42 Amendments of Udo BULLMANN related to 2009/0143(COD)
Amendment 190 #
Proposal for a regulation
Recital 32
Recital 32
(33) Where appropriate, the Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, an Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should be established for that purpose, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of the insurance, reinsurance and occupational pension services, including SMEs. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should comprise at least of 15 representatives from consumer and end-user groups, 5 independent top-ranking academics and 10 representatives from the sector and its employees. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityUnion legislation.
Amendment 194 #
Proposal for a regulation
Recital 40
Recital 40
(401) In order to guarantee its full autonomy and independence, the Authority should be granted an autonomous budget with revenues mainly from obligatory contributions from national supervisory authorities and, from the General Budget of the European Union. The Community and from any direct fees paid by financial institutions. The Union budgetary procedure should be applicable as far as the CommunityUnion contribution is concerned. The auditing of accounts should be undertaken by the Court of Auditors.
Amendment 200 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ia) preventing regulatory arbitrage and undue competition between Member States in rigidity of supervision and enforcement of regulation (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) developing common methodologies for assessing the effect of product characteristics and distribution process on the financial position of institutions and on customer protection, with the aim of contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 209 #
Proposal for a regulation
Article 2 – point 1
Article 2 – point 1
(1) 'financial institutions' means insurance undertakings as defined in Directive 98/78/EC, reinsurance undertakings as defined in Directive 2005/68/EC and institutions for occupational retirement provision covered by Directive 2003/41/EC, and 'financial conglomerates' as defined in Directive 2002/87/ECwhose 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 other undertakings or entities operating in the Union whose business is of a similar nature, even if they have no direct dealings with the public at large;
Amendment 219 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) stimulate and facilitate the delegation of tasks and responsibilities between national supervisorycompetent authorities;
Amendment 221 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) organise and conduct peer review analysis of national supervisorycompetent authorities, to strengthen consistency in supervisory outcomes;
Amendment 300 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)
Article 9 – paragraph 6 – subparagraph 2 a (new)
Any legal or judiciary expenses entailed by the procedure described in the first subparagraph shall be borne by the Commission, on behalf of the Authority.
Amendment 310 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, Union, the Commission or the Chair of the Authority, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority,Council, the ESRB, the European Parliament or the Stakeholder group may adopt a decision determining the existence of an emergency situation for the purposes of this regulation.
Amendment 369 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The Authority shall stimulate and facilitate the delegation of tasks and responsibilities between national supervisory authorities by identifying those tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices.
Amendment 371 #
Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 3
Article 13 – paragraph 3 – subparagraph 3
The Authority shall publish any delegation agreement as concluded by the national supervisory authorities by appropriate means, in order to ensure that all parties concerned are informed appropriately. Those agreements shall refer to the respective responsibility of the competent authorities involved.
Amendment 378 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Authority shall periodically organise and conduct peer review analyses of some or all of the activities of national supervisory authorities, to further enhance consistency in supervisory outcomes. To this end, the Authority shall develop methods to allow for objective assessment and comparison between the authorities reviewed.
Amendment 397 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. With regard to prudential assessments of mergers and acquisitions falling under the terms of Directive 2007/44/EC, the Authority may, on its own initiative or on application of any national supervisory authorities, monitor the assessments and provide guidance with a view to streamline and provide a level playing field, and issue and publish an opinion on a prudential assessment to be carried out by any authority of a Member State.. Article 20 shall apply.
Amendment 418 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU credit and investment institutions, their employees as well as consumers and users of the insurance, reinsurance and occupational pension services. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed at least of 10 representatives from consumers, and users such as pension fund trustees, of 5 representatives of the employees, of 5 independent top-ranking academics and of not more than 10 representatives from the organisations of the supervised institutions.
Amendment 422 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 2
Article 22 – paragraph 2 – subparagraph 2
The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall meet at least twicefour times a year.
Amendment 427 #
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3
Article 22 – paragraph 3 – subparagraph 3
The Authority shall ensure adequate secretarial support for tThe Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group. and adequate reimbursement of travel and subsistence expenses, as well as an allowance for participation in the activities for those Members for whom the absence of reimbursement would be prohibitive for being able to participate. The European budget should as well provide for proper funding for an expertise centre where professional experts in financial services regulation and supervision can give technical advise exclusively to the buy side investors-, SME- and consumers organisations to underpin their input in the stakeholder advisory groups.
Amendment 435 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1
Article 22 – paragraph 4 – subparagraph 1
4. Members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall serve for a period of two and a halffive years, following which a new selection procedure shall take place.
Amendment 436 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 2
Article 22 – paragraph 4 – subparagraph 2
Amendment 443 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8, 9 and 10.
Amendment 476 #
Proposal for a regulation
Article 25 – paragraph 1 – point a
Article 25 – paragraph 1 – point a
(a) the Chairperson, who shall be non-ith a casting votinge;
Amendment 477 #
Proposal for a regulation
Article 25 – paragraph 1 – point a a (new)
Article 25 – paragraph 1 – point a a (new)
(aa) the vice-Chair, with a casting vote if replacing the Chairperson
Amendment 482 #
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of SupervisorsChairperson shall convoke a panel to facilitate the settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the national supervisory authorities which are parties to the disagreement.
