BETA

57 Amendments of Othmar KARAS related to 2017/0230(COD)

Proposal for a regulation
Recital 11a

(11a) It is becoming increasingly important to promote consistent, systematic and effective monitoring and assessment of risks in relation to money-laundering and terrorist financing in the Union's financial system. Given the consequences for financial stability which may stem from abuses of the financial sector for money- laundering or terrorist financing purposes, ~~and building on the experience already gained by EBA in protecting the banking sector from such abuses, EBA should take a lead~~considering that it is in the banking sector that money-laundering and terrorist financing risks are most likely to have systemic impact, building on the experience already gained by EBA in protecting the banking sector from such abuses and considering that EBA serves as authority for all Member States, EBA should take a leading coordinating and monitoring role at Union level to effectively protect the financial system from money-laundering and terrorist financing risks. Therefore, it is necessary to entrust EBA, in addition to its present competences, with the authority to act within the remit of Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 insofar as such authority relates to the prevention and combating of money- laundering and terrorist financing, where it concerns financial sector operators and the competent authorities supervising them, which are covered by those Regulations. Moreover, concentrating this mandate for the entire financial sector within EBA would optimise the use of its expertise and resources, and is without prejudice to the material obligations laid down in Directive (EU) 2015/849.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 11b

(11b) In order for EBA to exercise its mandate effectively it should make full use of all its powers and tools ~~under the Regulation~~within its respective competences while respecting the principle of proportionality at all times ensuring a risk-based approach. The measures EBA adopts to promote integrity, transparency and security in the financial system and to prevent and combat money-laundering and terrorist financing should not exceed what is necessary to achieve the objectives of this Regulation or the acts referred to in Article 1(2) and should take duly into account nature, scale and complexity of risks, business practices, business models and size of financial sector operators and markets. In line with its new role, it is important that EBA collects all relevant information in relation to money- laundering and terrorist financing activities identified by the relevant Union and national authorities, without prejudice to the tasks assigned to authorities under Directive (EU) 2015/849 and without creating any unnecessary duplicates. EBA should store such information in a centralised database and foster cooperation among authorities by ensuring appropriate dissemination of relevant information. In addition EBA should carry out reviews of competent authorities, as well as risk assessment exercises relating to money- laundering and terrorist financing. Furthermore, EBA should also have a role cooperating and liaising wiEBA should also coordinate closely with competent authorities including the European Central Bank, in its supervisory capacity, and authorities entrusted with the public duty of supervising obliged entities listed in points (1) and (2) of Article 2 (1) of Directive (EU) 2015/849 as well as with Financial Intelligence Units, while taking due account of existing channels for the exchange of information such as the EU-FIU Platform and FIU. Net, to ensure efficiency and to avoid any form of duplicative or inconsistent actions. In this respect, a clear distinction between coordination, cooperation and information exchange is of importance. In addition EBA should carry out reviews of competent authorities, as well as risk assessment exercises relating to money- laundering and terrorist financing, when they are deemed appropriate and necessary in line with a risk-based approach. Furthermore, EBA should also contribute to facilitate cooperation between competent authorities in the Union and the relevant authorities in third countr~~y authorit~~ies on these matters with a view to better coordinate action at Union level in material cases of anti- money laundering and terrorist financing having a cross-border and third country dimension.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 11c

(11c) In order to enhance the effectiveness of supervisory control of compliance in the area of money laundering and terrorist financing and to ensure greater coordination of the enforcement by national competent authorities of breaches of directly applicable Union law or its national transposing measures, EBA should have the power~~, where there are indications of material breaches,~~ to request competent authorities to investigate any possible material breaches of the relevant rules, to consider taking decisions and imposing sanctions addressed to financial institutions requiring them to comply with their legal obligations. This power should only be used where EBA has ~~indications of material breaches~~evidence or clear indications from different sources of material breaches. Also, such a request should not compromise ongoing supervisory measures by the competent authority to which the request is addressed.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 15a

(15a) In view of the importance of ensuring that the Union supervisory framework for combating of money- laundering and terrorist financing is applied effectively, independent reviews to provide objective and transparent perspectives on supervisory practices are of paramount importance, when they are deemed appropriate and necessary in line with a risk-based approach. Where such reviews reveal serious concerns, which the competent authority does not remedy, EBA should issue a follow-up report regarding compliance with requested follow-up measures and notify the European Parliament, the Council and the Commission.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 24a

