13 Amendments of Sven GIEGOLD related to 2013/0253(COD)
Amendment 130 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the Union. Its composition should ensure that due account is taken of all relevant interests at stake in resolution procedures. The Board should operate in executive and plenary sessions. In its executive session, it should be composed of an Executive Director, a Deputy Executive Director, and representatives of the Commission and the ECB. Considering the missions of the Board, the Executive Director and Deputy Executive Director should be appointed by the Council on a proposal from the Commission and after hearing the European Parliament. When deliberating on the resolution of a bank or group established within a single participating Member State, the executive session of the Board should also convene and involve in the decision-making process the member appointed by the Member State concerned representing its national resolution authority. When deliberating on a cross- border group, the members appointed by the home and all host Member States concerned representing the relevant national resolution authorities should also be convened and involved in the decision- making process of the executive session of the Board. However, home authorities and host authorities should have a balanced influence on the decision, so host authorities should have jointly one single vote. In those deliberations due consideration should be given to the volumes of the liabilities affected and the size of the institutions concerned in the different Member States when proposing resolution actions. Observers, including a representative of the ESM and of the Euro Group, may also be invited to attend the meetings of the Board.
Amendment 136 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Directive [BRRD] should govern recovery and resolution planning, early intervention, conditions for and principles of resolution as well as the use of resolution tools by the SRM. It is therefore appropriate that this regulation covers only those aspects required to ensure that the SRM implements that directive and that appropriate additional funding required is at its disposal.
Amendment 146 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24a) Global systemically important institutions (G-SIIs) and other systemically important institutions (O- SIIs) are by their nature not compatible with an efficient and robust market economy, inter alia because they benefit from large implicit subsidies, and even with the use of resolution tools, the risk will persist that they cannot be resolved without public funds being deployed. Pre- emptive action by the Board within a reasonable time frame, including a significant reduction in their size, inter- connectedness and complexity, is therefore imperative
Amendment 362 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Application of Directive [BRRD] The actions of the SRM in relation to institutions shall be governed by Directive [BRRD].
Amendment 363 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Resolvability of Systemically Important Institutions For institutions referred to in article 2 of this regulation and identified as global systemically important institutions (G- SIIs) or as other systemically important institutions (O-SIIs) pursuant to Article 131 of DIRECTIVE 2013/36/EU, the Board shall prioritise the assessment of their resolvability in accordance with Article 13 [BRRD] and draw up a plan for each of these institutions to remove impediments to resolvability in accordance with Article 14 [BRRD]. The plan shall include at least the following: (a) requiring the institution to divest specific assets; (b) requiring the institution to limit or cease specific existing or proposed activities; (c) restricting or preventing the development or sale of new business lines or products; (d) requiring changes to legal or operational structures of the institution so as to reduce complexity in order to ensure that critical functions may be legally and economically separated from other functions through the application of the resolution tools;
Amendment 708 #
Proposal for a regulation
Article 26 – paragraph 2 – introductory part
Article 26 – paragraph 2 – introductory part
2. Where a national resolution authority has not applied a decision referred to in Article 16, or has applied it in a way which fails to achieve the resolution objectives under this Regulation, the Board shall have the power to order an institution under resolution or exercise any other powers provided for in Directive [BRRD]::
Amendment 715 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Amendment 800 #
Proposal for a regulation
Article 41 – paragraph 8
Article 41 – paragraph 8
8. During any investigations by the Parliament, the Board shall cooperate with the Parliament, subject to the TFEU. The Board and the Parliament shall conclude by 1 March 2015 appropriate arrangements on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the Board by this Regulation. Those arrangements shall cover, inter alia, access to information, cooperation in investigations and information on the selection procedure of the Executive Director and the Deputy Director and shall have in all relevant aspects have at least the scope and substance covered by the IIA adopted by the EP on 9.10.2013 in the framework of the SSM pursuant to article 20 paragraph 9 of regulation [SSM]. These arrangements shall include an agreement between the Board and the Parliament on the principles and procedures for the classification, transmission to Parliament and delayed public disclosure of confidential information other than those covered by the IIA concluded pursuant to article 20 paragraph 9 of regulation [SSM].
Amendment 842 #
Proposal for a regulation
Article 51 – paragraph 1
Article 51 – paragraph 1
1. When deliberating on an individual entity or a group established only in one participating Member State, the Board shall take its decisions in its executive sessions by a simple majority of itsthe participating members referred to in article 49(2). In case of a tie the Executive Director shall have a casting vote.
Amendment 854 #
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
2. When deliberating on a cross-border group, the Board shall take its decisions in its executive sessions by a simple majority of itsthe participating members. referred to in article 49(3) with the following modifications: The members of the Board referred to in Article 40(239(1) points a) to d) and the member appointed by the Member State in which the group level resolution authority is situated shall each have one vote. The other participating members shall each have a voting right equal to a fraction of one vote and the number of national resolution authorities of the Member States in which a subsidiary or entity covered by consolidated supervision is established shall each have a voting right equal to one divided by their number. In case of a tie the Executive Director shall have a casting vote.
Amendment 956 #
Proposal for a regulation
Article 66 – paragraph 3 – introductory part
Article 66 – paragraph 3 – introductory part
3. TWithout prejudice to paragraph 1 second subparagraph, the Commission shall be empowered to adopt delegated acts in accordance with Article 82 to specify the following:
Amendment 973 #
Proposal for a regulation
Article 69 – paragraph 1
Article 69 – paragraph 1
1. The Board may contract for the Fund borrowings or other forms of support from, first private and, where this is not possible, public financial institutions or other third parties, in the event that the amounts raised in accordance with Articles 66 and 67 are not immediately accessible or sufficient to cover the expenses incurred by the use of the Fund.
Amendment 1032 #
Proposal for a regulation
Article 83 – paragraph 1 – point d a (new)
Article 83 – paragraph 1 – point d a (new)
(da) the possibility of setting up a community institution independent of the Commission to carry out the functions set out in this Regulation, including any changes to the Treaty that this would require