417 Amendments of Gianni PITTELLA
Amendment 61 #
Amendment 80 #
Amendment 192 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 3
Annex – paragraph 2 – indent 3
– amending Article 45 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 and transforming the Management Boards of the three ESAs into independent bodies, staffed by three professionals with a European mandate, appointed by the Europeansix independent and highly-qualified individuals, including the Chairman, appointed by the Council after binding opinion of the Parliament,; the cChairpersoman of the ESAs and the executive directors and granting the members ofManagement Board shall coincide with the Chairman of the Board of Supervisors and have a casting vote both in the Management Board the right to vote oand in the Board of Supervisors;
Amendment 195 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 3 a (new)
Annex – paragraph 2 – indent 3 a (new)
– amending Article 40 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 and modifying the composition of the Board of Supervisors which should be composed of the head of the national competent authorities plus the 6 members of the Management Board;
Amendment 256 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11 a (new)
Annex – paragraph 2 – indent 11 a (new)
– giving the ESRB the power to issue a warning directly to systemically important financial institutions. The disclosure of the private warnings and recommendations to the public shall be decided by the ESRB after having informed the Council;
Amendment 285 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 18
Annex – paragraph 2 – indent 18
– enhancing transparency of stakeholder involvement and potential conflicts of interest and developing a stricter regime on cooling-off periods; peer review evaluation and recommendations addressed by ESAs to competent authorities based on Article 17(3) of the Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 should be disclosed publicly;
Amendment 306 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 1
Annex – paragraph 3 – indent 1
– whether the current model of three separate supervisory authorities is the best solution for coherent supervision; and the viability of models such as the “3-peaks model” designed by objective of regulation (macro-stability, micro- stability, investor protection) might be explored;
Amendment 313 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 2
Annex – paragraph 3 – indent 2
– whether the ESAs should receive more power in direct supervision over entities with Community-wide reach and systemic institutions such as central counterparties and large cross-border insurance undertakings;
Amendment 315 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 5
Annex – paragraph 3 – indent 5
– whether the emergency powers of the ESAs should be maintained.facilitated by amending Article 18 of the Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010;
Amendment 234 #
2013/0253(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) credit institutions established in participating Member Statedirectly supervised by the European Central Bank in accordance with Article 6 paragraph 4 of Council Regulation (EU)No[ ] conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions;
Amendment 241 #
2013/0253(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Amendment 266 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Where, by virtueithout prejudice to Article 2 of this Regulation, the Commission or the Board exercises tasks or powers, which, according to Directive [ ] are to be exercised by the national resolution authority of a participating Member State, the Board shall, for the application of this Regulation and Directive [ ], be considered to be the relevant national resolution authority or, in case of cross-border group resolution, the relevant group national resolution authority.
Amendment 273 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Subject to the provisions of this Regulation, as referred to in Art. 2, the national resolution authorities of the participating Member State shall act on the basis of and in conformity with the relevant provisions of national law, as harmonized by Directive [ ].
Amendment 275 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. National resolution authority shall inform the Commission and the Board on measures taken or the measures it intends to take pursuant paragraph 3 of this article.
Amendment 384 #
2013/0253(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Board, on its own initiative or upon proposal by a national resolution authority, may apply simplified obligations in relation to the drafting of resolution plans referred to, in Article 7 or may waive the obligation of drafting those plans.
Amendment 911 #
2013/0253(COD)
Proposal for a regulation
Part 3 – title 5 – chapter 2 – title
Part 3 – title 5 – chapter 2 – title
The Single Bank Resolution Fundinancing Mechanism
Amendment 914 #
2013/0253(COD)
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
1. The Single BEuropeank Resolution Fund for Institutions with systemic relevance is hereby established.
Amendment 920 #
2013/0253(COD)
Proposal for a regulation
Article 64 a (new)
Article 64 a (new)
Article 64 a The Single Resolution Financing Mechanism 1. The Single Resolution Financing Mechanism is composed by: (i) National resolution funds established under BRRD, for financial institutions not directly supervised by the ECB as referred to in art. 6 paragraph 4 of Council Regulation (EU) [ ] conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions; (ii) The European resolution fund established under this Regulation, for entities directly supervised by the ECB or included in the scope of this Regulation as referred to in Art. 2 2. In case of a systemic shock in a participating Member State or where a National resolution fund has available financial resources less than what will be needed to finance an impending resolution, rules set out in Art. 97 and 103 of the BRRD shall be applied.
Amendment 929 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 10 years after the entry into force of this Regulation, the available financial means of the Fund shall reach at least 1% of the amount of deposits of all credit institutions authorisedsubject to this Regulation as referred to in Art. 2 in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 943 #
2013/0253(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions authorisedsubject to this Regulation as referred to in Article 2 in the territories of the participating Member States.
Amendment 965 #
2013/0253(COD)
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions authorisedsubject to this Regulation as referred to in Art. 2 in the territories of participating Member States, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 66.
Amendment 748 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6 a (new)
Annex – part 1 – point 1.3 – paragraph 6 a (new)
The ESM should recapitalise banks directly as soon as regulation on the SSM has been approved.
Amendment 93 #
2012/2068(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Reiterates the importance of the digital and media literacy and skills of minors being considered as a priority in the Union’s social policy and as a crucial component of the Europe 2020 Strategy;
Amendment 102 #
2012/2068(INI)
Motion for a resolution
Paragraph 6 bis (new)
Paragraph 6 bis (new)
6a. Encourages Member States to support schools in developing the ability among children to test and produce quality online and offline products and services;
Amendment 105 #
2012/2068(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages the Commission to support the access of minors to safe and high quality digital content in existing and new programmes and services in the digitial world, dedicated to young people, and education and the digital world, maintaining financing programmes, such as the Safer Internet Programme;
Amendment 175 #
2012/2068(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines that digital citizenship is an essential element in European citizenship, in order to createmould knowledgeable citizens who are protagonists in digital democracy processes, and to encourage the creation of a ‘digital skills’ module for Europass as part of the EU Youth Strategy;
Amendment 322 #
2012/0366(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 23 – point i (new)
Article 2 – paragraph 1 – point 23 – point i (new)
(i) ‘reduced-risk tobacco product’ means a novel tobacco product with a limited effect on health as attested by scientific evidence;
Amendment 1116 #
2012/0366(COD)
Proposal for a directive
Article 17 – title
Article 17 – title
Notification of novel tobacco products including reduced-risk tobacco products
Amendment 1125 #
2012/0366(COD)
Proposal for a directive
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Member States shall require that manufacturers and importers of tobacco products notify the competent authorities of Member States of any novel tobacco product, including reduced-risk products, they intend to place on the markets of the Member States concerned. The notification shall be submitted in electronic form six months before the intended placing on the market and shall be accompanied by a detailed description of the product in question as well as information on ingredients and emissions in accordance with Article 5. The manufacturers and importers notifying a novel tobacco product, including reduced-risk products, shall also provide the competent authorities in question with:
Amendment 1135 #
2012/0366(COD)
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Member States shall require that manufacturers and importers of tobacco products inform their competent authorities of any new or updated information referred to in point (a) to (c) of paragraph 1. Member States shall be entitled to require tobacco manufacturers or importers to carry out additional tests or submit additional information. Member States shall make available to the Commission all information received pursuant to this Article. Member States shall be entitled to introduce an authorisation system and charge a proportionate fee. Before granting authorisation to place a novel product, including reduced-risk products, on the market, Member States shall establish and render mandatory: the standards applicable to their marketing and the types of information provided to the public, focusing on the characteristics apt to markedly reducing the risk of contracting one or more tobacco-related diseases.
Amendment 217 #
2012/0299(COD)
Proposal for a directive
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. Member States may provide that the objective laid down in Article 4 (1) is met where listed companies can show that members of the under-represented sex hold at least one third of all director positions, irrespective of whether they are executive or non executive.
Amendment 427 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
(6a) "Single Supervisory Mechanism (SSM)" means a European federal system of financial supervision composed by the European Central Bank and national competent authorities.
Amendment 448 #
Amendment 449 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECBSSM shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:, with a sharing of tasks between the ECB and national competent authorities on the basis of Article 5 and with the ECB having ultimate decision powers.
Amendment 488 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point i
Article 4 – paragraph 1 – point i
(i) To carry out supervision on a consolidated basis over credit institutions' parents established in one of the participating Member States, including over financial holding companies and mixed financial holding companies, and to participate in supervision on a consolidated basis, including in colleges of supervisors, in relation to parents not established in one of the participating Member State; national competent authorities will participate in colleges of supervisors under the lead of the ECB;
Amendment 539 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – title
Article 5 – title
Amendment 547 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a sthe Single sSupervisory mMechanism composed of the ECB and national competent authorities(SSM).
Amendment 561 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. National competent authorities shall assist the ECB on its request withcooperate with the ECB within the SSM concerning the preparation and implementation of any acts relating to the tasks referred to in Article 4.
Amendment 571 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The ECBSSM shall organise the practical modalities of implementation of paragraph 2 by the national supervisory authorities in discharging its tasks. It. The SSM shall clearly define the framework and conditions under which the ECB and national competent authorities shall carry out those activities. supervisory activities, based on the systemic importance of credit institutions and on the nature of supervisory tasks, both to be defined by the supervisory board established under Article 19.
Amendment 585 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 762 #
2012/0242(CNS)
CHAPTER IIIa BOARD OF APPEAL WITHIN THE ECB Article 15 a Composition and operation 1. The Board of Appeal shall be composed of six members and six alternates who shall be individuals of a high repute with a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking or other financial services, excluding current staff of the ECB, or other national or Union institutions and authorities involved in the activities of the SSM. The Board of Appeal shall have sufficient legal expertise to provide expert legal advice on the legality of the ECB's exercise of its powers. The Board of Appeal shall designate its President. 2. The members of the Board of Appeal shall be appointed by the Supervisory Board of the ECB from a short-list proposed by the Commission, following a public call for expressions of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors of the EBA. 3. The term of office of the members of the Board of Appeal shall be 5 years. That term may be extended once. 4. A member of the Board of Appeal shall not be removed during his term of office, unless he has been found guilty of serious misconduct and the Supervisory Board takes a decision to remove the member. 5. The decisions of the Board of Appeal shall be adopted on the basis of a majority of at least four of its six members. 6. The Board of Appeal shall be convened by its President when necessary. 7. The ECB shall ensure adequate operational and secretarial support for the Board of Appeal.
Amendment 766 #
2012/0242(CNS)
Proposal for a regulation
Article 15 b (new)
Article 15 b (new)
Amendment 767 #
2012/0242(CNS)
Proposal for a regulation
Article 15 c (new)
Article 15 c (new)
Article 15c Appeals 1. Any natural or legal person, including competent authorities, may appeal against a decision of the ECB referred to in Articles 9, 10, 11, 13 and 15 and any other decision taken by the ECB in accordance with the Union acts referred to in Article 4 which is addressed to that person, or against a decision which, although in the form of a decision addressed to another person, is of direct and individual concern to that person. 2. The appeal, together with a statement of grounds, shall be filed in writing at the ECB within 2 months of the date of notification of the decision to the person concerned, or, in the absence of a notification, of the day on which the ECB published its decision. The Board of Appeal shall decide upon the appeal within 2 months after the appeal has been lodged. 3. An appeal lodged pursuant to paragraph 1 shall not have suspensive effect. However, the Board of Appeal may, if it considers that circumstances so require, suspend the application of the contested decision. 4. If the appeal is admissible, the Board of Appeal shall examine whether it is well- founded. It shall invite the parties to the appeal proceedings to file observations on its own notifications or on communications from the other parties to the appeal proceedings, within specified time limits. Parties to the appeal proceedings shall be entitled to make oral representations. 5. The Board of Appeal may confirm the decision taken by the competent body of the ECB, or remit the case to the competent body of the ECB. That body shall be bound by the decision of the Board of Appeal and that body shall adopt an amended decision regarding the case concerned. 6. The Board of Appeal shall adopt and make public its rules of procedure. 7. The decisions taken by the Board of Appeal shall be reasoned and shall be made public.
Amendment 768 #
2012/0242(CNS)
Proposal for a regulation
Article 15 d (new)
Article 15 d (new)
Article 15d Actions before the Court of Justice of the European Union 1. Proceedings may be brought before the Court of Justice of the European Union, in accordance with Article 263 TFEU, contesting a decision taken by the Board of Appeal or, in cases where there is no right of appeal before the Board of Appeal, by the ECB within the SSM. 2. Member States and the Union institutions, as well as any natural or legal person, may institute proceedings before the Court of Justice of the European Union against decisions of the ECB, in accordance with Article 263 TFEU. 3. In the event that the ECB within the SSM has an obligation to act and fails to take a decision, proceedings for failure to act may be brought before the Court of Justice of the European Union in accordance with Article 265 TFEU. 4. The ECB shall be required to take the necessary measures to comply with the judgment of the Court of Justice of the European Union.