(24a) To ensure that the appropriate level of expertise underpins decisions relating to anti-money laundering and terrorist financing measures, it is necessary to set up a permanent internal committee composed of the heads of authorities and bodies in charge of compliance with anti- money laundering and terrorist financing legislation , whose expertise and understanding of different business models and specificities of sectors should be fully taken into consideration, which will examine and prepare decisions to be taken by EBA. In order to avoid duplication, this new committee will replace the existing anti-money laundering sub-committee which has been set up within the ESAs Joint Committee.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 24a a (new)

(24a a) With regard to EBA’s tasks related to preventing and combating of money-laundering and terrorist financing, a Joint Committee should serve as a forum in which the EBA should consult and cooperate regularly and closely with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority on matters relating to the interaction between the specific tasks of the EBA referred to in point (l) of Article 8(1) and the tasks conferred on the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, to ensure that different business models and specificities of the different sectors are fully taken into consideration.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 24a b (new)

(24a b) EBA should be properly and adequately resourced and staffed to effectively contribute to the consistent, efficient and effective prevention of the use of the financial system for the purposes of money-laundering and terrorist financing, within its respective competences under this Regulation.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 24a c (new)

(24a c) In line with the objective to achieve a more coherent and viable supervisory system in the Union to prevent and combat money-laundering and terrorist financing, the Commission should, after consulting all relevant authorities and stakeholders, conduct a comprehensive assessment on the implementation, functioning and effectiveness of the specific tasks conferred to EBA pursuant to point (1) of Article 8(1) of this Regulation. As part of its assessment, the Commission should analyse the interaction between those tasks and the tasks conferred on the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. Since much money-laundering and terrorist financing activity takes place outside the financial services sector, the Commission should, based on a comprehensive cost and benefit analysis as well as following the objective of ensuring consistency, efficiency and effectiveness, also thoroughly investigate the possibility of conferring specific anti money-laundering and terrorist financing tasks to an existing or new dedicated EU-wide agency. The Commission should submit this assessment, as part of its report pursuant to Article 65 of Directive (EU) 2018/843, and together with legislative proposals, if appropriate, to the European Parliament and the Council by 11 January 2022.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b

Regulation (EU) No 1093/2010
Article 1 – paragraph 2 – subparagraph 1a

The Authority shall also act within the powers conferred by this Regulation and within the scope of Directive (EU) 2015/849(*) of the European Parliament and of the Council to the extent that that Directive applies to financial sector operators and the competent authorities that supervise them. For this purpose only, EBA shall carry out the tasks conferred by any legally binding Union act on the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1094/2010 or to the European Securities and Markets Authority established by Regulation (EU) No 1095/2010. When carrying out such tasks, the Authority shall ~~keep~~consult those Authorities ~~informed~~and keep them informed on a regular basis of its activities concerning any entity which is a "financial" institution" as defined in Article 4(1) of Regulation (EU) No 1094/2010 or a "financial market participant" as defined in Article 4(1) of Regulation (EU) No 1095/2010. _______________________ (*) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73)';

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point aa

Regulation (EU) No 1093/2010
Article 4 – paragraph 1 – point 1a

(l1a) 'financial sector operators' means any entity which is subject to Article 2 of Directive (EU) 2015/849 and which is also either a 'financial institution' as defined in Article 4(1) of this Regulation and in Article 4(1) of Regulation (EU) No 1094/2010 or a ‘financial market participant’ as defined in Article 4(1) of Regulation (EU) No 1095/2010";

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point c

Regulation (EU) No 1093/2010
Article 4 – paragraph 1 – point 2 – point iia

(iia) with regard to Directive (EU) 2015/849 the authorities and bodies that supervise financial institutions and are competent for ensuring their compliance with the requirements of that Directive as referred to in Article 48 of that Directive";

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point v

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point l

(l) to contribute to the consistent, efficient and effective prevention of the use of the financial system for the purposes of money-laundering and terrorist financing.";

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – introductory part

1. The Authority shall ~~take a lead~~, within its respective competences and while respecting the principle of proportionality at all times ensuring a risk-based approach, take a leading coordinating and monitoring role in promoting integrity, transparency and security in the financial system by means of adopting measures to prevent and combat money -laundering and terrorist financing~~, including by~~. These measures shall not exceed what is necessary to achieve the objectives of this Regulation or the acts referred to in Article 1(2) and shall take duly into account nature, scale and complexity of risks, business practices, business models and size of financial sector operators and markets and include:

