8 Amendments of Pablo ZALBA BIDEGAIN related to 2010/0199(COD)
Amendment 22 #
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 1 – subparagraph 2 a (new)
Article 9 – paragraph 1 – subparagraph 2 a (new)
Investment firms and UCITS shall disclose on their websites, or make available in writing, all information concerning the terms and conditions regarding access to the compensation scheme and the procedure for obtaining payment thereunder.
Amendment 76 #
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 97/9/EC
Article 3
Article 3
Claims arising out of transactions in connection with which a criminal conviction has been obtained for money laundering, as defined in Article 1 of Directive 2005/60/EC of the European Parliament and of the Council, or arising out of conduct that is prohibited under Directive 2003/6/EC of the European Parliament and of the Council, or related to the direct or indirect financing of terrorist groups as defined in Council Recommendation of 9 December 1999*, shall be excluded from any compensation under investor-compensation schemes. ________________ * OJ C 373, 23.12.1999 p. 1.
Amendment 100 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Article 4a – paragraph 2 – subparagraph 1
2. Member States shall ensure that each scheme establishes a target fund level of at least 0.5,1% of the value of the monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The value of the covered monies and financial instruments shall be calculated every year as at 31 JanuaryDecember.
Amendment 104 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
The Commission shall adopt, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c, measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemes in order to determine the target fund level to be established by the schemes and to modify the target fund level taking account of the developments in financial markets. On the basis of the value of the covered monies calculated every year as referred to in the first subparagraph, and taking account of the developments in financial markets, the Commission may amend, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c, the target fund level. In any event, within two years of the ten- year transition period referred to in paragraph 3, the Commission shall submit to the European Parliament and Council a report on the need to adjust the target fund level provided for under paragraph 2.
Amendment 119 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 4
Article 4a – paragraph 4
4. Member States shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in Article 9(2). Those additional contributions shall not exceed 0.5,1% of the covered monies and financial instruments as referred to in paragraph 2 of this Article. .Those additional contributions shall not jeopardise the stability of the financial system of the Member State concerned and be based on affordability criteria.
Amendment 136 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
1. After the ten-year period referred to in Article 4a(3), a scheme shall have the right to borrow from all other schemes referred to in Article 2 within the Union provided that all of the following conditions are met:
Amendment 154 #
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 2 – subparagraph 5
Article 9 – paragraph 2 – subparagraph 5
If final payment has not been made within nine months of the determination or ruling referred to in Article 2(2) or (2b), Member States shall ensure that the scheme provides, within three months of that determination or ruling, for a provisional payout of partial compensation of not less than one third of the claim based on an initial assessment of the claim. The balance shall be paid out within the period set out in the first subparagraph of this paragraph after the eligibility and the amount of the claim are finally established. That provisional payout system shall not enter into force until every Member States shall ensures that the scheme has the means to recover amounts provisionally paid out if it is established that the claim was not eligible.
Amendment 156 #
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Notwithstanding the time limit laid down in the first subparagraph of paragraph 2, where an investor or any other person entitled to or having an interest in investment business has been charged with an offence arising out of or in relation to money laundering as defined in Article 1 of Directive 2005/60/EC or in relation to the direct or indirect financing of terrorist groups as defined in Council Recommendation of 9 December 1999 or is the subject of action for contravention of Directive 2003/6/EC, the compensation scheme may suspend any payment pending the judgment of the court or determination of a competent authority.