Amendment 777 #
2012/0242(CNS)
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The ECB shall allow EU citizens to monitor the independence of policy- making and supervisory functions from private interests by participating in the inter-institutional Transparency Register, together with the European Parliament and Commission.
Amendment 805 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB after approval by the European Parliament and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘supervisory board’).
Amendment 816 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1 a (new)
Article 19 – paragraph 1 a (new)
1 a. The Executive Board of the ECB shall submit to the European Parliament a short list of candidates to the Supervisory Council composed of an equal number of men and women.
Amendment 823 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECB. The European Parliament shall approve the election of the Chair and the Vice-Chair.
Amendment 831 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. Gender balance shall be taken into consideration for the election of the Chair and the Vice-Chair.
Amendment 929 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)
2a. The ECB shall create a standing ethics committee to assess possible conflicts of interest resulting from post- office employment of ECB staff members engaged in supervisory activities. The committee will be responsible for elaborating comprehensive and formal procedures for assessment. The results of such assessments shall be publicly disclosed.
Amendment 930 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 b (new)
Article 25 – paragraph 2 b (new)
2b. Former ECB staff members who have been engaged in supervisory activities, and who intend to engage in an occupation during the two years after they have ceased to hold office, shall inform the ethics committee in good time. The committee shall make a decision by one month since receiving the information on the compatibility of the employment offer with the need to ensure the integrity and independence of staff. Former ECB staff members can engage in the occupation only after approval of the ethics committee.
Amendment 931 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 c (new)
Article 25 – paragraph 2 c (new)
2c. Members of the supervisory board shall be prohibited from taking paid work in private sector institutions for which the ECB has supervisory responsibility during the two years after they have ceased to hold office.
Amendment 216 #
2012/0150(COD)
Proposal for a directive
Recital 44 a (new)
Recital 44 a (new)
(44a) Member States shall consider that the bail-in tool is not adequate for all legal forms of institutions to the same degree. This should be under consideration when applying the bail-in tool.
Amendment 320 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive are adopted. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a functional separation between the resolution function and the supervisory or other functions of the relevant authority.
Amendment 330 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, anyMember States should adopt rules and arrangements establishing when the decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministry.
Amendment 361 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 1 – point a a (new)
Article 4 – paragraph 1 – point a a (new)
(aa) the requirement to draft recovery and resolution plans under articles 5 and 9 and the assessment of resolvability under Article 13.
Amendment 391 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institution that is not part of a group subject to consolidated supervision pursuant to Article 3, Articles 125 and 126 of Directive 2006/48/EC or part of a cooperative solidarity system according to Article 80 (8) of Directive 2006/48/EC draws up and maintains a recovery plan providing, through measures taken by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 460 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 3, 125 and 126 of Directive 2006/48/EC, or by a cooperative solidarity system according to Articles 3 and 80 (8) of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each institution that is part of the group.
Amendment 475 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
The group recovery plan shall include arrangements to ensure the coordination and consistency of measures to be taken at the level of the parent undertaking or relevant institution subject to consolidated supervision, and at the level of the companies referred to in points (c) and (d) of Article 1 as well as measures to be taken at the level of individual institutions.
Amendment 482 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The group recovery plan shall include for the whole group and for each of its entities the elements and arrangements provided in Article 5. It shall also include, where applicable, arrangements for possible intra-group financial support adopted in accordance with any agreement for group financial support that has been concluded in accordance with Article 16.
Amendment 745 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 6 a (new)
Article 16 – paragraph 6 a (new)
6a. The large exposure limits provided in article 384 of EU Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms do not apply to intra-group financial support transactions that are put in place in accordance with the provisions of this Chapter. Member States shall remove any legal and practical impediment to the performance of such transactions.
Amendment 761 #
2012/0150(COD)
Proposal for a directive
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6a. Member States shall remove any legal and practical impediment to intra-group financial support transactions that are put in place in accordance with the provisions of this Chapter.
Amendment 796 #
2012/0150(COD)
Proposal for a directive
Article 21 – paragraph 5 a (new)
Article 21 – paragraph 5 a (new)
5a. Member States shall ensure that rules under their insolvency regimes or special resolution regimes do not hinder the legal certainty and enforceability of intra-group transactions approved and put in place in accordance with the provisions of this Chapter.
Amendment 810 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – introductory part
Article 23 – paragraph 1 – introductory part
1. Where an institution does not meet or is likely to brecertain predetermined capital levels, supervisors must acht the requirements of Directive 2006/48/EC, Member States shall ensure that competent authorities, have at their disposal, in addition to the measures referred to in Article 136 of Directive 2006/48/EC where applicable, in particular,o restore adequate capitalization under a prompt corrective action framework. Capital levels are measured by the ratio of regulatory capital to total assets and by market-based capital indicators, calculated on the basis of the EBA technical standards referred to in paragraph 2. EBA shall also identify different capital zones corresponding to different capital levels. Corrective measures by supervisors under prompt corrective action shall become more intrusive as the capital position deteriorates. Supervisory powers shall include the following measures:
Amendment 815 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point a a (new)
Article 23 – paragraph 1 – point a a (new)
(aa) require recapitalization; (ab) suspend dividends distribution; (ac) restrict assets growth; (ad) dispose of assets; (ae) impose reorganization measures; (af) impose liquidation when the institution fails to restore adequate capitalization;
Amendment 833 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – subparagraph 1 a (new)
Article 23 – paragraph 1 – subparagraph 1 a (new)
Member States must endow national resolution authorities with the same administrative resolution powers.
Amendment 849 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance withenvisaged in Article 23 are not sufficient to reverse that deterioration, Member States shall ensure that competent authorities may appoint aone or more special managers to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 852 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. The functions of the general meeting shall be suspended by effect of the appointment of a special manager except as provided for in paragraph 3 of this Article.
Amendment 854 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. The special manager shall have all the powers of the management of the institution under the statutes of the institution and under national law, including the power to exercise all the administrative functions of the management of the institution. However, the special manager may only exercise the power to convene the general meeting of the shareholders of the institution and to set the agenda only with the prior consent of the competent authority.
Amendment 912 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 1 – point c a (new)
Article 27 – paragraph 1 – point c a (new)
(ca) Resolution authorities shall also take resolution actions if the authorisation has been withdrawn according to Article 18 of the Directive (CRD IV) and a resolution action is necessary in the public interest pursuant to paragraph 2.
Amendment 1025 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 2 – subparagraph 1
Article 34 – paragraph 2 – subparagraph 1
Except where the bail-in tool is applied for the purpose specified in point (b) of Article 37(2), for the purposes of the bridge institution tool a bridge institution shall be a legal entity that is wholly or partially owned by one or more public authorities (which may includeunder the control of the resolution authority) and that is created for the purpose of carrying out some or all of the functions of an institution under resolution and for holding some or all of the assets and liabilities of an institution under resolution.
Amendment 1034 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 9 a (new)
Article 34 – paragraph 9 a (new)
9 a. By way of derogation to paragraph 1(c) and (d), the resolution authority may allow the bridge institution to operate temporarily without complying with the requirements of Directives 2006/48/EC, 2006/49/EC and 2004/39/EC. In these cases, the ability of the bridge institution to expand activities and the operational structure shall be duly limited to avoid that the derogation results in a competitive advantage. EBA shall develop draft regulatory technical standards to specify cases and conditions of the derogation provided for in paragraph 10. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in points (a) and (b) of the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010."
Amendment 1041 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 1 – point d a (new)
Article 35 – paragraph 1 – point d a (new)
(d a) The bridge institution must not operate in such a way as to distort competition. When establishing a bridge institution, Member States may specify restrictions on its operation in terms of: (i) market share in certain products; (ii) advertising; (iii) rates, fees and terms of business.
Amendment 1049 #
2012/0150(COD)
Proposal for a directive
Article 36 – paragraph 2
Article 36 – paragraph 2
2. For the purposes of the asset separation tool, an asset management vehicle shall be a legal entity that is wholly owned by one or more public authorities, which may includeunder the control of the resolution authority.
Amendment 1360 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 2 a (new)
Article 76 – paragraph 2 a (new)
2 a. The resolution authority shall be the single entry point for the information mentioned in the first subparagraph and shall be bound by a strict confidentiality agreement. The resolution authority shall then be responsible for ensuring that confidentiality requirements are respected.
Amendment 1441 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point a
Article 92 – paragraph 1 – subparagraph 1 – point a
(a) to guarantee the assets orand the liabilities of the institution under resolution, its subsidiaries, a bridge institution or an asset management vehicle;
Amendment 1442 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point d
Article 92 – paragraph 1 – subparagraph 1 – point d
(d) to make contributions and provide capital to a bridge institution and an asset management vehicle;
Amendment 1445 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
(e a) pay any compensation due to shareholders and creditors according to Article 67 of this Directive.
Amendment 1500 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 7 – point a a (new)
Article 94 – paragraph 7 – point a a (new)
(a a) the existence of a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive;
Amendment 1635 #
2012/0150(COD)
Proposal for a directive
Article 100 – paragraph 1 a (new)
Article 100 – paragraph 1 a (new)
1 a. EBA shall periodically report to the Commission whether there are injustified divergences regarding the implementation at national level of that requirement referred to in paragraph 1.