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – point a

(a) collecting relevant information from competent authorities relating to weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial sector operators to prevent and combat money-laundering and terrorist financing as well as measures taken by competent authorities, without prejudice to the tasks assigned to authorities under Directive (EU) 2015/849. Competent authorities shall provide all such information to the Authority in addition to any obligations under Article 35~~. The Authority shall coordinate closely with Financial Intelligence Unit~~, without creating any unnecessary duplicates;

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – point a a (new)

(a a) coordinating closely with competent authorities including the European Central Bank, in its supervisory capacity, and authorities entrusted with the public duty of supervising obliged entities listed in points (1) and (2) of Article 2 (1) of Directive (EU) 2015/849 as well as with Financial Intelligence Units, while taking due account of existing channels for the exchange of information such as the EU-FIU Platform and FIU.Net, to ensure efficiency and to avoid any form of duplicative or inconsistent actions in preventing and combating money-laundering and terrorist financing;

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – point b

(b) developing common ~~standards for~~guidance and standards for preventing and combating money-laundering and terrorist financing in the financial sector and promoting their consistent implementation; in particular by developing draft regulatory and implementing technical standards, guidelines, recommendations, and other measures, including opinions in accordance with Article 16a, which shall be based on the legislative acts referred to in Article 1(2);

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 1 a (new)

1a. For the purpose of point (a) in paragraph 1, the Authority shall develop draft regulatory technical standards to specify the practical modalities concerning the collection of relevant information including the type of information that shall be submitted by competent authorities relating to weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial sector operators to prevent and combat money-laundering and terrorist financing as well as measures taken by competent authorities, without creating any unnecessary duplicates. The Authority shall submit those draft regulatory technical standards to the Commission by [six months after entry into force of this Regulation]. Power is delegated on the Commission to adopt the regulatory technical standards referred to in paragraph 1a pursuant to Article 290 TFEU.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 3

3. The Authority shall promote convergence of supervisory processes referred to in Directive (EU) 2015/849, including by conducting ~~periodic~~ reviews, in accordance with Article 30, when they are deemed appropriate and necessary in line with a risk-based approach. Where such a review reveals serious shortcomings in the identification, assessment or addressing of risks of money-laundering and terrorist financing and the competent authority does not take action to address the follow-up measures, that are deemed appropriate and necessary, as set out in the report referred to in Article 30(3), the Authority shall issue a follow-up report regarding compliance with requested follow-up measures and inform the European Parliament, the Council and the Commission.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 4

4. The Authority shall ~~regularly~~, with support of the permanent internal committee on anti-money laundering and countering terrorist financing, perform risk assessments on competent authorities with a main focus on competent authorities as referred to in point (iia) of Article 4(2) to test their strategies and resources to address and monitor the most important emerging risks related to money- laundering and terrorist financing, when it is deemed appropriate and necessary in line with a risk-based approach. The Authority shall inform the Commission of the outcomes of ~~these~~such risk assessments, including by integrating the analysis of the outcomes in the opinion on the risks of money-laundering and terrorist financing affecting the Union's financial sector it is requested to deliver pursuant to paragraph 5 of Article 6 of Directive (EU) 2015/849.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 5

5. In material cases of money- laundering or terrorist financing affecting cross border matters with third countries, the Authority shall ~~have a leading role in~~contribute to facilitat~~ing~~e cooperation between competent authorities in the Union and the relevant authorities in third countries.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 7

7. The committee shall be chaired by the Chairperson of the Board of Supervisors and shall be composed of the heads of the authorities and bodies competent for ensuring compliance with the requirements of Directive (EU) 2015/849 by financial institutions. In addition, the Commission, the ESRB, the Supervisory Board of the European Central Bank, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority may each nominate a high-level representative to participate in the committee meetings as observers, whose expertise and understanding of different business models and specificities of sectors shall be fully taken into consideration.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9b – paragraph 1

1. In matters concerning the prevention of the use of the financial system for the purpose of money- laundering and terrorist financing in accordance with Directive (EU) 2015/849, the Authority may, where it has ~~indication~~evidence or clear indications from different sources of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by a financial sector operator and to consider imposing sanctions on that operator in respect of such breaches. Where necessary, it may also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial sector operator requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct. The requests referred to in this paragraph shall not compromise ongoing supervisory measures by the competent authority to which the request is addressed.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9b – paragraph 2

