12 Amendments of Philippe LAMBERTS related to 2013/2047(INI)
Amendment 7 #
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
Amendment 8 #
Motion for a resolution
Citation 6 b (new)
Citation 6 b (new)
- having regard to the Financial Stability Board's publication of "Global systemically important insurers (G-SIIs) and the policy measures that will apply to them"1 on July 18th 2013; __________________ 1 http://www.financialstabilityboard.org/pu blications/r_130718.pdf
Amendment 21 #
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas the IAIS reported in July 2013 on Globally Systemic Insurance Institutions and concluded that, while the traditional insurance business model has proven considerably less fragile in financial crises than that of banks, nevertheless, large, highly interconnected cross border insurers, especially those that have significant activities outside traditional underwriting such as credit and investment guarantees, can pose a significant systemic risk;
Amendment 22 #
Motion for a resolution
Recital N b (new)
Recital N b (new)
Nb. whereas, based on the IAIS assessment method, the FSB has identified nine large insurers as being systemic of which five are headquartered in the Union;
Amendment 38 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines the urgent need, in the context of assessing the relevance of specific resolution regimes for market infrastructure, financial institutions and shadow banking entities, for the development of tools for effective near- time monitoring of the stock and flow of financial risk within and across corporate, sectoral and national boundaries in the Union and between the Union and other global regions; Urges the Commission to ensure that the relevant data provided under banking, insurance and market infrastructure legislation is used efficiently for this purpose by the ESRB, ESAs and other competent authorities;
Amendment 39 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Stresses the importance of clear provisions for a 'ladder of intervention' in any recovery provisions for non-bank financial institutions under which competent authorities monitor appropriately designed indicators of financial health and have the power to intervene early in cases of financial stress of an entity and require it to take corrective measures according to a pre- approved recovery plan in order to stave off the potentially disruptive last resort of putting such an entity into resolution;
Amendment 64 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Asserts that the dividing-line between recovery and resolution in the case of CCPs is when the default waterfall is exhaustedloss absorption capacity of the CCP has been depleted and there is no reasonable prospect that action by the CCP can rapidly restore it to the level required under EMIR, necessitating the option for the supervisorresolution authority to remove the CCP's management board and take over operational control of the CCP;
Amendment 92 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Member States to implement Solvency II within a reasonable time-frame, and calls for the completion of negotiations on Omnibus II so that EIOPA can effectively regulate insurance undertakings, in particular with regard to the measures to ensure effective systemic and policyholder safeguards on products with Long Term Guarantees, so that EIOPA can effectively regulate insurance undertakings and thus keep to a minimum the probability of resolution authorities having to step in;
Amendment 97 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to take into account the IAIS's work on recovery and resolution of insurers, and to consider what action is needed to implement it;in particular the recommendation to have recovery and resolution plans as well as resolvability assessments in place for systemic insurers by the end of 20141 and to consider what action is needed to implement it; __________________ 1 see proposed timetable on p31 of 'Global Systemically Important Insurers:Policy Measures', IAIS, 18 July 2013
Amendment 100 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Regrets that the IAIS and FSB have postponed the publication of guidelines on the assessment of the systemic status of and policy recommendations for reinsurers until July 2014; Calls on the Commission to look carefully at the systemic risk posed by reinsurance, especially with regard to their central role in insurance risk management, their high degree of interconnectedness and poor substitutability;
Amendment 109 #
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
Shadow banking
Amendment 110 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Commission to complement its work on aspects of the Shadow Banking System with an assessment of the systemic risk posed by financial institutions such as finance companies and securities entities providing credit or credit guarantees or performing liquidity and/or maturity transformation without being regulated as banks and the need for a specific regime for their orderly wind down;