Amendment 19 #
2012/0022(APP)
Draft opinion
Recommendation ii a (new)
Recommendation ii a (new)
(iia) Emphasises that FE should contribute to the development of a truly European culture and identity;
Amendment 23 #
2012/0022(APP)
Draft opinion
Recommendation iv
Recommendation iv
(iv) Welcomes the fact that the Statute lays down minimum standards in terms of transparency, accountability, supervision and use of funds, which can, in turn, serve both citizens and donors as a form of quality label;
Amendment 43 #
2012/0022(APP)
Draft opinion
Recommendation v – indent 3
Recommendation v – indent 3
– rules on employee participation should not be extended to volunteers; FE should, however, encourage volunteering as a guiding principle;
Amendment 51 #
2012/0022(APP)
Draft opinion
Recommendation v a (new)
Recommendation v a (new)
(va) Notes, however, that the internal organisation of the FE should be consistent with the principle of social diversity;
Amendment 120 #
2011/2294(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Urges all EU countries to implement the national qualification frameworks linked to the Qualifications Framework of the EHEA and to develop and financially support mutual recognition;
Amendment 121 #
2011/2294(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Stresses that greater coordination among Member States in the field of higher education - also through a strong financial and political support for agreements on common core curricula and well defined learning outcomes - is a precondition for the achievement of the goals of employability and growth in Europe;
Amendment 2 #
2011/2178(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stress that the eGovernment Action Plan 2011-2015 represents a unique opportunity to modernise, and reduce the cost of European and national public administrations, enabling them to fully exploit the potential of further European integration and foster growth, innovation, mobility for citizens and professional, opportunities for business, especially SMEs and public participation in policies definitions;
Amendment 4 #
2011/2178(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stresses that, in the wake of the Digital Single Market, the Union must fully realise the potential of new technological developments, ICT and internet to be of great benefit to European citizens, consumers, local realities and SMEs in developing less costly, more expedient and transparent systems of eGovernments and eAdministrations in Europe;
Amendment 7 #
2011/2178(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Stresses the link between the objectives of the eGovernment Action Plan and the effective implementation the EU Digital Agenda; underlines that eGovernment needs technical preconditions in terms of interoperability across borders, open specifications, sharing of information (and use of key enablers such as electronic identity management and payments schemes);
Amendment 12 #
2011/2178(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the need to facilitate mobility within the single market and to cut red tape for citizens in their everyday lifeby ensuring, for instance, concrete portability of social security rights, and to cut red tape for citizens in their everyday life enabling them to communicate, perform transactions and send/receive electronic documents and information to and from public administrations across the EU; underlines the fact that access to online procedures and information could considerably improve people’s relations with all levels of administration;
Amendment 18 #
2011/2178(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses that, in developing infrastructures and services under the eGovernment Action Plan, optimum levels and rules of protection for personal data must be ensured and implemented in a uniform way among the Member States in order to prevent any unauthorised tracking of personal information such as medical status or health records and to guarantee that the data is reserved solely for legitimate purposes, as for example the fight against tax evasion, and that the exchange of information collected does not go beyond what is strictly necessary;
Amendment 24 #
2011/2178(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Recalls the importance of adopting adequate legislative measures for e- signatures and e-authentication, as necessary measures to ensure a safe, efficient and inter-connected European eProcurement market boosting competitiveness, innovation and adequate participation of SMEs;
Amendment 29 #
2011/2178(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Considers that eGovernment should aim at enhancing democratic participation through transparent public consultation and involvement in the policy making process - addressing all citizens as well as relevant stakeholders (and local realities);
Amendment 31 #
2011/2178(INI)
Draft opinion
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Calls on the Commission and Member States to develop and put in place specific ICT tools to facilitate e-Participation - such as common schemes of ePetitioning - with the objective to give the EU citizens and representative associations the concrete possibility to use the right for the citizens’ initiative as stated in Article 11 of the TEU;
Amendment 36 #
2011/2084(INI)
Motion for a resolution
Recital D
Recital D
D. whereas pan-European uniform minimum standards for the protection of gamblers anda limited number of common European standards or a more coordinated approach at the European level could be added to the existing national standards and procedures to make them more effective in order to protect consumers and for combating crime are essential,
Amendment 44 #
2011/2084(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the many treaty infringement proceedings and European Court of Justice judgments suggest that there is great legal uncertainty in this area,, while the Court of Justice has clarified a number of important legal questions concerning online gambling in the EU, legal uncertainty remains with regard to a number of other questions, which can only be solved at the political level; whereas this legal uncertainty has led to a significant increase in the availability of illegal gambling offers;
Amendment 123 #
2011/2084(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Rejects, accordingly, any European legislative act uniformly regulating the entire online gambling marketsector, but nonetheless takes the view that, in some sectors, a uniformareas, like law enforcement, administrative cooperation and information sharing, IT standards and some cooperation in consumer protection, a coordinated European approach wcould be appropriate; in addition to proper and independent national regulation;
Amendment 182 #
2011/2084(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission, should no other agreement be reached, to propose a directive on minimum standards; states that, if necessary, thought should be given to stepped-upppropriate means for cooperation betweenamong the Member States within the context of the TFEU;
Amendment 190 #
2011/2084(INI)
Motion for a resolution
Paragraph 11 – point 1 (new)
Paragraph 11 – point 1 (new)
(1) Respects the right of the Member States to draw on repressive measures against illegal online gambling offers; supports, to increase the efficiency of the fight against illegal online gambling offers, the introduction of a regulatory principle whereby a gambling company can only operate (or bid for the required national licence) in one Member State if it does not operate in contravention of the law in any other EU Member State;
Amendment 196 #
2011/2084(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 206 #
2011/2084(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls therefore for cooperation between national regulatory bodies to be considerably expanded, with the Commission as coordinatorbeing involved, so as to develop common standards and take joint action against the unregulated black marketonline gambling companies which operate in one or several Member States without the required national licence for all the games they offer; states that, in particular for i(dentifying gamblers andleted) combating money laundering, betting fraud and other, often organised crime, national standalone solutions are not successful; states that the Gaming Regulators European Forum (GREF) network and the Internal Market Information System could serve as the basis for thi(deleted) points to the discussions in Council whether and in what way the Internal Market Information System could contribute to a more effective cooperation between national regulatory bodies;
Amendment 210 #
2011/2084(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to submit a proposal for a fourth Money Laundering Directive, which would apply to all on-line gambling services;
Amendment 231 #
2011/2084(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that betting on, in particular, minor-Reaffirms its view that the proliferation of cross-border online betting may pose a threat to the integrity of sport; stresses that keeping sporting events credible and honest is vital to sports; competitions may nsiders that the European Union must play a more present a risk to the integrity of sport; is thereforeominent role in safeguarding the integrity of sport, a goal to be pursued by all stakeholders; calls, therefore, for the establishment of a European Agency for Integrity and Fair Play in Sport consistent with Articles 6, 83 and 165 of the Treaty ofn the view that sport fraud and betting fraud should be penalised throughout EuropeFunctioning of the European Union, with a specific remit to promote player education and coordinate action against fraud and corruption in sport by sharing information and expertise and by applying a common definition of offences and sanctions for sport fraud and betting fraud;
Amendment 240 #
2011/2084(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Stresses the importance of education in sport and calls on Member States and sports federations to ensure that rules governing sports betting are introduced and that both professional and amateur sports persons are fully apprised of those rules;
Amendment 241 #
2011/2084(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that several European countries already adopted strict legislation against money laundering through sport betting, sport fraud (classifying it as a specific and criminal offence) and conflicts of interests between betting operators and sport clubs, teams or active athletes;
Amendment 570 #
2011/0371(COD)
Proposal for a regulation
Article 10 – point c – point ii a (new)
Article 10 – point c – point ii a (new)
(iia) the Euro-Mediterranean University (EMUNI University).
Amendment 217 #
2011/0370(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The Council conclusions on mobility information services for artists and for culture professionals1 confirmed the importance of the mobility of artists and cultural professionals for the Union and for achieving its objectives within the Europe 2020 strategy, and called on the Member States and the Commission, within their respective spheres of competences and with due regard to the principle of subsidiarity, to facilitate the provision of comprehensive and accurate information to artists and cultural professionals seeking to be mobile within the Union. _____________ 1 OJ C 175, 15.6.2011, p. 5.
Amendment 402 #
2011/0370(COD)
Proposal for a regulation
Article 8 – point b
Article 8 – point b
(b) market data, studies, anticipation skills and jobs' tools, evaluations,the collection of market data, drafting of studies, analysis of labour market and skills needs, European and national cultural policyies analysis and support for statistical surveys based on instruments and criteria specific to each sector;
Amendment 462 #
2011/0370(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
(a) supporting actions providing cultural and creative operators with skills, competences and know-how that contribute to strengthening the cultural and creative sectors, including encouraging the adaptation to digital technologies, including testing new approaches to audience building and business modeldevelopment, e.g by promoting active participation, and developing and testing new business models, including partnership among SMEs, cultural institutions and not-for-profit organisations;
Amendment 522 #
2011/0370(COD)
Proposal for a regulation
Article 10 – point e a (new)
Article 10 – point e a (new)
(ea) support for the gathering of information and data on the cultural and creative sectors and for comparable analyses of policies, evaluation criteria, measurable results, new skills, job creation, employability and economic impact. The assignment and the fee necessary to implement this activity shall be defined by the Commission in accordance with the conclusions of the feasibility study provided for in point (ca) of Article 8.
Amendment 532 #
2011/0370(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) increasing the capacity of independent audiovisual operators to develop audiovisual works with athe potential to circulate in Europethe Union and beyond and to facilitate European and international co- production, including with TVtelevision broadcasters, to develop, in particular, documentaries, short films, animated films for children and innovative story- telling, and to highlight European audiovisual cultural and linguistic diversity and Europe's cultural heritage;
Amendment 534 #
2011/0370(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) increasing the capacity of audiovisual operators to develop and create audiovisual works with a potential to circulate in Europe and beyond and to facilitate, in particular, European and international co-production including with TV broadcasters;
Amendment 535 #
2011/0370(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) encouraging business to business exchangadopting measures byto facilitating access to markets and business tools for audiovisual operators to increase the visibility of their projects on European and international marketse, in particular, European and international co-production of audiovisual works, including those for TV.
Amendment 575 #
2011/0370(COD)
Proposal for a regulation
Article 12 – point h
Article 12 – point h
(h) support initiatives presenting and promoting a diversity of European audiovisual works and the audiovisual and cinematographic heritage, enhancing access for European and international audiences, inter alia through networking and online platforms;
Amendment 576 #
2011/0370(COD)
Proposal for a regulation
Article 12 – point h
Article 12 – point h
(h) support initiatives presenting and promoting a diversity of European audiovisual works and the audiovisual and cinematographic heritage, enhancing access for European and international audiences, inter alia through networking and online platforms;
Amendment 579 #
2011/0370(COD)
Proposal for a regulation
Article 12 – point i
Article 12 – point i
(i) support activities aiming at increasing knowledge and interest of audiencedesigned to increase audiences' knowledge and interest, active participation through social media and audiovisual content-sharing of European audiovisual works;
Amendment 52 #
2011/0361(COD)
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 #
2011/0361(COD)
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 #
2011/0361(COD)
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 #
2011/0361(COD)
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."
Amendment 5 #
2011/0360(COD)
Proposal for a directive
Recital 2
Recital 2
(2) An effect of the financial crisis has been that investors, including UCITS and AIFs, rely excessively on credit ratings to carry out their investments on debt instruments, without necessarily conducting their own assessments of the creditworthiness of issuers of such debt instruments. In order to improve the quality of the investments made by UCITS and AIFs and, therefore, to protect investors in those funds, it is appropriate to require the persons managing UCITS and AIFs to avoid relying exclusively and automatically on external credit ratings when assessing the risk involved in the investments made by the UCITS and AIFs they manage. The general principle on the avoidance of excessive reliance on external credit ratings should therefore be integrated into the risk management processes and systems of the managers of UCITS and AIFs, and adapted to their specificities. However, internal models for risk assessment have not proven to be a more reliable option and a mere shift from external ratings to internal evaluations is unlikely to be beneficial. In the medium term, further initiatives should be evaluated in order to take ratings out of financial regulation and eliminate risk- weighting of assets through external rating or internal models".
Amendment 69 #
2011/0295(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) Having access to inside information relating to another company and using it in the context of a public take-over bid for the purpose of gaining control of that company or proposing a merger with that company should not in itself be deemed to constitute insider dealing.
Amendment 78 #
2011/0295(COD)
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) Since the acquisition or disposal of financial instruments necessarily involves a prior decision to acquire or dispose taken by the person who undertakes one or other of these operations, the carrying out of this acquisition or disposal should not be deemed in itself to constitute the use of inside information.
Amendment 106 #
2011/0295(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Insider lists are an important tool for regulators when investigating possible market abuse, but national differences in regards to data to be included in those lists impose unnecessary administrative burdens on issuers. DEntities obliged to draw up these lists and data fields required for insider lists should therefore be uniform and subject to maximum harmonization in order to reduce those costs. The requirement to keep and constantly update insider lists imposes administrative burdens specifically on issuers on SME growth markets. As competent authorities are able to exercise effective market abuse supervision, especially with respect to issuers, without having those lists available at all times for those issuers they should be exempt from this obligation in order to reduce the administrative costs imposed by this Regula, issuers of a financial instrument and any person acting on their behalf or on their account shall draw up a list identifying people working for them having access to inside information, on a case by case basis, if requested to do so by the competent authority as part of its supervisory or the investigatory functions.
Amendment 139 #
2011/0295(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Having access to inside information relating to another company and using it in the context of a public take-over bid for the purpose of gaining control of that company or proposing a merger with that company should not in itself be deemed to constitute insider dealing
Amendment 140 #
2011/0295(COD)
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2 b. Since the acquisition or disposal of financial instruments necessarily involves a prior decision to acquire or dispose taken by the person who undertakes one or other of these operations, the carrying out of this acquisition or disposal should not be deemed in itself to constitute the use of inside information.
Amendment 155 #
2011/0295(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 16 a (new)
Article 5 – paragraph 1 – point 16 a (new)
16 a. "Rumours": news disclosed to the public in a manner not in accordance to article 12.concerning the assets and liabilities, profits and losses or financial position of issuers of financial instruments, extraordinary corporate actions in which such issuers are involved or their business performance
Amendment 276 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. An issuer of a financial instrument shall inform the public as soon as possible of inside information, which directly concerns the issuer,any major new developments in its sphere of activity which are not public knowledge and which may, by virtue of their effect on its assets and liabilities or financial position or on the general course of its business, lead to substantial movements in the prices of its shares and any changes in the rights attaching to the various classes of shares; and shall, for an appropriate period, post on its Internet site all insidthese information it is required to disclose publicly.
Amendment 278 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 a (new)
Article 12 – paragraph 1 – subparagraph 1 a (new)
The issuers should be obliged to comments on rumours only if there are two conditions: - the rumours is true, and - there are abnormal movements in prices and quantities.
Amendment 290 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 7
Article 12 – paragraph 7
7. Inside information relating to issuers of a financial instrument, whose financial instruments are admitted to trading on an SME growth market, may be posted by the trading venue on its website instead of on the website of the issuer where the trading venue chooses to provide this facility for issuers on that market. In that event such issuer is deemed to have fulfilled the obligation in paragraph 1Member States may decide to extend disclosure obligations to issuers traded on demand only on "listing" MTFs.
Amendment 305 #
2011/0295(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Issuers of a financial instrument whose financial instruments are admitted to trading on an SME growth market shall be exempt from drawing up such a list. However,and any person acting on their behalf or on their account shall draw up a list identifying those people working for them having access to inside information, only if requested to do so by the competent authority, on a case by case basis, as part of the exercise of its supervisory or investigatory functions, that issuer shall provide the competent authority with a list identifying those persons working for them with access to inside information.
Amendment 310 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Persons discharging managerial responsibilities within an issuer of a financial instrument or an emission allowance market participant, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, as well as persons closely associated with them,Such persons shall ensure that the information is made public about the existence of transactions conduccommunicated ton their own account relating to the shares of that issuer, or to derivatives or other financial instruments linked to them, or in emission allowances. Such persons shall ensure that the information is made public within two competent authority within five business days after the day on which the transaction occurred.
Amendment 312 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1 a. Competent authorities will decide how to make it publicly available according to ESMA implementing technical standards.
Amendment 319 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Paragraph 1 shall not apply to transactions totalling under EUR 20,000 over the period of a calendar year. Every time the threshold is reached, the calculation of the threshold should restart from zero until the limit has been reached again.