2. The competent authority shall comply with any request addressed to it in accordance with paragraph 1 and shall inform the Authority ~~within 10 days~~as soon as possible and within 10 working days at the latest of the steps it has taken or intends to take to comply with that request.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9b – paragraph 3

3. Without prejudice to the powers and obligations of the Commission under Article 258 TFEU, where a competent authority does not comply with paragraph 2 of this Article, Article 17 shall apply.";

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point b

Regulation (EU) No 1093/2010
Article 17 – paragraph 6 – subparagraph 1

6. Without prejudice to the powers and obligations of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 within the period of time specified therein, and where it is necessary to remedy in a timely manner such non- compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the acts referred to in Article 1(2) are directly applicable to financial institutions or, in the context of matters relating to the prevention and combating of money- laundering and terrorist financing, to financial sector operators, adopt an individual decision addressed to a financial institution or a financial sector operator requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any conduct.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point e

Regulation (EU) No 1093/2010
Article 19 – paragraph 4 – subparagraph 1

4. Without prejudice to the powers and obligations of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution or, in the context of matters relating to the prevention and combating of money- laundering and terrorist financing, a financial sector operator complies with requirements directly applicable to it by virtue of the acts referred to in Article 1(2), the Authority may adopt an individual decision addressed to that financial institution or financial sector operator requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 38 – point c

Regulation (EU) No 1093/2010
Article 54 – paragraph 2a

2a. With regard to the Authority's tasks related to preventing and combating of money-laundering and terrorist financing, the Joint Committee shall serve as a forum in which the Authority shall co~~operate~~nsult and cooperate regularly and closely with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority on matters relating to the interaction between the specific tasks of the Authority referred to in point (l) of Article 8(1) and the tasks conferred on the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 57 a (new)

Regulation (EU) No 1093/2010
Article 81 a (new)

(57 a) the following Article 81a is inserted: "Article 81a Assessment of the specific tasks conferred to the Authority related to preventing and combating money-laundering and terrorist financing 1. The Commission shall, after consulting all relevant authorities and stakeholders, conduct a comprehensive assessment on the implementation, functioning and effectiveness of the specific tasks conferred to the Authority pursuant to point (1) of Article 8(1) of this Regulation. As part of its assessment, the Commission shall analyse the interaction between those tasks and the tasks conferred on the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. In addition, the Commission shall, based on a comprehensive cost and benefit analysis as well as following the objective of ensuring consistency, efficiency and effectiveness, thoroughly investigate the possibility of conferring specific tasks with regard to the prevention and combat of money- laundering and terrorist financing to an existing or new dedicated EU-wide agency. 2. The Commission shall submit the assessment referred to in paragraph 1 as part of its report pursuant to Article 65 of Directive (EU) 2018/843, and together with legislative proposals, if appropriate, to the European Parliament and the Council by 11 January 2022.”

2018/10/30
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 41 – point c

Regulation (EU) No 1094/2010
Article 54 – paragraph 2a

2a. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely with the European Banking Authority and the European Securities and Markets Authority on matters relating to the interaction between the tasks of the Authority and of the European Securities and Markets Authority and the specific tasks referred to in point (l) of Article 8(1) of Regulation (EU) No 1093/2010 conferred on the European Banking Authority.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1 – point 41 – point c

Regulation (EU) No 1095/2010
Article 54 – paragraph 2a

2a. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely with the European Banking Authority and the European Insurance and Occupational Pensions Authority on matters relating to the interaction between the tasks of the Authority and of the European Insurance and Occupational Pensions Authority and the specific tasks referred to in point (l) of Article 8(1) of Regulation (EU) No 1093/2010 conferred on the European Banking Authority.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 4

(4) After seven years of operation and following evaluations and the public consultations undertaken by the Commission it appears that the ESAs are increasingly constrained in their capacity to meet their objectives of the further integration of financial markets and services and the enhancement of consumer protection, within the existing legislative framework, both in the Union and between the Union and third countries. The regulatory changes to the European System of Financial Supervision must be based on a holistic view which not only considers the two-pillar system of micro- and macro-prudential supervision but also the interdependencies with the Single Rulebook, the ECB, the Single Supervisory Mechanism, the Single Resolution Mechanism and all the relevant competent authorities to ensure consistent, efficient and effective supervisory practices within the Union.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 8 a (new)

