35 Amendments of Olle SCHMIDT related to 2009/0142(COD)
Amendment 193 #
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould be subject to amendmentnot, as a general rule, be subject to amendment by the Commission unless exceptional circumstances so require if, for example, the draft technical standards were incompatible with CommunityEuropean Union Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. The Commission should not change the content of technical standards prepared by the Authority without prior coordination with the Authority. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 197 #
Proposal for a regulation
Recital 15
Recital 15
(15) The process for the development of technical standards in this regulation is without prejudice to the Commission’s powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out in the relevant CommunityEuropean Union legislation. The matters concerned by the technical standards shouldo not involve policy decisions, and their content is framed by the Community acts adopted at Level 1should be precisely framed by the European Union acts adopted at Level 1. Technical standards should be proportionate and take into account the differences in size and complexity of financial institutions. Where Level 2 measures are foreseen or already exist, such technical standards should respect these Level 2 measures and only determine the conditions of application of those measures. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 201 #
Proposal for a regulation
Recital 17
Recital 17
(17) Ensuring the correct and full application of CommunityEuropean Union law is a core prerequisite for the integrity, efficiency and orderly functioning of financial markets, the stability of the financial system, and for neutral conditions of competition for financial institutions in the Community. A mechanism should therefore be established whereby the Authority addresses instances of incorrect or insufficient application of Communitynon- application or incorrect application, which constitute a breach of European Union law. This mechanism should apply in areas where CommunityEuropean Union legislation defines clear and unconditional obligations. It should in general not be used for cases concerning only the incorrect transposition of European Union law.
Amendment 204 #
Proposal for a regulation
Recital 20
Recital 20
Amendment 208 #
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityEuropean Union require a swift and concerted response at Community level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commission. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the marketThe power to determine the existence of an emergency situation should be conferred on the Council, following consultation with the Commission, the ESRB and, where appropriate, the European Supervisory Authorities.
Amendment 215 #
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority’s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of Community law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of Community law directly applicable to them.
Amendment 241 #
Proposal for a regulation
Recital 30
Recital 30
(30) The Authority should serve as an independent advisory body to the European Parliament, the Council, and the Commission in the area of its competence. It should be able to provide its opinion on the prudential assessment of mergers and acquisitions under Directive 2006/48/EC, amended by 2007/44/EC in those cases in which that Directive requires consultation between competent authorities from two or more Member States.
Amendment 243 #
Proposal for a regulation
Recital 31
Recital 31
(31) In order to effectively carry out its duties, the Authority should have the right to request all necessary information. To avoid duplication of reporting obligations for financial institutions, that information should normally be provided by the national supervisory authorities who are closest to financial markets and institutions. However, as a last resort in objective verifiable situations of market dislocation, the Authority should have the power to request information directly from financial institutions and other parties where a national competent authority does not or cannot provide such information in a timely fashion. Member States’ authorities should be obliged to assist the Authority in enforcing such direct requestsThe relevant financial institution should have the right to express a view on the merits of a direct information request from the Authority.
Amendment 267 #
Proposal for a regulation
Recital 44
Recital 44
(44) It is essential that business secrets and other confidential information are protected. The confidentiality of information exchanged in the network should likewise be safeguardedmade available to the Authority and exchanged in the network should be subject to stringent and effective confidentiality rules.
Amendment 323 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) cooperate closely with the ESRB, in particular by providing the ESRB with the necessary information for the achievement of its tasks, in accordance with Article 21(2), and by ensuring a proper follow up to the warnings and recommendations of the ESRB;
Amendment 345 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
Amendment 358 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out in the legislation referred to in Article 1(2). Technical standards shall not include policy choices and shall be limited to determining the conditions of application of that legislation. The Authority shall submit its draft standards to the Commission for endorsement.
Amendment 367 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits.
Amendment 372 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse the draft standards. The Commission may extend that period by one month. TIn exceptional circumstances, the Commission may endorse the draft standards only in part or with amendments where the CommunityEuropean Union interest so requires.
Amendment 376 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doesintends, as a last resort, not to endorse the standards or to endorses them in part or with amendments, it shall inform the Authority of its reassend the draft standards back to the Authority, proposing reasoned amendments. Within a period of 6 weeks, the Authority may amend the draft standards on the basis of the Commission’s proposed amendments and resubmit them in the form of a formal opinion to the Commissions.