Amendment 292 #
2011/0203(COD)
Proposal for a directive
Article 87 – paragraph 1 – point a – subparagraph 2
Article 87 – paragraph 1 – point a – subparagraph 2
Executive or non-executive directorships held within the same group shall count as one single directorship. or within institutions which have established links according to Article 108(7) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] shall count as one single directorship, including: (i) non financial entities and institutions: (a) in which there is a qualified holding according to Article 4(21) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms]; (b) in which there are participations according to Article 4(49) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms]; or (c) which have close ties as according to Article 4(72) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] to certain non-financial institutions; and (ii) parent financial holding company according to Article 4(65)(66) and (67) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] controlling a central or regional credit institution adhering to an IPS scheme.
Amendment 165 #
2011/0202(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In line with the decision of the BCBS, as endorsed by the GHOS on 10 January 2011, all Additional Tier 1 and Tier 2 instruments of an systemically important financial institutions should be fully and permanently written down or converted fully into Common Equity Tier 1 capital at the point of non-viability of the institution.
Amendment 417 #
2011/0202(COD)
Proposal for a regulation
Article 30 – paragraph 1 – point b a (new)
Article 30 – paragraph 1 – point b a (new)
(ba) unrealized gains or losses on EU sovereign debt that are valued at fair value and held in the available for sale category. Until the review of the IFRS due to eliminate the available for sale category, EBA shall draft technical standards to specify the conditions according to which point (ba) shall apply.
Amendment 440 #
2011/0202(COD)
Proposal for a regulation
Article 45 – paragraph - 2 (new)
Article 45 – paragraph - 2 (new)
- 2. Without prejudice to paragraph 1 above and subject to the provision of the present section 3, [Member States may allow institutions not to deduct] institutions shall not deduct holdings in the Common Equity Tier 1 instruments of the insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has an investment, whether significant or not, where the following conditions are met: a) the shares of such undertakings are listed in a European regulated market; b) the entities act according to a traditional insurance business model; c) the institution does not own more than 15% of the voting rights or capital of that undertaking; d) following assessment by the competent authority, the competent authority is satisfied of the level of risk controls and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking.
Amendment 442 #
2011/0202(COD)
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. Items that are not deducted pursuant to paragraph 1 and 2 shall be risk weighted at 250 % and subject to the requirements of Title IV of Part Three, as applicable.
Amendment 457 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1 a (new)
Article 46 – paragraph 1 a (new)
1 a. Without prejudice to the provisions of the present Section 3, [Member States may allow institutions not to deduct] institutions shall not deduct holdings in the Common Equity Tier 1, instruments of insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has an investment, whether significant or not, where the following conditions are met: a) the shares of such undertakings are listed in a European regulated market; b) the entities act according to a traditional insurance business model; c) the institution does not own more than 15% of the voting rights or capital of that undertaking; d) following assessment by the competent authority, the competent authority is satisfied of the level of risk controls and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking. With reference to items that are not deducted pursuant to paragraph 1 As an alternative to the deduction of holdings of an institution in the Common Equity Tier 1 instruments of insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has a significant investment, competent authorities may allow institutions to apply methods 1, 2 or 3 of Annex I to Directive 2002/87/EC. The institution shall apply the method chosen in a consistent manner over time.
Amendment 494 #
2011/0202(COD)
Proposal for a regulation
Article 49 – paragraph 2 – subparagraph 1 – point b
Article 49 – paragraph 2 – subparagraph 1 – point b
(b) the nature of the permanent and temporarily write down of the principal amount;
Amendment 579 #
2011/0202(COD)
Proposal for a regulation
Article 87 – paragraph 3 – point a a (new)
Article 87 – paragraph 3 – point a a (new)
(aa) the risk weighted exposure amounts for credit risk for loans to SMEs (as defined in Title II Chapter 3 Section 2 Sub-section 2 Art.148 (4)) for which the risk weighted exposure amounts have to be calculated in accordance with Title II and then multiplied by 76.19% (application of an SMEs Supporting Factor);
Amendment 580 #
2011/0202(COD)
Proposal for a regulation
Article 87 – paragraph 3 – point a b (new)
Article 87 – paragraph 3 – point a b (new)
(ab) risk weighted exposure amounts from the trading book business of the institution;
Amendment 1158 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point a – introductory part
Article 410 – paragraph 8 – subparagraph 1 – point a – introductory part
(a) the depositor is one of following: (i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; or (ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7);
Amendment 1205 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point a
Article 413 – paragraph 2 – point a
(a) monies due from customers that are not financial customers shall be reduced by 50% of their value or by the contractual commitments to those customers to extend funding, whichever is higher. ThisFor this purpose, assets with an undefined contractual end date shall be included, provided that the contract allows the bank to withdraw and request payment within 30 days. This point (a) does not apply to monies due from secured lending and capital market driven transactions as defined in Article 188 that are collateralised by liquid assets according to Article 404;
Amendment 1226 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point b
Article 413 – paragraph 4 – subparagraph 1 – point b
(b) the provider iscounterpart is one of the following: i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7); and
Amendment 32 #
2011/0156(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) A limited number of categories of food constitutes the sole source of nourishment of certain groups of the population or represent a partial source of nourishment; such categories of food are vital for the management of certain conditions and/or are essential to maintain the intended nutritional adequacy for certain well-established vulnerable groups of the population. Those categories of food include infant formulae and follow-on formulae, processed cereal-based food and baby food and, food for special medical purposes and foodstuffs for people intolerant to gluten. Experience has shown that the provisions laid down in Commission Directive 2006/141/EC, Commission Directive 2006/125/EC, as well as Commission Directive 1999/21/EC and Commission Regulation (EC) No 41/2009 ensure the free movement of such food in a satisfactory manner, while ensuring a high level of protection of public health. It is therefore appropriate that this Regulation focuses on the general compositional and information requirements for infant formula and follow-on formulae, processed cereal-based food and baby food for infants and young children and to, food for special medical purposes, and foodstuffs for people intolerant to gluten, taking into account Commission Directive 2006/141/EC, Commission Directive 2006/125/EC and, Commission Directive 1999/21/EC and Commission Regulation (EC) No 41/2009. In addition, the concept of "specialised nutrition" should be maintained and strictly limited to products that demonstrate their unique ability to fulfil the specific nutritional needs of vulnerable groups of the population, which otherwise could not be placed on the market under current Union legislation.
Amendment 39 #
2011/0156(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) To ensure legal certainty, definitions laid down in Commission Directive 2006/141/EC, Commission Directive 2006/125/EC and, Commission Directive 1999/21/EC and Commission Regulation (EC) No 41/2009 should be transferred to this Regulation. However, the definitions of infant formulae and follow-on formulae, processed cereal-based food and baby food, and food for special medical purposes and foodstuffs for people intolerant to gluten should be regularly adapted taking into account technical and scientific progress and relevant developments at international level, as appropriate.
Amendment 45 #
2011/0156(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) This Regulation should provide the criteria for the establishment of the specific compositional and information requirements for infant formula, follow-on formula, processed cereal-based food and baby food, and food for special medical purposes and foodstuffs for people intolerant to gluten, taking into account Commission Directive 2006/141/EC, Commission Directive 2006/125/EC and, Commission Directive 1999/21/EC and Commission Regulation (EC) No 41/2009. In order to adapt the definitions of infant formula, follow-on formula, processed cereal-based food and baby food, and food for special medical purposes and foodstuffs for people intolerant to gluten laid down in this Regulation taking into account technical and scientific progress and relevant developments at international level, to lay down the specific compositional and information requirements and the process for placing on the market of food resulting from scientific and technological innovations with respect to the categories of food covered by this Regulation, including for additional labelling requirements to, or derogations from, the provisions of Directive 2000/13/EC and for the authorisation of nutrition and health claims, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council.
Amendment 49 #
2011/0156(COD)
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Whereas foods controlled by this Regulation are specialised foods distinguishable from foodstuffs intended for normal consumption, and which are governed by specific compositional criteria and which are required to provide additional mandatory labelling information to foodstuffs intended for normal consumption, it is appropriate to provide derogations, where appropriate, to those mandatory labelling requirements laid down in Regulation (EU) No 1169/2011 of the European Parliament and of the Council of 25 October 2011 on the provision of food information to consumers. ________________ 1 OJ L 304, 22.11.2011, p. 18.
Amendment 53 #
2011/0156(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) It is appropriate to establish and update a Union list of vitamins, minerals, amino acids and other substances that may be addedsubstances that may be added for specific nutritional purposes to infant formula, follow-on formula, processed cereal-based food and baby foods, and food for special medical purposes, and foodstuffs for people intolerant to gluten, taking into account Regulation (EC) No 953/2009, and Commission Directives 2006/141/EC and 2006/125/EC, subject to certain criteria laid down in this Regulation. Given the fact that the adoption of the list implies the application of criteria set out in this Regulation, implementing powers should be conferred on the Commission in that respect. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers. The Commission should adopt immediately applicable implementing acts updating the Union list, where, in duly justified cases relating to public health, imperative grounds of urgency so require.
Amendment 58 #
2011/0156(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) Currently, the statements ‘gluten-free’ and ‘very low gluten’ may be used for food intended for particular nutritional uses and for food for normal consumptios for specialised nutrition intended for people intolerant to gluten under the rules specified in CommissionArticle 3 of Regulation (EC) No 41/2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten. Such statements could be construed as nutrition claims, as defined in Regulation (EC) No 1924/2006. For. In addition, the statement ‘gluten-free’ may be used for foodstuffs for normal consumption and other foods for specialised nutrition suitable for people intolerant to gluten under the rules specified in Article 4 of Regulation (EC) No 41/2009 which do not allow the usake of simplification, those statements should be regulated solely by Regulation (EC) No 1924/2006 and comply with requirements therein. It is necessary that technical adaptations pursuant to Regulation (EC) No 1924/2006, incorporating the nutrition claims ‘gluten-free’ and ‘very low gluten’ and their associated conditions of use as regulated under Regulation (EC) No 41/2009 be completed prior to the entry into application of this Regulationthe statement ‘very low gluten’ for these foods. Such foods for specialized nutrition intended for people intolerant to gluten should be maintained in this Regulation, as providing such safe foods intended for people intolerant to gluten and informing coeliacs about the absence of gluten is vital to the management of the disease. This is in line with the international standard for foods for special dietary use for persons intolerant to gluten (CODEX STAN 118- 1979 revised in 2008).
Amendment 68 #
2011/0156(COD)
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
Article 1 – paragraph 1 – introductory part
1. This Regulation establishes compositional and information requirements for the following categories of foods for specialised nutrition:
Amendment 71 #
2011/0156(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point a
Article 1 – paragraph 1 – point a
(a) infant formula and follow-on formula; for infants in good health;
Amendment 76 #
2011/0156(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point c a (new)
Article 1 – paragraph 1 – point c a (new)
(ca) foodstuffs for people intolerant to gluten;
Amendment 93 #
2011/0156(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point h a (new)
Article 2 – paragraph 2 – point h a (new)
(ha) ‘foodstuffs for people intolerant to gluten’ means foodstuffs for particular nutritional uses which are specially produced, prepared and/or processed to meet the special dietary needs of people intolerant to gluten.
Amendment 104 #
2011/0156(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 15 to adapt the definitions of ‘infant formula’, ‘follow-on formula’, ‘processed cereal-based food’ and ‘baby food’, and ‘food for special medical purposes’, and ‘foodstuffs for people intolerant to gluten’ taking into account technical and scientific progress and relevant developments at international level, as appropriate.
Amendment 107 #
2011/0156(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
Food referred to in Article 1(1) and (2) may be placed on the market only if it complies with the provisions of this Regulation.
Amendment 111 #
2011/0156(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Where it is evident that a food referred to in Article 1(1) and (2) is likely to constitute a serious risk to human health and that such risk cannot be contained satisfactorily by means of measures taken by the Member State(s) concerned, the Commission on its own initiative or at the request of a Member State, shall without delay take any appropriate interim emergency measures, including measures restricting or prohibiting the placing on the market of the food concerned, depending on the gravity of the situation. Those measures shall be adopted by means of implementing acts in accordance with the examination procedure referred to in Article 14(2).
Amendment 114 #
2011/0156(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The composition of food referred to in Article 1(1) and (2) shall be such that it is appropriate to satisfy the specific nutritional needs of, and it is suitable for the persons to whom it is intended, in accordance with generally accepted scientific data.
Amendment 116 #
2011/0156(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Food referred to in Article 1(1) and (2) shall not contain any substance in such quantity as to endanger the health of the persons to whom they are intended.
Amendment 118 #
2011/0156(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The labelling, presentation and advertising of food referred to in Article 1(1) and (2) shall provide adequate consumer information and, must not be misleading and shall not attribute properties to such products for the prevention, treatment or cure of human disease, or imply such properties.
Amendment 123 #
2011/0156(COD)
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. TParagraph 3 shall not prevent the dissemination of any useful information or recommendations with reference to the categories of food referred to in Article 1 (1) may be made exclusively byexclusively intended for persons having qualifications in medicine, nutrition, and pharmacy or other professionals responsible for maternal and child health care.