(8a) With regard to potential regulatory changes concerning the creation of a regulatory and supervisory framework to mobilise and orient private capital flows towards sustainable investments, any overlap in regulation or pre-emptive legislative action must be avoided which would not be in line with the principles of better regulation and proportionality or would lead to an unnecessary overburdening of both, authorities and financial institutions.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 10

(10) Technological innovation has had an increasing impact on the financial sector and competent authorities have therefore taken various initiatives to deal with those technological developments. In order to promote better supervisory convergence and to exchange best practices between relevant authorities on the one hand, and between relevant authorities and financial institutions or financial market participants on the other hand, the role of the ESAs with regard to their oversight function and supervisory coordination should be strengthened.. In this respect and with a view to ensuring a level playing field while facilitating ease of access for new market entrants and preventing regulatory arbitrage across Member States and legal statuses, supervision in the area of FinTech should be based on the following principles: "same services and same risks", "technology neutrality" and "risk-based approach, taking duly into account the proportionality of legislative and supervisory actions to risks and materiality of risks".

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 14

(14) In addition, for the purpose of the procedure provided for in Article 17 of the founding regulations and in the interest of proper application of Union law, it is appropriate to ease and speed up the ESAs' access to information. They should therefore be enabled to request information directly, via a duly justified and reasoned request, from all competent authorities concerned, financial institutions and financial market participants, even where those authorities, institutions or market participants have not themselves violated any provision of Union law. The ESAs should inform the competent authority concerned of such requests and that competent authority should assist the ESAs in collecting the requested information. . The information requests shall, always where possible, be made using existing common reporting formats and respect the principle of proportionality provided for in national and Union law, including in the legislative acts referred to in Article 1(2). The ESAs should inform the competent authority concerned of such requests and that competent authority should assist the ESAs in collecting the requested information. Any regulatory changes to the direct information requests shall take due account of the aim to create a consistent and integrated system for collecting statistical and prudential data as regards statistical and regulatory data for all institutions situated within the Union ("One-Stop-Shop"). The respective provisions in the ESAs Regulations should be fully in line with the aim to bring to an end multiple requests for similar or identical data from different authorities and thereby to significantly reduce the administrative and financial burden, both for competent authorities and institutions.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 22 a (new)

(22a) The respective Board of Appeals of the Authorities should have sufficient legal expertise to provide expert legal advice not only on the legality but also on the proportionality of the Authorities’ exercise of its powers. They should be composed of individuals of a high repute with a proven record of relevant knowledge of the Union law and international professional experience, to a sufficiently high level in the respective fields of competence of the Authorities, excluding current staff of the competent authorities or other national or Union institutions involved in the activities of the Authority and members of the respective stakeholder groups of the Authorities.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 24 a (new)

(24a) To strengthen the European voice in international standard setting, the respective Authorities should seek as soon as possible full membership in international committees, associations and organisations such as the Basel Committee on Banking Supervision, the Financial Stability Board, the International Association of Insurance Supervisors, the International Organisation of Pensions Supervisors and the International Organisation of Securities Commissions. Any position to be taken by the respective Authorities in international fora shall first be discussed and approved by the Board of Supervisors. In addition, the respective Authorities shall provide to the European Parliament a meaningful summary of proceedings of any meetings of all relevant international bodies or institutions concerning or affecting financial markets and banking supervision.

2018/09/11
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)

Regulation (EU) No 1093/2010
Article 7 – paragraph 1 a (new)

(4a) The following paragraph is added in Article 7: "The Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority shall separately execute their powers and tasks, organise their governance structure, operate their main organisation, and ensure the main financing of their activities, which are different in their field of competence, independent of their location, while, where possible, allowing for the sharing of administrative support services and facility management services among Union agencies which are not related to core activities in order to achieve synergies and enhance efficiency. By [date of application of this Regulation] and every 12 months thereafter, the Commission shall report to the European Parliament and the Council on the compliance of those Authorities with that requirement." (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point iv a (new)

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point k a (new)

(iva) the following point (ka) is inserted: "(ka) to publish on its website, and to update regularly, all regulatory technical standards, implementing technical standards, guidelines and recommendations for each legislative act referred to in Article 1(2), including overviews that concern the state of play of ongoing work and the planned timing of the adoption of draft regulatory technical standards, draft implementing technical standards, guidelines and recommendations." (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b

