9 Amendments of Sven GIEGOLD related to 2010/0199(COD)
Amendment 49 #
Proposal for a directive
Recital 5
Recital 5
(5) Investors may not be aware of any limitlacking or limited authorisations of investment firms' authorisations, thus it is necessary to protect them in situations in which investment firms act without or in breach of their authorisation notably by holding client assets or providing services to a particular type of client without or contrary to the conditions of their authorisation. Therefore, schemes should cover clients' assets which are de facto held by investment firms in connection with any investment business.
Amendment 52 #
Proposal for a directive
Recital 8
Recital 8
(8) As the compensation coverage under Directive 94/19/EC is now higher than the one under this Directive, it is necessary to provide the highest protection to investors in cases where both Directives 94/19/EC and 97/9/EC could cover assets held by banks. Therefore, in those cases, theIn cases where assets held by banks could be covered by Directives 94/19/EC and 97/9/EC investors should be compensated under Directive 94/19/EC.
Amendment 57 #
Proposal for a directive
Recital 13
Recital 13
(13) In order to ensure investors receive the compensation provided for under this Directive and a comparable level of investor protection across Member States, it is necessary to introduce common rules governing the funding of the schemes. The schemes should be financed in proportion to their liabilities. An appropriate level of pre-funding should be ensured and the schemes should have in place adequate arrangements to assess and reach their target funding level prior to the occurrence of any loss event relevant under Directive 97/9/EC. A common minimum target fund level should be reached as soon as possible and in any event within a tenfive-year period.
Amendment 70 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2a – subparagraph 1 – point b a (new)
Article 2 – paragraph 2a – subparagraph 1 – point b a (new)
(ba) meet indemnity claims concerning misselling or bad advice recognised by a court order.
Amendment 106 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 2 a (new)
Article 4a – paragraph 2 – subparagraph 2 a (new)
The Commission may adopt, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c, measures to establish the percentage of the ex-ante funding amount for assets held in UCITS taking account the existing level of regulation for UCITS and the developments in regulation concerning UCITS.
Amendment 107 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 a (new)
Article 4a – paragraph 2 a (new)
2a. Competent authorities may reduce contributions for members of the scheme if additional measures to reduce the operational risk are taken voluntarily by those members. Contributions may also be reduced by the competent authorities, when members proof, that sub-custodians used by them meet the same standards to reduce operational risk. The target level of the scheme shall not be affected by any reductions.
Amendment 108 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 b (new)
Article 4a – paragraph 2 b (new)
2b. ESA (ESMA) shall draft implementing technical standards to set the conditions for reductions as referred to in paragraph 2. ESA (ESMA) shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission on an annual basis. The Commission may adopt the draft implementing technical standards in accordance with the procedure laid down in Article 15 of Regulation (EU) No 1095/2010. The assessment of conditions for risk- based reductions shall be based on criteria such as the volume of monies and financial instruments , capital adequacy, and stability of each member taking into account their legal status and the legal framework applicable at its seat.
Amendment 123 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 6
Article 4a – paragraph 6
6. Member States shall ensure that the cost of financing schemes is ultimately borne in relation to investment business and only by the investment firms or third party custodians covered by the scheme and in relation to UCITS activities, by UCITS or their depositaries or third parties who are covered by the scheme. Regular contributions by members shall be raised annually.
Amendment 128 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
7a. Member States shall ensure that investor-compensation schemes, at any time and at their request, receive from their members all information necessary to prepare a repayment of depositors.