Activities of Gianni PITTELLA related to 2010/0160(COD)
Plenary speeches (1)
Credit rating agencies (debate)
Amendments (13)
Amendment 45 #
Proposal for a regulation – amending act
Recital 4
Recital 4
(4) The scope of the action of the European Supervisory Authority (European Securities and Markets Authority's action) should be clearly defined so that financial market participants can identify the authority competent in the field of activity of credit rating agencies. The European Supervisory Authority (European Securities and Markets Authority) should assume generalbe exclusively competencet in matters relating to the registration and on-going supervision of registered credit rating agencies.
Amendment 48 #
Proposal for a regulation – amending act
Recital 5
Recital 5
(5) In order to reinforce competition between credit rating agencies, to help avoiding possible conflicts of interest under the issuer-pays model, which are particularly virulent regarding the rating of structured finance instruments, and to enhance transparency and the quality of ratings for structured finance instruments, registered or certified credit rating agencies should have the right to access a listbe able to access information ofn structured finance instruments that are being rated by their competitors. The information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instrument in order to be in a position to provide unsolicited ratings. The issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument. Access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information.
Amendment 68 #
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 a – paragraph 2 – point b
Article 8 a – paragraph 2 – point b
(b) they provide ratings on a yearly basis for at least 105% of the structured finance instruments for which they request access to information referred to in paragraph 1.
Amendment 82 #
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 18 – paragraph 3
Article 18 – paragraph 3
3. ESMAThe European Supervisory Authority (European Securities and Markets Authority) shall publish on its website a list of credit rating agencies registered in accordance with this Regulation. That list shall be updated within 5five working days following the adoption of a decision under Articles 16, 17 or 20. The Commission shall publish that updated list in the Official Journal of the European Union every month.
Amendment 94 #
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 3 – subparagraph 1 - point b
Article 24 – paragraph 3 – subparagraph 1 - point b
(b) threone months if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation.
Amendment 103 #
Proposal for a regulation – amending act
Article 1 – point 17
Article 1 – point 17
Regulation (EC) No 1060/2009
Article 26
Article 26
Amendment 104 #
Proposal for a regulation – amending act
Article 1 – point 17
Article 1 – point 17
Regulation (EC) No 1060/2009
Article 27 – paragraph 1
Article 27 – paragraph 1
1. The competent authorities shall, without undue delay, supply the ESMAuropean Supervisory Authority (European Securities and Markets Authority) and each other with the information required for the purposes of carrying out their duties under this Regulation and under the relevant sectoral legislation.
Amendment 106 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 1
Article 36 a – paragraph 1
1. At ESMA's request, the Commission may by decision impose onIn the event that a credit rating agency a fine wherehas, intentionally or negligently, the credit rating agency has committed one of the breaches listed in Annex III, the European Supervisory Authority (European Securities and Markets Authority) shall adopt a decision imposing a fine in accordance with paragraph 2.
Amendment 111 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 3
Article 36 a – paragraph 3
3. Notwithstanding paragraph 2, where the credit rating agency has directly or indirectly gained a quantifiable financial benefit from the breach, the amount of the fine has to be at least equalhigher to that benefit.
Amendment 112 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 4 – point a
Article 36 a – paragraph 4 – point a
(a) detailed criteria for establishing the amount of the fine; the specific factors applicable to the calculation of the fine in accordance with paragraph 2, for each of the following criteria: (i) the duration and frequency of the infringement; (ii) whether the infringement has revealed serious or systemic weaknesses in the credit rating agency's procedures or of its management systems or internal controls; (iii) whether financial crime was facilitated, occasioned or otherwise attributable to the infringement; (iv) the loss or risk of loss caused to investors; (v) the potential impact of the infringement on the ratings issued by the credit rating agency concerned; (vi) whether the infringement was committed intentionally and deliberately, or negligently or inadvertently; (vii) the level of benefit gained or loss avoided, or intended to be gained or avoided, either directly or indirectly; (viii) the economic capacity of the credit rating agency or the issuer of a structured finance instrument or the related third party concerned; (ix) whether the credit rating agency or the issuer of a structured finance instrument or the related third party's senior management was aware of the infringement or of a potential infringement;
Amendment 114 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 4 a (new)
Article 36 a – paragraph 4 a (new)
4a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules for the implementation of this Article, specifying a list of fines, and their limits, relating to the breaches listed in Annex III.
Amendment 115 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 b – paragraph 1 – introductory part
Article 36 b – paragraph 1 – introductory part
1. At ESMA's request, the Commission mayThe European Supervisory Authority (European Securities and Markets Authority) shall, by decision, impose on the persons referred to in Article 23a(1) periodic penalty payments in order to compel them:
Amendment 131 #
Proposal for a regulation – amending act
Article 1 – point 29
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 3
Article 40 a – paragraph 3
3. The competent authorities and colleges referred to in paragraph 1 shall ensure that any existing records and working papers shall be transferred to ESMA [one month after the entry into force of this Regulation].the European Supervisory Authority (European Securities and Markets Authority) on ...* and in any event within one month thereof. Those competent authorities and colleges shall also render all necessary assistance and advice to ESMAthe European Supervisory Authority (European Securities and Markets Authority) to facilitate effective and efficient transfer and taking up of supervisory and enforcement activity in the field of credit rating agencies. * OJ please insert date of entry into force of this Regulation.