[ParlTrack]

Proposal for a regulation
Recital 20

(20) To overcome exceptional situations of persistent inaction by the competent authority concerned, the Authority should be empowered, as a last resort and only in urgent situations, to adopt decisions addressed to individual financial institutions. This power should be limited to exceptional circumstances in which a competent authority does not comply with the decisions addressed to it and in which Community law is directly applicable to financial institutions by virtue of existing30 or future EU Regulations.

2010/03/04
Committee: JURI

Sajjad KARIM

Proposal for a regulation
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 urgent and 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~~ensure financial stability and the orderly functioning and integrity of the financial system in the internal market, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under ~~Community~~Union law including the cessation of any practice.

2010/03/04
Committee: JURI

Sajjad KARIM

Proposal for a regulation
Article 10 – paragraph 3

3.Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.deleted

2010/03/04
Committee: JURI

Sajjad KARIM

Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 1

~~4. Decisions adopted under paragraph 3 shall prevail over any previous decision adopted by the competent authorities on the same matter.~~deleted

2010/03/04
Committee: JURI

Sajjad KARIM

Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2

~~Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatible with those decisions.~~deleted

2010/03/04
Committee: JURI

5 Amendments of Sajjad KARIM related to 2009/0144(COD)

ParlTrack - 2011-2024