11 Amendments of Philippe LAMBERTS related to 2012/2115(INI)
Amendment 27 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines the fact that any strengthening of the regulation of credit institutions, investment firms and insurance and reinsurance undertakings will necessary provide incentives to move activities outside the scope of the existing sectoral legislation; Stresses, therefore, the need to enhance the procedures for the systematic, pre-emptive review of the possible impact on the flow of risk and capital through less regulated or unregulated financial entities of changes to legislation in the financial sector; and to expand the regulatory regime accordingly to avoid arbitrage;
Amendment 30 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the FSB's definition of SB as ‘a system of intermediaries, instruments, entities or financial contracts generating a combination of bank-like functions but outside the regulatory perimeter or under a regulatory regime which is either light or addresses issues other than systemic risks, and without guaranteed access to central bank liquidity facility or public sector credit guarantees’; underlines the challenge involved in implementing this definition in a monitoring, regulatory and supervisory context;
Amendment 60 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses, further, the need to obtain a fuller overview of risk transfers by financial institutions, including, but not limited to transfers effected through derivative transactions, data for which will be provided under EMIR and MIFID/MIFIR, in order to determine who has purchased what from whom and how the transferred risks are supported; invites the Commission, therefore, in consultation with the ESRB and international bodies such as the FSB, to undertake a study (in early 2013) and submit a report (by mid- 2013) regarding the feasibility of setting up a public non- profit utility as a central registry for risk transfers, attached to the ESRB, which should be able to capture and monitor risk transfer data in real time;, making full use of data provided under the reporting requirements of existing and future financial legislation; incorporating internationally available data.
Amendment 79 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that the reports of the Committee on Economic and Monetary Affairs on CRD IV2 , currently being discussed with the Council, represent an important step in tackling shadow banking in a positive way by imposing capital treatment of liquidity lines to structured investment vehicles and conduits, and by setting the large exposure limit of 25% of own funds for all unregulated entities and by recognising the higher risk, relative to regulated and non-finanical entities, of exposures to such entities in the prudential provisions for liquidity risks;
Amendment 99 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Urges the Commission to consider an EU wide mechanism for supervisory assessment of the suitability of new financial products from a financial stability and consumer protection perspectives, including the right to limit or ban their use where they are deemed unsuitable;
Amendment 105 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Takes note of the importance of the repo and security lending market; invites the Commission to adopt measures, by the beginning of 2013, to increase transparency, as well as to allow regulators to impose minimum haircuts or margin levels for the collateralised financing markets; and to study and to consider the imposition of limits on rehypothecation of collateral;
Amendment 106 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Stresses the need to review bankruptcy law in relation to both the repo and security lending market and securitisations with the aim of harmonisation and addressing issues of seniority relevant to the resolution of regulated financial institutions; Calls on the Commission to consider various approaches to restrict bankruptcy privileges, including proposals to limit bankruptcy privileges to centrally cleared transactions as well as to collateral meeting harmonized predefined eligibility criteria;
Amendment 117 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Believes that incentives associated with securitisation need to be adequately addressed; invites the Commission to examine the securitisation market and to submit a legislative proposal at the latest by the beginning of 2013 for strict limitation and supervisory approval of re- securitisations; calls on it to impose particular requirements on suppliers of securitisation (e.g. originators or sponsors) to retain part of the effectively assessed risks associated with securitisation and of measures to achieve transparency, by the introduction of an external valuer of the underlying assets and standardisation of securitisation products as well as resolution processes; calls on the Commission to consider limiting the origination of primary securitisations to specialised entities subject to a specific regulatory regime from whom alone other investors may purchase such products;
Amendment 121 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recognises the important role money market funds (MMFs) fulfil in the financing of financial institutions in the short run and in allowing for risk diversification; recognises the different role and structure of MMFs based in the EU and the US; recognises that the 2010 ESMA guidelines imposed stricter standards on MMFs (credit quality, maturity of underlying securities and better disclosure to investors); notes, however, that some MMFs, in particular those offering a stable net asset value to investors, are vulnerable to massive runs; stresses, therefore, that additional measures need to be taken to improve the resilience of these funds and to cover the liquidity risk; invites the Commission to submit a legislative proposal at the beginning of 2013 requiring MMFs either to adopt a variable asset value with a daily evaluation or, if retaining a constant value, to be subject to capitrequired to apply for a limited purpose banking licence and be subject to capital and other prudential requirements;
Amendment 130 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the benefits Exchange Traded Funds (ETFs) provide by giving retail investors access to a wider range of assets (such as commodities, in particular), but stresses the risks ETF carry in terms of impact on the volatility and level of commodity prices and, hence, the functioning of markets for non- speculative commercial participants and the complexity, counterparty risk, liquidity of products and possible regulatory arbitrage; invites the Commission, therefore, to submit a legislative proposal at the beginning of 2013 to tackle these potential structural vulnerabilities;
Amendment 136 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Instructs its President to forward this resolution to the Council and, Commission. and the Financial Stability Board