6 Amendments of Raffaele BALDASSARRE related to 2009/0144(COD)
Amendment 33 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination whilst taking into account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 34 #
Proposal for a regulation
Article 7 – title
Article 7 – title
Technical standards – delegated acts
Amendment 35 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopted by the Commission by means of Rregulations or Ddecisions and published in the Official Journal of the European Unions delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. The word "delegated" shall be inserted in the title of those acts. The standards adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.
Amendment 36 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 37 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non- compliance by the competent authority in order to maintain or restore neutral conditions of competition in the internal market or ensure the orderly functioning and integrity of the financial system in cross-border activities, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under Community law including the cessation of any practiceUnion law including the cessation of any practice. Before adopting an individual decision, the Authority shall inform the Commission thereof. The Commission shall ensure that the right to be heard of the addressees of the decision is respected. The Authority and the competent authorities shall provide the Commission with all necessary information. Within two weeks of receipt of the draft decision of the Authority, the Commission shall decide whether to endorse the draft decision. The Commission may not extend that period. The Commission may endorse the draft decision only in part or with amendments where the Union interest so requires. Where the Commission does not endorse the draft decision or endorses it in part or with amendments, it shall inform the Authority without delay via a formal opinion. Within one week, the Authority shall review and adapt its decision to the Commission's formal opinion and transmit it without delay to the Commission. Within one week of receipt of the amended decision of the Authority, the Commission shall decide whether to endorse it or reject it. If the amended decision is rejected by the Commission, the decision shall be deemed not to have been adopted.
Amendment 42 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in Article 1(2), the Authority may adopt an individual decision, in accordance with the procedure laid down in Article 9(6), addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law, including the cessation of any practice.