1084 Amendments of Pablo ZALBA BIDEGAIN
Amendment 16 #
2016/2101(INI)
Motion for a resolution
Recital B
Recital B
B. whereas Europe still faces a hugen investment deficit, even though the current account surplus in the eurozone continues to rise, theoretically creating more favourable conditions for public and private investment due to the exceptionally low interest rates on government borrowing;
Amendment 44 #
2016/2101(INI)
Motion for a resolution
Recital E
Recital E
E. whereas political developments such as the questionresult of the UK’s membership of the Unionreferendum, relations with Russia and the refugee crisis have compounded uncertainties and further served to inhibit investment;
Amendment 60 #
2016/2101(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes with concern that the EU economy will grow less than expected on the basis of the European economic winter forecast 2016, as GDP in the eurozone is expected to increase by only 1.6 %, reaching 1.9 % by 2017, which is less than what was previously being estimated;
Amendment 130 #
2016/2101(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that Europe’s long economic crisis has shown that there is a strong need to focus on public and more important private investment, in order to enhance the EU’s competitiveness;
Amendment 211 #
2016/2101(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines the fact that investment has so far lagged and failed to lead to sustainable and inclusive growth in the EU and that under the current circumstances, monetary policy alone is unlikely towithout structural reforms will not bring about recovery, even though the rules made necessary by banking union have imposed more stringent financial criteria on banks; considers that a coordinated fiscal expansion is also needed in the EU, therefore, in line with the rules of the Stability and Growth Pact and its flexibility clauses, in order to place emphasis on public and private investment;
Amendment 4 #
2016/2099(INI)
Motion for a resolution
Citation 5
Citation 5
— having regard to Articles 15, 126, 175, 177, 208, 209, 271, 308 and 309 of the Treaty on the Functioning of the European Union and to Protocol No 5 thereto on the Statute of the EIB,
Amendment 12 #
2016/2099(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- having regard to Article 3 of the Treaty on European Union,
Amendment 53 #
2016/2099(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the promotion of economic, social and territorial cohesion is vital to the full development and enduring success of the Union,
Amendment 135 #
2016/2099(INI)
Motion for a resolution
Paragraph 10 – indent 1 (new)
Paragraph 10 – indent 1 (new)
- Takes the view that the EIB should continue to dedicate the majority of its funds to supporting economic, social and territorial cohesion;
Amendment 5 #
2016/2090(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the nature of a Committee of Inquiry prevents it from putting forward any final conclusions arising out of its investigations before it considers that its mandate has been fulfilled; whereas, therefore, it is premature for the Committee to submit any observations on the various aspects of its mandate atin this stage of its winterim reporkt;
Amendment 70 #
2016/2063(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses that the euro area continues to suffer from a high level of unemployment and excessive low inflation and that, in addition, the euro area is facing a very low level of productivity growth, which is the result of the lack of investment and lack of structural reforms since the beginning of the crisis; notes that the high level of public debt and the huge number of non- performing loans in the banking sector in some Member States are still fragmenting the euro area financial market, thus reducing room for manoeuvre to support the most fragile economies;
Amendment 33 #
2016/2056(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the rapid transformation brought about by digitisation and fintech innovation not onlyhas the potential to creates new and often better financial products for consumers, but also involvesand entails, moreover, key challenges in terms of security, data protection, consumer protection and taxation;
Amendment 57 #
2016/2056(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers simplifying legislation to be crucial in efforts to make products more easily comparable across the EU's various markets, particularly in the insurance sector;
Amendment 170 #
2016/2056(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses that digitalisation will facilitate access to the data necessary for consumers to be aware of risks, and will ensure greater transparency and a better service;
Amendment 235 #
2016/2056(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Commission to assess the impact of any legislation related to the financial sector before taking further legislative measures;
Amendment 40 #
2016/2032(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. NotesRecognises the challenges that SMEs are facing, principally owing to differences in financing conditions for SMEs between Member States, notably the quantity and cost of available funding, which are influenced by SME-specific and country-specific factors;
Amendment 64 #
2016/2032(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Encourages SMEs to consider the whole EU as their home market and to use the potential of the single market for their financing needs; welcomes the Commission’s initiatives supporting SMEs and start-ups in an upgraded Single Market, and urges the Commission to continue drafting proposals in favour of SMEs; underlines, in this context, the importance of the implementation of the Small Business Act; calls on the Commission for a follow-up to the Small Business Act;
Amendment 109 #
2016/2032(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Reiterates that it is primordial to enhance the SME lending capacity of banks; reiterates that there is a need to diversify sources of financing, and therefore welcomes the creation of a single market for capital; points out that financing by capital markets alone will not succeed in providing sufficient funding and appropriate financing solutions for SMEs;
Amendment 175 #
2016/2009(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas most of the unsolved disappearances that occur in the EU each year are related to trafficking in human beings,
Amendment 177 #
2016/2009(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas the legal, social and personal problems that a disappearance causes have a specific impact on those involved that must be recognised and addressed,
Amendment 488 #
2016/2009(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Draws attention to the link between people-trafficking and the problem of missing persons in Europe; stresses the need for a comprehensive strategy to address the particular suffering of relatives of missing persons, given the particular legal, social and emotional nature of such cases; takes the view that this strategy should be launched with a Commission communication on this issue;
Amendment 489 #
2016/2009(INI)
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Considers that this strategy should focus on stepping up judicial and police cooperation, particularly during the initial phase following the reporting of disappearance suspected of being connected to a criminal offence, particularly in cross-border areas. Adds that training for the relevant staff should be promoted – with a special emphasis on caring for those affected by events – with the strong support of, and cooperation with, civil society organisations working in this field;
Amendment 54 #
2015/2344(INI)
Motion for a resolution
Recital C
Recital C
C. whereas, contrary to othe budgetary arrangements in all other federations, the EU budget is dependent on contributions from Member State level to EU levelr economic and monetary unions, the EU budget represents barely 1% of EU GDP and is dependent on contributions from Member States, meaning that it is proving to be unable to address the effects of recessionary shocks;
Amendment 113 #
2015/2344(INI)
Motion for a resolution
Recital I
Recital I
I. whereas, especially since the crisis broke at the end of 2007, the shortcomings and weaknesses highlighted within the EU have meant that a great deal of trust has been lost in the process, both between Member States and on the part of citizens and the markets in the EU institutions and the Union as a whole;
Amendment 168 #
2015/2344(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation; also notes that, although the agreed rules are mandatory, many Member States have increased debt levels without, however, generating effects that would allow the economy to overcome negative cycles; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to copehat are able to deal with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix;
Amendment 272 #
2015/2344(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as a vital element in this enterprise, which can be successful only if solidarity is closely linked to responsibility, meaning that financial support is provided on the basis of clear criteria; stresses further that, in the medium and long term, achieving the above objective is conditional on progress towards a genuine economic and monetary union, which will be possible only through the creation of a single treasury;
Amendment 442 #
2015/2344(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Considers that the ECB profits should feed into the Eurozone fiscal capacity, once discounted the current percentage set for reserves; points out that to this effect, OLP applies to the reform of Article 33.1.a) of the ECB Statute; believes that this is particularly relevant in a period of quantitative easing;
Amendment 510 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – introductory part
Paragraph 26 – introductory part
26. Suggests that the convergence code define criteria to be reached within five years, building on the merits of the Maastricht criteria and focusing for; believes that theis first period on convergence requirements regarding:ve- year period should in exchange allow for a phasing-in of the new tasks attributed to the ESM/EMF;
Amendment 516 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 527 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
Amendment 547 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 1
Paragraph 26 – indent 3 – paragraph 1
Amendment 559 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
Paragraph 26 – indent 3 – paragraph 2
Amendment 579 #
2015/2344(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Considers that a financial instrument is needed to work as an incentive-based mechanism for convergence and sustainable structural reforms with clear conditionality; believes that the Structural Reform Support Programme (SRSP), which is designed to provide technical support to national authorities for measures aimed at reforming institutions, governance, administration, and economic and social sectors with a view to enhancing growth and jobs, can be further developed as a contribution to this function of the fiscal capacity, but points out that in order to be effective it will need to have sufficient resources;
Amendment 818 #
2015/2344(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Acknowledges that recently there has been a high level of scepticism among European citizens as to the ability of the European institutions and of the European project itself to solve serious problems, and that the current political climate characterised by deep inequality, mistrust and uncertainty is not conducive to proper reforms to achieve and complete EMU; believes, therefore, that a comprehensive roadmap, including clear milestones within an agreed timetable and taking into account the political and economic situation, should be urgently adopted with a clear commitment by euro area Heads of State and Government to achieving a genuine and complete EMU;
Amendment 143 #
2015/2221(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that an increase in capital requirements, beyond a certain threshold, may in the short term induce banks to curtail the supply of cred, limits banks’ lending capacity, and therefore looks forward to an overall stabilisation and evaluation of the level of capital;
Amendment 328 #
2015/2221(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Underlines that, together with the SSM and the SRM, the capacity to afford the same level of protection to deposits, irrespective of their location, is an indispensable component for completing the BU and thus genuinely breaking the sovereign-bank loop, restoring depositor confidence, creating a level-playing field and enhancing financial stability;
Amendment 341 #
2015/2221(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Welcomes the Commission’'s announcement regarding the presentation of a legislative proposal for the first steps towards a European Deposit Insurance Scheme (EDIS) by establishing a reinsurance mechanism at EU level for the national deposit guarantee schemelegislative proposal regarding the establishment of a European Deposit Insurance Scheme (EDIS) which would gradually evolve from a re-insurance of national Deposit Guarantee Schemes (DGS) to a co- insurance scheme and finally a genuine European Deposit Insurance Scheme; deems it essential that in parallel to the gradual introduction of a European Deposit Insurance Scheme concrete steps are taken towards a further reduction of risks in the banking sector and a weakening of the link between banks and sovereigns;
Amendment 11 #
2015/2210(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Commission's spring 2015 economic forecast indicates improved growth rates of 2.1 % in the EU and of 1.9 % in the euro area for 2016;
Amendment 120 #
2015/2210(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the entry into force of the regulation on the European Fund for Strategic Investment (EFSI), aimed at boosting private investment in the EU, and calls on all relevant stakeholders to ensure its swift and effective implementation; calls Member States to closely involve their local and regional authorities in promoting project pipelines and investment platforms;
Amendment 153 #
2015/2210(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the importance of access to finance for enterprises, in particular for small and medium-sized enterprises (SMEs), which constitute the backbone of the EU economy; points out the failure of currently low interest rates towelcomes accommodative monetary policy aimed at boosting investment;
Amendment 31 #
2015/2140(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Stresses that SMEs absolutely must, micro-enterprises and innovative start-ups must by all means receive support and access to funds so that they can become more competitive on the global market.
