48 Amendments of Udo BULLMANN related to 2009/0144(COD)
Amendment 168 #
Proposal for a regulation
Recital 33
Recital 33
(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, a Securities and Markets Stakeholder Group should be established for that purpose, representing in balanced proportions CommunityEU financial market participants (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of financial services, including SMEs. The Securities and Markets Stakeholder Group should be composed at least of 15 representatives from consumers and users, of 5 independent top-ranking academics and of 10 representatives from the sector and its employees. The Securities and Markets 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 179 #
Proposal for a regulation
Recital 41
Recital 41
(41) 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 EU budgetary procedure should be applicable as far as the CommunityEU contribution is concerned. The auditing of accounts should be undertaken by the Court of Auditors.
Amendment 191 #
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, (iia) protectingeventing regulatory arbitrage and undue competition between Member States in rigidity of supervision and enforcement of regulation, (ii) protecting 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. 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 201 #
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, (ii) protecting protect 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 to 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 216 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point 1
Article 2 – paragraph 1 – subparagraph 1 – point 1
(1) 'financial market participant' means any person in relation to whom a requirement in the legislation referred to in Article 1(2) or a national law implementing such legislation appliesundertaking 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 they have no direct dealings with the public at large.
Amendment 227 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point c
Article 6 – paragraph 1 – subparagraph 1 – point c
(c) stimulate and facilitate the delegation of tasks and responsibilities between competent authorities;
Amendment 231 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point e
Article 6 – paragraph 1 – subparagraph 1 – point e
(e) organise and conduct peer review analysis of competent authorities, to strengthen consistency in supervisory outcomes;
Amendment 326 #
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 above should be borne by the Commission, on behalf of the Authority.
Amendment 338 #
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 CommunityEuropean 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, or 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 384 #
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 competent authorities by identifying those tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices.
Amendment 386 #
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 competent authorities by appropriate means, in order to ensure that all parties concerned are informed appropriately. These agreements shall mention the respective responsibility of the competent authorities involved.
Amendment 394 #
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 competent 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 414 #
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 competent 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 429 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU financial market participants, their employees as well as consumers, investors and users of financial services. The Securities and Markets Stakeholder Group shall be composed at least of 10 representatives from consumers, and users such as investors, 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 442 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twicefour times a year.
Amendment 448 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3
Article 22 – paragraph 3 - subparagraph 3
The Authority shall ensure adequate secretarial support for the Securities and Markets 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 center 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 453 #
Proposal for a regulation
Article 22 – paragraph 4 - subparagraph 1
Article 22 – paragraph 4 - subparagraph 1
4. Members of the Securities and Markets Stakeholder Group shall serve for a period of two and a halffive years, following which a new selection procedure shall take place.
Amendment 454 #
Proposal for a regulation
Article 22 – paragraph 4 - subparagraph 2
Article 22 – paragraph 4 - subparagraph 2
Amendment 461 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets 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 521 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point a
Article 25 – paragraph 1 – subparagraph 1 – point a
(a) the Chairperson, who shall be non-ith a casting votinge;
Amendment 522 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point a a (new)
Article 25 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) the vice-Chair, with a casting vote if replacing the Chairperson;
Amendment 527 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
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 competent authorities which are parties to the disagreement.
Amendment 531 #
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 532 #
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 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 549 #
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 552 #
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 555 #
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
Amendment 556 #
Proposal for a regulation
Article 32 – paragraph 8
Article 32 – paragraph 8
Amendment 557 #
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 1
Article 33 – paragraph 1 – subparagraph 1
1. The Authority shall be represented by a Chairperson and a Vice-Chair, who shall be a full-time independent professionals.
Amendment 558 #
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 2 a (new)
Article 33 – paragraph 1 – subparagraph 2 a (new)
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 560 #
Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 1
Article 33 – paragraph 2 – subparagraph 1
2. The Chairperson and the Vice-Chair shall be appointed by the Board of Supervisors on the basis of merit, skills, knowledge of financial market participants and markets, and experience relevant to financial supervision and regulation, following an open selection procedure.
Amendment 562 #
Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 2
Article 33 – paragraph 2 – subparagraph 2
Before appointment, the candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament.
Amendment 563 #
Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 3
Article 33 – paragraph 2 – subparagraph 3
Amendment 566 #
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 market participants and markets, and experience relevant to financial supervision and regulation and managerial experience, following an open selection procedure.
Amendment 567 #
Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 1
Article 36 – paragraph 4 – subparagraph 1
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.
Amendment 568 #
Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 2
Article 36 – paragraph 4 – subparagraph 2
In that evaluation, the Board of SupervisorsManagement Board shall assess in particular:
Amendment 569 #
Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 3
Article 36 – paragraph 4 – subparagraph 3
The Board of SupervisorsManagement Board taking into account the evaluation may extend the term of office of the Executive Director once.
Amendment 570 #
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 580 #
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 Insurance and Occupational Pensions Authority and the Banking Authority.
Amendment 584 #
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall be composed of than independent Chairperson, an independent Vice Chairperson, and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European BankingAuthority, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 589 #
Proposal for a regulation
Article 42 a (new)
Article 42 a (new)
Amendment 592 #
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 the Council, Commission and European Parliament, should be a professional lawyer.
Amendment 593 #
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 595 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Two mMembers of the Board of Appeal and two 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 600 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 617 #
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 620 #
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 Union legislation.
Amendment 626 #
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.