Amendment 379 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
If on the expiry of the time limit, the Authority has not submitted amended standards, or has submitted standards that are not amended in a way consistent with the Commission’s proposed amendments, the Commission may, as a last resort, adopt the standards with the amendments it considers relevant or reject the standards.
Amendment 385 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 b (new)
Article 7 – paragraph 1 – subparagraph 4 b (new)
The Commission may not change the content of the technical standards prepared by the Authority without prior coordination with the Authority, as set out in this article.
Amendment 429 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
Amendment 446 #
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 the of financial markets or the stability of the whole or part of the financial system in the Community, the Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulationEuropean Union, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 457 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
In order to be able to perform this facilitating and coordinating role, the Authority shall be fully informed of any relevant developments, and shall be invited to participate as an observer in any relevant gathering by the relevant national competent supervisory authorities.
Amendment 458 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The Council, in consultation with the Commission and the ESRB and, where appropriate, the European Supervisory Authorities, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this Regulation, following a request by the Authority, the Commission or the ESRB. The Council shall review this decision at appropriate intervals and at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate.
Amendment 462 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commissionuncil has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risksuch developments that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union, by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 475 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 498 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 503 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The Authority shall, in cooperation with assist the supervisors operating in colleges of supervisors, determine and collect as appropriate all relevant information from competent authorities, in order to facilitate the work of those colleges. It shall establish and manage a central system to make such information accessible to theThe Authority shall take full account of the existing agreements between national competent authorities in colleges ofand third country supervisors.
Amendment 509 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large cross border banks and other financial institutions that operate in the EU. This applies above all to cross border banks that could pose systemic risk to the internal market, and to other systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 551 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. With regard to prudential assessments of mergers and acquisitions falling within the scope under the terms of Directive 2007/44/EC, the Authority may, on its own initiative or and which according to that Directive require consultation between competent authorities from two or more Member States, the Authority may, on application of anyone of the competent authorities concerned, issue and publish an opinion on a prudential assessment except in relation to bthe carried out by any authority of a Member State. Article 20 shall applyriteria in Article 19a(1)(e) of Directive 2006/48/EC. The opinion shall be issued promptly and in any event before the end of the assessment period according to Directive 2007/44/EC. Article 20 shall apply to the areas about which the Authority may issue an opinion.
Amendment 556 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
1. At the request of the Authority, competent authorities and other public authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation.
Amendment 562 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals. Primarily, the requests are to build upon existing channels to collect information. Where appropriate, common reporting formats are to be used.
Amendment 565 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2 a (new)
Article 20 – paragraph 1 – subparagraph 2 a (new)
Before requesting information in accordance with this Article, the Authority shall first take account of the existing statistics produced, disseminated and developed by the European Statistical System and the European System of Central Banks.
Amendment 568 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1
Article 20 – paragraph 2 – subparagraph 1
2. Where, to the extent that there might be a sustained and severe risk to market dislocation, supported by objectively verifiable data, and which might reasonably concern a specific institution, information is not available or is not made available in a timely fashion by the competent authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial institutions and other parties. The relevant financial institution shall have the right – without prejudice to any legal remedies available to it – to express a view on the merits of the request made by the Authority. It shall inform the relevant competent authorities of such requests.
Amendment 572 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 2
Article 20 – paragraph 2 – subparagraph 2
At the request of the Authority, the competent authorities and other public authorities of the Member States shall assist the Authority in collecting such information. However, where the relevant information has been requested by the ESRB, the national competent authority must give its consent before the Authority can provide the information to the ESRB. The Authority, and national competent authorities, shall take full account of the existing agreements with third country supervisors.
Amendment 652 #
Proposal for a regulation
Article 24 – paragraph 5
Article 24 – paragraph 5
5. The decisions which the Authority takes pursuant to Articles 9, 10 and 11 shall be made public and shall state the identity of the competent authority or financial institution concerned and the main content of the decision, having regard tounless such publication is in conflict with the legitimate interest of financial institutions in the protection of their business secrets. or could seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system of the European Union. Or. eenen
Amendment 669 #
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
Amendment 680 #
Proposal for a regulation
Article 66 – paragraph 1 - subparagraph 2
Article 66 – paragraph 1 - subparagraph 2