Amendment 56 #
2015/2140(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that a successfuln effective and credible competition policy must not be directed exclusively towards bringing down prices for consumers, but must also be mindful of the innovativeness of the European economy and special competitive conditionconducive to the competitiveness and innovativeness of the internal market and vast opportunities for small and medium-sized businesses;
Amendment 77 #
2015/2140(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to refine the internal market in areas where it is still fragmented and incomplete, and to end market restrictions and distortions of competition as soon as possible wherever they are found; notes that competition policy should be impartial and fact-based and should not lead to favouring incumbents to the detriment of innovative operators;
Amendment 111 #
2015/2140(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission to set clear procedures and speed up the investigation process and avoid unjustified extensions; calls for formal rights for all implicated victims and parties, with a particular focus on the principle of the presumption of innocence;
Amendment 113 #
2015/2140(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Notes that abuses of dominant position are prohibited and constitute a serious competition problem;
Amendment 114 #
2015/2140(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the original market models of the competition policy are frequentlymay be inappropriate for the digital economy, and the use of price-based indicators in this dynamic economic sector often fails to achieve the desired outcome; calls on the Commission to provide a comprehensive legal and economic assessment of fast- moving markets, in order to obtain a clear understanding of market structure and market trends, and to take appropriate measures to protect consumers;
Amendment 126 #
2015/2140(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Queries the long duration of the investigations into American Internet giant Google and regrets the fact that these investigations have already dragged on for several years with no result, because until 2014 the Commission was relgenerating uncertainty for all parties, notes that it should not become a standard and call on the Commission to diligently conduct ant to indicate its intentiond conclude any other pending antitrust investigation and to abolish market restrictions if established;
Amendment 134 #
2015/2140(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses that competition policy should be evidence-based and welcomes the European Commission’s sector inquiry into e-commerce on potential barriers to cross-border online trade in goods and services from electronics, clothing and shoes to digital content;
Amendment 3 #
2015/2132(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes howWelcomes the pface oft that economic recovery and long-term growth prospects in the EUare gaining ground in the EU, although they are being affected by the slowdown in investment, reflecting in part budgetary constraints in the Member States; welcomes therefore the draft budget’s strong emphasis, in point 1.1, on creating fresh impetus for jobs, growth and investment;
Amendment 37 #
2015/2132(BUD)
Draft opinion
Paragraph 6
Paragraph 6
6. Notes that the ESAs are currently financed from compulsory contributions by the national member authorities, money from the EU budget and charges payable by the institutions they supervise; finds it regrettable that this nationally oriented, mixed financing system is not used more extensivelyconsiders that this financial arrangement is inflexible, burdensome and a potential threat to the independence of the ESAs; renews its call to the Commission, therefore, to submit by no later than 2017 a proposal for a financing concept that combines financing from a specific line in the general EU budget with charges payable by operators in market; sees this system as a means of securing both the European authorities’ independence from their national member authorities and the full integrity of the ESAs vis-à-vis financial market participants;
Amendment 3 #
2015/2128(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Believes firmly that, at a Recalls that, with the objectimve of obringoing fiscal consolidation and renances onto a more sustraint in the Member States with the objective of briable footing, EU Member States are involved in an ongoing finances onto a more suscal consolidation and restrainable footing,t. Therefore firmly believes that all necessary steps must be taken to prevent and stop any fraudulent activities in the field of trade policy and its associated appropriations;
Amendment 7 #
2015/2127(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Calls on the EIB to pay greater attention to the impact its operations have on human rights and to further develop its policy on social standards into a human rights policy in the area of bankingaccordingly;
Amendment 7 #
2015/2127(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes note of the 2014 EIB Annual Report and the increase by 6.92% to EUR 80.3 billion in the EIB Group’s lending; is very concerned at the increasing high unemployment, inequality and poverty levels, weak investment and the continuous uncertainty in the financial markets;
Amendment 6 #
2015/2115(INI)
Motion for a resolution
Recital B
Recital B
B. whereas, according to the same forecast, unemployment in the euro area is expected to record a slow decrease, from 11.6 % at the end of 2014 to 10.5 % at the end of 2016; whereas there are major disparities between the unemployment rates in different Member States, with figures ranging from 6.4 % in Germany to 26.6 % in Greeceto 26.6 %;
Amendment 14 #
2015/2115(INI)
Motion for a resolution
Recital C
Recital C
C. whereas, again according to the same forecast, the fiscal outlook in the euro area should exhibit a slightn improvement, with decreases expected in the public deficit (from 2.4 % in 2014 to 1.7 % in 2016) and the public debt (from 94 % at the end of 2014 to 92.5 % at the end of 2016);
Amendment 26 #
2015/2115(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas low energy prices, particularly for oil, have been among the main contributors to the decrease in the headline inflation rates in the euro area;
Amendment 46 #
2015/2115(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that the modest recovery expected for the coming years in the euro area will not be sufficientWelcomes the ECB's bold actions in the face of a very challenging environment, and the fact that monetary policy has been focused on anchoring inflation expectations and returning to growth enhancing price stability; recalls that the recovery expected for the coming years in the euro area will need to strengthen and potential economic growth will need to be increased in order to reduce the high unemployment rates recorded in many euro area Member States orand to reduce the burden of debt;
Amendment 55 #
2015/2115(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies; considers that this long-standing problem is not appropriately addparticularly taking into account that SMEs employ 70% of the euro area's business labour force and have higher gross job creation rates than large companies; notes however a gradual decresased by in the recent measures implemented by the ECB to boost bank lendingspread between lending rates on small and large loans; recognizes the limits of what monetary policy can achieve in this respect and welcomes the mitigating exceptional measures undertaken by the ECB such as the targeted long-term refinancing operations (TLTROs);
Amendment 113 #
2015/2115(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that theWelcomes the still modest yet noticeable, positive impact of the Asset Purchase Programme (APP) on money and credit dynamics remains modest, with new loans to enterprises stilbenefiting from a gradual weak and with significant differences across euro area economiessing of credit standards, a continued easing of the terms and conditions for new loans, a decrease in the rejection of applications, an increase in the demand for loans and a gradual picking-up of private investment in the first three quarters of 2015; notes that since the launch of the APP, medium- term inflation expectations have risen, gradually converging towards the target of 2 %, while the risks of a deflation trap have decreased; asks the ECB to apply the APP to all Member States, without discrimination;
Amendment 161 #
2015/2115(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery in some Member States and to carry through the necessary structural reforms; reiterates however that the rules of the Stability and Growth Pact should be respected and that these rules stipulate that deficits must be offset with surpluses in order to achieve a budget which is in balance or in surplus over the medium term;
Amendment 168 #
2015/2115(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Affirms its commitment to respecting the ECB’'s independence in the conduct of monetary policy, as enshrined in the Treaties; considers that central bank independence is crucial for achieving the objective of safeguarding price stability, and that this implies that the ECB must not be threatened with the risk of fiscal or financial dominancerecalls that all governments and national public authorities should thus refrain from asking the ECB to take specific actions;
Amendment 175 #
2015/2115(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Draws attention to Article 123 TFEU, Article 21 of the Statute of the European System of Central Banks, and Article 7 of Council Regulation (EC) No 3603/1993 of 13 December1993 which prohibit the direct purchase by the national central banks or the ECB of debt instruments issued by EU or national public authorities or bodies; recalls however that such purchases are allowed in secondary markets;
Amendment 3 #
2015/2106(INI)
Motion for a resolution
Citation 15
Citation 15
Amendment 48 #
2015/2106(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Acknowledges the fact that the on- going financial and debt crisis has led to unprecedented negative consequences, in particular on the real economy and taxpayers savings; welcomes, in this context, the financial regulation promoted by the European Commission in the last five years which has strengthened Europe’s financial architecture for future crises;
Amendment 53 #
2015/2106(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Points out that the real economy remains heavily reliant on banks which makes the economy vulnerable to a tightening of bank lending; believes that alternative sources of financing should be found, in particular by strengthening the recourse to venture capital;
Amendment 88 #
2015/2106(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that an effective and efficient EU financial services regulation should be coherent, consistent (also on a cross- sectoral basis), proportionate, and free of superfluous complexity in order to avoid legal uncertainty, regulatory arbitrage and high transaction costs; believes that it should enable intermediaries to fulfil their role in funding the real economy and serve savers and investors; considers that it should contribute to the single market and focus on goals better achievable at European level;
Amendment 143 #
2015/2106(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 231 #
2015/2106(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Welcomes the Commission report on the ESA and its recognition for short-term and medium-term improvements in their functioning; believes that ESAs’ lack sufficient resources to fulfil their tasks, in particular as regards the implementation of consumer protections obligations; points out that sufficient time should be given to carry out complex consultation procedures concerning often wide- reaching Level 2 measures;
Amendment 298 #
2015/2106(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Believes that a European approach to financial regulation and the Capital markets Union should duly take into account international developments in order to avoid unnecessary divergences and duplications in legislation and keep Europe as an attractive place for international investors; stresses that the regulatory dialogue with the U.S. should be further strengthened; reiterates, in this context, that financial services regulatory matters should be included in the negotiations on TTIP;
Amendment 367 #
2015/2106(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35a. Calls on the Commission to integrate its proposals for a Capital Markets Union with other policy agendas, such as the development of a digital single market and on-going reforms in the field of company law and corporate governance; believes further that the Commission should take the newest technological developments into account in its initiatives for the implementation of a Capital Markets Unions;
Amendment 397 #
2015/2106(INI)
Motion for a resolution
Paragraph 42 a (new)
Paragraph 42 a (new)
42a. Stresses the importance of performing detailed impact assessments and cost-benefit analyses for any future legislation in order to demonstrate the added-value of legislation, in particular as regards economic growth and job creation; underlines that impact assessments and cost-benefit analyses should include thorough evaluations of the impact of Level-2 measures which form a significant part of the EU financial regulatory framework;
Amendment 47 #
2015/2010(INL)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the Union should ensure swift implementation of proposals to favour the exchange of information and the widest possible scope of application for the automatic exchange principle;
Amendment 64 #
2015/2010(INL)
Motion for a resolution
Recital O a (new)
Recital O a (new)
Oa. whereas the Union should protect internal markets from tax avoidance and engage in transversal and coordinated actions with other countries in the fight against tax havens;
Amendment 219 #
2015/2010(INL)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Considers that the harmonization of budgetary frameworks and fiscal alignment is critical and constitutes a frequently forgotten feature of a prospective fiscal union;
Amendment 252 #
2015/0226(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point a
Article 4 – paragraph 2 – point a
(a) the retention of no less than 5% of the nominal value of each of the tranches sold or transferred to investors;, as it has been effective since its first introduction in CRR II.
Amendment 413 #
2015/0226(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. Where the originator, sponsor and SSPE use the service of a third party authorised pursuant to Article 14a to assess whether a securitisation complies with Articles 7 to 10 or Articles 11 to 13, the STS notification shall include a statement that the compliance with the STS criteria was confirmed by that authorised third party. The notification shall include the name of the authorised third party, its place of establishment and the name of the competent authority that authorised it.
Amendment 430 #
2015/0226(COD)
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Amendment 441 #
2015/0226(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Without prejudice to the right for Member States to provide for and impose criminal sanctions pursuant to Article 19 of this Regulation, Member States shall lay down rules establishing appropriate administrative sanctions and remedial measures applicable to situations where:
Amendment 442 #
2015/0226(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) an originator, sponsor or original lender has failed to meet the requirements of Article 4 by their negligence or omission;
Amendment 443 #
2015/0226(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) an originator, sponsor and SSPE have failed to meet the requirements of Article 5 by their negligence or omission;
Amendment 446 #
2015/0226(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 1
Article 17 – paragraph 1 – point c – paragraph 1
when a securitisation is designated as STS and an originator, sponsor andor SSPE have failed to meet the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation .by their negligence or omission
Amendment 470 #
2015/0226(COD)
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. In respect of securitisationsdifferent kinds of investments in securitisations such as buying, selling or holding made after ... [date of entry into force of this Regulation] the securities of which were issued on or after 1 January 2011 and to securitisations issued before that date, where new underlying exposures have been added or substituted after 31 December 2014, Article 3 of this Regulation shall apply.
Amendment 7 #
2015/0218(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Olive oil is Tunisia’s main agricultural export product to the Union and the olive oil industry is an important part of the country’s economy, as it is for some regions of certain Member States.
Amendment 11 #
2015/0218(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The Union can best support Tunisia’s economy, on a short term basis and in accordance with the objectives set out in the European Neighbourhood Policy and in the Euro- Mediterranean Agreement, by providing an attractive and reliable market for Tunisia’s exports of olive oil. This requires autonomous trade measures allowing for the import of this product into the Union on the basis of a duty free tariff quota, established for a maximum period of two years.
Amendment 17 #
2015/0218(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In order to prevent fraud and to guarantee consumer rights and fair competition, the envisioned autonomous trade measures should be subject to compliance by Tunisia with the Union’s relevant rules regarding the origin of products and the procedures related thereto, as well as to Tunisia’s effective administrative cooperation with the Union.
Amendment 41 #
2015/0218(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Commission shall administer the tariff rate quota in accordance with Article 184 of Regulation (EU) No 1308/2013. and by establishing monthly import licences to be issued between January and October of 2016 and 2017 in accordance with Regulation (EC) No 1918/20061a. __________________ 1aCommission Regulation (EC) No 1918/2006 of 20 December 2006 opening and providing for the administration of tariff quota for olive oil originating in Tunisia (OJ L 365, 21.12.2006, p. 84)
Amendment 483 #
2015/0009(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation, and transport, telecommunications and energy infrastructure compared to if the resources had been spent via, whilst the agreed proportion of grants within the planned Horizon 2020 and Connecting Europe Facility programmes is maintained. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 659 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
(g) requirements governing the use of the EU guarantee, including within specific time frames and key performance indicatorsuch as compliance with the objectives and eligibility criteria set out in Article 5(2) and Article 5(2)(a), as well as specific time frames and key performance indicators, including direct job creation and the involvement of SMEs;
Amendment 951 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a – point i (new)
Article 5 – paragraph 2 – subparagraph 1 – point a – point i (new)
(i) a higher risk profile will have to be accepted for research, development and innovation projects;
Amendment 1411 #
2015/0009(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) Excellent science, EUR 23 897,04 441,1 million in current prices;
Amendment 1413 #
2015/0009(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
(b) Industrial leadership, EUR 16 4305 946,5 million in current prices;
Amendment 1421 #
2015/0009(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 5 – paragraph 2 – point iii
Article 5 – paragraph 2 – point iii
(iii) Non-nuclear direct actions of the JRC, EUR 1 85792,6 million in current prices.
Amendment 1451 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1291/2013
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) transport sector: EUR 23 550 54 003 282 000, of which EUR 11 305 500 000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund;
Amendment 1453 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
(b) telecommunications sector: EUR 1 041 6970 002 000;
Amendment 1455 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1291/2013
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) energy sector: EUR 5 350 04 968 975 000.
Amendment 1462 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point 1 (new)
Article 19 – paragraph 1 – point 1 (new)
Amendment 1463 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point 2 (new)
Article 19 – paragraph 1 – point 2 (new)
(2) 3. Article 24(4) is deleted.