Amendment 127 #
2011/0156(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Food referred to in Article 1(1) and (2) must comply with the requirements of Article 7 and composition and information requirements provided in Article 9.
Amendment 131 #
2011/0156(COD)
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. Subject to the general requirements of Articles 7 and 9 and taking into account Directive 2006/141/EC, Directive 2006/125/EC and, Directive 1999/21/EC and Regulation (EC) No 41/2009, as well as any technical and scientific progress, the Commission shall be empowered to adopt delegated Regulations, for foods referred to in Article 1(1) no later than [2 years after the date of the entry into force of this Regulation], in accordance with Article 15, with respect to the following:
Amendment 137 #
2011/0156(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) the process for the placing on the market of food referred to in Article 1(1) resulting from scientific and technological innovations which do not comply with the rules as to composition laid down by the delegated Regulations;
Amendment 139 #
2011/0156(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point f b (new)
Article 10 – paragraph 2 – point f b (new)
(fb) the requirements for information to be provided on recommendations for appropriate use of the foods referred to in Article 1(1).
Amendment 146 #
2011/0156(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 151 #
2011/0156(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Food not complying with this Regulation but complying with Directives 2009/39/EC and 96/8/EC, Regulations (EC) No 41/2009 and (EC) No 953/2009, and labelled prior to [25 years after the date of the entry into forceapplication of this Regulation] may continue to be marketed after that date until stocks are exhausted.
Amendment 153 #
2011/0156(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
1a. Regulation (EU) No 1169/2011 on shall apply to food referred to in Article 1(1) from ...*. ________________ * OJ Please insert date: three years after entry into force of the delegated Regulations referred to in Article 10(2) of this Regulation.
Amendment 1 #
2010/2302(INI)
Motion for a resolution
Recital A
Recital A
A. whereas it welcomes the ongoing work at global, international and European level on the regulation of credit rating agencies (CRAs),
Amendment 3 #
2010/2302(INI)
Motion for a resolution
Recital B
Recital B
B. whereas CRAs are information intermediaries, reducing information asymmetries in the capital markets and facilitating global market access, reducing information costs and widening the potential pool of borrowers, thus providing liquidity to markets and helping find prices,
Amendment 16 #
2010/2302(INI)
Motion for a resolution
Recital E
Recital E
E. whereas Regulation No 1060/2009 was the first reaction to the financial crisis and already deals with the most pressing issues, subjecting CRAs to oversight and regulation; whereas, however, it does not address all the fundamental problems and, in fact, creates some new barriers to entry,
Amendment 26 #
2010/2302(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the best way to enhance competition would be to create a regulatory environment effective at promoting entry, and undertake a deeper analysis of the current barriers to entry and other factors affecting competition,
Amendment 39 #
2010/2302(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Amendment 40 #
2010/2302(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas recent regulation of ratings in the United States, with the Dodd Frank Act, has opted for less regulatory reliance on agencies’ judgments,
Amendment 45 #
2010/2302(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that, in the light of the change in the naturuse of credit ratings, where the issuer is rated to get a preferential treatment under a regulatory framework rather than to gain access to the global capital markets, the over-reliance of the global financial regulatory system on credit ratings has to be reduced as far as possible and in a realistic timeframe;
Amendment 48 #
2010/2302(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the principles set out by the Financial Stability Board in October 2010 giving general guidance on how to reduce reliance on external credit ratings, and welcomes the Commission's public consultation starting in November 2010; asks the Commission to review whether and how Member States use ratings for regulatory purposes in order to reduce the general over-reliance of the financial regulatory system;
Amendment 51 #
2010/2302(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points to shortcomings in the standardised approach in the Basel II regulatory framework allowing regulatory capital requirements for financial institutions to be set on the basis of external credit ratings; supports increased use of the internal-ratings-based (IRB) approach, provided that the size and sophistication of the financial institution allow for an adequate risk assessment; cin order to ensure a level playing field it is important that internal models respect parameters prescribed in EU regulation and be subject to rigorous supervisory validation. Considers, at the same time, that smaller and less sophisticated players should be able to use external ratings, if no internal credit risk assessment is viable, provided that they fulfil appropriate due diligence requirements;
Amendment 62 #
2010/2302(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the Commission to assess the possibility of replacing or combining reference to the rating with other instruments capable of performing a similar function;
Amendment 63 #
2010/2302(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Considers it worthwhile, when seeking alternative indexes for use in measuring credit risk, to assess the possibility of using the difference between the interest rate on the issuer’s debt and the interest rate payable on an activity deemed risk- free;
Amendment 64 #
2010/2302(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Stresses the desirability of combining overall ratings (indicated using letters of the alphabet) with more detailed probabilistic indications of the degree of probability of default and of the loss given default;
Amendment 69 #
2010/2302(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is aware of the inherent conflict of interest if market participants devise internal credit risk assessments for their own regulatory capital requirements, and hence sees the need to increase supervisors‘ capacity, powers and resources, for monitoring, assessing and overseeing the adequacy of the internal models;
Amendment 70 #
2010/2302(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. In order effectively to exercise its supervisory powers, the European Supervisory Authority (European Securities and Markets Authority) should have the right to conduct unannounced investigations and on-site-inspections. When exercising its supervisory powers, the European Securities and Markets Authority should give the persons which are subject to proceedings an opportunity of being heard in order to respect their rights of defence;
Amendment 75 #
2010/2302(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the global nature of the credit rating industry and urges the Commission and Member States to work on a global approach in order to preserve a level playing field, reduce over reliance and prevent regulatory arbitrage while keeping markets open;
Amendment 80 #
2010/2302(INI)
Motion for a resolution
Subheading 4
Subheading 4
Intermediate level: industry structure European Public Credit Rating FoundationAgency
Amendment 87 #
2010/2302(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishment of a fullypublic and independent European Credit Rating Foundation (ECRaF)Agency which would expand its expertise into all three sectors of ratings;
Amendment 92 #
2010/2302(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the start-up financing costs to cover the first three years of the ECRaFuropean Credit Agency's work need to be carefully calculated; that these initial costs should take the form of a lump-sum capital payment and should be provided by the financial services industry with the involvement of both users and issuers; asks the Commission to produce a detailed impact assessment and cost estimate for the necessary financing in this respect; considers that the new ECRaF should be fully self-sufficient after the three-year start-up period;
Amendment 100 #
2010/2302(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that, to ensure its credibility, the management, staff and governance structure of the new ECRaFuropean Credit Rating Agency need to be fully autonomousindependent vis-à-vis the Member States, the Commission and all other public bodies;
Amendment 106 #
2010/2302(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Asks the Commission to conduct a detailed impact assessment and feasibility study on the establishment of an public and independent ECRaFuropean Credit Rating Agency and to come forward with legislative proposals;
Amendment 121 #
2010/2302(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. In order to reinforce competition between credit rating agencies, to help avoid possible conflicts of interest under the issuer-pays model, and to enhance transparency and the quality of ratings for structured finance instruments, asks that registered or certified credit rating agencies should be able to access information on structured finance instruments that are being rated by their appointed competitors in order to be in a position to provide unsolicited ratings.
Amendment 133 #
2010/2302(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. If an external credit rating continues to be used for regulatory purposes, is of the opinion that the Commission should consider the use of two obligatory ratings for structured finance instruments if an external credit rating is used for regulatory purposes, one of which should be derived from the European public rating agency;
Amendment 138 #
2010/2302(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the costs of both ratings should be borne by the issuer and that the first rating should be by a hired CRA, at the choice of the issuer, while the second should be assigned by the European Securities and Markets Authority (ESMA) to a different CRA on the base of merit, taking historic performance into accountpublic credit rating agency;
Amendment 147 #
2010/2302(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Is aware of the fact that market players are averse to volatile credit ratings because of the high costs involved (in related sell or buy decisions) when ratings are adjusted; considers, however, that smoothing practices by CRAs make ratings more likely to be procyclical and to lag behindenhance financial market developments either upwards or downwards;
Amendment 152 #
2010/2302(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Calls the European Commission to entrust the European Court of Auditors, as an independent Institution, the rating on the sovereign debts;
Amendment 162 #
2010/2302(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Supports enhanced disclosure and explanation of methodologies, models and key rating assumptions adopted by credit rating agencies, also in light of the systemic impact that a downgrade on sovereign debt may produce;
Amendment 169 #
2010/2302(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Supports the existence of various payment models in the industry as long as inherent conflicts of interest are addressed by regulatory means; asks the credit rating industryEuropean Commission to come forward with proposals for alternative viable payment models that involve both issuers and users;
Amendment 188 #
2010/2302(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Considers that an effective civil liability system for CRAs could stimulate innovation; notes that at present the system governing agencies’ liability is unclear;
Amendment 97 #
2010/2002(BUD)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Takes note, in this respect, of the Commission's communication on an Action Plan to implement the Stockholm Programme, and welcomes, in the field of immigration and support for the integration of immigrants, the proposed increase in CA for the External Borders Fund (254 million, +22 %) and the European Return Fund (114 million, + 29 %); this requires the Commission to equally reinforce all financial instruments aimed at strengthening the political, economic and development partnership with countries of origin and transit, including best practices in the use of labour remittances for development projects;
Amendment 125 #
2010/2002(BUD)
Motion for a resolution
Paragraph 50 a new
Paragraph 50 a new
50a. Stresses the need to increase the Community budget for funding measures designed to address migration phenomena, with a view to improving the management of legal migration, slowing down illegal migration and optimising the impact of migration on development;
Amendment 107 #
2010/0207(COD)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In order to prevent future unnecessary calls on a DGS, there should be a stronger focus on preventive action. In particular, the supervision should be enhanced and supervisors should conduct proper assessment of business models, of new and existing players, eventually resulting in mandatory changes, limitations in activities, or even exclusion.
Amendment 222 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
The available financial means shall at least reach the target level. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level is reached again. Where. The regular contribution must not be less than 0.1% of the deposits covered as long as the target level has not been reached. Where, after the target level has been reached on the first occasion, the available financial means amount to less than two thirds of the target level because of the use of funds, the regular contribution shall not be less than 0.25% of eligible deposits.deposits covered
Amendment 273 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The contributions to Deposit Guarantee Schemes referred to in Article 9 shall be determined for each member on the basis of the degree of risk incurred by it. Credit institutions shall not pay less than 75% or more than 2300% of the amount that a bank with an average risk would have to contribute. Member States may decide that members of Schemes referred to in Article 1(3) and (4) pay lower contributions to Deposit Guarantee Schemes but not less than 37.5% of the amount that a bank with an average risk would have to contribute.
Amendment 101 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Article 4a – paragraph 2 – subparagraph 1
2. Member States shall ensure that each scheme establishes a target fund level of at least 0.51% of the value of the monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The value of the covered monies and financial instruments shall be calculated every year as at 1 January.
Amendment 103 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1 a (new)
Article 4a – paragraph 2 – subparagraph 1 a (new)
The Member States shall have the power to determine the percentage of the contribution referred to above (0.1%) to be paid ex ante and the percentage to be paid ex post.
Amendment 116 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 4
Article 4a – paragraph 4
Amendment 153 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 2 – subparagraph 5
Article 9 – paragraph 2 – subparagraph 5
Amendment 45 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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 #
2010/0160(COD)
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.
Amendment 28 #
2009/2005(BUD)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Recalls the incontrovertible very positive performance, both in participation and implementation terms, of the different Erasmus pilot projects launched by Parliament over the past years (Erasmus apprentices, Erasmus young entrepreneurs, Erasmus secondary school, Erasmus public administration) as well as of the traditional Erasmus programme; confirms the need for the EU to further invest in this field; believes that a substantial increase of the global financial envelope allocated to all Erasmus lines is needed in order to considerably raise (up to 1 000 000 per year) the number of young people participating in the ‘European Erasmus policy’; is convinced that this measure is essential to respond correctly to the difficulties that Europe is encountering in its integration process as well as to help face the current economic crisis;
Amendment 370 #
2009/0161(COD)
Proposal for a directive – amending act
Recital 4
Recital 4
(4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups and, establishing a European single rule book applicable to all financial institutions in the Internal Market and ensuring adequate harmonisation of criteria and methodology to be applicable by the national supervisors to assess the risk of credit institutions. It emphasised that the European Supervisory Authorities should also have supervisory powers for credit rating agencies and invited the Commission to prepare concrete proposals on how the European System of Financial Supervisors could play a strong role in crisis situations.