Regulation (EU) No 1093/2010
Article 9 – paragraph 4

4. The Authority shall establish, as an integral part of the Authority, a Committee on financial innovation, which brings together all relevant competent authorities and authorities responsible for consumer protection with a view to achieving a coordinated approach to the regulatory and supervisory treatment of new or innovative financial activities and providing advice for the Authority to present to the European Parliament, the Council and the Commission. The Authority shall closely cooperate with the European Data Protection Board to avoid duplication, inconsistencies and legal uncertainty in the sphere of data protection. The Authority may also include national data protection authorities as part of the Committee.; (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1093/2010
Article 10 – paragraph 1 – subparagraph 1

(6a) In Article 10, subparagraph 1 of paragraph 1 is replaced by the following: "Where the European Parliament and the Council delegate power to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU in order to ensure consistent harmonisation in the areas specifically set out in the legislative acts referred to in Article 1(2), the Authority may develop draft regulatory technical standards. The Authority shall submit its draft regulatory standards to the Commission for endorsement. Simultaneously, the Authority shall forward them for information to the European Parliament and the Council." (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d

Regulation (EU) No 1093/2010
Article 16 – paragraph 5 – subparagraph 1

Where ~~two thirds~~at least half of the members of the Banking Stakeholder Group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or recommendations, they may send a reasoned ~~opinion to the Commission.~~advice thereon to the European Parliament, the Council and the Commission. (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)

Regulation (EU) No 1093/2010
Article 17 – paragraph 2 – subparagraph 1

(7a) In paragraph 2 of Article 17, subparagraph 1 is replaced by the following: "Upon a request from one or more competent authorities, the European Parliament, the Council, the Commission or, the ~~Banking S~~relevant stakeholder Ggroup, relevant financial institutions, or on its own initiative, and after having informed the competent authority concerned, the Authority ~~may~~shall respond to the request and, if appropriate, investigate the alleged breach or non-application of Union law." (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b

Regulation (EU) No 1093/2010
Article 29 – paragraph 2 – subparagraph 3

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up-to-date Union sSupervisory hHandbook on the supervision of financial institutions in the Union, taking duly into account ~~changing~~nature, scale and complexity of risks, business practices ~~and~~, business models and size of financial institutions and markets. The Authority shall also develop and maintain an up-to- date Union resolution handbook on the resolution of financial institutions in the Union, taking duly into account the nature, scale and complexity of risks, business practices, business models and size of financial institutions and markets. Both the Union supervisory handbook and the Union resolution handbook shall set out ~~supervisory~~ best practices and shall specify high quality methodologies and processes.;

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 16 – point a

Regulation (EU) No 1093/2010
Article 32 – paragraph 2a – subparagraph 1

At least annually, the Authority shall, in cooperation with the SSM, consider whether it is appropriate to carry out Union-wide assessments referred to in paragraph 2 with regard to significant financial institutions and shall inform the European Parliament, the Council and the Commission of its reasoning. Where such Union-wide assessments are carried out ~~and the Authority considers it appropriate to do so, it shall disclose the results for each participating financial institution~~, the Authority shall disclose the results of the base scenario for participating financial institutions, where it considers such disclosure to be appropriate having regard to the financial stability of the Union or of one or more of its Member States, market integrity or investor protection or the functioning of the internal market. Upon request, the results of any other scenario shall be made available to the European Parliament or the Council.

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a

Regulation (EU) No 1093/2010
Article 35 – paragraph 2

2. The Authority may also request information to be provided at recurring intervals and in specified formats or by way of comparable templates approved by the Authority. Such requests shall, always where possible, be made using existing common reporting formats. and shall respect the principle of proportionality provided for in national and Union law, including in the legislative acts referred to in Article 1(2); (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 20

Regulation (EU) No 1093/2010
Article 35a – paragraph 1

The powers conferred on the Authority, any of its officials or another person authorised by the Authority in accordance with Article 35~~(b)~~ shall not be used to require the disclosure of information or documents that are subject to legal privilege. Articles 35a and 35b shall apply without prejudice to national law. (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 20

Regulation (EU) No 1093/2010
Article 35d – paragraph 1

1. The ~~Authority~~Commission shall adopt a decision to impose a fine where it finds that an institution or entity listed in Article 35b(1) has, intentionally or negligently, failed to provide information in response to a decision requiring information pursuant to Article 35b(3) or has provided incomplete, incorrect or misleading information in response to a simple request for information or a decision pursuant torequired or has provided incomplete, incorrect or misleading information pursuant to Article 35b(1). (This amendment also applies throughout Article 2 and Article 3~~5b(2)~~.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 20

