BETA

17 Amendments of Olle LUDVIGSSON related to 2017/0230(COD)

Olle LUDVIGSSON

Proposal for a regulation
Recital 22

(22) Moreover, the Union dimension in the decision-making process within the Board of Supervisors should be enhanced by including independent full time members as members of the Board, who are not subject to possible conflicts of interest. Decision-making powers on issues of a regulatory nature and on direct supervision should remain fully with the competence of the Board of Supervisors. The Management Board should be transformed into an Executive Board composed of full time members and should decide on certain non-regulatory issues, including independent reviews of competent authorities, dispute settlements, breach of Union law, the Strategic Supervisory Plan, monitoring of outsourcing, delegation and risk transfers to third countries, stress tests and requests for information. The Executive Board should also examine and prepare all decisions to be taken by the Board of Supervisors. Moreover, the position and role of the Chairperson should be enhanced by empowering the Chairperson with formal tasks and with a casting vote in the Executive Board. Finally, the Union dimension in the ESAs governance should also be strengthened by amending the selection procedure of the Chairperson and the members of the Executive Board to one which will include the role of the Council and the European Parliament. The Executive Board should have a balanced composition.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Recital 23

(23) In order to provide for an appropriate level of expertise and accountability, the Chairperson and the members of the Executive Board should be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, as well as experience relevant to the financial supervision. To ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the Chairperson and the members of the Executive Board should be chosen on the basis of an open selection procedure. The Commission should establish a shortlist and submit that shortlist to the European Parliament for approval. Following that approval, the Council should adopt a decision to appoint the members of the Executive Board. The Chairperson and the full time members of the Executive Board should be accountable to the European Parliament and to the Council for any decisions taken on the basis of the founding Regulations.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Recital 24

(24) To ensure a more efficient allocation of operational tasks on the one hand and the management of administrative day-to-day activities on the other hand, the current tasks of the Executive Director of each of the ESAs should be assumed by one of the members of the Executive Board, who should be selected on the basis of those particular tasks.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Recital 55

(55) Due to the nature of the securities and issuers concerned, certain types of prospectuses drawn up according to Regulation (EU) 2017/1129 involve a cross-border dimension within the Union, a level of technical complexity and/or potential risks of regulatory arbitrage which are such that their centralised supervision by ESMA would achieve more effective and efficient results than their supervision at national level. Consolidating at the level of ESMA the approval of such prospectuses, as well as related supervisory and enforcement activities at the level of ESMA, should reduce compliance costs and administrative barriers while enhancing the quality, consistency and efficiency of supervision in the Union.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Recital 63

(63) The supervision of advertisements related to those prospectuses whose approval is conferred to ESMA should also be transferred to ESMA. ESMA should have the option to exercise control over the compliance of those advertisements. However such control should always be performed by ESMA in relation to any advertisement disseminated in a Member State whose competent authority has formally requested ESMA to make use of its controlling power whenever a prospectus approved by ESMA is used for an offer or admission in its jurisdiction. To perform such a task, ESMA should have adequate human resources with sufficient knowledge of the relevant national rules on consumer protection.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Recital 64

(64) ESMA should scrutinise and approve all prospectuses of the types defined by this Regulation that are submitted for approval from the date of application of this Regulation. Prospectuses of the types defined by this Regulation that were approved by a competent authority before the date of application of this Regulation, or submitted for approval to a competent authority but not yet approved at that date, should continue to be supervised by that competent authority. To avoid any confusion, such supervision should cover in particular the finalisation of the scrutiny and approval procedure for those prospectuses not yet approved, as well as all approval and notification tasks applying to related supplements and final terms, where applicable.deleted

2018/09/11
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) 1093/2010
Article 1 – point 6

~~(a) point (2) is replaced by the following: "(2) an Executive Board, which shall exercise the tasks set out in Article 47;"~~deleted

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point a

Regulation (EU) No 1093/2010
Article 40 – paragraph 1 – point aa

~~(a) paragraph 1 is amended as follows: (i) “(aa) the full time members of the Executive Board referred to Article 45(1), who shall be non-voting;”~~deleted the following point (aa) is inserted:

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 28

Regulation (EU) No 1093/2010
Article 44 – paragraph 1, subparagraphs 2 to 6, and paragraph 4