Amendment 449 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22
Article 9 – point 22
Directive 2006/48/EC
Article 124 – paragraph 6 – first subparagraph
Article 124 – paragraph 6 – first subparagraph
6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 453 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 c (new)
Article 9 – point 22 c (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 a (new)
Article 129 – paragraph 1 – subparagraph 1 a (new)
(22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation .../...[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 457 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 d (new)
Article 9 – point 22 d (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 b (new)
Article 129 – paragraph 1 – subparagraph 1 b (new)
(22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 152 #
2009/0144(COD)
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 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 CommunityUnion 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 CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould not be subject to amendment if, for example,by the Commission. The Commission should reject the draft technical standards only if they were incompatible with Community lEuropean 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. 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 157 #
2009/0144(COD)
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 CommunityEU 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 CommissThe European Systemic Risk Board should establish when there is an emergency situation. 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 market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 162 #
2009/0144(COD)
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 CommunityEuropean Union 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 market participants in areas of CommunityEuropean Union law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 173 #
2009/0144(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Within three years from the entry into force of this Regulation, clear and sound guidance on when the safeguard clause may and may not be triggered by Member States shall be laid down at EU level by the Commission on the basis of the experience acquired. The use of the safeguard clause shall then be assessed against that guidance.
Amendment 177 #
2009/0144(COD)
Proposal for a regulation
Recital 39 a (new)
Recital 39 a (new)
(39a) The implementation of the new supervisory architecture should be envisaged and its effectiveness carefully assessed. In the medium – long term an evolution of the supervisory architecture towards a system relying on only two authorities, one responsible for micro- prudential supervision and the other one responsible for transparency, investor protection and market integrity, should be taken into consideration.
Amendment 181 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of Directive 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC, Directive 2002/47/EC, Directive 2002/87/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/25/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 20059/605/EC, Directive 20092/65/EC, Directive 2002/65/EC,7/36/EC and Directive 2006/49/EC, (without prejudice to the competence of the European Banking Authority in terms ofas far as prudential supervision), Directive … [future AIFM Directive], and Regulation … [future CRA Regulation] is concerned), Directive [AIFM], and Regulation (EC) No 1060/2009 [CRA] and within the relevant parts of Directive 2005/60/EC and 2002/65/EC, to the extent that these apply to firms providing investment services or to collective investment undertakings marketing their units or shares, including all directives, regulations, and decisions based on these acts, and of any further CommunityUnion act which confers tasks on the Authority.
Amendment 186 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The provisions of this Regulation are without prejudice to the powers of the Commission, in particular under Article 22658 of the Treaty on the Functioning of the European Union to ensure compliance with CommunityUnion law.
Amendment 189 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) protecting investors, (ii) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investorsand ensuring adequate investor information, (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 199 #
2009/0144(COD)
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. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityEuropean Union law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 228 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
(da) approve whether contracts offered by a central clearing house are clearing- eligible;
Amendment 229 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d b (new)
Article 6 – paragraph 1 – subparagraph 1 – point d b (new)
(db) list on a public register all clearing- eligible contracts and all central clearing houses that have been authorised to clear those contracts;
Amendment 230 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d c (new)
Article 6 – paragraph 1 – subparagraph 1 – point d c (new)
(dc) negotiate and conclude information exchange agreements with third country supervisors and procedures for handling emergency situations;
Amendment 233 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
(fa) foster investor protection, in particular by managing a Unit in charge of ensuring the enforcement of the harmonized EU regulations on product disclosure and selling processes to all retail investors for all retail investment products and services. EBA and EIOPA shall provide all the necessary support and cooperation to enable ESMA to properly execute this task;
Amendment 246 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
(fa) directly collect the necessary data from financial institutions;
Amendment 249 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f b (new)
Article 6 – paragraph 2 – subparagraph 1 – point f b (new)
(fb) coordinate the collection by its members of the necessary data from financial institutions;
Amendment 265 #
2009/0144(COD)
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) and 1(2a). The Authority shall submit its draft standards to the Commission for endorsement.
Amendment 267 #
2009/0144(COD)
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, unless such consultations and analyses are disproportionate in relation to the scope and impact of the technical standards concerned or in relation to the particular urgency of the matter.
Amendment 279 #
2009/0144(COD)
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. The Commission may endorse the draft standards only in part or with amendments where the CommunityEuropean Union interest so requires.
Amendment 284 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reassend the draft standards back to the Authority, giving its comments and observations. The Authority may amend the draft standards on the basis of the Commission’s comments and resubmit them to the Commissions.
Amendment 285 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reaso, it shall send the draft standards back to the Authority, explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market. Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 304 #
2009/0144(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Where the competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasonsstate its reasons to the Authority, which shall make them public.
Amendment 307 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctly applied the legislation referred to in Article 1(2), including the technical standards adopted in accordance with Article 7, in particular by failing to ensure that a financial market participant satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 311 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with CommunityUnion law within one monthten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 314 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 316 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 318 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the competent authorities shall provide the CommissionAuthority with all necessary information.
Amendment 320 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The competent authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 323 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall pursuant to the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 325 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 327 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 329 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 335 #
2009/0144(COD)
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 Community, the CommissionEuropean Union, the ESRB, 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 regulationuropean Parliament, or the Commission, may issue a warning declaring the existence of an emergency situation. This warning will enable the Authority without further requirements to adopt the individual decisions referred to in paragraph 3.
Amendment 343 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that co- ordinated action by national authorities is necessary to respond to adverse developments which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayshall 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 risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial systemsuch developments by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 353 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participantsshall pursuant to the legislation referred to in Article 1(2), adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 356 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subpara 2
Article 10 – paragraph 4 – subpara 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 366 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, inwith binding effects for the competent authorities concerned, in order to ensure compliance with CommunityEuropean Union law.
Amendment 371 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of colleges of supervisors referred to in Directives 2006/49/EC and 2009/111/EC and foster the coherence of the application of CommunityUnion legislation across colleges.
Amendment 372 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 a (new)
Article 12 – paragraph 1 – subparagraph 1 a (new)
The Authority shall issue guidelines and recommendations adopted under Articles 7 and 8 that harmonise supervisory functioning and practices adopted by the colleges of supervisors.
Amendment 375 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. A legally binding mediation role should allow the Authority to solve disputes between national supervisors following the procedure set up in Article 11. The Authority should be empowered to, when no agreement can be found between the supervisors of a cross-border institution, take supervisory decisions directly applicable to the institution concerned.
Amendment 425 #
2009/0144(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2 The Authority shall cooperate closely with the ESRB. It shall provide the ESRB with regular and up-to-date information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the ESRB upon a reasoned request, as specified in Article [15] of Regulation (ECU) No …./… [ESRB]. The Authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions.
Amendment 427 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established. The stakeholder Group shall be consulted on all important decisions and actions of the Authority, and in particular on all decisions submitted to or taken by the Authority’s Board of Supervisors.
Amendment 431 #
2009/0144(COD)
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. No stakeholders in the group shall have an overall majority. Each stakeholder sub-group shall be composed of an equal number of representatives. Minimum five seats in the stakeholder group shall be reserved for consumer representatives.
Amendment 440 #
2009/0144(COD)
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 444 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 1
Article 22 – paragraph 3 - subparagraph 1
3. The members of the Securities and Markets Stakeholder Group shall be appointed by the Board of Supervisors of the Authority, following proposals from the relevant stakeholders. Stakeholders shall be effectively involved in the selection of their respective representatives.
Amendment 455 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 2 a (new)
Article 22 – paragraph 4 – subparagraph 2 a (new)
The chair shall be designated by the members.
Amendment 460 #
2009/0144(COD)
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 8to 19.
Amendment 463 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The stakeholder group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by the stakeholder group, with the right for each stakeholder sub-group to have their proposed items on the agenda.
Amendment 465 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 b (new)
Article 22 – paragraph 5 – subparagraph 1 b (new)
Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 468 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
Amendment 473 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 477 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
Amendment 479 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthten working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 483 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
Amendment 484 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 489 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 3
Article 23 – paragraph 2 – subparagraph 3
Amendment 491 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 4
Article 23 – paragraph 2 – subparagraph 4
Amendment 492 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Amendment 495 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within two m on European Union and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on ths, decide whether the Authority's decision is maintained or revokede Functioning of the European Union, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph.
Amendment 500 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 6
Article 23 – paragraph 2 – subparagraph 6
Amendment 504 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
Amendment 505 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
3. Where a Member State considers that a decision taken under Article 10(2) impinges on its fiscal responsibilities, it may notify the Authority, the Commission and the Council within threewo working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 506 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
Amendment 509 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
Amendment 510 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within ten working days, decide whether the Authority's decision is maintained or revoked on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph.
Amendment 515 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Amendment 516 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within tenfive working days, the Authority's decision shall be deemed to be maintained.
Amendment 520 #
2009/0144(COD)
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- votingsix member of the Management Board, including the Chairperson;
Amendment 545 #
2009/0144(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
1. The Management Board shall be composed of the Chairperson, a representative of the Commissisix independent members appointed by common, and four members elected by the Board of Supervisors from among its memberccord of the Heads of States or Governments.
Amendment 548 #
2009/0144(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Amendment 550 #
2009/0144(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 3
Article 30 – paragraph 1 – subparagraph 3
Amendment 583 #
2009/0144(COD)
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Article 40 a In case a significant cross border financial institution reaches across different sectors the European Supervisory Authority (Joint Committee) shall decide which European Supervisory Authority shall act as leading competent authority and/ or adopt binding decisions to resolve problems between the European Supervisory Authorities.
Amendment 634 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 2 a (new)
Article 66 – paragraph 2 a (new)
2a. The implementation of the new supervisory architecture should be envisaged and its effectiveness carefully assessed. In the medium – long term an evolution of the supervisory architecture towards a system relying on only two authorities, one responsible for micro- prudential supervision and the other one responsible for transparency, investor protection and market integrity, should be taken into consideration.
Amendment 244 #
2009/0143(COD)
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 248 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reaso, it shall send the draft standards back to the Authority, explaining in writing the reasons why they are in conflict with the public interest of the Union, the principle of proportionality or the integration of the internal. Within a period of six weeks of receipt of the Commission's written reasons, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 278 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a national supervisory authority has not correctly applied the legislation referred to in Article 1(2), including the technical standards adopted in accordance with Article 7, in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 280 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one monthten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the national supervisory authority to take the action necessary to comply with Community lawcorrect application of the legislation put under investigation by the Authority.
Amendment 283 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 285 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 287 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
Amendment 290 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 294 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.
Amendment 298 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 301 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
7a. Decisions adopted under paragraph 6 shall, where appropriate, be applicable to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 303 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 307 #
2009/0143(COD)
Proposal for a regulation
Article 10
Article 10
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 Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulation. That warning shall enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
Amendment 316 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that coordinated action by national authorities is necessary to respond to adverse developments which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayshall adopt individual decisions requiring national supervisorycompetent authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial systemsuch developments by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 328 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutionsshall, pursuant to the legislation referred to in Article 1(2), adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 333 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the national supervisorycompetent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatiblely with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 349 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, and does not assign ultimate responsibility to the group supervisor, the Authority, at the request of one or more of the national supervisory authorities concerned, may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 351 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, inwith binding effects for the competent authorities concerned, in order to ensure compliance with CommunityUnion law.
Amendment 566 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. Within three years from the date set out in the second paragraph of Article 67 and every three years thereafter, the Commission shall examine this Regulation, and in particular the functioning of Article 23, and publish a general report on the experience acquired as a result of the operation of the Authority and the procedures laid down in this Regulation.
Amendment 569 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the Community and shall submit a report to the Parliament and the Council together with any appropriate proposals to amend this Regulation. The evaluation shall be based on extensive consultation, including with the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group.
Amendment 366 #
2009/0142(COD)
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 374 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reasons, it shall send the draft standards back to the Authority explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market.
Amendment 383 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 414 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctly applied the legislation referred to in Article 1(2), including the technical standards adopted in accordance with Article 7, in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 421 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with Community law within one monthten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 423 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 425 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 426 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the competent authorities shall provide the CommissionAuthority with all necessary information.
Amendment 428 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The competent authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 433 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.
Amendment 436 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 438 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 441 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 450 #
2009/0142(COD)
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 Community, the CommissionESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determinuropean Parliament, or the Commission, may issue a warning declaring the existence of an emergency situation for the purposes of this regulation. This warning will enable the Authority without further requirements to adopt the individual decisions referred to in paragraph 3.
Amendment 465 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that co- ordinated action by national authorities is necessary to respond to adverse developments which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayshall 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 risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial systemsuch developments by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 478 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutionsshall, pursuant to the legislation referred to in Article 1(2), adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 481 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 494 #
2009/0142(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, inwith binding effects for the competent authorities concerned, in order to ensure compliance with CommunityEuropean Union law.
Amendment 787 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. Within three years from the date set out in the second paragraph of Article 67 and every three years thereafter, the Commission shall examine this Regulation, and in particular the functioning of Article 23, and publish a general report on the experience acquired as a result of the operation of the Authority and the procedures laid down in this Regulation.
Amendment 793 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the Community and shall submit a report to the Parliament and the Council together with any appropriate proposals to amend this Regulation. The evaluation shall be based on extensive consultation, including with the Banking Stakeholder Group.
Amendment 93 #
2009/0140(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response. Where appropriate, the ESRB should declare the existence of an emergency situation and trigger the intervention of the European Supervisory Authorities.
