34 Amendments of Antolín SÁNCHEZ PRESEDO related to 2013/2166(INI)
Amendment 52 #
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas after the entrance into force of the SSM it is particularly important to avoid supervisory arbitrage, guarantee a level-playing and ensure the good functioning of the internal market without distortions while preserving fundamental freedoms;
Amendment 70 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas peer pressure has not worked as envisaged during the original design of the ESAs and is necessary to enable the ESAs to stimulate its development;
Amendment 72 #
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas it has been proven difficult for national representatives to separate their role of head of a national competent authority and European decision-making challenging their ability to genuinely adhere to the requirement to act independently and objectively in the sole interest of the Union as a whole in accordance with Article 42;
Amendment 73 #
Motion for a resolution
Recital Q
Recital Q
Q. whereas in course of the establishment of the SSM some progress was made in giving the European Banking Authority (EBA) necessary powers to collect directly information but such capacity needs yet to be enhanced and given to the other Authorities;
Amendment 81 #
Motion for a resolution
Recital S
Recital S
S. whereas the voting rights in the Boards of Supervisors of the ESAs are not proportionate to the size of the relevant Member Statessystem of all the ESAs should be coherent; whereas the original voting system was essential to ensure the equal treatment of Member States and allow for the smooth for the working of the ESAs; whereas the original voting system of the EBA was amended as a consequence of the SSM and should be reintroduced;
Amendment 100 #
Motion for a resolution
Recital V
Recital V
V. whereas some requirements that the ESAs imposed on all market participants were considered to be onerous, inappropriate and not proportional to theneed to better take into account the different size and business model of the addressees;
Amendment 109 #
Motion for a resolution
Recital Y a (new)
Recital Y a (new)
Ya. whereas a weak corporate governance and system of disclosure are in the roots of the current crisis; whereas the new Basel supervisory principles include two new principles on corporate governance and transparency and disclosure; whereas correcting this is necessary to ensure the sustainability of financial markets and the responsibility of the different market participants and authorities;
Amendment 144 #
Motion for a resolution
Annex – paragraph 1 – indent 2
Annex – paragraph 1 – indent 2
– Give the ESAs the possibility to trigger binding and non-binding mediation on their own initiative of the management board;
Amendment 164 #
Motion for a resolution
Annex – paragraph 1 – indent 5 a (new)
Annex – paragraph 1 – indent 5 a (new)
– Deal with problems which might result between the different mandates on oversight and monetary policy arising from the ESRB being established within the ECB; while ensuring that macro- supervision contributes to the economic governance of the EU, growth and employment as well as to the wider objectives of the Union;
Amendment 165 #
Motion for a resolution
Annex – paragraph 1 – indent 5 b (new)
Annex – paragraph 1 – indent 5 b (new)
– Consider the possibility of simplifying and better coordinate existing European Economic Governance structures by establishing a role of High Representative for Economic Affairs by merging the positions of the ESRB chair, the Economic Vice President of the Commission and the Chair of the ECOFIN;
Amendment 166 #
Motion for a resolution
Annex – paragraph 1 – indent 5 c (new)
Annex – paragraph 1 – indent 5 c (new)
– Better enhancing the ESRB recommendations within the general European economic Governance, for example by including the content in the European Semester namely through Country Specific Recommendations and the Recommendations to the Union as a whole and making mandatory reporting on the compliance with such obligations.
Amendment 175 #
Motion for a resolution
Annex – paragraph 2 – indent 1 a (new)
Annex – paragraph 2 – indent 1 a (new)
– introducing a general clause to ensure European consistent supervision, what implies appropriate supervisory judgement, by avoiding that the ESAs competences depend on the individual sectorial legislation brought under the remit of their regulation;
Amendment 181 #
Motion for a resolution
Annex – paragraph 2 – indent 2
Annex – paragraph 2 – indent 2
– enhancing the powers of the chairpersons of all three ESAs to take urgent, technical and operational decisions or to request information from other supervisory authorities without requiring consent by the respective Boards of Supervisors and authorise the delegation to the Chair of Responsibilities and tasks of the Board other than adopting regulation;
Amendment 182 #
Motion for a resolution
Annex – paragraph 2 – indent 2
Annex – paragraph 2 – indent 2
– enhancing the powers of the chairpersons of all three ESAs to take technical and operational decisions or to request information from other supervisory authorities without requiring consent by the respective Boards of Supervisors and authorise the delegation to the Chair of further competences of the Board;
Amendment 190 #
Motion for a resolution
Annex – paragraph 2 – indent 2 a (new)
Annex – paragraph 2 – indent 2 a (new)
– enhancing the ESA’s operational and organisational roles by chairing ESA internal standing committees and working groups and participating as full members of these;
Amendment 194 #
Motion for a resolution
Annex – paragraph 2 – indent 3
Annex – paragraph 2 – indent 3
– amending Article 45 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 and transforming the Management Boards of the three ESAs into independent bodies, staffed by three professionals with a European mandate and wider responsibilities, appointed by the European Parliament, the chairperson of the ESAs and the executive directors and granting the Chairperson and the executive members of the Management Board the right to vote on the Board of Supervisors;
Amendment 197 #
Motion for a resolution
Annex – paragraph 2 – indent 3 a (new)
Annex – paragraph 2 – indent 3 a (new)