Amendment 99 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph i
Paragraph 1 – subparagraph i
i. propose the introduction of a national court systems-first principle, to be supplemented with mediation and intergovernmental dispute mechanisms in legal disputes in order to ensure easier access and lower litigation costs than those offered by currentstress that the ISDS- mechanisms, benefitting especially SMEs (having fewer resources available than large corporations), thus creating more equal competition conditions; stress that any and all dispute mechanisms set in place within the TTIP-framework must uphold full transparency and be subject to democratic principles and scrutiny;
Amendment 146 #
2014/2228(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the wellbeing of ordinary citizens, workers and consumers and improving the business climate has to be the benchmark for a trade agreement; whereas TTIP should be a model for a good trade agreement responding to these requirements;
Amendment 167 #
2014/2228(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the secret character of negotiations as they have been conducted in the past has lemay lead to deficiencies in terms of democratic control of the negotiation process;
Amendment 367 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point iv
Paragraph 1 – point b – point iv
(iv) to increase market access for services according to the ‘posinegative list approach’ whereby services that are to be opened up toexclude foreign companies are explicitly mentioned and new services are excluded while ensuring that possible standstill and ratchet clauses only apply to non- discrimination provisions and allow for enough flexibility to bring services back into public control;
Amendment 753 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xiv
Paragraph 1 – point d – point xiv
(xiv) to ensure that foreign investors are treated in a non-discriminatory fashion and have a fair opportunity to seek and achieve redress of grievances, which can be achieved without the inclusion of an ISDS mechanism; such a mechanism is not necessary in TTIP givenincluding through effective dispute settlement mechanisms. To this effect, TTIP should include appropriate and coherent state-to-state and investor-to-state dispute settlement mechanisms that are consistent with the right of the EU’s and the US’ developed legal systems; a state-to- state dispute settlement system and the use of national courts are the most appropriate tools to address inveits Member States to preserve and pursue legitimate public policy objectives. In this context, the negotiation on an investment arbitration mechanism should ensure satisfactory results with regard to the preservation of the right of the EU and its Member States to regulate to achieve public policy objectives; enhanced transparency of arbitral proceedings; the independence of arbitrators; ensuring the consistency of arbitral awards, by means such as providing for the possibility of appeal; and a relationship between ISDS and domestic judicial systems that is consistment disputeswith the jurisdiction of courts in the EU;
Amendment 812 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xvi
Paragraph 1 – point d – point xvi
(xvi) to ensure that the IPR chapter does not include provisions on criminal sanctions as a tool for enforcement, as having been previously rejected by Parliament; to strengthen and promote the cooperation of the European Union and the United States through multinational organisations so as to boost the protection of intellectual property in other countries and work towards global harmonisation of patent law;
Amendment 51 #
2014/2221(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that the lack of investment is caused by low confidence, high indebtedness, fragmentation of the financial markets, slow deleveraging and subdued expectations of demand;
Amendment 94 #
2014/2221(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Supports the Commission’s moves to continue building a single capital market;
Amendment 101 #
2014/2221(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Points out that the main problem in a number of Member States is that fragmentation of the financial markets results in a shortage of financing and increased financing costs, especially for SMEs;
Amendment 102 #
2014/2221(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Considers that the EIB and the ECB could play a more active role in overcoming fragmentation so as to promote SME financing, entrepreneurship, exports, and innovation, all of which are vital for economic growth;
Amendment 47 #
2014/2210(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Emphasises that family businesses demonstrate a high degree of social responsibility towards their staff and that they, manage resources actively and responsibly, and generally take a more sustainable and longer-term approach to the economic future of the business (by acting as ‘honourable businessmen’) than non- family businesses and thus make an important contribution to Europe’s competitiveness and create and maintain jobs;
Amendment 133 #
2014/2210(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission and especially the Member States therefore to improve the legal framework for the transfer of family businesses andvia a one-stop-shop system, and to create special financing instruments for transfers and, thus preventing liquidity shortages so as to ensure the survival of family businesses and prevent distress sales; calls, furthermore, for the managers of family businesses to be given special training on inheritance, property and good governance;
Amendment 155 #
2014/2210(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to define the term ‘family business’ at European level and regularly to commission studies that analyse the importance of ownership for the success and survival of a business and highlight the specific challenges facing family businesses; calls on the Commission also to collect enough datadata, on the basis of the definition of ‘family business’, on family businesses in the various Member States both to allow a comparison of the situation of family businesses and to promote exchanges of examples of good practices;
Amendment 185 #
2014/2210(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to establish, internally, a high-level group to lay the foundations for a permanent working group internally that specifically addresses the needs and characteristics of family businesses, regularly reports to Parliament and the Member States and acts as a contact at European level for family business for specific issues particularly relating to European legislation;
Amendment 201 #
2014/2210(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls onUrges the Commission to draw up a communication analysing the role of family businesses with a view to boosting the competitiveness of the EU’s economy by 2020, and to produce a road map listing the measures likely to strengthen the economic environment and development of family businesses in the EU;
Amendment 20 #
2014/2059(INI)
Motion for a resolution
Recital D
Recital D
D. whereas indecreasing overall unemployment, and youth unemployment in particular,, show a gradual recovery, the current levels remains a major threat to economic and social convergence in the EU;
Amendment 138 #
2014/2059(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Supports the objective of placing emphasis on policies that enhance competitiveness, support job creation, fight unemployment and improve the functioning of the labour market; In this respect, celebrates the 300bn EUR investment plan proposed by the incoming European Commission president;
Amendment 9 #
2014/0197(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Since the launch of the Stabilisation and Association Process, Stabilisation and Association Agreements have been concluded with all concerned Western Balkan countriepartners, with the exception of Bosnia and Herzegovina and Kosovo. In June 2013, the Council authorised the Commission to start negotiations for a Stabilisation and Association Agreement with Kosovo.
Amendment 29 #
2014/0059(COD)
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL setting up a Union system for supply chain due diligence self-certification of responsible importeoperators of tin, tantalum and tungsten, their ores, and gold originating in conflict-affected and high-risk areas
Amendment 85 #
2014/0059(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Many existing supply chain due diligence systems could contribute to achieving the aims of the Regulation. However, the criteria and procedures for the recognition of such schemes need to be clarified to allow for respect for high standards and the avoidance of double auditing.
Amendment 102 #
2014/0059(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Smelters and refiners are an important point in global mineral supply chains as they are typically the last stage in which due diligence can effectively be assured by collecting, disclosing and verifying information on the mineral's origin and chain of custody. After this stage of transformation it is often considered unfeasible to trace back the origins of minerals. The same applies to recycled metals, which have undergone even further steps in the transformation process. A Union list of responsible smelters and refiners could therefore provide transparency and certainty to downstream companies as regards supply chain due diligence practices.
Amendment 112 #
2014/0059(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The Member State competent authorities are responsible to ensure the uniform compliance of the self- certification of responsible importers by carrying out appropriate ex-post checks so as to verify whether the self-certified responsible importeoperators of the minerals and/or metals within the scope of the Regulation comply with the supply chain due diligence obligations. Records of such checks should be kept for at least 5 years. Member States are responsible to lay down the rules applicable to infringements of the provisions of this Regulation.
Amendment 122 #
2014/0059(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) In order to guarantee the efficient implementation of this Regulation, provision should be made for a two-year transitional period to allow the European Commission to set up a third-party audit system and for responsible importers to become familiar with their obligations under this Regulation.
Amendment 129 #
2014/0059(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The Commission should report regularly to the Council and the European Parliament and the Council on the effects of the scheme. No later than tThree years after entering into forcethe date of entry into application and every sixthree years thereafter, the Commission should review the functioning and the effectiveness of this Regulation, including as regards the promotion of responsible sourcing of the minerals within its scope from conflict- affected and high-risk areas. The reports may be accompanied, if necessary, by appropriate legislative proposals, which may include mandatory measures,
Amendment 137 #
2014/0059(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets up a Union system for supply chain due diligence self- certification in order to curtail opportunities for armed groups and security forces12 to trade in tin, tantalum and tungsten, their ores, and gold. It is designed to provide transparency and certainty as regards the supply practices of importeoperators, smelters and refiners sourcing from conflict-affected and high-risk areas. __________________ 12 'Armed groups and security forces' as defined in Annex II of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and High-Risk Areas: Second Edition, OECD Publishing (OECD (2013). http://dx.doi.org/10.1787/9789264185050- en.
Amendment 151 #
2014/0059(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation lays down the supply chain due diligence obligations of Union importers who choose tooperators who shall be self-certified as responsible importeoperators of minerals or metals containing or consisting of tin, tantalum, tungsten and gold, as set out in Annex I. Metals reasonably assumed to be recycled are excluded from the scope of this Regulation.
Amendment 202 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point g
Article 2 – paragraph 1 – point g
(g) 'importeoperator' means any natural or legal person declaringthat places minerals or metals within the scope of this Regulation for release for free circulation within the meaning of Article 79 of Council Regulation (EEC) No 2913/199213 ; __________________ 13Council Regulation (EEC) No 2913/92 of 12 October 1992 establison the market for the first time; (ga) 'placing on the market' means the supply by any means, irrespective of the selling technique used, of products for the first time on the internal market for distribution or use in the course of commercial activity whether in return for payment or free of charge, including the supply by means of distance communication as defined in Directive 97/7/EC; 'placing on the market' also includes the supply on the internal market of products derived from minerals or metals withing the Community Customs Code (OJ L 302, 19.10.1992, p. 1).scope of this Regulation already placed on the internal market;
Amendment 212 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point h
Article 2 – paragraph 1 – point h
(h) 'responsible importeoperator' means any importer who chooses tooperator who shall self-certify according to the rules set out in this Regulation;
Amendment 237 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point l
Article 2 – paragraph 1 – point l
(l) 'risk management plan' means the importeoperators' written response to the identified supply chain risks based on Annex III to the OECD Due Diligence Guidance14 ; __________________ 14 OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas: Second Edition, OECD Publishing (OECD (2013), http://dx.doi.org/10.1787/9789264185050- en.
Amendment 242 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point o
Article 2 – paragraph 1 – point o
(o) 'supply chain due diligence' refers to the obligations of responsible importeoperators of tin, tantalum and tungsten, their ores, and gold in relation to their management systems, risk management, third-party audits and disclosure of information with a view to identifying and addressing actual and potential risks linked to conflict- affected and high risk-areas to prevent or mitigate adverse impacts associated with their sourcing activities;
Amendment 245 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point p
Article 2 – paragraph 1 – point p
(p) 'responsible smelters or refiners' means smelters or refiners in the supply chain of the responsible importeoperator;
Amendment 254 #
2014/0059(COD)
(qa) 'recycled metals' means reclaimed end-user or post-consumer products, or scrap processed metals created during product manufacturing; recycled metals include excess, obsolete, defective, and scrap metal materials which contain refined or processed metals that are appropriate to recycle in the production of tin, tantalum, tungsten and/or gold; minerals partially processed, unprocessed or a bi-product from another ore are not recycled metals;
Amendment 256 #
2014/0059(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point q b (new)
Article 2 – paragraph 1 – point q b (new)
(qb) 'industry scheme' means a combination of supply chain due diligence procedures, tools or mechanisms, developed and overseen by relevant industry associations, including third party audits;
Amendment 263 #
2014/0059(COD)
Proposal for a regulation
Article 3 – title
Article 3 – title
Self-certification as a responsible importeoperator
Amendment 271 #
2014/0059(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Any importeoperator of minerals or metals within the scope of the Regulation mayshall self-certify as responsible importeoperator by declaring to a Member State competent authority that it adheres to the supply chain due diligence obligations set out in this Regulation. The declaration shall contain documentation in which the importeoperator confirms its adherence to the obligations including results of the independent third- party audits carried out.
Amendment 279 #
2014/0059(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The Member State competent authorities shall carry out appropriate ex-post checks in order to ensure that self-certified responsible importeoperators of the minerals or metals within the scope of this Regulation comply with their obligations pursuant to Articles 4, 5, 6, and 7 of this Regulation.
Amendment 286 #
2014/0059(COD)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
The responsible importeoperator of the minerals or metals within the scope of this Regulation shall:
Amendment 329 #
2014/0059(COD)
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. The responsible importeoperator of the minerals or metals within the scope of this Regulation shall:
Amendment 347 #
2014/0059(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If a responsible importeoperator pursues risk mitigation efforts while continuing trade or temporarily suspending trade, it shall consult with suppliers and affected stakeholders, including local and central government authorities, international or civil society organisations and affected third parties, and agree on a strategy for measurable risk mitigation in the risk management plan.
Amendment 352 #
2014/0059(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. A responsible importeoperator shall, in order to design conflict and high-risk sensitive strategies for mitigation in the risk management plan, rely on the measures and indicators under Annex III of the OECD Due Diligence Guidance and measure progressive improvement.
Amendment 361 #
2014/0059(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
The responsible importeoperator of the minerals or metals within the scope of this Regulation shall carry out audits via an independent third-party.
Amendment 372 #
2014/0059(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) include in the audit scope all of the responsible importeoperator's activities, processes and systems used to implement supply chain due diligence regarding minerals or metals within the scope of the Regulation, including the responsible importeoperator's management system, risk management, and disclosure of information,
Amendment 377 #
2014/0059(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) determine as the objective of the audit the conformity of the responsible importeoperator's supply chain due diligence practices with Articles 4, 5 and 7 of this Regulation,
Amendment 392 #
2014/0059(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. By 31 March of each year at the latest, the responsible importeoperator of minerals or metals within the scope of this Regulation shall submit to the Member State competent authority the following documentation covering the previous year's calendar period:
Amendment 401 #
2014/0059(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. By 31 March of each year at the latest, the responsible importeoperator of minerals within the scope of this Regulation shall submit to the Member State competent authority the documentation covering the previous year's calendar period as regards the proportion of minerals originating from conflict- affected and high-risk areas relative to the total amount of minerals purchased, as confirmed by independent third-party audits in accordance with Article 6 of this Regulation.
Amendment 418 #
2014/0059(COD)
Proposal for a regulation
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. By 31 March of each year at the latest, the responsible importeoperator of metals within the scope of this Regulation shall submit to the Member State competent authority the following documentation covering the previous year's calendar period:
Amendment 435 #
2014/0059(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The responsible importeoperator of minerals or metals within the scope of this Regulation shall make available to its immediate downstream purchasers all information gained and maintained pursuant to its supply chain due diligence with due regard to business confidentiality and other competitive concerns.
Amendment 440 #
2014/0059(COD)
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. The responsible importeoperator of minerals or metals within the scope of this Regulation shall publicly report as widely as possible, including on the internet and on an annual basis on its supply chain due diligence policies and practices for responsible sourcing. The report shall contain the steps taken by the responsible importeoperator to implement the obligations as regards its management system, risk management set out in Article 4 and 5 respectively, as well as a summary report of the third-party audits, including the name of the auditor, with due regard to business confidentiality and other competitive concerns.
