Activities of Sharon BOWLES related to 2011/0361(COD)
Plenary speeches (1)
Credit rating agencies (A7-0221/2012 - Leonardo Domenici) (vote)
Amendments (12)
Amendment 191 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) Sovereign ratings are an important indicator for investors and should be independent, including from the sovereign. Where a country has additional support measures this may be indicated by annotation.
Amendment 201 #
Proposal for a regulation
Recital 35 a (new)
Recital 35 a (new)
(35a) In performing its functions under this Regulation, ESMA should have regard to maintaining the coherence of international supervisory standards for Credit rating agencies and ensuring global comparability of ratings.
Amendment 206 #
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1060/2009
Article 1 – paragraph 2
Article 1 – paragraph 2
This Regulation also laysamends Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market by laying down obligations for issuers, originators and sponsors established in the Union regarding structured finance instruments. ____________ OJ L 390, 31.12.2004, p. 38.
Amendment 227 #
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5 d (new)
Article 5 d (new)
Article 5d Overreliance on credit ratings shall be avoided in all regulatory and contractual provisions. References to credit ratings shall not be removed from legislative acts until alternatives have been identified and transitional measures have been put in place. Emphasis shall be put on due diligence procedures rather than a mechanistic response to changes in credit ratings or their substitute.
Amendment 250 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
1. Where a credit rating agency has entered into an exclusive contract with an issuer or its related third party for the issuing of credit ratings on that issuer, it shall not issue credit ratings on that issuer for a period exceeding threfive years.
Amendment 254 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b–paragraph 2 –point a
Article 6b–paragraph 2 –point a
Amendment 256 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b – paragraph 2 –point b
Article 6b – paragraph 2 –point b
(b) when at least ten credit ratings are issued within an initial period of twelve months, that credit rating agency shall not issue any further credit ratings on those debt instruments after the end of that period unless a credit rating from another credit rating agency is also obtained;
Amendment 257 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b – paragraph 2 –point c
Article 6b – paragraph 2 –point c
Amendment 260 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b – paragraph 3
Article 6b – paragraph 3
3. Where an issuer has entered into a contract regarding the same matter with more than one credit rating agency, the limirotations set out in paragraphs 1 and 2 shall only apply to one of these agencies. However, none of these agencies shall have a contractual relationship with the issuer exceeding a period of six periods shall be extended to seven years provided they are staggered by at least three years.
Amendment 261 #
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b – paragraph 5
Article 6b – paragraph 5
5. Paragraphs 1 to 4 shall not apply to unsolicited sovereign ratings.
Amendment 297 #
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8a and 8b
Article 8a and 8b
(11) the following Articles 8a and 8b are inserted: 'Article 8a Information on structured finance instruments 1. The issuer, the originator and the sponsor of a structured finance instrument established in the Union shall disclose to the public, in accordance with paragraph 4, information on the credit quality and performance of the individual underlying assets of the structured finance instrument, the structure of the securitization transaction, the cash flows and any collateral supporting a securitisation exposure as well as any information that is necessary to conduct comprehensive and well informed stress tests on the cash flows and collateral values supporting the underlying exposures. 2. The obligation to disclose information according to paragraph 1 shall not extend to the provision of such information that would breach statutory provisions governing the protection of confidentiality of information sources or the processing of personal data. 3. ESMA shall develop draft regulatory technical standards to specify: (a) the information that the persons referred to in paragraph 1 shall disclose in order to comply with the obligation resulting from paragraph 1; (b) the frequency with which such information shall be updated; (c) the presentation of the information by means of a standardised disclosure template. ESMA shall submit those draft regulatory technical standards to the Commission by 1 January 2013. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. 4. ESMA shall set up a webpage for the publication of the information on structured finance instruments in accordance with paragraph 1. 8b is inserted: Article 8b Double credit rating of structured finance instruments 1. Where an issuer or a related third party intends to solicit a credit rating of a structured finance instrument, it shall mandate at least two credit rating agencies. Each credit rating agency shall provide its own independent credit rating. 2. The credit rating agencies mandated by an issuer or its related third parties referred in paragraph 1 shall comply with the following conditions: (a) the credit rating agencies shall not belong to the same group of credit rating agencies; (b) none of the credit rating agencies shall be a shareholder or member of any of the other credit rating agencies; (c) none of the credit rating agencies shall have the right or the power to exercise voting rights in any of the other credit rating agencies; (d) none of the credit rating agencies shall have the right or the power to appoint or remove members of the administrative, management or supervisory body of any of the other credit rating agencies; (e) none of the members of the administrative, management or supervisory body in a credit rating agency is a member of the of the administrative, management or supervisory body of any of the other credit rating agencies; (f) none of the credit rating agencies shall have the power to exercise, or actually exercises, dominant influence or control over any of the other credit rating agencies.'
Amendment 341 #
Proposal for a regulation
Article 1 – point 19 – point b
Article 1 – point 19 – point b
Regulation (EC) No 1060/2009
Article 22a – paragraph 3 – subparagraph 1
Article 22a – paragraph 3 – subparagraph 1
3. ESMA shall also verify that any intended cChanges to rating methodologies notified by a credit rating agency in accordance with Article 8(5a) comply shall be reported to ESMA to ensure continuing conformity with the criteria laid down in Article 8(3) as specified in the regulatory technical standard referred to in point (d) of Article 21(4). The credit rating agency may only apply the new rating methodology afterChanges in methodology shall be appropriately publicised. ESMA shas confirmed the methodology's compliance with Article 8(3)ll have due regard for internationally applied methodologies.