– enhancing EBAs and giving ESMA and EIOPA the responsibility to develop and update the supervisory handbook on the supervision of financial institutions for the Union as a whole for the purpose of building European consistent supervision a common supervisory culture;
Amendment 198 #
Motion for a resolution
Annex – paragraph 2 – indent 3 b (new)
Annex – paragraph 2 – indent 3 b (new)
– enhancing the capacity of the ESAs to have direct access to information from financial institutions and services providers, and being able to appoint third parties to review the information in accordance with the EBA’s methodologies;
Amendment 214 #
Motion for a resolution
Annex – paragraph 2 – indent 6 a (new)
Annex – paragraph 2 – indent 6 a (new)
– enhancing the ESAs’ existing data collecting powers ensuring a smooth flow of individual company data from the competent authorities, making redundant the need to justify the need for the data on a case-by-case basis;
Amendment 220 #
Motion for a resolution
Annex – paragraph 2 – indent 7
Annex – paragraph 2 – indent 7
– enhancing the investigatory powers of the ESAs and increasing their resources in order to control the appropriate implementation of legal acts for example by ‘mystery shopping’; rules derived from legal acts and the compliance with other decisions adopted under the EU legal framework;
Amendment 227 #
Motion for a resolution
Annex – paragraph 2 – indent 8
Annex – paragraph 2 – indent 8
Amendment 232 #
Motion for a resolution
Annex – paragraph 2 – indent 8 a (new)
Annex – paragraph 2 – indent 8 a (new)
– enabling Member States where more than an authority is responsible for the supervision to bring a representative without vote from the relevant authority where the competent authority is not responsible for the item discussed at the Board of Supervisors;
Amendment 238 #
Motion for a resolution
Annex – paragraph 2 – indent 9
Annex – paragraph 2 – indent 9
– enabling the ESRB to explore and to propo, propose and where appropriate set additional measures for macroeconomic stability such as leverage and loan-to-value ratios, counter cyclical buffers and accounting standards promoting financial stability;
Amendment 258 #
Motion for a resolution
Annex – paragraph 2 – indent 11 a (new)
Annex – paragraph 2 – indent 11 a (new)
– establishing a stakeholder group with the ESRB, composed of a broad scope of sectors of the economy and the society, in particular small and medium sized enterprises, trade unions, and providers and consumers of financial services;
Amendment 259 #
Motion for a resolution
Annex – paragraph 2 – indent 11 b (new)
Annex – paragraph 2 – indent 11 b (new)
– providing the Advisory Scientific Committee of the ESRB with more resources to enable its members to devote more time to giving their valuable intellectual input to the ESRB;
Amendment 260 #
Motion for a resolution
Annex – paragraph 2 – indent 11 c (new)
Annex – paragraph 2 – indent 11 c (new)
– strengthening the ESA’s supervisory role by establishing regular assessments of the competent authorities on their supervisory practices by means of onsite visits leading to dialogue on – if appropriate – concrete recommendations;
Amendment 261 #
Motion for a resolution
Annex – paragraph 2 – indent 11 d (new)
Annex – paragraph 2 – indent 11 d (new)
– enhancing the ESA’s independent challenging role vis-à-vis the competent authorities by broadening the role in general support of an independent assessment of supervisory practices;
Amendment 264 #
Motion for a resolution
Annex – paragraph 2 – indent 12
Annex – paragraph 2 – indent 12
– enhancing the ESAs' investigatory powers including but not only with regard to possible breaches of Union law;
Amendment 270 #
Motion for a resolution
Annex – paragraph 2 – indent 13 a (new)
Annex – paragraph 2 – indent 13 a (new)
– giving the ESAs a clear mandate in the field of corporate governance, transparency and disclosure in order to increase market discipline, allow all stakeholders to understand and compare the risk profile and practices and to promote public confidence. The European supervisory responsibilities must include the setting of benchmarks, the existence of appropriate incentives in the financial institutions and the creation of a complete scoreboard comprising a comparable set of social indicators as well as indicators on the impact of activities on the real economy (as regards, for example, SMEs, removable energy and R+D+i), among other aspects;
Amendment 274 #
Motion for a resolution
Annex – paragraph 2 – indent 14 a (new)
Annex – paragraph 2 – indent 14 a (new)
– rebalancing the composition of the stakeholder groups at the ESA’s in favour of the consumers and non-industry stakeholders;
Amendment 289 #
Motion for a resolution
Annex – paragraph 2 – indent 20
Annex – paragraph 2 – indent 20
– ensuring that the Consumer TESAs, jointly within the joint committee, elaborate an structurend Report produced by EIOPA comprises at least four pagespolicy and strategy, listing their priorities and defining their respective roles and its articulation with the NCAs, and issue annually a joint and horizontal report on consumer protection.
Amendment 290 #
Motion for a resolution
Annex – paragraph 2 – indent 20 a (new)
Annex – paragraph 2 – indent 20 a (new)
– promoting codification to ensure cross- sector and cross-legislation consistency, in particular as regards consumer protection rules, in order to help avoiding conflicting legislation and to increase the coherence of the single rule-book in particular as regards a code of consumer protection;
Amendment 291 #
Motion for a resolution
Annex – paragraph 2 – indent 20 b (new)
Annex – paragraph 2 – indent 20 b (new)
– contributing to consisting EU cooperation with international organisation and third countries counterparts by reinforcing the representation of the EU within international organisations and ensuring a relevant participation of the ESAs in the negotiation of mutual recognition agreements with EU wide effects;
Amendment 312 #
Motion for a resolution
Annex – paragraph 3 – indent 2
Annex – paragraph 3 – indent 2
– whether the ESAs should receive more power in direct supervision over systemic institutions such as central counterparties and large cross-border insurance undertakings, central security depositories, cross-border index providers and large cross-border insurance undertakings and large financial conglomerates, infrastructures and institutions operating in markets not covered by the SSM;