Amendment 488 #
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. The Board of Supervisors shall appoint the Chairperson and the vice-Chair.
Amendment 489 #
Proposal for a regulation
Article 28 – paragraph 4 a (new)
Article 28 – paragraph 4 a (new)
4a. The Board of Supervisors shall, on the basis of a proposal by the Management Board, adopt the annual report on the activities of the Authority on the basis of the draft annual report referred to in Article 38(7) and shall transmit that report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The report shall be made public.
Amendment 502 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Each member other than the Chairperson shall have an alternate, who may replace the member of the Management Board if that person is prevented from attending. The Chairperson may be replaced by the Vice- Chair and members by alternates appointed according to Article 25(2).
Amendment 504 #
Proposal for a regulation
Article 30 – paragraph 3 – subparagraph 2
Article 30 – paragraph 3 – subparagraph 2
It shall meet at least bi-annually in ordinary sessionpreceding every Board of Supervisors meeting and as often as it deems necessary.
Amendment 507 #
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
Amendment 509 #
Proposal for a regulation
Article 32 – paragraph 8
Article 32 – paragraph 8
Amendment 511 #
Proposal for a regulation
Article 33 – paragraph 1
Article 33 – paragraph 1
1. The Authority shall be represented by a Chairperson and a Vice-Chair, who shall be a full-time independent professionals. The Chairperson shall be responsible for preparing the work of the Board of Supervisors and shall chair the meetings of the Board of Supervisors and the Management Board. The Vice-Chair shall act as an alternate to the Chairperson and shall also be responsible for external relations with the Joint Committee, the ESRB and international bodies.
Amendment 515 #
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The Chairperson and the Vice-Chair shall be appointed by the Board of Supervisors on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation, following an open selection procedure. Before appointment, the candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament. TIn the absence of the Chairperson and the Vice-Chair, the Board of Supervisors shall also elect from among its members an alterna temporary substitute who shall carry out the functions of the Chairperson in hisor the Vice-Chair in their absence.
Amendment 518 #
Proposal for a regulation
Article 36 – paragraph 2
Article 36 – paragraph 2
2. The Executive Director shall be appointed by the Board of Supervisors on a proposal of the Management Board on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation and managerial experience, following an open selection procedure.
Amendment 519 #
Proposal for a regulation
Article 36 – paragraph 4
Article 36 – paragraph 4
4. In the course of the nine months preceding the end of the five-year term of office of the Executive Director, the Board of SupervisorsManagement Board shall undertake an evaluation. In that evaluation, the Board of SupervisorsManagement Board shall assess in particular: (a) the results achieved in the first term of Office and the way they were achieved; (b) the Authority’s duties and requirement in the coming years. The Board of SupervisorsManagement Board taking into account the evaluation may extend the term of office of the Executive Director once.
Amendment 520 #
Proposal for a regulation
Article 36 – paragraph 5
Article 36 – paragraph 5
5. The Executive Director may be removed from office only upon Decision of the Board of Supervisors and upon proposal of the Management Board.
Amendment 528 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forumoverarching structure of the ESFS in which the Authority shall cooperate regularly and closely and ensure cross- sectoral consistency with the European Banking Authority and the European Securities and Markets Authority.
Amendment 530 #
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall be composed of the Can independent Chairperson, an independent Vice chairperson, and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 531 #
Proposal for a regulation
Article 42 a (new)
Article 42 a (new)
Amendment 534 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 2
Article 44 – paragraph 2 – subparagraph 2
The Board of Appeal designates its PresidentPresident, appointed jointly by European Parliament, the Council and the Commission, should be a professional lawyer.
Amendment 535 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 3
Article 44 – paragraph 2 – subparagraph 3
The decisions of the Board of Appeal shall be adopted on the basis of a simple majority of at leastvote, with a casting vote four of its six membersthe President.
Amendment 537 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Twohe members of the Board of Appeal and twohe alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors, after consultation with the Authorities' Management Boards, as follows: - two members and two alternates by the Council; - two members and two alternates by the Commission; - two members and two alternates by the European Parliament.
Amendment 541 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 556 #
Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 1 a (new)
Article 56 – paragraph 1 – subparagraph 1 a (new)
They shall not enter a job with financial institutions previously supervised by the European System of Financial Supervision in the first 18 months after they left their position.
Amendment 559 #
Proposal for a regulation
Article 61 – paragraph 1 a (new)
Article 61 – paragraph 1 a (new)
This participation should materialise in an effective bilateral and multilateral exchange of information between competent authorities and the Authority, with full respect of the applicable confidentiality and data protection provisions provided for in the relevant Community legislation.
Amendment 567 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
That report shall include an assessment of the functioning of the Stakeholders Group and its possible strengthening towards making the issuing of these advices mandatory.