Amendment 445 #
2014/0059(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 464 #
2014/0059(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The Commission shall update the information included in the list in a timely manner. The Commission shall remove from the list the names of the smelters and refiners that are no longer recognised as responsible importers by Member States in accordance with Article 14(3), or the names of the smelters and refiners in the supply chain of the no longer recognised responsible importeoperators.
Amendment 475 #
2014/0059(COD)
Proposal for a regulation
Article 10 – title
Article 10 – title
Ex-post checks on responsible importeoperators
Amendment 480 #
2014/0059(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The competent authorities of the Member States shall carry out appropriate ex-post checks in order to ensure whether self-certified responsible importeoperators of minerals and metals within scope of this Regulation comply with the obligations set out in Articles 4, 5, 6 and 7.
Amendment 487 #
2014/0059(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The checks referred to in paragraph 1 shall be conducted by taking a risk-based approach. In addition, checks mayshall be conducted when a competent authority is in possession of relevant information, including on the basis of substantiated concerns provided by third parties, concerning the compliance by a responsible importeoperator with this Regulation.
Amendment 492 #
2014/0059(COD)
Proposal for a regulation
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) examination of the responsible importeoperator's implementation of supply chain due diligence obligations including the management system, risk management, independent third-party audit and disclosure,
Amendment 501 #
2014/0059(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Responsible importeoperators shall offer all assistance necessary to facilitate the performance of the checks referred to in paragraph 1, notably as regards access to premises and the presentation of documentation and records.
Amendment 535 #
2014/0059(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2
Article 13 – paragraph 2 – subparagraph 2
Amendment 549 #
2014/0059(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. In case of an infringement of the provisions of this Regulation, the competent authorities of Member States shall issue a notice of remedial action to be taken by the responsible importeoperator.
Amendment 553 #
2014/0059(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. In case of inadequate remedial action by the responsible importeoperator, the competent authority shall issue to the importer a notice of non-recognition of its responsible importeoperator certificate as regards the minerals or metals within the scope of this Regulation and inform the Commission.
Amendment 562 #
2014/0059(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Three years after the date of entry into force of this Regulation and every sixthree years thereafter, the Commission shall review the functioning and effectiveness of this Regulation, including on the promotion and cost of responsible sourcing of the minerals within its scope from conflict- affected and high-risk areas. The Commission shall submit a review report to the European Parliament and to the Council.
Amendment 566 #
2014/0059(COD)
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
This Regulation shall apply from...* ___________________________ *OJ: Please insert the date: two years after the date of entry into force of this regulation
Amendment 251 #
2014/0020(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activitirelated risk exposures amounting at least to EUR 70 billion or 150 per cent of its total assetseligible liabilities for bail-in requirements as defined in Article 45 of Directive 2014/59/EU (BRRD):
Amendment 256 #
2014/0020(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b – point i
Article 3 – paragraph 1 – point b – point i
(i) any credit institution established in the Union which is neither a parent undertaking nor a subsidiary, including all its branches irrespective of where they are located. As a matter of derogation, Chapter III shall only apply to any of the preceding entities specified in point (b) (i), (ii) and (iii);
Amendment 281 #
2014/0020(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions, in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web- based proprietary trading platforms. This definition includes any such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in short term or in the longer term, or is in fact realised;
Amendment 421 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) EU branches of credit institutions established in third countries, unless they are subject to a legal framework deemed equivalent in accordance with Article 27(1) and with reciprocity with the EU legislation.
Amendment 696 #
Amendment 754 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 1
Article 23 – paragraph 1 – subparagraph 1
For the purposes of Article 3, trading activitirelated risk exposures shall be calculated as follows in accordance with the applicable accountingregulatory regime.
Amendment 756 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – introductory part
Article 23 – paragraph 1 – subparagraph 2 – introductory part
Trading Activities = (TSA + TSLRelated Risk Exposures = RM + RDA + DL)/2RDVA, where:
Amendment 759 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point a
Article 23 – paragraph 1 – subparagraph 2 – point a
(a) Trading Securities Assets (TSA) are assets that are part of a portfolio managed as a whole and for which there is evidence ofRisk Exposure Amount for Market Risk (RM) is the total risk exposure amount calculated in accordance with Article 92(3)(b) and (c) of Regulation (EU) No 575/2013, where the own funds requirements a recent actual pattern of short-term profit taking, excluding derivative assets multiplied by a factor of 12.5 in order to achieve a risk exposure amount;
Amendment 762 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point b
Article 23 – paragraph 1 – subparagraph 2 – point b
(b) Trading Securities LiabiliRisk Exposure Amount for Counterparty Risk in Derivatives (TSL) are liabilities taken with the intent of repurchasing in the near term, part of a portfolio managed as a whole, and for which there is evidence of a recent actual pattern of short-term profit-taking, excluding derivative liabilitiesRD) is the sum of the total risk exposure amount for counterparty risk for derivatives in the banking book, calculated in accordance with Part Three Title II of Regulation (EU) No 575/2013, and the total risk exposure amount for counterparty risk in the trading book, calculated in accordance with Article 92(3)(f) of Regulation (EU) No 575/2013;
Amendment 763 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point c
Article 23 – paragraph 1 – subparagraph 2 – point c
(c) Derivative Assets (DA) are derivatives with positive replacement values not identified as hedgRisk Exposure Amount for Credit Valuation Adjustments (RCVA) is the total risk exposure amount for credit value adjustments for derivatives, caluculated in accordance with Article 92(3)(d) of Regulation (EU) No 575/2013, where the own funds requierements are multiplied by a factor of 12.5 ing or embedded derivativesder to achieve a risk exposure amount;
Amendment 764 #
2014/0020(COD)
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point d
Article 23 – paragraph 1 – subparagraph 2 – point d
Amendment 11 #
2013/2740(RSP)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls its firm conviction that development should be at the heart of the process and promotesCalls for a trade agenda based on free and fair trade for the benefit of all; stresses the importance of taking full account of the special needs and interests of developing countries and LDCs in the negotiations; reiterates the imperative of ensuring that the principle of special and differential treatment (S&DT) constitutes an integral part of all layers of the negotiations, reflecting the varying economic development levels of WTO members as set out in paragraph 44 of the Doha Ministerial Declaration; considers that meaningful S&DT provisions should be made more precise, subject to periodic reviews and targeted;
Amendment 17 #
2013/2740(RSP)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that trade liberalisation is a necessary but not in itself sufficient tool to ensure sustainable economic growth and development, as it needs to be accompanied by appropriate flanking policies encompassing macro- and micro economic interventions, education and training, institutional reforms and social policies so as to maximise and distribute better the benefits of trade reforms and effectively counterbalance any negative effects;
Amendment 20 #
2013/2740(RSP)
Paragraph 4
4. Stresses that WTO Members have recognised that as manythere are still some countries that do not have the human, institutional and infrastructural capacity to participate effectively in international trade, the multilateral system needs to be accompanied by improvements in trade capacity which is an essential complement to the Doha Development Agenda;
Amendment 23 #
2013/2740(RSP)
Paragraph 5
5. Emphasises in this context the important role played byrole that the Aid for Trade Initiative has played and regrets that for the first time since its launch in 2005 the amount of the commitments were reduced in 2011 due to the financial crisis, which resulted in less support to large projects in economic infrastructure with commitments in the transport and energy sector falling;
Amendment 28 #
2013/2740(RSP)
Paragraph 6
6. Draws attention to the Fourth Aid for Trade Review Conference held in July 2013 in Geneva where the participants identifiedich showed the benefits which developing countries draw from global value chains and regrets that there are still trade-related constraints that prevent developing country firms from linking to or moving up value chains, namely inter alia inadequate infrastructure, high transportation and shipping costs, inadequate access to trade finance, inability to attract foreign direct investment, lack of comparative advantage and high market entry costs;
Amendment 32 #
2013/2740(RSP)
Paragraph 7
7. Recognises the importance of the agricultural sector to developing countries and notes the proposals made by the G33 group of countries on the issue of food security; believes that the EU should support measures which restore food stocks for developing countries in the wake of the harmful speculation and price volatility in recent years; believes that the EU should support measures addressing food security which are not trade distorting; recalls that in this regard the EU should ensure coherence between the various EU policies as enshrined notably in Articles 207 and 208 of the Treaty on the Functioning of the European Union, namely development policy, the CAP and the common commercial policy, taking account of the needs and concerns of both EU Member States and those of developing countries;
Amendment 36 #
2013/2740(RSP)
Paragraph 8
8. Considers that an agreement on trade facilitation would bring significant benefits to all WTO members and, above all to developing countries and also to relevant economic operators by enhancing transparency and legal certainty and reducing the administrative costs and the length of customs procedures, which would in turn enable them to fully seize the opportunities provided by the growing prevalence of regional and global supply chains; points out that sufficient capacity building and technical assistance hasshould continue to be made available to developing countries in order to enable them to increase their production capacities so that they can benefit from a bigger share of the value added in global value chains;
Amendment 47 #
2013/2740(RSP)
Paragraph 11
11. Welcomes the revision of the WTO plurilateral government procurement agreement (GPA) as agreed in March 2012 and looks forward to its entry into force; believes that clearer and more stringent rules for award procedures will foster transparency in public procurement and, together with the extended coverage of goods and services and entities, will provide greater opportunities for its signatories; calls on WTO Members, in particular developing countries and current observers of the GPA, to consider joining the agreement, in order to take advantage of the new provisions for developing countries increasing flexibility and to reap its benefits;
Amendment 11 #
2013/2181(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas information, education and awareness-raising form part of the EU strategy to support Member States in reducing alcohol related harm, and this strategy recognises appropriate consumption patterns (COM(2006) 625 final); whereas the Council issued a recommendation on 5 June 2001 on the drinking of alcohol by young people, in particular children and adolescents, which envisaged fostering a multisectoral approach to education;
Amendment 32 #
2013/2181(INI)
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas the European Union has encouraged the identification, defence and international protection of geographical indications, designations of origin and traditional specialities for agri- food products;
Amendment 61 #
2013/2181(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Recalls that programmes should be offered to provide education and raise awareness about the consequences of inappropriate alcohol consumption, and to encourage proper and intelligent consumption patterns by understanding the special characteristics of wines, their GIs, grape varieties, production processes and the meaning of traditional terms;
Amendment 93 #
2013/2181(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes initiatives such as the ‘slow food’ movement, which help to create general public appreciation of the social and cultural importance of food, and the ‘Wine in Moderation’ initiative that promotes a lifestyle and alcohol consumption associated with moderation;
Amendment 96 #
2013/2181(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the Member States to support initiatives related to wine tourism that foster knowledge about the cultural and landscape heritage and offer regional support and rural development;
Amendment 3 #
2013/2179(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Requests that fish products such as canned tuna imported from Thailand, which have the potential to disrupt the EU’'s production and market for these products, be treated as sensitive products; points out that long transitional periods or partial and that access of Thai canned and processed tuna in the EU market should continue to be subject to its current overall tariff and therefore excluded from tariff liberaliszation commitments, including the imposition of quotas, should therefore be duly established for such products;under the FTA. Furthermore any decision concerning the access of Thai canned and processed tuna should only be taken after rigorous impact assessments and in close collaboration with the industry, in order to analyse and evaluate, the impact that they may have in the processing industry and marketing of seafood products in the EU
Amendment 4 #
2013/2179(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Demands that imports of canned tuna and other fish products from Thailand be subject to the greatest possible extent to the same competitive conditions as those for EU fish products; this implies in particular that an ambitious trade and sustainable development chapter must be part of the Agreement, whereby Thailand undertakes to respect, promote and implement internationally recognised labour standards, as embodied in the fundamental ILO conventions, including those on forced labour;. Also, respect for human rights, the protection of the environment, the fight against illegal, unreported and unregulated fishing and the conformity with sanitary and phytosanitary rules of the EU, should be strictly monitored. Therefore, a mechanism for monitoring and supervision of compliance should be included in the FTA
Amendment 7 #
2013/2179(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls, in the case ofRequests that for sensitive fish products, for stricull compliance with solid and coherent rules of origin to bare maintained, and for cumulation to be strictly limited in that of without exemption. In this sense, cumulation shall not be allowed for products such as canned tuna, for which Thailand is mainly a processing country rather than a fishing country;
Amendment 11 #
2013/2179(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Stresses that thonly a positive outcome of the trade negotiations with Thailand in the sensitive fisheriesy sector shcould be without prejudice tomake possible the European Parliament’'s decision to support the conclusion of the Agreement by giving its consent to it.