(28) Article 44 is amended as follows: (a) the second subparagraph of paragraph 1 is replaced by the following: ‘With regard to the acts specified in Articles 10 to 16 and measures and decisions adopted under the third subparagraph of Article 9(5) and Chapter VI and by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) of the Treaty on European Union, which shall include at least a simple majority of the members, present at the vote, from competent authorities of Member States that are participating Member States as defined in point 1 of Article 2 of Regulation (EU) No 1024/2013 (participating Member States) and a simple majority of the members, present at the vote, from competent authorities of Member States that are not participating Member States as defined in point 1 of Article 2 of Regulation (EU) No 1024/2013 (non-participating Member States). The full time members of the Executive Board and the Chairperson shall not vote on these decisions.’; (b) fifth and sixth subparagraphs are deleted; (c) following: The non-voting members and the observers shall not participate in any discussions within the Board of Supervisors relating to individual financial institutions, unless otherwise provided for in Article 75(3) or in the acts referred to in Article 1(2)."; The first subparagraph shall not apply to the Chairperson, the members that are also members of the Executive Board and the European Central Bank representative nominated by its Supervisory Board.";’deleted in paragraph 1, the third, fourth, paragraph 4 is replaced by the

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 30

Regulation (EU) No 1093/2010
Article 45

~~(30) Article 45 is replaced by the following: ‘Article 45 Composition 1. composed of the Chairperson and three full~~ deleted The Executimve members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members. One of the full time members shall be assigned responsibilities for budgetary matters and for matters relating to the work programme of the Authority ("Member in charge "). One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation. 2. selected on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation. The full time members shall have extensive management experience. The selection shall be based on an open call for candidates, to be published in the Official Journal of the European Union, following which the Commission shall draw up a shortlist of qualified candidates. The Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge. The Executive Board shall be balanced and proportionate and shall reflect the Union as a whole. 3. Executive Board no longer fulfils the conditions set out in Article 46 or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt a decision to remove him or her from office. 4. members shall be 5 years and shall be renewable once. In the course of the 9 months preceding the end of the 5-year term of office of the full time member, the Board of Supervisors shall evaluate: (a) term of office and the way in which they were achieved; (b) requirements in the coming years. Taking into account the evaluation, the Commission shall submit the list of the full time members to be renewed to the Council. Based on this list and taking into account the evaluation, the Council may extend the term of office of the full time members.’;Board shall be The full time members shall be Where a full time member of the The term of office of the full time the results achieved in the first the Authority’s duties and

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 31

(31) the following Article 45a is inserted: 1. shall be adopted by simple majority of its members. Each member shall have one vote. In the event of a tie, the Chairperson shall have a casting vote. 2. Commission shall participate in meetings of the Executive Board without the right to vote save in respect of matters referred to in Article 63. 3. and make public its rules of procedure. 4. shall be convened by the Chairperson at his own initiative or at the request of one of its members, and shall be chaired by the Chairperson. The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least five times a year. 5. Board may, subject to the rules of procedure, be assisted by advisers or experts. The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial institutions.’;deleted ‘Article 45a Decision-making Decisions by the Executive Board The representative of the The Executive Board shall adopt Meetings of the Executive Board The members of the Executive

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 32

~~(32) the following Article 45b is inserted: The Executive Board may establish internal committees for specific tasks attributed to it.’;~~deleted ‘Article 45b Internal committees

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 33

Regulation (EU) No 1093/2010
Article 46

(33) Article 46 is replaced by the following: The members of the Executive Board shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from the Union institutions or bodies, from any government of a Member State or from any other public or private body. Neither Member States, the Union institutions or bodies, nor any other public or private body shall seek to influence the members of the Executive Board in the performance of their tasks.’;deleted ‘Article 46 Independence

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 1093/2010
Article 47

~~(34) Article 47 is replaced by the following: [...]~~deleted

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 35

Regulation (EU) No 1093/2010
Article 48

(35) Article 48 is amended as follows: (a) in paragraph 1, the second subparagraph is replaced by the following: ‘The Chairperson shall be responsible for preparing the work of the Board of Supervisors and shall chair the meetings of the Board of Supervisors and the Executive Board.’; (b) paragraph 2 is replaced by the following: ‘2. on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial supervision and regulation, following an open call for candidates to be published in the Official Journal of the European Union. The Commission shall submit a shortlist of candidates for the position of the Chairperson to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the Chairperson. Where the Chairperson no longer fulfil the conditions referred to in Article 49 or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt a decision to remove him or her from office.’; (c) in paragraph 4, the second subparagraph is replaced by the following: ‘The Council, on a proposal from the Commission and taking into account the evaluation, may extend the term of office of the Chairperson once.’; (d)deleted The Chairperson shall be selected paragraph 5 is deleted;

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 1 – paragraph 1 – point 36

(36) Article 49a is replaced by the following: The Chairperson shall make public all meetings held and any hospitality received. Expenses shall be recorded publicly in accordance with the Staff Regulations.’;deleted ‘Article 49a Expenses

2018/09/14
Committee: ECON

Olle LUDVIGSSON

Proposal for a regulation
Article 9

Regulation (EU) 2017/1129
Article 9

~~[...]~~deleted

2018/09/19
Committee: ECON