4 Amendments of Gianni PITTELLA related to 2011/0361(COD)
Amendment 52 #
Proposal for a regulation
Recital 5
Recital 5
(5) In the medium term, further actions should be evaluated to take ratings out of financial regulation and to eliminate risk- weighting of assets through external ratings or internal models. However, for the time being Credit rating agencies are important participants in the financial markets. As a consequence, the independence and integrity of credit rating agencies and their credit rating activities are of particular importance to guarantee their credibility vis-à-vis market participants, in particular investors and other users of ratings. Regulation 1060/2009 provides that credit rating agencies have to be registered and supervised as their services have considerable impact on the public interest. Credit ratings, unlike investment research, are not mere opinions about a value or a price for a financial instrument or a financial obligation. Credit rating agencies are not mere financial analysts or investment advisors. Credit ratings have regulatory value for regulated investors, such as credit institutions, insurance companies and other institutional investors. Although the incentives to excessively rely on credit ratings are being reduced, credit ratings still drive investment choices, notably because of information asymmetries and for efficiency purposes. In this context, credit rating agencies must be independent and perceived as such by market participants.
Amendment 193 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) With regard to all Union law, banks and other companies that have not solicited a rating or cannot rely on traded CDSs, cannot be subject to any assessment related automatically to ratings or to CDSs. This prohibition is valid whether the assessment is carried out for regulatory purposes or for business transactions. Any assessment of the risk of those entities shall be done according to methodologies validated by competent authorities.
Amendment 222 #
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5b – paragraph 2 a (new)
Article 5b – paragraph 2 a (new)
EBA shall review the use of credit ratings in the weighting system for banking exposures and capital requirements regulations. During its review, EBA may consult the ESRB. Following its review, EBA shall send a report to the European Parliament and to the Council and, where appropriate, a proposal for reform. In its report, EBA shall take into account the impact of the current regime and the possible reform on the diversity of business models, corporate governance models, and the size of institutions in the European banking system.
Amendment 434 #
Proposal for a regulation
Annex III – point 1 – point d – point 3 a (new)
Annex III – point 1 – point d – point 3 a (new)
Regulation (EC) No 1060/2009
Annex III – Part III a (new)
Annex III – Part III a (new)
3a. In Annex III the following part is added: "IIIa. Range of fines 1. For infringements referred to in points (1) to (5), (11) to (15), (19), (20), (23), (28), (30), (32), (33), (35), (41), (43), (50) and (51) of Part I of Annex III, the fines shall range from 1 % to 2 % of the applicable turnover 2. For the infringements referred to in points (6) to (8), (16) to (18), (21), (22), (24), (25), (27), (29), (31), (34), (37) to (40), (42), (45) to (47), (48), (49), (52) and (54) of Part I of Annex III, the fines shall range from 0,6 % to 1,2 % of the applicable turnover. 3. For the infringements referred to in points (9), (10), (26), (36), (44) and (53) of Part I of Annex III, the fines shall range from 0,2 % to 0,5 % of the applicable turnover. 4. For the infringements referred to in points 1, 6, 7 and 8 of Part II of Annex III, the fines shall range from 0,1% to 0,4% of the applicable turnover. 5. For the infringements referred to in points (2), (4) and (5) of Part II of Annex III, the fines shall range from 0,05 % to 0,2 % of the applicable turnover. 6. For the infringements referred to in point (3) of Part II of Annex III, the fines shall range from 0,02 % to 0,1 % of the applicable turnover. 7. For the infringements referred to in points (1) to (3) and (11) of Part III of Annex III, the fines shall range from 0,3 % to 0,8 % of the applicable turnover. 8. For the infringements referred to in points (4), (6), (8) and (10) of Part III of Annex III, the fines shall range from 0,2 % to 0,5 % of the applicable turnover. 9. For the infringements referred to in points (5), (7) and (9) of Part III of Annex III, the fines shall range from 0,1 % to 0,25 % of the applicable turnover."