Amendment 2 #
2013/2177(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Shares the Commission’'s view that a strong and competitive steel industry is important for Europe’'s industrial base; the EU is the second largest producer of steel in the world, with an output of over 177 million tonnes of steel per year, accounting for 11 % of global output; and that Trade Policy can play an important role in promoting the development of the steel industry
Amendment 6 #
2013/2177(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Deplores the fact that some trading partners have imposed unjust trade barriers, such as export restrictions and export duties on raw materials, which contribute to (e.g. ferrous scrap), which contribute to reducing raw materials availability and unduly raising steel production costs in the EU;
Amendment 13 #
2013/2177(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Deplores the fact that some of our trading partners apply unfair, restrictive measures, such as investment limitations and public procurement preferences that protect domestic steel industries, which unduly hamper EU steel exports; and the fact that that there is an increasing intensification of protectionist measures applied by many third countries to support their steel industries since global crisis started in 2008
Amendment 17 #
2013/2177(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges the Commission to ensure that all commitments made in existing and future trade negotiations and agreements are effectively fulfilled; calls on the Commission to make an effective and rapid use of Community Trade Defence Instruments and in accordance with WTO rules, to resort, if necessary, to the dispute- settlement mechanism, and to fight back against unfair trade practices and the intensification of protectionist measures applied by many third countries, which damage EU interests;
Amendment 25 #
2013/2177(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes the view that EU standards regarding corporate social responsibility (CSR) and employee participation should also be implemented by European companies in third countries, and that regional development should be promoted; and in order to boost demand of sustainable steel construction products, urges the Commission to start standardization activities related with sustainability for steel construction products (SustSteel)
Amendment 27 #
2013/2177(INI)
Draft opinion
Paragraph 5 – subparagraph 1 (new)
Paragraph 5 – subparagraph 1 (new)
Supports the Commission's plan to carry out an impact assessment on the EU Industry which takes into account the interests and challenges of the steel sector prior to the signature of the free trade agreements;
Amendment 29 #
2013/2177(INI)
Draft opinion
Paragraph 6 – subparagraph 1 (new)
Paragraph 6 – subparagraph 1 (new)
Considers that negotiations with our trade partners should be founded on a reciprocal approach where considerations such as access to new markets, access to raw materials, risk of carbon and investment leakages, level of playfield and leakages of knowhow are taken into account
Amendment 32 #
2013/2177(INI)
Draft opinion
Paragraph 7 – subparagraph 1 (new)
Paragraph 7 – subparagraph 1 (new)
Urges the Commission to monitor scrap markets and reflect on possible measures that could be taken, if necessary, so as to address carbon leakage to non-EU countries
Amendment 44 #
2013/2175(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that the fragmentation of the financial markets has resulted in a shortage of funding and in higher funding costs, in particular for SMEs, and that this is the main problem facing a number of Member States, hampering their economic recovery;
Amendment 66 #
2013/2175(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that national or multilateral development banks can stimulate private investments and catalyse long-term financing for undertakings of broader public interest; takes the view that these institutions can play an even more important role in providing funding for SMEs;
Amendment 105 #
2013/2175(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Takes the view that the banking union can play a vital role in reducing the fragmentation of the financial markets and establishing the basis for the long- term funding of the European economy;
Amendment 103 #
2013/2157(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses that access to finance, particularly for SMEs, is one of the biggest obstacles to growth in the EU; believes that more alternatives to bank financing are needed, especially by improving the business environment for venture capital but also, more broadly, by improving the efficient allocation of capital through capital markets; believes that the EIB can play an even more active role in access to finance for the real economy; considers that the proposals on EIB financing at the most recent Councils, particularly those on financing SMEs, can and should be more ambitious;
Amendment 151 #
2013/2157(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Points out that the main problem in a number of Member States is that the fragmentation of financial markets results in a shortage of funding and in higher funding costs, especially for SMEs; considers that the EIB and ECB can play a more pro-active role in favour of defragmentation in order to promote funding for SMEs, entrepreneurship, exports and innovation, which are vital for economic recovery;
Amendment 152 #
2013/2157(INI)
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31b. Welcomes the introduction of the Convergence and Competitiveness Instrument as part of the efforts to strengthen the governance framework;
Amendment 153 #
2013/2157(INI)
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
31c. Considers that the principle of frontloading plus immediate distribution should be applied to all funds for the 2014-2020 period designed to boost economic growth, employment and strategic investment, particularly the Youth Employment Initiative; if this is not possible, asks the Commission to exempt programmes with Community co- financing when calculating the deficit of those Member States undergoing restructuring programmes or with very high unemployment rates;
Amendment 4 #
2013/2131(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Regrets, however, that the level of signature remains below potential; regrets also the fact that in a number of countries there is a lack of sustainable and viable projects eligible for EIB financing; calls on the EIB, in this connection, to reassess its policy on the use of own funds in operations and to seek project opportunities in a more proactive manner, so that the EIB can increase its lending activities – especially in programme countries – as an anti-cyclical capital provider, having a catalytic impact on the real economy; calls on the EIB to develop its own trade facilitation programme; asks the EIB as a first step to establish measures to ensure the guarantees needed for companies to realise their full export potential;
Amendment 9 #
2013/2131(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Encourages the EIB to form partnerships with transparent and accountable financial intermediaries with established links to the local economy in each country of operation; calls on the EIB, in this connection, to ensure greater transparency, especially in the intermediated loans business, as well as to exercise enhanced due diligence in preventing the use of tax havens, transfer pricing and tax evasion and tax avoidance; calls on the EIB to strengthen its cooperation with national public credit institutions in order to maximise the positive impact of its funding programmes for SMEs;
Amendment 12 #
2013/2131(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Welcomes the increased focus on the support of small and medium-sized enterprises (SMEs); notes, however, that transparency and accountability as regards the real impact of these EIB operations could be improved, for example through better use of performance indicators; calls on the Council also, in this connection, to agree swiftly on the joint Commission-EIB initiatives and to blend EU budget resources intended for SMEs, as well as to take more resolute action in implementing cooperation with the ECB so as to reduce the financing constraints placed upon SMEs; points out that the main problem in several Member States is that the fragmentation of financial markets results in a lack of funding and in higher funding costs, especially for SMEs; calls for the EIB's efforts to be redirected towards defragmentation in order to promote funding for SMEs, entrepreneurship, exports and innovation, which are vital for economic recovery;
Amendment 21 #
2013/2104(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Supports the idea that the large enterprises should still be eligible for regional aid incentives in so called c regions and advocates not to limit the grant of the regional state aid to large companies investing only in new activities in the area concerned as it was suggested in draft GBER. As the investments of large companies in completely new activities and products are rather rare, it might lead to the exclusion of large companies from the regional aid.
Amendment 27 #
2013/2104(INI)
Draft opinion
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Calls on the Commission that companies undergoing restructuring should not be exposed to more stringent measures, especially when a priori negative assessment of aid requests from these companies might lead to the relocation outside the EU and serving the European market through export, and in consequence cause significant reduction of the economic capacity of the European regions. The reorganization of the company in today’s uncertain and constantly changing business environment is the main measure allowing in the long term the maintenance of the sustainability of the project and enhancement of the investment, job and growth creation.
Amendment 120 #
2013/2075(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Stresses the need to guarantee legal certainty and equal treatment for European shipowners in all the Member States;
Amendment 123 #
2013/2075(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Calls for efforts to be made to ensure the competitiveness of the European shipbuilding sector by promoting shipbuilding in the EU in the face of an increasingly competitive international environment;
Amendment 161 #
2013/2075(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the progress made in the Commission’s investigation of Google’s anticompetitive practices; urges the Commission to move decisively to address all concerns that have been identified, and to take, as a priority, all necessary measures to put an end to Google’s harmful practices and restore competition in the online search and search advertising markets;
Amendment 532 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer's knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to and the financial contract uses a benchmark, the supervised entity should inform the consumer about the appropriateness of the use of thatis benchmark is suitable for himfor the proposed contract.
Amendment 537 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitablethat selected benchmark possess substantial risk for theis consumer, the supervised entity shallould warn the consumer in a writing with reasonsten form.
Amendment 119 #
2013/0306(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, certain types of high quality asset backed securities, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits or in the case of asset backed securities are eligible as high quality assets according to the liquidity rules in part six of Regulation (EU) No 575/2013 and are considered by the MMF to be of high credit quality.
Amendment 126 #
2013/0306(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) ACertain asset Bbacked Commercial Papers (ABCPs)securities that are of major significance for the real economy should be considered eligible money market instruments to the extent that they arespect additional requirements. Due to the fact that dur eligible as high quality liquid assets according to the liquidity rules in part six of Regulation (EU) No 575/2013, specified ing the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. Not all categories of underlying assets should be eligible because some were more confrontedCommission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013. This shall apply for qualified high quality liquid asset backed securities comprising one of the following subcategories of securitised underlying assets as referred to in Article 13, para. 2 (g) in point (iii) or (iv) of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013, namely auto loans and/or auto leases to borrowers or lessees established or resident in a Member State as referred to in point (iv) or commercial loans, leases or credit facilities to undertakings established in a Member State to finstabilityance capital expenditures or business operations other than others. For this reason the underlying assets should be exclusively composed of short-term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers should not be eligible. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid. acquisition or the development of commercial real estate as referred to in point (iii). The reference to certain subcategories of securitised underlying assets as referred to in the delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 is important to ensure a uniform definition of eligible underlying securitised assets for the purpose of the liquidity regulations for credit institutions and this regulation which in turn is of importance for the liquidity of such instruments to avoid impediments to real economy securitisations. Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose quality criteria on the underlying assets. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions determining when debt is of high credit quality.
Amendment 235 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) "high quality liquid asset backed security" means a qualified asset-backed security referred to in Article 12, para. 1(a) meeting the requirements laid down in Article 13 of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013 defined for a uniform specification to be eligible transferable assets of high liquidity and credit quality according to Article 416, para. 1(d) of Regulation (EU) No 575/2013;
Amendment 297 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point b – point ii a (new)
Article 9 – paragraph 1 – point b – point ii a (new)
(iia) it is eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 304 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while either not having a residual maturity exceeding 2 years or being eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 306 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Amendment 321 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. High quality liquid asset backed securities referred to in Article 2, paragraph 7 (a) shall be considered eligible provided that the underlying securitized assets consist of assets as referred to in Article 13, paragraph 2 (g) point (iii) or (iv) of Commission delegated regulation (EU) No... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013.
Amendment 322 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1 b. Asset Backed Commercial Papers shall be considered as eligible provided that they are liquid and that the underlying exposures are of high credit quality.
Amendment 325 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – introductory part
Article 10 – paragraph 2 – subparagraph 1 – introductory part
For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying: conditions determining when asset backed commercial papers are liquid and when the underlying debt is of high credit quality.
Amendment 326 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
Article 10 – paragraph 2 – subparagraph 1 – point a
Amendment 330 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
Article 10 – paragraph 2 – subparagraph 1 – point b
Amendment 116 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) ‘'debit card transaction’' means an card payment transaction included withing prepaid cards linked to a current or deposit access account to which a transaction is debited in less than or 48 hours after the transaction has been authorised/initiatedtwo business days after the receipt of the payment order by the issuer.
Amendment 124 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ‘'credit card transaction’' means an card payment transaction where thea transaction is settleddebited in more than 48 hours after the transaction has been authorised/initiatedtwo business days after the receipt of the payment order by the issuer;
Amendment 232 #
2013/0265(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the purposes of the application of the caps referred to in Article 3 and Article 4, any net compensation received by an issuing bank from a payment card schemepayment service provider in relation to payment transactions or related activities shall be treated as part of the interchange fee.
Amendment 272 #
2013/0265(COD)
Proposal for a regulation
Article 8 – paragraph 6
Article 8 – paragraph 6
6. Payment card schemes, issuers, acquirers and payment card handling infrastructure providers shall not insert automatic mechanisms, software or devices on the payment instrument or at equipment applied at the point of sale which limit the choice of application by the payer and the payee when using a co-badged payment instrument. Payees shall not prevent the payer's ability, for the categories of cards or related payment instruments accepted by the payee, to override an automatic priority selection made by the payee in his equipment.
Amendment 110 #
2013/0253(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) A single bank resolution fund (hereinafter referred to as the ‘Fund’) is an essential element without which a single resolution mechanism could not work properly. Different systems of national funding would distort the application of uniform bank resolution rules in the internal market. The Fund should help to ensure a uniform administrative practice in the financing of resolution and to avoid the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to divergent national practices. The Fund should be financed directly by banks and should be pooled at Union level so that the resolution resources can be objectively allocated across Member States thus increasing financial stability and limiting the link between the perceived fiscal position of individual Member States and the funding costs of banks and undertakings operating in those Member States. In order to preserve the legal basis provided by article 114 TFEU, and to further break that link, there should be a prohibition against the decisions of the Single Resolution Mechanism impinging directly on the fiscal responsibilities of the Member States.
Amendment 207 #
2013/0253(COD)
Proposal for a regulation
Recital 58 a (new)
Recital 58 a (new)
(58a) However, it is justified to use the Fund before exhausting all the creditors when, in the resolution process, preferred deposits would start to be bailed-in. The trust of citizens that their savings will be safe in absolutely risk-free deposits that have a correspondingly low return is a cornerstone of the overall confidence in the banking system. Protecting deposits is doubtless one of the critical functions of banks, and the lack of confidence in the safety of preferred deposits could have the potential to provoke a bank run; a phenomenon with disastrous effects on financial stability. Thus, safeguarding these preferred deposits in the resolution process pursues resolution objectives, therefore deserving a particular effort.
Amendment 211 #
2013/0253(COD)
Proposal for a regulation
Recital 61 a (new)
Recital 61 a (new)
(61a) To ensure the immediate availability of adequate financial means for the purposes established in this Regulation, a loan facility should be established, preferably from a Community public instrument. Full availability of funding is essential for the credibility of the whole system.
Amendment 733 #
2013/0253(COD)
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
Non-binding cooperation arrangements shall include provisions on coordination and cooperation procedures between the Single Resolution Board and third- country host authorities represented in Crisis Management Groups on the following matters: (a) the exchange of information necessary for the preparation, development and maintenance of resolution plans; (b) the exchange of information necessary for the application of resolution tools and exercise of resolution powers and similar powers under the law of the relevant third countries; (c) early warning to or consultation of parties to the cooperation arrangement before taking any significant action under this Regulation or relevant third country law affecting the institution or group to which the arrangement relates; (d) the coordination of public communication in case of joint resolution actions; (e) coordination, cooperation and exchange of information under points (a) to (d) shall be subject to strict confidentiality standards.
Amendment 917 #
2013/0253(COD)
Proposal for a regulation
Article 64 – paragraph 2 a (new)
Article 64 – paragraph 2 a (new)
2a. The Fund shall be complemented with a loan facility preferably from a Community public instrument, to ensure the immediate availability of adequate financial means for the purposes of this Regulation. Any loan from that loan facility shall be reimbursed by the Fund within an agreed timeframe.
