the Commission adopt an Implementing prudential standard by means of an implementing act without a draft from the ECS. The Commission shall conduct open public consultations on draft Implementing prudential standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the draft Implementing prudential standards concerned or in relation to the particular urgency of the matter. The Commission shall immediately forward the draft Implementing prudential standard to the European Parliament and the Council. The Commission shall send the draft Implementing prudential standard to the ECS. Within a period of 6 weeks, the ECS may amend the draft Implementing prudential standard and submit it in the form of a formal opinion to the Commission. The ECS shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of the six-week period referred to in the fourth subparagraph, the ECS has not submitted an amended draft Implementing prudential standard, the Commission may adopt the Implementing prudential standard. If the ECS has submitted an amended draft Implementing prudential standard within that six-week period, the Commission may amend the draft Implementing prudential standard on the basis of the ECS's proposed amendments or adopt the Implementing prudential standard with the amendments it considers relevant. The Commission shall not change the content of the draft Implementing prudential standards prepared by the ECS without prior coordination with the ECS, as set out in this Article. 4. The Implementing prudential standards shall be adopted by means of regulations. They shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Section -1 a (new) – Article 8 g (new)

SECTION -1a DECISIONS Article 8g Decisions In order to carry out the tasks entrusted to the ECB, the ECS shall submit a proposal to the ECB to take the decisions necessary for carrying out the tasks entrusted in accordance with this Regulation.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 11 – paragraph 1

1. In order to carry out the tasks conferred upon it by this Regulation, the ECBS may conduct all necessary on-site inspections at the business premises of the legal persons referred to in Article 9(1) (a) to (g), in accordance with Article 12. Where the proper conduct and efficiency of the inspection so require, the ECBS may carry out the on-site inspection without prior announcement.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 11 – paragraph 2

2. The officials of and other persons authorised by the ECBS to conduct an on- site inspection may enter any business premises and land of the legal persons subject to an investigation decision adopted by the ECB and shall have all the powers stipulated in Article 10 (1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 11 – paragraph 3

3. The persons referred to in Article 9(1) (a) to (g) shall submit to on-site inspections ordered by decision of the ECBS.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 11 – paragraph 4

4. Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, upon the request of the ECBS, actively assist the officials of and other persons authorised by the ECBS. To that end, they shall enjoy the powers set out in paragraph 2. Officials of the competent authority of the participating Member State concerned may also attend the on-site inspections upon request.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 11 – paragraph 5

5. Where the officials of and other accompanying persons authorised by the ECBS find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the participating Member State shall afford them the necessary assistance.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 14 a (new)

Article 14a Corrective powers 1. The ECS shall have the power at an early stage to address unsafe and unsound practices or activities that could pose risks to banks or to the banking system. The supervisor shall have at its disposal an adequate range of supervisory tools to bring about timely corrective actions. Where the ECS requests a bank to take significant corrective actions, these shall be addressed in a written document to the bank's Board. The ECS shall require the bank to submit regular written progress reports and checks that corrective actions are completed satisfactorily. The ECS shall act where a bank falls below established regulatory threshold requirements, including prescribed regulatory ratios or measurements. The ESC shall also intervene at an early stage to require a bank to take action to prevent it from reaching its regulatory threshold requirements. The ECS shall provide clear prudential objectives or and will set out the actions to be taken, which may include restricting the current activities of the bank, imposing more stringent prudential limits and requirements, withholding approval of new activities or acquisitions, restricting or suspending payments to shareholders or share repurchases, restricting or requiring asset transfers, barring individuals from the banking sector, replacing or restricting managers or directors, Board members or controlling owners, appointing an administrator to take control and manage the firm or parts of its business; pursuing claims against responsible persons including the recovering of variable remuneration; facilitating a takeover by or merger with a healthier institution, providing for the interim management of the bank, and revoking or recommending the revocation of the banking licence.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 16 – paragraph 1

1. When carrying out the tasks conferred upon it by this Regulation, the ECB ~~shall act independently~~and assisting national authorities shall act independently. The ECB by decision shall approve the agreement between the Governing Council of the ECB and the Supervisory Board of the ECS establishing the practical arrangements to ensure the separations of the functions as well as the operational independence between the ECS supervisory functions and the other functions of the ECB.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 16 – paragraph 2 a (new)

2a. The Supervisory Board of the ECS shall put in place a Code of Conduct including rules of conflict of interest that applies to its staff and management.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 17 – paragraph 1

The ECBS and the assisting national authorities integrated within shall be accountable to the European Parliament and to the Council for the implementation of this Regulation, in accordance with this Chapter

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 18 – paragraph 2

2. The ECB shall carry out the tasks conferred upon it by this Regulation separately from its tasks relating to monetary policy and from any other tasks. The tasks conferred upon the ECB by this regulation shall not interfere with the ECB's tasks relating to monetary policy and any other tasks. The tasks conferred upon the ECB by this Regulation do not alter the ongoing monitoring of the solvency of its borrowers.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 20 – paragraph 1

1. Members of the Supervisory Board and staff of the ECBS carrying out supervisory duties, even after their duties are ceased, shall be subject to the professional secrecy requirements set out in Article 37 of Protocol No. 4 of the ECB and in the relevant acts of Union law.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 21 – paragraph 1

1. The ECBS shall submit each year to the European Parliament, the Council, the Commission and the Eurogroup a report on the execution of the tasks conferred upon it by this Regulation.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 21 – paragraph 2

2. The Chair of the supervisory board of the ECBS shall present this report to the European Parliament and to the Eurogroup in the presence of representatives from any non participating Member State in relation to which a close cooperation in accordance with Article 6 is in place.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 21 – paragraph 4

4. The ECBS shall reply orally or in writing to questions put to it by the European Parliament or by the Eurogroup.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 25 – paragraph 1

1. The ECBS shall ensure an appropriate exchange and secondment of staff with and among assisting national competent authorities.

2012/10/30
Committee: ECON

Antolín SÁNCHEZ PRESEDO

Proposal for a regulation
Article 25 – paragraph 2

2. The ECBS shall require where appropriate that supervisory teams of national competent authorities taking supervisory actions regarding a credit institution, financial holding company or mixed financial holding company located in one participating Member State in accordance with this regulation involve also staff from national competent authorities of other participating Member States.

2012/10/30
Committee: ECON

63 Amendments of Antolín SÁNCHEZ PRESEDO related to 2012/0242(CNS)

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