Regulation (EU) No 1093/2010
Article 35d – paragraph 1a (new)

1 a. Before taking any decision to impose a fine or a periodic penalty payment, the Commission shall give the institution or entity subject to the request for information the opportunity to be heard. The Commission shall base its decision to impose a fine or a periodic penalty payment on the findings on which the institutions or entities concerned have had the opportunity to comment. (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 42

Regulation (EU) No 1093/2010
Article 60 – paragraph 1

1. Any natural or legal person, including competent authorities, may appeal against a decision of the Authority referred to in Articles 16, 17, 18, 19, and 35 including regarding its proportionality and any other decision taken by the Authority in accordance with the Union acts referred to in Article 1(2) which is addressed to that person, or against a decision which, although in the form of a decision addressed to another person, is of direct and individual concern to that person.; (This amendment also applies throughout Article 2 and Article 3.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 11

1. ~~In order to contribute to the establishment of high-quality common supervisory standards and practices, the Authority shall on its own initiative, or~~Without prejudice to Article 122 of Directive 2009/138/EC, the Authority shall upon request from one or more supervisory authorities:

2018/09/19
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b

Regulation (EU) No 1094/2010
Article 29 – paragraph 2 – subparagraph 2

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up-to-date Union sSupervisory hHandbook on the supervision of financial institutions in the Union, taking duly into account ~~changing~~nature, scale and complexity of risks, business practices ~~and~~, business models and size of financial institutions. The Union supervisory handbook shall set out supervisory best practices and shall specify high quality methodologies and processes;

2018/09/19
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 19

Regulation (EU) No 1094/2010
Article 32 – paragraph 2 a – subparagraph 1

At least annually, the Authority shall consider whether it is appropriate to carry out Union-wide assessments referred to in paragraph 2 with regard to significant financial institutions and shall inform the European Parliament, the Council and the Commission of its reasoning. Where such Union-wide assessments are carried out ~~and the Authority considers it appropriate to do so, it shall disclose the results for each participating financial institution~~, the Authority shall disclose the results of the base scenario for participating financial institutions, where it considers such disclosure to be appropriate having regard to the financial stability of the Union or of one or more of its Member States, market integrity or investor protection or the functioning of the internal market. Upon request, the results of any other scenario shall be made available to the European Parliament or the Council.

2018/09/19
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point b

Regulation (EU) No 1095/2010
Article 29 – paragraph 2 – subparagraph 1 a

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up to date Union sSupervisory hHandbook on the supervision of financial market participants in the Union, taking duly into account~~, inter alia, changing~~ nature, scale and complexity of risks, business practices ~~and~~, business models, and size including changes due to technological innovation, of financial market participants and markets. The Union supervisory handbook shall set out ~~supervisory~~ best practices and high quality methodologies and processes.;

2018/09/19
Committee: ECON

Proposal for a regulation
Article 4

~~Article 4 […]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 5

~~Article 5 […]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b

Regulation (EU) 2017/1129
Article 2 – paragraph 1 – points za to zd

(b) the following definitions are inserted: ‘(za) 'property companies' means an undertaking whose principal activities concern the economic activities listed in Section L of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council*. (zb) 'mineral companies' means an undertaking whose principal activities concern the economic activities listed in Section B, Divisions 05 to 08 of Annex I to Regulation (EC) No 1893/2006. (zc) companies' means an undertaking whose principal activities concern the economic activities listed in Section M, Division 72, group 72.1 of Annex I to Regulation (EC) No 1893/2006. (zd) 'shipping companies' means an undertaking whose principal activity concerns the economic activities listed in Section H, Division 50 of Annex I to Regulation (EC) No 1893/2006. * Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains, OJ L 393, 30.12.2006, p.1.; ’deleted 'scientific research based

2018/09/19
Committee: ECON

Proposal for a regulation
Article 9 – paragraph 1 – point 10

Regulation (EU) 2017/1129
Article 31a – paragraph 1 – point c

~~(c) prospectuses drawn up by the following types of companies established in the Union: (i) (ii) (iii) scientific research based~~deleted property companies; mineral companies; shipping companies~~; (iv)~~.

2018/09/19
Committee: ECON