Amendment 100 #
2009/0140(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted throughdirectly to the addressees, and in copy to the European Parliament, the Council and, where appropriate, the European Banking Authority established by Regulation (EC) No …/… the European Parliament and of the Council, the European Securities and Markets Authority established by Regulation (EC) No …/… of the European Parliament and of the Council, and the European Insurance or the Occupational Pension Authority established by Regulation (EC) No …/…of the European Parliament and of the Council.
Amendment 103 #
2009/0140(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The ESRB should also monitor compliance with its recommendations, based on reports from addressees, in order to ensure that its warnings and recommendations are effectively followed. Addressees of recommendations should act on them unless inaction can be adequately justified (“act or explain” mechanism)dequately justify any failure in duly complying with the ESRB recommendations (“act or explain” mechanism). The ESRB should be able to have recourse to the European Parliament and to the Council in cases where it is not satisfied with how the addressees have followed up the recommendations.
Amendment 122 #
2009/0140(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point a a (new)
Article 3 – paragraph 2 – point a a (new)
(aa) identify and/or collect the necessary data from all financial institutions and through the European Supervisory Authorities;
Amendment 123 #
2009/0140(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) issue warnings where risks are deemed to be significant; and, where appropriate, declare the existence of an emergency situation;
Amendment 132 #
2009/0140(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Steering Committee shall assist in the decision-making process of the ESRB by supporting the preparation of the meetings of the General Board, reviewing the documents to be discussed and monitoring the progress of the ESRB’s ongoing work. Where the General Board is called upon to take decisions on sector- specific matters, the Steering Committee shall work in close collaboration with the competent European authority and its appropriate Stakeholder Group for the purpose of compiling the papers for meetings.
Amendment 135 #
2009/0140(COD)
Proposal for a regulation
Article 4 – paragraph 5 a (new)
Article 4 – paragraph 5 a (new)
5a. The European Supervisory Authorities shall provide expert advice regarding the macroeconomic risk profiles of the various sectors involved in financial services.
Amendment 213 #
2009/0140(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. When significant risks to the achievement of the objective in aArticle 3(1) are identified, the ESRB shall provide warnings and, where appropriate, issue recommendations for remedial action, including, where appropriate, for legislative initiatives.
Amendment 218 #
2009/0140(COD)
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The warnings or recommendations shall also be transmitted to the addressees in accordance with paragraph 2, to the Council and, where addressed to one or more national supervisory authority, to the European Supervisory Authorities.
Amendment 224 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 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 European Union, the ESRB in accordance with point b of Article 3(2) may issue warnings, upon its own initiative or following a request by an Authority, the Council, the European Parliament or the Commission, and, where appropriate, declare the existence of an emergency situation. 2. A soon as it issues a warning the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority.
Amendment 227 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Where a recommendation referred to in letterpoint (d) of Article 3(2) is addressed to the Commission, one or more Member States, one or more European Supervisory Authorities, or one or more national supervisory authorities, the addressees shall communicate the actions undertaken in response to the recommendations to the ESRB or explain why they have not acted. The Council and, where relevant, the European Supervisory Authorities shall be informed.
Amendment 230 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall informor it is not satisfied on how the addressees have followed up the recommendations, and that the addressees have failed to provide adequate justifications, it shall inform the European Parliament, the Council and, where relevant, the European Supervisory Authorities concerned.
Amendment 20 #
2009/0054(COD)
Proposal for a directive
Recital 10
Recital 10
(10) This Directive should regulate all commercial transactions irrespective of whether they are carried out between private or public undertakings or between undertakings and public authorities, having regard to the fact that the latter handle a considerable volume of payments to business. It should therefore also regulate all commercial transactions between main contractors and their suppliers and subcontractors as well as collective agreements on commercial transactions, including continuous or recurring ones, between undertakings or associations representing undertakings and public authorities.
Amendment 59 #
2009/0054(COD)
Proposal for a directive
Article 2 – point 1
Article 2 – point 1
(1) “commercial transactions” means transactions between undertakings or between undertakings and public authorities, including transactions governed by collective agreements, which lead to the delivery of goods or the provision of services for remuneration;
Amendment 85 #
2009/0054(COD)
Proposal for a directive
Article 3 – title
Article 3 – title
Interest in case offor late payments between undertakings
Amendment 93 #
2009/0054(COD)
Proposal for a directive
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) interest for late payment shall become payable from the day following the date or the end of the period for payment fixed in the contract, which must not exceed 60 days from the date of delivery of the goods or performance of the services to which the contract relates;
Amendment 105 #
2009/0054(COD)
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Member States shall ensure that, when interest for late payment becomes payable in commercial transactions in accordance with Articles 3 and 5 and unless otherwise specified in the contract, the creditor is automatically entitled to obtain from the debtor, i.e. without the individual creditor’s having to take any action, any of the following minimum amounts:
Amendment 145 #
2009/0054(COD)
Proposal for a directive
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. Member States shall ensure that, in commercial transactions leading to the delivery of goods or the provision of services for remuneration to public authorities, or on behalf of public authorities to third parties, the creditor is entitled, without the necessity of a reminder, to interest for late payment equal to statutory interest if the following conditions are satisfied:
Amendment 187 #
2009/0054(COD)
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Member States shall ensure that, when interest for late payment becomes payable, the creditor is entitled to a lump sumobtain from the debtor any of the following amounts: (a) compensation equal to 2 % of the amount due from the date when interest becomes payable; (b) compensation equal to 4 % of the amount due after 45 days from the date when interest becomes payable; (c) compensation equal to 5 % of the amount due after 60 days from the date when interest becomes payable. 5a. Thise compensation referred to in paragraph 5 shall be additional to the interest for late payment and to the compensation for recovery costs.
Amendment 193 #
2009/0054(COD)
Proposal for a directive
Article 5 – paragraph 6 a (new)
Article 5 – paragraph 6 a (new)
6a. Member States may provide that the creditor may request public authorities to certify, within a given period following submission of the request, that the debt referred to in paragraph 1 is certain, of a fixed amount, and payable, in order to enable it to assign the debt, without recourse, to banks or financial intermediaries recognised by the legislation in force. Such assignment shall take effect in relation to the assigned debtor from the moment of the above- mentioned certification. From the moment that the certification has been made, interest for late payment shall cease to be payable, and no lump sum compensation may be paid as provided for in paragraph 5.
Amendment 19 #
2008/2334(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Regrets that the decision on the proposal to invest in trans-European energy interconnections and broadband infrastructure projects was in vain because of lack of budgetary agreement within the Council.; strongly calls on the Commission and Member States to include transport projects among those for the additional EUR 5 000 000 000 fund to be mobilised under the Recovery Plan;
Amendment 23 #
2008/2334(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Recalls the joint declaration agreed at the conciliation meeting on 21 November 2008 on "Implementation of the cohesion policy" highlighting the benefits for the economy from accelerating the implementation of structural and cohesion funds and on "Payment appropriations" supporting the financing of new initiatives particularly regarding the economic crisis; notes that the amount of additional advance payments foreseen in 2009 on the basis of the Commission proposal on the financial management of the ESF, ERDF and the Cohesion Fund and ERDF is of EUR 6 300 000 000, and that other proposed modifications to the financial management of the funds may increase the speed of interim paymentsrelevant regulations of the funds may simplify the implementation; however, regrets that, as far as the financial management is concerned, proposals for the actual and immediate increase of liquidity on the ground by also intervening in interim payments were not taken into account;
Amendment 57 #
2008/2055(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls that headings 1a and 4 are already under-financed in the current MFF, while financing for other sub-headings has been reduced; stresses that additional policies should not change the balance between the main categories of the current MFF nor jeopardise the existing priorities; stresses also that, should the Member States continue to insist on a "1 % approach", there will be no budgetary alternative, in order to finance new priorities, but to also contribute from the two mainall other policies of heading 1b and heading 2current MFF;
Amendment 6 #
2008/2025(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the overall margin of EUR 2 638 million can be considered misleading in as much as by far the largest portion thereof, i.e. an amount of EUR 2 027 million, stems from the unused margin of market related expenditure and dirNotes that by far the largest portion of the overall margin of EUR 2 638 million in the preliminary draft budget, i.e. an amount of EUR 2 027 million, stems from the margin of market related expenditure and direct payments under heading 2 (first CAP pillar); deplores the fact that the 2007-2013 multiannual financial framework and the Interinstitutional Agreement of 17 May 2006 allow this margin under heading 2 (first CAP pillar) to be used only under extremely restrictive conditions and that the EU is therefore unable to respond to new political needs flexibly; stresses that this large margin should be usable to realise the Union's new priority objectives, as was the case in November 2007, following Council and Parliament agreement, for the Galileo project; payments under heading 2oints out that structurally, since 2007, real spending under heading 2 (first CAP pillar) is below the ceilings laid down by the 2007-2013 financial framework;
Amendment 14 #
2008/2025(BUD)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Is surprised at the extremely low level of payment appropriations (EUR 116.736 billion) proposed by the Commission in its 2009 preliminary draft budget; points out that commitment appropriations adopted under the 2007 and 2008 budgets totalled EUR 126.5 billion and EUR 129.1 billion respectively;
Amendment 26 #
2008/2025(BUD)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers the planned Small Business Act an important strategy to support Small and Medium-Sized Enterprises; nothopes that also a financial framework and legislative acts are required to support SMEs in the most appropriate waythe Commission will incorporate into it the positive results of the many pilot projects and preparatory actions which Parliament has been successfully putting forward for a number of years with regard to small and medium-sized enterprises; is eagerly awaiting precise proposals for funding this new strategic tool;
Amendment 67 #
2008/2025(BUD)
Motion for a resolution
Paragraph 73 a (new)
Paragraph 73 a (new)
73a. Strongly deplores the custom of the Council to make across-the-board cuts at its first reading of the Union budget without any precise reasons being provided; points out that establishing the Union budget is a fundamental political act which is more than a mere accounting exercise, and looks to the Council to make arrangements for genuine political dialogue with Parliament during this budgetary procedure;
Amendment 210 #
2008/0217(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) The stricter and clearer legal framework within which credit rating agencies will operate should also facilitateincrease their accountability and allow recourse to civil actions in respect of credit rating agencies in appropriate cases, in accordance with the existing applicable regimes of liability of the Member States.
Amendment 224 #
2008/0217(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall applyies to credit ratings that are intended for use for regulatory purposes or otherwise by credit institutions as defined in Directive 2006/48/EC, by issuers or offerors in relation to public offering or admission to trading of financial instruments pursuant to Directive 2003/71/ECof the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 and Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements2, investments firms as defined in Directive 2004/39/EC of the European Parliament and of the Council , insurance undertakings subject to Council Directive 73/239/EEC , assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council , reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and the Council , undertakings for collective investment in transferable securities (UCITS) as defined in Directive [2009/XX/EC ], or institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council and are disclosed publicly or distributed by subscription. 1 OJ L 345, 31.12.2003, p. 64. 2 OJ L 149, 30.4.2004, p. 1.
Amendment 235 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Credit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and, institutions for occupational retirement provision and issuers or offerors referred to in Article 2 may only use for regulatory purposes credit ratings which are issued or endorsed by credit rating agencies established in the Community and registered in accordance with this Regulation.
Amendment 246 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
The ratings of entities or products located in a third country, issued by credit rating agencies that are established in a third country and subject to legislation considered as equivalent, may, however, be used within the Community under the condition that those ratings are endorsed by a credit rating agency established in the Community and registered in accordance with this Regulation. The credit rating agency registered in the Community shall include a statement to this effect in its rating announcement. The Commission shall establish and publish a list of third-country legislation deemed to be equivalent to this Regulation. This list shall be updated every six months.
Amendment 284 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Paragraph 4 shall not apply to a credit rating agency which employs less than 250 employees and takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third parties.
Amendment 296 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. A credit rating agency shall monitor credit ratings and review its credit ratings where necessary and where material changes occur that may impact on the rating of an instrument. A credit rating agency shall establish internal arrangements to monitor the impact of changes in macroeconomic or financial market conditions on credit ratings.
Amendment 299 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 5 a (new)
Article 7 – paragraph 5 a (new)
5a. When a credit rating agency issues or endorses a credit rating issued by a non- EU credit rating agency, it is liable for the accuracy of all the information used and of the methodology followed.
Amendment 317 #
2008/0217(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Credit rating agencies shall make available in a central repository established by CESR information on their historical performance data, including the frequency of ratings transition, and information about past credit rating activities. The repository shall be open to the public.
Amendment 398 #
2008/0217(COD)
Article 35 – paragraph 1
Credit rating agencies operating in the Community before [the date of entry into force of this Regulation]...* shall adopt all necessary measures to comply with this Regulation and shall submit an application for registration by [six...*. * OJ please insert date of entry into force of this Regulation. * OJ please insert date: 10 months after the entry into force of this Regulation]. .