Amendment 991 #
2013/0253(COD)
Proposal for a regulation
Article 71 – paragraph 1 a (new)
Article 71 – paragraph 1 a (new)
1a. The Board shall use the Fund to support any of the actions referred to in paragraph 1(a) to (g) where, in the resolution process, the bail-in of preferred deposits would be necessary, within the limits established in the BRRD.
Amendment 299 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The fee information document shall include, where applicable, the relevant services from the complete list of the most representative services referred to in Article 3(1) the corresponding fees for each service.
Amendment 572 #
2013/0139(COD)
Proposal for a directive
Article 15 – paragraph 3 – point b a-b (new)
Article 15 – paragraph 3 – point b a-b (new)
(ba) where the consumer knowingly provides incorrect information in order to obtain the payment account with basic features where the correct information would have resulted in the absence of such right; (b b) where the payment service provider has previously terminated a payment account contract with the consumer for having deliberately used the account for illegal purposes;
Amendment 89 #
2013/0110(COD)
Proposal for a directive
Recital 16
Recital 16
(16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to aspects such as age, gender, geographical diversity, disability, educational and professional background should only apply to large listed companies. Therefore small and medium-sized companies that may be exempted from certain accounting obligations under article 27 of Directive 78/660/EEC should not be covered to by this obligationundertakings. Disclosure of the diversity policy should be part of the corporate governance statement, as laid down by Article 46a20 of Directive 78/660/EEC. Companies not having a such a diversity policy should not be obliged to put one in place, but they should clearly explain why this is the case2013/34/EU.
Amendment 145 #
2013/0110(COD)
Article 1 – point 3 a – point a (new)
Directive 2013/34/EU
Article 20 – paragraph 1 – point fa (new)
Article 20 – paragraph 1 – point fa (new)
(3a) Article 20 is amended as follows: In paragraph 1, the following point is added: '(fa) a description of the undertaking's diversity policy for its administrative, management and supervisory bodies with regard to aspects such as age, gender, geographical diversity, disability, educational and professional background, the objectives of this diversity policy, how it has been implemented and the results in the reporting period. If the undertaking has no such policy, the statement shall contain a clear and reasoned explanation as to why this is the case.'
Amendment 39 #
2013/0103(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Following the review, certain provisions of the Regulations should be amended in order to improve transparency and predictability, provide for effective measures to fight against retaliation, improve effectiveness and enforcement and optimise review practice, and to facilitate access to the instruments for SMEs. To this end, the function of the Export Helpdesk should be adapted. In addition, certain practices that in recent years have been applied in the context of anti- dumping and anti-subsidy investigations should be included in the Regulations.
Amendment 45 #
2013/0103(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) To ensure the effectiveness of the instrument, it should shorten the time for the imposition of anti-dumping and countervailing provisional measures to 7 months and 12 months for the definitive duties. To this end, it is important that the Unit in charge of anti-dumping and anti- subsidy investigations has adequate resources, including human resources.
Amendment 57 #
2013/0103(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Third countries increasingly interfere in trade. Significant State interferences inter alia involving prices, costs and inputs, research and labour, outputs, sales and investments, currency exchange rate manipulations and unfair trade finance conditions, further distort regular course of trade and may have a severe impact on Union's producers . As an example, third countries increasingly interfere in trade of raw materials with a view to keeping raw materials in those countries for the benefit of domestic downstream users, for instance by imposing export taxes or operating dual pricing schemes on energy. As a result, the costs of raw materials do not result from the operation of normal market forces reflecting supply and demand for a given raw material. Such interference creates additional distortions of trade. As a consequence, Union producers are not only harmed by dumping, but suffer, compared to downstream producers from third countries engaged in such practices, additional distortions of trade. In order to protect trade adequately, the lesser duty rule shall not apply in such cases of structural raw material distortions.
Amendment 65 #
2013/0103(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Within the Union, countervailable subsidies are in principle prohibited pursuant to Article 107 (1) TFEU. Therefore, countervailable subsidies granted by third countries are particularly distortive of trade. The amount of State aid authorized by the Commission has steadily been reduced over time. For the anti- subsidy instrument, the lesser duty rule should hence no longer be applied to imports from a country/countries engaged in subsidisation.
Amendment 67 #
2013/0103(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 75 #
2013/0103(COD)
Proposal for a regulation
Recital 17
Recital 17
Amendment 77 #
2013/0103(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 98 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EC) No 1225/2009
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
1a. In Article 5, a new paragraph 3a is added : 3. The Commission shall facilitate the access to the instrument for diverse and fragmented industry sectors, largely composed of small and medium-sized enterprises through the Export Help Desk. The Export Help Desk shall provide information and explanations on how to fill a compliant in particular through: standardising forms for statistics and diminishing the burden caused by language barriers in a proportionate manner
Amendment 105 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 b (new)
Article 1 – paragraph 1 – point 1 b (new)
Regulation (EC) No 1225/2009
Article 5 – paragraph 6
Article 5 – paragraph 6
1b. In Article 5, paragraph 6 shall be replaced by the following : 6. If, in special circumstances or in the case of diverse and fragmented industry sectors, largely composed of small- and medium-sized enterprises, it is decided to initiate an investigation without having received a written complaint by or on behalf of the CommunityUnion industry for the initiation of such investigation, this shall be done on the basis of sufficient evidence of dumping, injury and a causal link, as described in paragraph 2, to justify such initiation.
Amendment 108 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 c (new)
Article 1 – paragraph 1 – point 1 c (new)
Regulation (EC) No 1225/2009
Article 6 – paragraph 6 a (new)
Article 6 – paragraph 6 a (new)
1c. In Article 6, a new paragraph 6a is added : 6a. The Commission shall adopt implementing acts to ensure the possible access to information to all interested parties by allowing for an information system whereby interested parties are notified when new non-confidential information is added to the investigation file.
Amendment 109 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 d (new)
Article 1 – paragraph 1 – point 1 d (new)
Regulation (EC) No 1225/2009
Article 6 – paragraph 9
Article 6 – paragraph 9
1d. Article 6, paragraph 9 shall be replaced by the following: For proceedings initiated pursuant to Article 5(9), an investigation shall be concluded within one year, in accordance with the findings made pursuant to Article 8 for undertakings or the findings made pursuant to Article 9 for definitive action.
Amendment 123 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EC) No 1225/2009
Article 6 – paragraph 10 a (new)
Article 6 – paragraph 10 a (new)
2a. In Article 6, the following new paragraph 10a is added: "10a. Throughout the investigation, the Export Helpdesk should provide to SMEs information and explanations on the case and how to better present evidences, and guidance on additional possibilities to liaise with the Hearing Officer and national customs authorities."
Amendment 130 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Regulation (EC) No 1225/2009
Article 7 – paragraph 1
Article 7 – paragraph 1
Amendment 140 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a a (new)
Article 1 – paragraph 1 – point 3 – point a a (new)
Regulation (EC) No 1225/2009
Article 7 – paragraph 1
Article 7 – paragraph 1
(aa) Article 7(1) shall be replaced by the following: 1. Provisional duties may be imposed if proceedings have been initiated in accordance with Article 5, if a notice has been given to that effect and interested parties have been given adequate opportunities to submit information and make comments in accordance with Article 5(10), if a provisional affirmative determination has been made of dumping and consequent injury to the CommunityUnion industry, and if the CommunityUnion interest calls for intervention to prevent such injury. The provisional duties shall be imposed no earlier than 60 days from the initiation of the proceedings but no later than ninewithin 7 months from the initiation of the proceedings.
Amendment 156 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Regulation (EC) No 1225/2009
Article 7 – paragraph 2
Article 7 – paragraph 2
The amount of the provisional anti- dumping duty shall not exceed the margin of dumping as provisionally established. Unless structural raw material distorignificant State interferences regarding, inter alia, prices, costs and inputs, including for instance raw materials and energy, research and labour, outputs, sales and investments, currency exchange rate and fair trade finance conditions, were found to exist with regard to the product concerned in the exporting country, it should be less than the margin of dumping if such lesser duty would be adequate to remove the injury toin the Union industry.
Amendment 181 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Article 1 – paragraph 1 – point 4 – point b
Regulation (EC) No 1225/2009
Article 9 – paragraph 4
Article 9 – paragraph 4
The amount of the definitive anti-dumping duty shall not exceed the margin of dumping established. Unless structural raw material distorignificant State interferences regarding, inter alia, prices, costs and inputs, including for instance raw materials and energy, research and labour, outputs, sales and investments, currency exchange rate and fair trade finance conditions, were found to exist with regard to the product concerned in the exporting country, it shallould be less than the margin of dumping if such lesser duty would be adequate to remove the injury toin the Union industry."
Amendment 193 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EC) No 1225/2009
Article 11 – paragraph 5
Article 11 – paragraph 5
Amendment 204 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EC) No 1225/2009
Article 17 – paragraph 1
Article 17 – paragraph 1
In cases where the number of Union producers, exporters or importers, that cooperate in the investigation, or types of product or transactions is large, the investigation may be limited to a reasonable number of parties, products or transactions by using samples which are statistically valid on the basis of information available at the time of the selection, or to the largest representative volume of production, sales or exports which can reasonably be investigated within the time available.
Amendment 207 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Amendment 221 #
2013/0103(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EC) No 1225/2009
Article 21 – paragraph 5
Article 21 – paragraph 5
9a. Article 21(5) shall be replaced by following: 5. The Commission shall examine the information which is properly submitted and the extent to which it is representative and the results of such analysis, together with an opinion on its merits, shall be transmitted to the Advisory Committee. The balance of views expressed in the Committee shall be taken into account by the Commission in any proposal made pursuant to Article 9. The Commission shall propose termination of investigation or review under this article only if it is absolutely clear that under no possible scenarios would measures help the Union industry to any degree. Criteria to determine Union interest should be specified in a delegated act.
Amendment 237 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 b (new)
Article 2 – paragraph 1 – point 1 b (new)
Regulation (EC) No 597/2009
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
1b. In Article 10, a new paragraph 3a is added: "The Commission shall facilitate the access to the instrument for diverse and fragmented industry sectors, largely composed of small and medium-sized enterprises through the Export Help Desk. The Export Help Desk shall provide information and explanations on how to fill a compliant in particular through: standardising forms for statistics and diminishing the burden caused by language barriers in a proportionate manner"
Amendment 241 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
Regulation (EC) No 597/2009
Article 10 – paragraph 8
Article 10 – paragraph 8
Amendment 251 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
Regulation (EC) No 597/2009
Article 11 – paragraph 11 a (new)
Article 11 – paragraph 11 a (new)
2a. In Article 11, a new paragraph 11a is added: Throughout the investigation, the Export Helpdesk should provide to SMEs informations and explanations on the case and how to better present evidences, and guidance on additional possibilities to liaise with the Hearing Officer and national customs authorities.
Amendment 255 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
Regulation (EC) No 597/2009
Article 11 – paragraph 11b (new)
Article 11 – paragraph 11b (new)
Amendment 259 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 c (new)
Article 2 – paragraph 1 – point 2 c (new)
Regulation (EC) No 597/2009
Article 11 – paragraph 9
Article 11 – paragraph 9
2c. In Article 11 (9) shall be replaced by the following: 9. For proceedings initiated pursuant to Article 10(11), an investigation shall, whenever possible, be concluded within one year. In any event, such investigations shall in all cases be concluded within 13 months of their initiation, in accordance with the findings made pursuant to Article 13 for undertakings or the findings made pursuant to Article 15 for definitive action.
Amendment 262 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point -a (new)
Article 2 – paragraph 1 – point 3 – point -a (new)
Regulation (EC) No 597/2009
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 272 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EC) No 597/2009
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
Amendment 303 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EC) No 597/2009
Article 22 – paragraph 1
Article 22 – paragraph 1
Amendment 317 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Regulation (EC) No 597/2009
Article 29b
Article 29b
Amendment 334 #
2013/0103(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10 a (new)
Article 2 – paragraph 1 – point 10 a (new)
Regulation (EC) No 597/2009
Article 31 – paragraph 5
Article 31 – paragraph 5
10a. In Article 31 (5) shall be replaced by the following: 5. The Commission shall examine the information which is properly submitted and the extent to which it is representative, and the results of such analysis, together with an opinion on its merits, shall be transmitted to the Advisory Committee. The balance of views expressed in the Committee shall be taken into account by the Commission in any proposal made pursuant to Articles 14 and 15 9. The Commission shall propose termination of investigation or review under this article only if it is absolutely clear that under no possible scenarios would measures help the Union industry to any degree. Criteria to determine Union interest should be specified in a delegated act.
Amendment 47 #
2013/0025(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The use of the gambling sector to launder the proceeds of criminal activity is of concern. In order to mitigate the risks related to the sector and to provide parity amongst the providers of gambling services, an obligation for all providers of gambling services to conduct customer due diligence for single transactions of EUR 23 000 or more should be laid down. Member States should consider applying this threshold to the collection of winnings as well as wagering a stake. Providers of gambling services with physical premises (e.g. casinos and gaming houses) should ensure that customer due diligence, if it is taken at the point of entry to the premises, can be linked to the transactions conducted by the customer on those premises.
Amendment 133 #
2013/0025(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The use of the gambling sector to launder the proceeds of criminal activity is of concern. In order to mitigate the risks related to the sector and to provide parity amongst the providers of gambling services, an obligation for all providers of gambling services to conduct customer due diligence for single transactions of EUR 23 000 or more should be laid down. Member States should consider applying this threshold to the collection of winnings as well as wagering a stake. Providers of gambling services with physical premises (e.g. casinos and gaming houses) should ensure that customer due diligence, if it is taken at the point of entry to the premises, can be linked to the transactions conducted by the customer on those premises.
