1 Amendments of Olle SCHMIDT related to 2009/0144(COD)
Amendment 379 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a 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.