Amendment 416 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section A – point 2 – paragraph 3
Annex I – Section A – point 2 – paragraph 3
The administrative or supervisory board of a credit rating agency shall include at least three non-executive members who shall be are independent. The remuneration of the independent members of administrative or supervisory board shall not be linked to the business performance of the credit rating agency and shall be arranged so as to ensure the independence of their judgement. The term of office of the independent members of the administrative or supervisory board shall be for a pre- agreed fixed period not exceeding fiseven years and shall not be renewable. The dismissal of independent members of the administrative or supervisory board shall only take place in case of misconduct or professional underperformance.
Amendment 448 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section D – part II – point 1
Annex I – Section D – part II – point 1
1. Where a credit rating agency rates a structured finance instrument, it shall provide in the credit rating information about loss and cash-flow analysis it has performed as well as an indication of an expected change of the credit rating (credit stability indicator).
Amendment 540 #
Amendment 545 #
2008/0196(COD)
Proposal for a directive
Article 4 – paragraph 1 and paragraph 1 a (new)
Article 4 – paragraph 1 and paragraph 1 a (new)
1. Member States may not maintain or introduce, in their national laws, provisions diverging from those laid down in this Directive, including more or less stringent provisions to ensure a different level of as long as they guarantee a higher degree of consumer protection. 1a. The rights resulting from this Directive shall be exercised without prejudice to the provisions of another Community act governing consumer protection.
Amendment 40 #
2008/0190(COD)
Proposal for a directive – amending act
Article 6
Article 6
Amendment 51 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) granting credit related to payment services referred to in points 4, 5 or 7 of the Annex to Directive 2007/64/EC, where the conditions laid down in Article 16(3) and (5) of that Directive are met; moreover such credit shall not be granted from the funds received or held in exchange for the issuance of electronic money;
Amendment 53 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
(d) the operation of payment systems as defined in Article 4(1)(6) of Directive 2007/64/CE;
Amendment 56 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Any funds received by electronic money institutions and credit institutions from the payment service user in exchange for electronic money shall not constitute a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC. Funds received for any other payment service shall not constitute either a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC, or electronic money within the meaning of this Directive.
Amendment 58 #
2008/0190(COD)
Proposal for a directive – amending act
Article 9 – paragraph 1
Article 9 – paragraph 1
Amendment 63 #
2008/0190(COD)
Proposal for a directive – amending act
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States or their competent authorities may require that electronic money institutions which are not engaged in other business activsafeguard funds that represent the financial liabilities referrlated to inoutstanding electronic money in accordance with Article 89(1)(a) to, (db) shall also comply with the safeguarding requirements under paragraph 1 of this Articleand (c) and Article 9(2) of Directive 2007/64/EC, mutatis mutandis.
Amendment 3 #
2007/2287(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that not only private clients but also small businesses are less inclined to take up cross-border financial services; underlines the need to ensure that the advantages of the financial single market also benefit small businesses; favours a definition such as that points out that this objective must, however, be achieved without extending the above- mentioned Sector Inquiry on retail bankingo small businesses the actions undertaken for the purpose of harmonising or increasing the level of consumer protection;
Amendment 13 #
2007/2287(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises that a single market in financial services for consumers and small businesses can be created only by measures that provide a secure environment both for the demand and the supply side, including as regards the conditions for redress;
Amendment 18 #
2007/2287(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Supports the Commission in its aim only to pursue initiatives that demonstrably offer citizens tangible benefits, are soundly justified and have been subject to proper impact studies; agrees that, in the case of the single market in financial services for consumers and small businesses, only an increase in cross-border activity can justify legislative measures;
Amendment 25 #
2007/2287(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that, of the various possible legislative approaches currently available, minimum harmonisation and full harmonisation, are in a state of tension between simplifying cross-border business and maintaining national standards for consumer protec, integration of the retail market may be better pursued through targeted full harmonisation accompanied by the principle of mutual recognition;
Amendment 28 #
2007/2287(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recognises that the option of a 28th legal framework, such as the Common Reference Framework, as a possible new approach to European regulation, to enable cross-border market choice to be provided to a uniformly high consumer protection standard; calls on the Commission again to put forward a time- frame for developing a 28th legal framework is not an adequate substitute for the purposes and the effects of targeted full harmonisation in the retail sector; however, calls on the Commission to carry out practical assessments concerning the applicability of the 28th regime in order to ascertain whether the latter may produce positive results in certain particular sectors. The advantages and possible disadvantages relating to the adoption thereof must, however, be assessed for each individual case;
Amendment 42 #
2007/2287(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Emphasises that effective, on its own, self- regulation of the financial services industry shwould be preferred to any legislative regulation; calls on the financial services industry to work steadfastly towards the aims of the above Green Paper by self- regulation and thus reduce the need for binding legal actsnot be sufficient to enable the aims of the above Green Paper to be pursued;
Amendment 48 #
2007/2287(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that, for the creation of a single market in financial services for private clients and small businesses, the establishment of Europe-wide competition and is also assisted by cross-border provision of financial services are a basic precondition; points out that lower prices and an increase in the quality of the services provided are what mainly follow from healthy competition amongst operators;
Amendment 53 #
2007/2287(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Reminds the Commission that effective competition between financial service providers is secured by having a large number of market participantsoperators and by satisfying other requirements, such as the availability of comprehensive information; draws attention to its resolution on consolidation in the financial services industry, in which it averred that the pluralistic structure of the European banking market, where financial institutions could take on diverse legal forms in accordance with their diverse business aims, was an asset to the European economy;
Amendment 62 #
2007/2287(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that real competition can arise only in equal competitive conditions; concludes that any legislation must follow the principle of ‘equal risk, equal regulation’; points out, however, that in the financial services sector product design is particularly influenced by the regulatory environment and a ‘one size fits all’ approach would adversely affect product diversity;
Amendment 83 #
2007/2287(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Emphatically draws attention to the importance of enabling credit institutions and credit data agencies to have non- discriminatory cross-border access to credit data registers; and calls on the Commission to do all it can to facilitate client mobility so that consumers have the option of changing operators, amongst whom healthy competition would thereby be increased;
Amendment 85 #
2007/2287(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Commission to step up its activities in respect of credit agents/brokers in order to ensure that consumers are protected and to prevent dubious sales practices which harm in particular the most vulnerable sections of the population;
Amendment 86 #
2007/2287(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Stresses the importance of reliable data for the granting of bank loans, which should be made available on the basis of fair, transparent criteria;
Amendment 87 #
2007/2287(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Stresses the importance of providing consumers with simple, effective schemes for alternative dispute resolution, including by raising awareness of the FIN-NET system and of the various forms of, and schemes for, ADR operating in the various Member States;
Amendment 24 #
2007/2201(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends low or non-existent closing costs in order to encourage mobility and competition; requests the Commissionencourages operators in the sector to define best practices on swift and efficient procedures for account switching, taking into account both at national level, in the light both of existing best practices and of the duration of the procedure and the costs associated with it; is of the opinion that to switch current accounts should not cause any harm to customers; is against any unnecessary contractual links impeding customers'’ mobility;
Amendment 30 #
2007/2201(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is of the opinion that information to consumers is essential but not, per se, sufficifundamental to ensureing competition betweenamong banks; requests information that is better quality and more readable and hence actually accessible to consumers; is of the opinion that, for the time being, it is difficult and costly for consumers to obtain that information; calls for the development of financial education programmes aimed at increasing the awareness of consumers as regards their money management options;
Amendment 47 #
2007/2201(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recommends the creation of a single European prospectus for providers to describe their basic products, related costs and conditionsconsisting of a section listing standardised cost items for the various countries, in order to allow an easy and transparent comparison that tied products do not allow at the moment; recommends the setting up of an independent European controller to guarantee the quality of the information provided as well as a Europe-wide research engine to allow easy and free cross-border comparisonan electronic platform enabling the customer/user to access individual national comparative platforms;
Amendment 52 #
2007/2201(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses the importance of reliable data for banks to grant credits, accessible on a fair and transparent basis; insists nevertheless on the necessity to protect consumers' personal data; requests the Commission to make proposals for the interoperability of data registers while respecting consumers' private lives and rights of access and rectification;
Amendment 57 #
2007/2201(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to intensify its work on credit intermediarieagents/brokers in order to ensure consumer protection and avoid mis-opaque selling practices which are particularly damaging to more vulnerable populations;
Amendment 61 #
2007/2201(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Requests the Commission to clarify and harmonise the rights and liabilities of intermediariecredit agents/brokers, since problems often arise in the sale, administration and enforcement of financial services agreements; requests the Commission to distinguish clearly between information which has to be clear, concise, readable and cost-free and the provision of advisory services;
Amendment 75 #
2007/2201(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes that the Commission has repeatedly qualified multilateral interchange fees as anti-competitive and consequently requested the industry to abolish them; is of the opinion that the Commission should provide stakeholders with clear indiand many national competition authorities have stated on numerous occasions that multilateral interchange fees (MIFs) are not prohibited per se under Article 81 of the EC Treaty; nevertheless notes that the Commission has on numerous occatsions, guidelines and transparency requirements focused its attention on thate could enable the industry to ensure a fair and transparent calculation method, compatible with EC competitionmpatibility of an MIF system with Community antitrust law;
Amendment 84 #
2007/2201(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Believes in a strong need for better clarification concerning the methodology and rules for the management of multilaterally agreed interchange fees for ATMs and non-card payments; recalls that the SEPA direct debit scheme and the SEPAand credit transfer scheme are two sided networks creating economic benefits thanks to network effects; asks the Commission to provide a balancing mechanism in orders, such as those under SEPA, support services that are jointly offered by two payment service providers and jointly requested by two distribute more evenly the costs and benefits of network membershipcustomers, creating economic benefits thanks to so-called network effects; suggests to the Commission to define and communicate to all stakeholders the criteria for the definition by market operators of a methodology to be used to calculate all multilaterally agreed interchange fees, of which the Commission may hence take note, in order to ensure a real level playing field and the enforcement of all competition rules;
Amendment 92 #
2007/0143(COD)
Proposal for a directive
Recital 36
Recital 36
(36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order better to serve policyholders' needs and enhance their protection. Thus, the calibration of the capital charge shall properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets, such as equity and real estate, and shall not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and Solvency Capital Requirement.
Amendment 132 #
2007/0143(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
Amendment 134 #
2007/0143(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 147 #
2007/0143(COD)
Proposal for a directive
Article 13 – point 15 a (new)
Article 13 – point 15 a (new)
(15a) 'intra-group transaction' means any transaction by which an insurance or reinsurance undertaking relies either directly or indirectly on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment. Those transactions concern in particular: - loans, - guarantees and off-balance-sheet transactions, - elements eligible for the solvency margin, - investments, - reinsurance operations, and - agreements to share costs;
Amendment 267 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph -1 (new)
Article 90 – paragraph -1 (new)
Surplus funds shall be deemed to be realised profits, which are assigned either individually or collectively to policyholders and beneficiaries in the form of future discretionary bonuses.
Amendment 279 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1
Article 90 – paragraph 1
Amendment 283 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 a (new)
Article 90 – paragraph 1 a (new)
In order to ensure a harmonised treatment of those surplus funds, the Commission shall adopt implementing measures laying down the main features of such funds as well as the approach to be taken with respect to those funds in the calculation of the Solvency Capital Requirement.
Amendment 365 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 1
Article 105 – paragraph 5 – subparagraph 1
5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 372 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 a (new)
Article 105 – paragraph 5 – subparagraph 2 a (new)
The equity (respectively property) risk sub-module shall be calculated using the Value-at-Risk based on the annualised return on equities (respectively annualised return on property) subject to a confidence level of 99,5 % taking duly into account the holding period of equities (respectively property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 377 #
2007/0143(COD)
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 b (new)
Article 105 – paragraph 5 – subparagraph 2 b (new)
Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 402 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point a
Article 127 – paragraph 1 – point a
(a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before the courts;
Amendment 415 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point d
Article 127 – paragraph 1 – point d
(d) it shall have an absolute floor of 1 000 000 EUR for non-life insurance and reinsurance undertakings and 2 000 000 EUR for life insurance undertakingsbe calculated as percentage of the technical provision with a floor and a cap calculated as a percentage of the Solvency Capital Requirement. The cap shall be no less than EUR 3 200 000 for life insurance undertakings or EUR 2 200 000 for non-life insurance undertakings. Where, however, non-life insurance undertakings cover all or some of the risks included in one of the classes 10 to 15 listed in point A of Annex I, the cap shall be EUR 3 200 000.
Amendment 762 #
2007/0143(COD)
Proposal for a directive
Article 249 – paragraph 2 - subparagraph 1
Article 249 – paragraph 2 - subparagraph 1
2. The Member States shall require insurance and reinsurance undertakings or insurance holding companies to report on a regular basis and at least annually to the group supervisor all significant intra-group transactions by insurance and reinsurance undertakings within a group , including those performed with a natural person who holds a participation in: (a) the insurance or reinsurance undertaking or any of its related undertakings; (b) a participating undertaking in the insurance or reinsurance undertaking; or (c) a related undertaking of a participating undertaking in the insurance or reinsurance undertaking.