Amendment 151 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) for providers of gambling services, when carrying out occasional transactions amounting to EUR 23 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;
Amendment 299 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) for providers of gambling services, when carrying out occasional transactions amounting to EUR 23 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;
Amendment 21 #
2012/2711(RSP)
Paragraph 6
6. Cautions that, while the roadmaps represent a step forward, greater ambition must be demonstrated by Japan inbefore future negotiations; emphasises that the implementation on these commitments is crucial and, therefore, calls for concrete results as soon as possible, ideally in advance of the dates established;
Amendment 35 #
2012/2711(RSP)
Paragraph 8
8. Calls on the Council not to authorise the Commission to start negotiations for a free trade agreement with Japan on the basis of the scoping exercise until Japan has made a clear and credible commitment to eliminate non-tariff barriers and established a precise calendar for doing so;
Amendment 42 #
2012/2711(RSP)
Paragraph 9
9. Underlines that such an agreement must be comprehensive, ambitious and fully binding in all its commercial provisions; stresses an FTA must lead to a genuine openness on the ground for EU businesses rather than just a hypothetical, legal openness; considers that if, during the negotiations, Japan does not demonstrate sufficient ambitionthe Commission, in agreement with the Council and the European Parliament, should identify the specific objectives to be achieved during the first year of negotiations, including a number of those requested by the various European economic sectors as part of the scoping exercise; considers that if, during the negotiations, Japan does not demonstrate sufficient ambition to achieve the Commission’s priority demands established as specific commitments with a clear agenda, the Commission should suspend negotiations after consultations with the European Parliament and the Council;
Amendment 51 #
2012/2711(RSP)
Paragraph 11, first indent
Concrete and wide-ranging commitments from the Japanese government on NTBs with a view to eliminating a substantial percentage ofll barriers hindering EU-Japan trade as a prerequisite for dismantling EU tariffs; underlines that these commitments should go considerably further than the roadmaps already agreed under the scoping exercise;
Amendment 57 #
2012/2711(RSP)
Paragraph 11, first indent d (new)
Elimination of the preferential treatment given to 'kei cars’ to allow foreign competition to penetrate this sector, which represents 35 % of the Japanese motor vehicle market;
Amendment 90 #
2012/2711(RSP)
Paragraph 13
13. Demands that, if negotiations are successful, the Commission undertakes a second impact assessment to evaluate the expected advantages and disadvantages of the agreement for EU jobs and growth, paying special attention to specific sectors such as the motor vehicle and electronics sectors;
Amendment 141 #
2012/2256(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to study seriously the possibility ofeconomic situation of the Member States in order to spreading fiscal adjustment over a longer period, thereby providing additional temporary room for manoeuvre to re-ignite growth as soon as possible;.
Amendment 274 #
2012/2256(INI)
Motion for a resolution
Annex - Part 1 – paragraph 1
Annex - Part 1 – paragraph 1
1. The fiscal consolidation should be delayed and spread in due respect of current EU fiscal rules. Instead of nearly 130 billion euros of consolidation effort for the whole euro area, a more balanced fiscal consolidation of 0.5 point of GDP, in accordance with treaties, the SGP and evenprogrammes should be pursued in order to guarantee the sustainability of public finances, but it has to continue in a proportional and growth-friendly way. The rhythm of consolidation has to be differentiated across countries according to their fiscal compact, would give for 2013 alone a concrete margin for manoeuvre of more than 85 billion euros. By merely delaying and capping the path of consolidation, the average growth for the Eurozone between 2013 and 2017 may be improved by 0.7 point per yearspace to reach the right balance between potential negative growth and employment effects and the risks to debt sustainability.
Amendment 70 #
2012/2151(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there is great concern about the difficult economic and financial situation in which several Member States find themselves, aggravated by the doubts around the EMU and the continuous strains on the sovereign bond markets reflected in high interest borrowing rates for some countries and considerable financial and economic instability;
Amendment 82 #
2012/2151(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. Whereas the crisis has very clearly shown four main shortcomings in the current design of the euro area: (i) lack of stabilisation mechanisms to deal with asymmetric shocks within the Union; (ii) national responsibilities for banking supervision and crisis management in the absence of a European backstop; (iii) fragmentation and frictions in the working of European sovereign debt markets; and (iv) weaknesses in the governance of the European fiscal discipline framework;
Amendment 216 #
2012/2151(INI)
Motion for a resolution
Recital AH a (new)
Recital AH a (new)
AHa. whereas Member States suffer from an apparent mismatch between banks carrying out operations on a European market basis, and contingent liabilities shouldered by their sovereigns; whereas during the current crisis it has become self-evident that the bank-sovereign link is stronger and more damaging within a monetary union, where the internal exchange rate is fixed and there exists no mechanism at Union level to alleviate the costs of bank restructuring.
Amendment 219 #
2012/2151(INI)
Motion for a resolution
Recital AI
Recital AI
AI. whereas breaking up the negative feedback loops between sovereigns, banks and the real economy is crucial for a smooth functioning of EMU; whereas the euro area should establish common tools and pools to restructure and resolve troubled banks, without pushing sovereigns out of the markets and digging economies into depression;
Amendment 221 #
2012/2151(INI)
Motion for a resolution
Recital AI a (new)
Recital AI a (new)
AIa. whereas the crisis has created a dispersion of lending rates and has also de facto fragmented the single market for financial services;
Amendment 222 #
2012/2151(INI)
Motion for a resolution
Recital AI b (new)
Recital AI b (new)
AIb. whereas advancing towards a euro area banking union would contribute to allay these concerns and it would reduce the probability of troubled banks resulting in disorderly failure due to a weak sovereign, diminish the risk of sovereign collapse, facilitate a consistent approach to cross border coordination, and the financial stability would be significantly enhanced;
Amendment 249 #
2012/2151(INI)
Motion for a resolution
Recital AN a (new)
Recital AN a (new)
ANa. whereas the role of lender of last resort is still conferred to national central banks, despite monetary policy being decided by the Eurosystem; whereas the implementation of emergency liquidity assistance (ELA) requires complex ad hoc arrangements prone to execution risks and conflicts with monetary policy objectives;
Amendment 251 #
2012/2151(INI)
Motion for a resolution
Recital AN b (new)
Recital AN b (new)
ANb. whereas the development of a banking union should correct this anachronism by formally conferring the role of lender of last resort to the ECB, without endangering its price stability objective; whereas the ECB should set rules on the granting of ELA, which would allow it to improve transparency on its use and to prevent moral hazard more efficiently;
Amendment 352 #
2012/2151(INI)
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countries included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions, be partly financed by banks ex ante by levies or contributions till it has sufficient resources to provide a credible guarantee, and have access to ESM funding if necessary;
Amendment 409 #
2012/2151(INI)
Motion for a resolution
Recital -BS a (new)
Recital -BS a (new)
-BSa. whereas five years on from the burst of turmoil in financial markets, the euro area lingers in crisis, lagging far behind other economic areas on the track to recovery, and to a large extent this is due to flaws in the current EMU framework;
Amendment 410 #
2012/2151(INI)
Motion for a resolution
Recital -BS b (new)
Recital -BS b (new)
-BSb. whereas in this regard, the report Towards a Genuine Economic and Monetary Union presented by the Four Presidents to the European Council marks an important step forward, as it acknowledges that "the smooth functioning of the EMU requires not only the swift and vigorous implementation of the measures already agreed under the reinforced economic governance framework (notably the Stability and Growth Pact and the Treaty on Stability, Coordination and Governance), but also a qualitative move towards a fiscal union";
Amendment 411 #
2012/2151(INI)
Motion for a resolution
Recital -BS c (new)
Recital -BS c (new)
-BSc. whereas in line with the report "Towards a genuine Economic and Monetary Union" a fully-fledged fiscal union should include a risk-sharing arrangement through a common budget or backstop, enhanced fiscal oversight through a joint decision-making and oversight by a European Budget Authority, and debt pooling mechanisms that would result in the creation of a single sovereign debt market;
Amendment 436 #
2012/2151(INI)
Motion for a resolution
Recital BV a (new)
Recital BV a (new)
BVa. whereas in order to ensure adequate implementation of fiscal policies and regulations, a European Budget Authority could be mandated to oversee budget execution by national governments;
Amendment 462 #
2012/2151(INI)
Motion for a resolution
Recital BZ a (new)
Recital BZ a (new)
BZa. whereas pooling debt would address many of the factors that have exacerbated the current crisis. It would reduce the risks of sovereigns being cut off from the markets, limit the strain from rising funding costs, and create a liquid and efficient market of safe assets for the financial sector;
Amendment 471 #
2012/2151(INI)
Motion for a resolution
Recital CA a (new)
Recital CA a (new)
CAa. whereas if Member States are to move further towards pooling resources and sharing risks, fiscal policy-making should also be pooled to a certain extent, as Member States would be jointly assuming the consequences of an asymmetric shock that affects any of them, the design of the fiscal paths should also be decided jointly and debt issuance should be authorised in advance;
Amendment 473 #
2012/2151(INI)
Motion for a resolution
Recital CA b (new)
Recital CA b (new)
CAb. whereas delegating debt issuance to a European Budget Authority, mechanisms to deal with moral hazard would be strengthened, it would be easier to enforce penalties against non- compliant Member States as their access to funds obtained from debt markets could be restrained or halted;
Amendment 536 #
2012/2151(INI)
Motion for a resolution
Recital CH a (new)
Recital CH a (new)
CHa. whereas to benefit of the full growth potential of the Union economy is necessary to complete the internal market specially in areas such as services, energy, telecommunications, standardisation, simplification of public procurement rules, network industries, e-commerce, and copyright regime;
Amendment 541 #
2012/2151(INI)
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that reduces structural unemployment, especially for youth, old persons and women,; whereas in that sense the integration of labour markets of the Member States should be fostered to enhance cross-border labour mobility;
Amendment 656 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
- supervise all financial institutions within the countries included in the system but with a clear division ofdelegating operational responsibilities between the European and national supervisors depending on the size and nature of banks and the nature of the supervisory taskto national supervisors in order to benefit from their knowledge of the functioning of domestic financial markets;
Amendment 709 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 5
Annex – part 1 – point 1.2 – paragraph 5
All deposits denominated in euroin the euro area should be subject to a particular regime. Under that particular regime, the obligation on Member States to ensure that the EDGF has adequate funding should be a collective one in the case of Member States whose currency is the euro.
Amendment 715 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that that the collective obligation will be met. That vehicle could be the ESM, which could recapitalise and provide financial assistance to banks without intermediation of Member States.
Amendment 738 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 4
Annex – part 1 – point 1.3 – paragraph 4
The fund should be pan-European, funded ex-ante by the institutions concerned, and separate from deposit-guarantee schemes. Deposit guarantee schemes could contribute to resolution for a maximum amount equivalent to the losses that it would have had to bear in normal insolvency proceedings. The fund should have access to ESM funding if necessary.
Amendment 780 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.4 a (new)
Annex – part 2 – point 2.4 a (new)
Amendment 782 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.4 b (new)
Annex – part 2 – point 2.4 b (new)
Recommendation 2.4b: Single sovereign debt market The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Create a single sovereign market for the whole euro area. The European budget authority would receive competencies over euro area debt management and it would be responsible for raising funds on behalf of Member States. Debt instruments would be backed by joint resources.
Amendment 803 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 1
Annex – part 3 – point 3.2 – paragraph 1 – indent 1
- The development and strengthening of the internal market and fostering international trade links are central to stimulating economic growth, increasing competitiveness and addressing macroeconomic imbalances; therefore, the Commission should be required to take into account in its Annual Growth Survey what steps Mrember States have takenain to be taken by Member States to complete the internal market;
Amendment 57 #
2012/2115(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses, further, the need to obtain a fuller overview of risk transfers by financial institutions, in order to determine who has purchased what from whom and how the transferred risks are supported; invites the Commission, therefore, to undertake a study (in early 2013) and submit a report (by mid-2013) regarding the feasibility of setting up a public non- profit utility as a central registry for risk transfers, which should be able to capture and monitor risk transfer data in real time based on LEI codes;
Amendment 89 #
2012/2115(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses the need to ensure that all SB entities having a bank sponsor or linked to a bank are included in the bank's balance sheet for prudential consolidation purposes; invites the Commission to examine, by the beginning of 2013, means of ensuring that entities which are not consolidated from an accounting perspective are consolidated for prudential consolidation purposes in order to improve global financial stability;
Amendment 95 #
2012/2115(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the need to ensure greater transparency in the structure and activities of financial institutions; invites the Commission, taking account of the conclusions of the Liikanen report, to propose legislation to separate commercial and investment banks, in particularcreate the right incentives to less risky business models, in order to avoid the financing of SB activities via savings;
Amendment 109 #
2012/2115(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Believes that incentives associated with securitisation need to be adequately addressed; invites the Commission to examine the securitisation market and to submit a legislative proposal at the latest by the beginning of 2013, including the implications of initiatives under way such as Prime Collateralized Securities to assess their impact on transparency and standardisations and to assess the need for limiting the number of times a financial product can be securitised; calls on it to review whether there is a need to update current regulation imposeing particular requirements on suppliers of securitisation (e.g. originators or sponsors) to retain part of the risks associated with securitisation and of measures to achieve transparency, byand consider the introduction of an external valuer of the underlying assets and standardisation of securitisation products as well as resolution processes;
Amendment 11 #
2012/2114(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas the experience gained by Member States from policies supporting the internationalisation of SMEs and microenterprises, plus that of civil society institutions (chambers of commerce, employers' associations, etc.), constitutes a formidable pool of lessons learned with a view to designing efficient and successful new policies in this field;
Amendment 12 #
2012/2114(INI)
Motion for a resolution
Recital G b (new)
Recital G b (new)
Gb. whereas any SME support policy undertaken at European level should be subsidiary, supplementary and complementary to the existing policy, provide European added value, avoid duplication and overlap with existing national, regional and local programmes and optimise planning and operational coordination;
Amendment 20 #
2012/2114(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Amendment 23 #
2012/2114(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Urges the Commission, and where appropriate the Member States, to foster the participation of SMEs, and where relevant microenterprises, in the global markets by implementing appropriate measures for their internationalisation, including easier access to capital and regularly updated information on business opportunities abroad, as well as efficient TDIs aimed at ensuring their rightful protection against unfair dumping and subsidies and safeguarding lawful production in the EU and EU businesses' market share in third countries;.
