19 Amendments of Sajjad KARIM related to 2017/0358(COD)
Amendment 39 #
Proposal for a directive
Recital 3
Recital 3
(3) Sound prudential supervision should ensure that investment firms are managed in an orderly way and in the best interests of their clients. They should take into account the potential for investment firms and their clients to engage in excessive risk-taking and the different degrees of risk assumed and posed by investment firms. Equally, such prudential supervision should aim to avoid unduvoid disproportionate administrative burdens on investment firms.
Amendment 50 #
Proposal for a directive
Recital 16
Recital 16
(16) To safeguard compliance with the obligations laid down in this Directive and [Regulation (EU) ---/----[IFR], Member States should provide for administrative penalties and other administrative measures which are effective, proportionate and dissuasive. In order to ensure that administrative penalties have a dissuasive effect they should be published except in certain well-defined and justified circumstances. To enable clients and investors to make an informed decision about their investment options, those clients and investors should have access to information on administrative penalties and measures imposed on investment firms.
Amendment 59 #
Proposal for a directive
Article 6 – paragraph 2 – point c
Article 6 – paragraph 2 – point c
(c) competent authorities make every effort to complyensure compliance with the guidelines and recommendations issued by EBA pursuant to Article 16 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council38 and to respond to the warnings and recommendations issued by the European Systemic Risk Board (ESRB) pursuant to Article 16 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council39 ; _________________ 38 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 39 Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1).
Amendment 61 #
Proposal for a directive
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The Commission shall update, by means of implementing acts, the amount of initial capital referred to in paragraphs 1 to 3 of this Article to take account of developments in the economic and monetary field. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 56(2).
Amendment 65 #
Proposal for a directive
Article 11 – paragraph 8
Article 11 – paragraph 8
8. EBA shall submit the draft technical standards referred to in paragraphs 6 and 7 to the Commission by [nineten months from the date of entry into force of this Directive].
Amendment 69 #
Proposal for a directive
Article 13 – paragraph 4
Article 13 – paragraph 4
4. Competent authorities may exchange confidential information for the purposes of paragraph 2, may expressly state how that information is to be treated and may expressly restrict any further transmission of that information.
Amendment 72 #
Proposal for a directive
Article 16 – paragraph 2 – subparagraph 1 – point d
Article 16 – paragraph 2 – subparagraph 1 – point d
(d) in case of a legal persons, administrative pecuniary penalties of up to 10% of the total annual net turnover, including the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees of the undertaking in the preceding business year;
Amendment 74 #
Proposal for a directive
Article 16 – paragraph 2 – subparagraph 1 – point e
Article 16 – paragraph 2 – subparagraph 1 – point e
(e) in the case of a legal persons, administrative pecuniary penalties of up to twice the amount of the profits gained or losses avoided due to the breach where those profits or losses can be determined;
Amendment 79 #
Proposal for a directive
Article 23 – paragraph 4 – subparagraph 2
Article 23 – paragraph 4 – subparagraph 2
Member States shall ensure that investment firms subject to this Section implement the requirements of this Section in their subsidiaries that are financial institutions as defined in Article 4(13) of [Regulation (EU) ---/----[IFR], including those established in third countries, unless the parent undertaking in the Union can demonstrates to the competent authorities that the application of this Section is unlawful under the laws of the third country where those subsidiaries are established.
Amendment 90 #
Proposal for a directive
Article 28 – paragraph 2
Article 28 – paragraph 2
Amendment 92 #
Proposal for a directive
Article 28 – paragraph 3
Article 28 – paragraph 3
3. Member States shall ensure that investment firms apply the principles referred to in paragraph 1 in a manner that is proportionate and appropriate to their size and, internal organisation and to the nature, the scope and complexity of their activities.
Amendment 95 #
Proposal for a directive
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) where variable remuneration would be inconsistent with the maintenance of a sound capital base of an investment firm and its timely exit from extraordinary public financial support, variable remuneration of all staff shall be limirestricted to a portion of net revenue;
Amendment 100 #
Proposal for a directive
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
1. Member States shall ensure that any variable remuneration awarded and paid by an investment firm complies with all of the following requirementsis proportionate and appropriate in relation to the nature, size and complexity of their activities :
Amendment 103 #
Proposal for a directive
Article 30 – paragraph 1 – point k
Article 30 – paragraph 1 – point k
Amendment 105 #
Proposal for a directive
Article 30 – paragraph 4 – subparagraph 1 – point a
Article 30 – paragraph 4 – subparagraph 1 – point a
(a) an investment firm, the asset value of which is on average equal to or less than EUR 100 m5 billion over the four-year period immediately preceding the given financial year;
Amendment 106 #
Proposal for a directive
Article 30 – paragraph 4 – subparagraph 1 – point b
Article 30 – paragraph 4 – subparagraph 1 – point b
(b) an individualemployee or staff member whose annual variable remuneration does not exceed EUR 50 000 and does not represent more than one fourth of this individual's total annual remuneration.eir total annual remuneration. For the purposes of this provision, and in line with the principles of subsidiarity and proportionality, Member States may modify the applicable thresholds in accordance with the national market, the specificities of national remuneration practices and the responsibilities and role of the relevant staff member or employee;
Amendment 112 #
Proposal for a directive
Article 32 – paragraph 3
Article 32 – paragraph 3
3. EBA, in consultation with ESMA, shall issupropose guidelines on the application of sound remuneration policies. Those guidelines shall take into account at least the requirements referred to in Articles 28 to 31 and principles on sound remuneration policies set out in Commission Recommendation 2009/384/EC43 . _________________ 43 Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies in the financial services sector (OJ L 120, 15.5.2009, p. 22).
Amendment 113 #
Proposal for a directive
Article 32 – paragraph 4
Article 32 – paragraph 4
4. Member States shall ensure that investment firms provide competent authorities, where requested, with information on the number of natural persons per investment firm that are remunerated EUR 1 million or more per financial year, in pay brackets of EUR 1 million, including information on their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution. Competent authorities shall forward that information to EBA, which shall publish it on an aggregate home Member State basis in a common reporting format. EBA, in consultation with ESMA, may elaborate guidelines to facilitate the implementation of this paragraph and to ensure the consistency of the information collected.
Amendment 115 #
Proposal for a directive
Article 36 – paragraph 2 – subparagraph 1 – point g
Article 36 – paragraph 2 – subparagraph 1 – point g
(g) to require investment firms to limiset variable remuneration as a percentage of net revenues where that remuneration is inconsistent with the maintenance of a sound capital base;