Activities of Dariusz ROSATI related to 2018/0043(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU PDF (675 KB) DOC (100 KB)
Amendments (7)
Amendment 93 #
Proposal for a directive
Recital 22
Recital 22
(22) In a number of Member States, innovative structures for maturity profiles have been developed in order to address potential liquidity risks, including maturity mismatches. These structures include the possibility to extend the scheduled maturity of the covered bond for a certain period of time or to allow the cash flows from the assets in the cover pool to pass directly to the covered bond holders. IMaturity extensions, by providing an alternative to insolvency or resolution, allow the credit institution to mitigate fire sales and increase investor protection. However, it is important in order to harmonise extendable maturity structures across the Union that the conditions under which Member States may allow these structures be defined to ensure that they are not too complex or expose investors to increased risks.
Amendment 98 #
Proposal for a directive
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) 'covered bond' means a debt obligation issued by a credit institution or a specialized mortgage credit institution and secured by a cover pool of assets which covered bond investors have direct recourse to as preferred creditors;
Amendment 101 #
Proposal for a directive
Article 3 – paragraph 1 – point 5
Article 3 – paragraph 1 – point 5
(5) 'specialised mortgage credit institution' means a credit institution which: (a) funds loans solelygranted loans and/or purchased receivables through the issue of covered bonds, which(b) is permitted by law to carry out mortgage and public sector lending only, and which(c) is not permitted to take deposits but can take other repayable funds from the public;, without prejudice for ancillary and additional activities restricted and specified in relevant Member States law.
Amendment 111 #
Proposal for a directive
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
Member States may lay down rules for the covered bonds acceleration upon bondholders decision.
Amendment 172 #
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States shall ensure investor protection bylay down rules providing for a sufficient level of homogeneity of the assets in the cover pool so that they shall be of a similar nature in terms of structural features, lifetime of assets or risk profilethe type of collateral backing the claims in the cover pool. With respect to the assets referred to in Article 6, a cover pool shall be considered sufficiently homogenous if its primary assets belong to one of the following three groups: – assets compliant with points (a) to (c) of Article 129(1) of Regulation (EU) No 575/2013; – assets compliant with points (d) to (f) of Article 129(1) of Regulation (EU) No 575/2013; – assets compliant with point (g) of Article 129(1) of Regulation (EU) No 575/2013. Nevertheless, Member States shall allow multiple separate homogeneous cover pools in respect of an asset class.
Amendment 198 #
Proposal for a directive
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 285 #
Proposal for a directive
Article 32 – paragraph 1 – subparagraph 1
Article 32 – paragraph 1 – subparagraph 1
Member States shall adopt and publish, by [to be inserted – entry into force + 12 years] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.