29 Amendments of Udo BULLMANN related to 2009/0140(COD)
Amendment 115 #
Proposal for a regulation
Article 2 – point a
Article 2 – point a
(a) ‘financial institution’ means any undertaking whose main business is to take deposits, grant credits, provide insurance services or other financial services to its clients or members or engage in financial investment or trading activities on its own account, and any other undertaking or entity operating in the European Union, whose business is of a similar nature, even if it has no direct dealings with the public at large.
Amendment 116 #
Proposal for a regulation
Article 2 – point b
Article 2 – point b
(b) ‘financial system’ means all financial institutions, markets, products and market infrastructures.
Amendment 117 #
Proposal for a regulation
Article 2 – point b a (new)
Article 2 – point b a (new)
(ba) ‘systemic risk’ means a risk of disruption to financial services that is caused by a significant impairment of all or parts of the financial system and has the potential to have serious negative consequences for the real economy. In this context, any type of financial institution and intermediary, market, infrastructure and instrument has the potential to be systemically significant.
Amendment 118 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The ESRB shall be responsible for the macro-prudential oversight of the financial system within the Community in order to prevent or mitigate systemic risks within the financial system, so as to avoid episperiodes of widespread financial distress, contribute to a smooth functioning of the Internal Market and to ensure a sustainable contribution of the financial sector to economic growth, thereby contributing to achieving the objectives of the Union pursuant to Article 3 of the Treaty on European Union.
Amendment 138 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The first Vice-Chair shall be elected by the voting members of the General Board with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected.
Amendment 140 #
Proposal for a regulation
Article 5 – paragraph 1 b (new)
Article 5 – paragraph 1 b (new)
1b. The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities.
Amendment 141 #
Proposal for a regulation
Article 5 – paragraph 1 c (new)
Article 5 – paragraph 1 c (new)
1c. Before taking office, the Chair and first Vice-Chair of the ESRB shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee of European Supervisory Authorities.
Amendment 146 #
Proposal for a regulation
Article 6 – paragraph 1 – point f a and subparagraph 1 a (new)
Article 6 – paragraph 1 – point f a and subparagraph 1 a (new)
(fa) six independent persons, each Board of Supervisors and each Stakeholder Group of the European Supervisory Authorities designating one. The persons referred to in point (fa) shall not be members of the ESAs but shall be chosen on the basis of their general competence and their diverse backgrounds in academic fields or other sectors, in particular in small and medium-sized enterprises, trade unions or as providers or consumers of financial services. The persons should represent a fair balance between buy-side, sell-side and employees’ representatives. At the time of nomination the European Supervisory Authorities shall indicate which person is designated also to serve on the Steering Committee. The nominations shall be confirmed by the other members of the General Board with voting rights. In carrying out their responsibilities, the persons appointed shall neither seek nor take instructions from any government or other institution, body, office, entity or private person. They shall refrain from any action incompatible with their duties or the performance of their tasks.
Amendment 149 #
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) a person nominated by each of the European Trade Union Confederation, Business Europe and the European Consumers’ Organisation.
Amendment 156 #
Proposal for a regulation
Article 7 – paragraph -1 (new)
Article 7 – paragraph -1 (new)
-1. Members of the General Board who are also members of the General Council of the ECB shall act independently when performing their duties, in particular where it is possible that decisions of the ESRB could relate to the ECB mandate.
Amendment 157 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Ordinary plenary meetings of the General Board shall be convened by the Chair of the General Board and shall occur at least four times a year. Extraordinary meetings may be convened at the initiative of the Chair of the General Board or at the request of at least one third of the Members with voting rights.
Amendment 163 #
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) the first and second Vice-Chairs of the ESRB;
Amendment 167 #
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) fivesix other members of the General Board who are also members of the General Council of the ECB, including three independent persons on a rotation basis, with regard to the need for a necessary balanced representation of Member States and those within and outside the euro area. They shall be elected by and from the Members of the General Board who are also members of the General Council of the ECB for a period of two years.;
Amendment 172 #
Proposal for a regulation
Article 11 – paragraph 1 – point e
Article 11 – paragraph 1 – point e
(e) the Chairperson of the European Banking AuthoritySupervisory Authority (Banking);
Amendment 174 #
Proposal for a regulation
Article 11 – paragraph 1 – point f
Article 11 – paragraph 1 – point f
(f) the Chairperson of the European Supervisory Authority (Insurance and Occupational Pensions Authority);
Amendment 176 #
Proposal for a regulation
Article 11 – paragraph 1 – point g
Article 11 – paragraph 1 – point g
(g) the Chairperson of the European Supervisory Authority (Securities and Markets Authority);
Amendment 177 #
Proposal for a regulation
Article 11 – paragraph 1 – point h
Article 11 – paragraph 1 – point h
Amendment 180 #
Proposal for a regulation
Article 11 – paragraph 1 – second subparagraph
Article 11 – paragraph 1 – second subparagraph
Amendment 185 #
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. The Advisory TechnicalScientific Committee shall be composed of the following:
Amendment 186 #
Proposal for a regulation
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) a representative of each national central nine experts with acknowledged competences and guaranteed independence proposed by the Steering Committee. They shall represent a wide range of experience and skills and have a balanced background and expertise regarding the sell side (banks and a representative of the ECB; other financial service providers), the buy side (consumers, corporate and SME users and investors) and employees of the sector. They shall be approved by the General Board for a two-year renewable mandate.
Amendment 187 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) one representative per Member State of the competent national supervisory authorityexpert with acknowledged competences and guaranteed independence nominated by each of the European Trade Union Confederation, Business Europe and the European Consumers’ Organisation;
Amendment 190 #
Proposal for a regulation
Article 12 – paragraph 1 – second subparagraph
Article 12 – paragraph 1 – second subparagraph
Amendment 200 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the appropriate data pursuant to a request by the ESRB.
Amendment 204 #
Proposal for a regulation
Article 15 – paragraph 5
Article 15 – paragraph 5
Amendment 217 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. TAll the warnings or recommendations shall also be transmitted to the Council and, where addressed to one or more national supervisory authority,, to the Chairperson of the responsible committee of the European Parliament and to the European Supervisory Authorities.
Amendment 233 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall inform the CouncilEuropean Parliament, the Council, the Commission and, where relevant, the European Supervisory Authorities concerned.
Amendment 234 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The General Board of the ESRB shall decide on a case-by-case basis whether a warning or a recommendation should be made public on a case-by-ca. Warnings and recommendations should be kept confidential only in those bcasis. By derogation to Article 10(2), a qualified majority of two- thirds of the votes is needed to make a warning or recommendation publices where there is an apparent risk that they could prompt seriously destabilising market reactions. Deviating from Article 10(2), the non-disclosure of a warning or recommendation requires a qualified two- thirds majority of the votes cast.
Amendment 237 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. Where the gGeneral Board of the ESRB decides not to make a warning or a recommendation public, the addressee and, where appropriate, the European Parliament, the Council and the European Supervisory Authorities, shall take all the measures necessary for the protection of theirits confidential nature. The President of the Council may decide not to circulate a warning or recommendation to the other Members of the Council. The Chairperson of the Authority and the Chairperson of the responsible committee of the European Parliament may decide not to circulate a warning or a recommendation to the other members of their organisation.
Amendment 240 #
Proposal for a regulation
Article 18 – paragraph 3 a (new)
Article 18 – paragraph 3 a (new)
3a. Any data on which the General Board of the ESRB bases its analysis before issuing a warning or a recommendation shall be made public for analysis in an appropriately anonymous form. In the event of confidential warnings, information shall only be made available ex post.