11 Amendments of Sharon BOWLES related to 2010/0199(COD)
Amendment 78 #
Proposal for a directive – amending act
Article 1 – point 4 – point a
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Member States shall ensure that schemes provide for coverage of not less than EUR 50 000 for each investor in respect of the claims referred to in Article 2(2a) or (2c).
Amendment 86 #
Proposal for a directive – amending act
Article 1 – point 4 – point a
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
Amendment 91 #
Proposal for a directive
Article 1 – point 5 – introductory part
Article 1 – point 5 – introductory part
Directive 97/9/EC
Article 4a and 4b
Article 4a and 4b
(5) The following Aarticles 4a and 4b are is inserted:
Amendment 92 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 1
Article 4a – paragraph 1
1. Member States shall ensure that schemes have in place adequate systems to determine their potential liabilities. Member States shall ensuliver sufficient funding to provide coverage for investors in accordance with Article 4 where thate compensanditions schemes are adequately financed in proportion to their liabilitieset out in Article 2(2) are met and within the period set out in Article 9(2).
Amendment 97 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Article 4a – paragraph 2 – subparagraph 1
2. In order to achieve this, Member States shall ensure that each scheme establishes a target fund level of at least 0.5% of the valus have in place the following arrangements: (a) prior to and irrespective of the occurrence of eithe monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The value of the covered monies and financial instruments shall be calculated every year as at 1 Januaryr condition under Article 2(2), a fund financed by the members of the scheme; (b) a system of post-funding capable of meeting the scheme’s requirements; or (c) a combination of the above.
Amendment 110 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
3. The target fund level shall be financed prior to and irrespective of the occurrence of any event relevant under Article 2(2) or (2b). Member States shall ensure that the level of funding for each scheme is reached within a ten-year period after the entry into force of this Directive and that each scheme adopts and complies with an appropriate planning in order to fulfil this objectiveFurther to the arrangements referred to in paragraph 2, the Member State shall also be able to demonstrate that in the event that those arrangements are insufficient, in particular in terms of short-term liquidity or larger fund shortfalls, schemes have in place adequate alternative funding arrangements to enable them to obtain further funding. Those funding arrangements may include commercial lending arrangements and lending facilities from public institutions, including from the Member State, provided that those facilities are based on commercial grounds.
Amendment 113 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 3 – subparagraph 2
Article 4a – paragraph 3 – subparagraph 2
Amendment 118 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 4
Article 4a – paragraph 4
4. Member States shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in Article 9(2). Those additional contributions shall not exceed 0.5% of the covered monies and financial instruments as referred to in paragraph 2 of this Article. Those additional contributions shall not jeopardise the stability of the financial system of the Member State concerned and be based on affordability criteriaany borrowing and the interest incurred on it is repaid by the scheme’s members through subsequent levies.
Amendment 122 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 5
Article 4a – paragraph 5
5. Member States shall ensure that schemes have in place adequate alternative funding arrangements to enable them to obtain short term funding to meet claims against the scheme once the pre-funded amount has been exhausted. Those arrangements may include borrowing facilities from commercial banks. They may also include borrowing facilities from public institutions provided that those facilities are based on commercial groundsIn order to further assist the operation of the scheme Member States shall ensure that the following conditions are met: (a) schemes are able to levy their members in order to make payments with the period defined in Article 9(2). In order to facilitate this, schemes may levy in anticipation of payments as well as after payments have been made; (b) a limit is placed on the annual contribution of firms, having regard to their ability to make contributions, and reviewed every four years; and (c) competent authorities have the power to take action against any firm that fails to pay a levy on request.
Amendment 126 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 7 – subparagraph 1
Article 4a – paragraph 7 – subparagraph 1
7. Member States shall annually inform the ESA (ESMA) of the target fund level, as referred to in paragraph 2, and the level of funding, as referred to in paragraph 3, of the schemes in their Member Stateits arrangements as referred to in paragraphs 2, 3 and 5. This information shall be confirmed by the competent authorities and shall, accompanied by this confirmation, be transmitted within 30 days from the end of each year to the ESMA. Member States shall ensure that the information referred to in the first subparagraph is published on the web-site of the schemes at least on an annual basisESA (ESMA).
Amendment 127 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 7 – subparagraph 2
Article 4a – paragraph 7 – subparagraph 2