Activities of Olle LUDVIGSSON related to 2015/2190(DEC)
Shadow opinions (1)
OPINION on Discharge 2014: European Securities and Markets Authority (ESMA)
Amendments (6)
Amendment 2 #
Draft opinion
Paragraph 2
Paragraph 2
2. Underlines that ESMA’'s role in promoting a common supervisory regime across the internal market is essential in order to ensure a better integrated, more efficient and safer financial markets as well as a high degree of consumer protection in the Union;
Amendment 6 #
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that ESMA when carrying out its activities needs to pay particular attention to the issue of proportionality andattention to ensuring compatibility with Union law, respecting the principle of proportionality and complying with the fundamental principles of the internal market for financial services; underlines that ESMA, on that basis, must strive to achieve outcomes that are unambiguous, coherent and free of superfluous complexity;
Amendment 10 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Emphasizes that, on all issues linked to ESMA's resources, it has to be ensured that the mandate can consistently be fulfilled and that the practical limits of independent, reliable and effective supervision are not set by budgetary constraints;
Amendment 11 #
Draft opinion
Paragraph 5
Paragraph 5
5. Acknowledges that the setting-up phase of ESFS has still not been completed and therefore notes that the tasks already entrusted to ESMA, as well as additional tasks envisaged in on-going legislative work, require an adequate level of staff and budget to allow for satisfactory supervision, in terms of both numbers and qualifications, and funding to allow for satisfactory supervision; underlines that, in order to uphold the quality of the supervisory work, it is very often the case that an expansion of tasks has to be matched by an expansion of resources; emphasises however that any potential increases in ESMA's means must be explained thoroughly and accompanied by rationalisation measures wherever possible;
Amendment 17 #
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that given its limited resources, while making sure that all assignments are carried out in full, ESMA must stickcarefully strictlyk to the tasks assigned to it by the Union legislator and must not seek to de facto broaden its mandate beyond those assignments; stresses that whilen carrying out its work and in particular when drafting implementing legislationtechnical standards and technical advice, ESMA needs to timely, regularly and comprehensively inform the Union legislatorEuropean Parliament about its activities; regrets that ESMAthis has in the past not always met that standardbeen done;
Amendment 24 #
Draft opinion
Paragraph 7
Paragraph 7
7. Concludes that ESMA’'s mixed financing arrangement is, which relies heavily on contributions from national competent authorities, is inadequate, inflexible, burdensome and a potential threat to its independence; therefore calls on the Commission to reconsider the, in the White Paper planned for Q2 2016 and in a legislative proposal presented by 2017, to launch a different financing arrangement in favourbased ofn an independent separate budget line fromin the budget of the Union and on the introduction of feescomplete replacement of the contributions from national authorities by fees paid by market participants.