20 Amendments of Olle LUDVIGSSON related to 2012/0242(CNS)
Amendment 103 #
Proposal for a regulation
Recital 6
Recital 6
(6) The European Banking Authority (EBA), established in 2011 by Regulation (EU) No. 1093/2010 of the European Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), and the European System of Financial Supervision established by Article 2 of that Regulation and of Regulation (EU) No 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (EIOPA), and Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (ESMA)6 have significantly improved cooperation between banking supervisors within the Union. EBA is making important contributions to the creation of a single rulebook for financial services in the Union, and has been crucial in implementing in a consistent way the recapitalisation of major Union credit institutions agreed by the European Council in October 2011. In order for the EBA to be able to carry out its tasks with proper integrity and efficiency in the reformed supervisory context, it will need adequate resources and a budget that is continuously updated as new responsibilities are added.
Amendment 222 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18 a) In non-euro Member States which have established a close cooperation with the ECB, the tasks of setting higher prudential requirements, applying additional measures to credit institutions as well as imposing and enforcing additional capital buffers should all remain with national competent authorities as long as the Member State concerned does not take part in a common mechanism where the responsibility for recapitalisation and resolution of financial institutions is placed at the European level. Where only national mechanisms can be used, these supervisory tools need to be adjusted at the national level so that the safety of national credit institutions matches the capacity of those national mechanisms.
Amendment 263 #
Proposal for a regulation
Recital 25
Recital 25
Amendment 289 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre- condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which rRepresentatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those representatives taking into account the limits following from the Statute of ESCBwith the ECB should be granted equitable treatment and representation in all aspects of the activities of the Supervisory Board and ofin the ECB, in particular as regards the integrity of its decision making procesadministrative work underpinning those activities.
Amendment 336 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair, both to be elected by the ECB Governing Council following an open selection procedure and after approval by the European Parliament, and composed, in addition, of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice-Chair, their term should not exceed five years and should not be renewable. All Member States which have established a close cooperation with the ECB should have a seat on the board. Representatives of the competent authorities of those Member States should be granted voting rights equal to those of the euro area Member States. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 502 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 608 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Close cooperation with the competent authorities of non participating Member StatesMember States whose currency is not the euro
Amendment 618 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
To that end, the ECB may address guidelines or requests to the national competent authority of the non participating Member State concerned.
Amendment 621 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2 a (new)
Article 6 – paragraph 1 – subparagraph 2 a (new)
Where a close cooperation has been established, the tasks referred to in points d and e of Article 4 (1) shall not be carried out by the ECB if the Member State concerned does not take part in a common mechanism where the responsibility for recapitalisation and resolution of financial institutions is placed at the European level.
Amendment 624 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participating Member StateMember State whose currency is not the euro shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 643 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The decision referred to in paragraph 2 shall determine, in compliance with the Statute of ESCB and of the ECB, the conditions under which rRepresentatives of the competent authorities of the Member States which established a close cooperation in accordance with this Article shall take part to the activities of the Supervisory Boardbe granted equitable treatment and representation in all aspects of the activities of the Supervisory Board and in the administrative work underpinning those activities.
Amendment 649 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. A Member State intending to terminate its close cooperation shall notify the ECB. The ECB shall adopt a decision to terminate the cooperation. The decision shall start to apply no later than 30 days after the notification. The decision shall be notified to the Member State concerned and shall be published in the Official Journal of the European Union. The decision shall indicate the date from which it applies. Before taking the decision, the ECB shall, after having heard the views of the Member State concerned on the matter, establish a transition plan for the efficient transfer of supervisory responsibilities to the national competent authority. The plan shall take due consideration of the need to continuously maintain supervisory effectiveness and to protect the legitimate interests of credit institutions.
Amendment 653 #
Proposal for a regulation
Article 6 – paragraph 5a* – subparagraph 1
Article 6 – paragraph 5a* – subparagraph 1
5a. Where the conditions set out in paragraph 2(a) to (c) are no longer met by a Member State concerned, or where its competent authority does not act in accordance with the obligation referred to in paragraph 2(c), the ECB may decide to terminate the close cooperation with that Member State. * NB: wrongly numbered as a shall notify that Member State of its intention to terminate the close cooperation if adequate corrective action is not taken. If such action is not taken within 10 days, a conciliation committee shall be established comprising three representatives each from the ECB and the Member State concerned. The conciliation committee shall work for 20 days at clarifying the situation and seeking to find ways to maintain the close cond paragraph ‘5’ in the Commission proposaloperation. If the conciliation committee cannot agree on how to resolve differences, the ECB may decide to terminate the close cooperation.
Amendment 657 #
Proposal for a regulation
Article 6 – paragraph 5a* – subparagraph 2
Article 6 – paragraph 5a* – subparagraph 2
The decision shall be notified to the Member State concerned and shall be published in the Official Journal of the European Union. The decision shall indicate the date from which it applies, taking due consideration of supervisory effectiveness and legitimate interests of credit institutions. * NB: wrongly numbered as a second paragraph ‘5’ in the Commission proposal. Before taking the decision, the ECB shall, after having heard the views of the Member State concerned on the matter, establish a transition plan for the efficient transfer of supervisory responsibilities to the national competent authority. The plan shall take due consideration of the need to continuously maintain supervisory effectiveness and to protect the legitimate interests of credit institutions.
Amendment 822 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair and a Vice-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 ECBollowing an open selection procedure and after approval by the European Parliament.
Amendment 846 #
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. The supervisory board may appoint from among its members a steering committee with a more limited composition which supports its activities, including preparing the meetings. Among the members of the committee, there shall be a proportional representation of euro area Member States and Member States which have established a close cooperation. If there is at least one Member States in close cooperation, it shall be ensured that no less than one member of the committee is a representative of the national competent authority of such a Member State.
Amendment 852 #
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
5. The representatives of the competent authority of the Member States which established a close cooperation in accordance with Article 6 shall take part to the activities of the supervisory board in accordance with the conditions be granted voting rights equal to thoset out in the decision adopted in accordance with paragraphs 2 and 3 of Article 6, in compliance with the Statute of ESCB and of the ECBf the euro area Member States.
Amendment 857 #
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Chair of the European Banking Authority and a member of the European Commission may participate as observers in the meetings of the supervisory board. Where relevant, the Chairs of the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board may also participate as observers.
Amendment 949 #
Proposal for a regulation
Article 26 – paragraph 1 – point d
Article 26 – paragraph 1 – point d
(d) the appropriateness of governance arrangements, including the composition of the supervisory board and the collaboration between euro area Member States and Member States which have established a close cooperation.
Amendment 950 #
Proposal for a regulation
Article 26 – paragraph 1 – point d a (new)
Article 26 – paragraph 1 – point d a (new)
(da) the impact of the supervisory activities of the ECB on the interests of the Union as a whole and on the coherence and integrity of the single market in financial services.