Amendment 33 #
2012/2114(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers it essential for the EU's competitiveness and growth to create a network, to be part of a digital platform, bringing together national SME helpdesks, chambers of commerce, Export Credit Agencies (ECAs), business associations and the Commission, in order to provide enterprises in the EU, especially exporters and importers, with precise, timely and reader-friendly information on a one-stop- shop basis, so that they can fully benefit from the Union's new common commercial policy;
Amendment 37 #
2012/2114(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that recurrent difficulties in accessing capital are one of the key reasons preventing SMEs' internationalisation; calls on the national governments to support SMEs by means of export insurance and making credit available to them from Member States' ECAofficially supported export credits, and also to earmark sufficient funding for SMEs (e.g. special loans, cofinancing and venture capital), so as to help overcome disinvestment and deleveraging by banks; stresses that such funding should be provided to SMEs that are already exporting and which can present a viable business plan for improving or consolidating their existing market share and creating jobs, especially for young people; considers that support for start-ups offering innovative goods and services and for SMEs in need of initial investment should not be overlooked;
Amendment 49 #
2012/2114(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recognises the need to establish, at EU level, an SME export/import facility which would disburse additional support to SMEs via ECAs; considers that, drawing on national best practice, this additional support could involve soft and fixed-interest-rate loans, short-term work capital and refinancing, equity funding, export guarantees (e.g. an export credit guarantee to eliminate commercial and political risks of non-payment), and business insurance solutions, including an export credit insurance to prevent exchange rate riskexistence of well- established and experienced systems at the national level offering access to export credits, in particular for SMEs, whose continuity is at the moment reasonable; takes the position, however, that in the medium term the establishment of systematic support in export credits at EU level, on the basis of national best practice, necessitates further discussion;
Amendment 63 #
2012/2114(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Encourages EU businesses and exporters to actively use the TDIs, such as the TBR complaints or the complaints register in the Market Access Database, in order to report to the Commission on material injuries resulting from trade barriers and enable, where appropriate, ex officio initiations of anti-dumping (AD) and countervailing duties (CVD) investigations by the Commission so as to avoid retaliation;, in close collaboration with industry
Amendment 13 #
2012/0366(COD)
Proposal for a directive
Recital 13
Recital 13
(13) The current use of different reporting formats makes it difficult for manufacturers and importers to fulfil their reporting obligations and burdensome for the Member States and the Commission to compare, analyse and draw conclusions from the information received. In this light there should be a common mandatory format for the reporting of ingredients and emissions. The greatest possible transparency of product information should be ensured for the general public, while ensuring that appropriate account is taken of the commercial and intellectual property rights of the manufacturers of tobacco products and fulfils the Union’s international obligations contained in the WTO treaties.
Amendment 14 #
2012/0366(COD)
Proposal for a directive
Recital 15
Recital 15
(15) The likelihood of diverging regulation is further increased by concerns over tobacco products, including smokeless tobacco products, having a characterisingnon-tobacco dominant flavour other than tobacco, which may facilitate uptake ofr tobacco consumption or affect consumption patterns. For example, in many countries, sales of mentholated products gradually increased even as smoking prevalence overall declined. A number of studies indicated that mentholated tobacco products can facilitate inhalation as well as smoking uptake among young people. Measures introducing unjustified differences of treatment between flavoured cigarettes (e.g. menthol and clove cigarettes) should be avoidedraditional flavours such as menthol, which may facilitate uptake of tobacco consumption or affect consumption patterns..
Amendment 25 #
2012/0366(COD)
Proposal for a directive
Recital 23
Recital 23
(23) In order to ensure the integrity and the visibility of health warnings and maximise their efficacy, provisions should be made regarding the dimension of the warnings as well as regarding certain aspects of the appearance of the tobacco package, including the opening mechanism. The package and the products may mislead consumers, in particular young people, suggesting that products are less harmful. For instance, this is the case with certain texts or features, such as ‘low-tar’, ‘light’, ‘ultra-light’, ‘mild’, ‘natural’, or ‘organic’, ‘without additives’, ‘without flavours’, ‘slim’, names, pictures, and figurative or other signs. Likewise, the size and appearance of individual ciga. In case the package cretates cana mislead consumers by creating theing impression that they cigarettes are less harmful. A recent study has also shown that smokers of slim cigarettes were more likely to believe that their own brand might be less harmful. This should be addressed, health warnings must be adapted accordingly.
Amendment 40 #
2012/0366(COD)
Proposal for a directive
Recital 40
Recital 40
(40) A Member State that deems it necessary to maintain more stringent national provisions for aspects falling inside the scope of this Directive should be allowed to do so, for all products alike, on grounds of overriding needs relating to the protection of public health. A Member State should also be allowed to introduce more stringent provisions, applying to all products alike, on grounds relating to the specific situation of this Member State and provided the provisions are justified by the need to protect public health. More stringent national provisions should be necessary and proportionate, not constitute a means of arbitrary discrimination or a disguised restriction on trade between Member States and consistent with WTO international obligations. Stricter national provisions require prior notification to, and approval from, the Commission taking into account the high level of health protection achieved through this Directive.
Amendment 45 #
2012/0366(COD)
Proposal for a directive
Recital 41
Recital 41
(41) Member States should remain free to maintain or introduce national legislations applying to all products alike for aspects falling outside the scope of this Directive, provided they are compatible with the Treaty and do not jeopardise the full application of this Directive. Accordingly, Member States could, for instance, maintain or introduce provisions providing standardisation of packaging of tobacco products provided that those provisions are compatible with the Treaty, with WTO obligations and do not affectwith the WTO provisions, and do not jeopardise the full application of this Directive. A prior notification is required for technical regulations pursuant to Directive 98/34/EC of the European Parliament and of the Council of 22 June 1998 laying down a procedure for the provision of information in the field of technical standards and regulations and on rules on Information Society services44.
Amendment 50 #
2012/0366(COD)
Proposal for a directive
Recital 43 a (new)
Recital 43 a (new)
(43a) This Directive should not lead to deterioration in the living conditions of people whose livelihoods depend on tobacco growing in Europe and who often live in disadvantaged areas. Given that the aim of the Directive is solely to discourage consumption of tobacco products, any decisions concerning ingredients and additives should take due account of the possible socioeconomic repercussions for groups whose livelihoods depend on tobacco growing. The European tobacco growing sector should be protected because it accounts for only a very small proportion of consumption in the EU and, at the same time, contributes to the economic stability of certain European regions where the range of alternative crops is limited. A decrease in or an end to tobacco growing in the EU would have no impact on consumption levels, but would lead to an increase in imports from third countries and a reduction in quality standards.
Amendment 62 #
2012/0366(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) ‘characterisingnon-tobacco dominant flavour’ means an overt distinguishable aroma or taste other than tobacco or menthol, resulting from an additive or combination of additives, including but not limited to fruit, spice, herb, alcohol, candy, menthol or vanilla observable before or evident upon intended use of the tobacco product;
Amendment 68 #
2012/0366(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
(13) ‘flavouring’ means an additive that imparts aroma and/or taste; except for menthol
Amendment 80 #
2012/0366(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 83 #
2012/0366(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Member States shall notify the Commission of the maximum yields that they set for other emissions of cigarettes and for emissions of tobacco products other than cigarettes. Taking into account internationally agreed standards, where available, and based on scientific evidence and on the yields notified by Member States, the Commission shall be empowered to adopt delegated acts in accordance with Article 22 to adopt and adapt maximum yields for other emissions of cigarettes and for emissions of tobacco products other than cigarettes that increase in an appreciable manner the toxic or addictive effect of tobacco products beyond the threshold of toxicity and addictiveness stemming from the yields of tar, nicotine and carbon monoxide fixed in paragraph 1.
Amendment 84 #
2012/0366(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 85 #
2012/0366(COD)
Proposal for a directive
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Member States shall notify the Commission of the methods of measurement that they use for other emissions of cigarettes and for emissions of tobacco products other than cigarettes. Based on these methods, and taking into account scientific and technical developments as well as internationally agreed standards the Commission shall be empowered to adopt delegated acts in accordance with Article 22 to adopt and adapt methods of measurement.
Amendment 87 #
2012/0366(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Member States shall prohibit the placing on the market of tobacco products with a characterising flavourdditives that create or release a flavour which is not predominantly that of tobacco or menthol, in accordance with the provisions of paragraph 2.
Amendment 92 #
2012/0366(COD)
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 98 #
2012/0366(COD)
Proposal for a directive
Article 6 – paragraph 9
Article 6 – paragraph 9
Amendment 107 #
2012/0366(COD)
Proposal for a directive
Article 8 – paragraph 4
Article 8 – paragraph 4
Amendment 111 #
2012/0366(COD)
Proposal for a directive
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) cover 750 % of the external area of both the front and back surface of the unit packet and any outside packaging;
Amendment 120 #
2012/0366(COD)
Proposal for a directive
Article 9 – paragraph 1 – point g – point i
Article 9 – paragraph 1 – point g – point i
(i) height: not less than 646 mm;
Amendment 123 #
2012/0366(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 129 #
2012/0366(COD)
Proposal for a directive
Article 10 – paragraph 4 – point a
Article 10 – paragraph 4 – point a
(a) printed in black Helvetica bold type on a white background. The general warning could be shown using self-adhesive paper provided that they cannot be removed. In order to accommodate language requirements, Member States may determine the point size of the font, provided that the font size specified in their legislation is such as to occupy the greatest possible proportion of the area set aside for the text required;
Amendment 135 #
2012/0366(COD)
Proposal for a directive
Article 10 – paragraph 5
Article 10 – paragraph 5
Amendment 140 #
2012/0366(COD)
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 144 #
2012/0366(COD)
Proposal for a directive
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
Amendment 146 #
2012/0366(COD)
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 154 #
2012/0366(COD)
Proposal for a directive
Article 13
Article 13
Amendment 186 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 9
Article 14 – paragraph 9
Amendment 218 #
2012/0366(COD)
Proposal for a directive
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 220 #
2012/0366(COD)
Proposal for a directive
Article 18 – paragraph 5
Article 18 – paragraph 5
Amendment 223 #
2012/0366(COD)
Proposal for a directive
Article 22
Article 22
Amendment 230 #
2012/0366(COD)
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. However, a Member State may maintain more stringent national provisions, applicable to all products alike, in areas covered by the Directive, on grounds of overriding needs relating to the protection of public health. A Member State may also introduce more stringent provisions, on grounds relating to the specific situation of this Member State and provided the provisions are justified by the need to protect public health. Such national provisions shall be notified to the Commission together with the grounds for maintaining or introducing them. The Commission shall, within six months from the date of receiving the notification, approve or reject the provisions after having verified, taking into account the high level of health protection achieved through this Directive, whether or not they are justified, necessary and proportionate to their aim, compliant with the Treaty and the EU’s international obligations, including WTO obligations, and whether or not they are a means of arbitrary discrimination or a disguised restriction on trade between the Member States. In the absence of a decision by the Commission within this period the national provisions shall be deemed to be approved.
Amendment 113 #
2012/0175(COD)
Proposal for a directive
Recital 4
Recital 4
(4) Various types of persons or institutions, such as agents, brokers and ‘bancassurance’ operators, insurance undertakings, travel agents and car rental companies can distribute insurance products. Equality of treatment between operators and customer protection requires that all these persons or institutions be covered by this Directive.
Amendment 116 #
2012/0175(COD)
Proposal for a directive
Recital 5
Recital 5
(5) The application of Directive 2002/92/EC has shown that a number of provisions require further precision with a view to facilitating the exercise of insurance and reinsurance mediation and that the protection of consumers requires an extension of the scope of that Directive to all sales of insurance products, whether by insurance intermediaries or insurance undertakings. In respect of their sales, after-sales and claims processes insurance undertakings which sell directly insurance products, should be brought into the scope of the new Directive on a similar basis as insurance agents and brokers.
Amendment 119 #
2012/0175(COD)
Proposal for a directive
Recital 7
Recital 7
Amendment 125 #
2012/0175(COD)
Proposal for a directive
Recital 16
Recital 16
(16) Insurance and reinsurance intermediaries should be able to avail themselves of the freedom of establishment and the freedom to provide services which are enshrined in the Treaty. Accordingly, registration with or a declaration to their home Member State should allow insurance and reinsurance intermediaries to operate in other Member States in accordance with the principles of freedom of establishment and freedom to provide services, provided that an appropriate notification procedure has been followed between the competent authorities.
Amendment 128 #
2012/0175(COD)
Proposal for a directive
Recital 22
Recital 22
(22) It is important to guarantee a high level of professionalism and competence among insurance and reinsurance intermediaries and the employees of direct insurers who are involved in activities preparatory to, during and after the sales of insurance policies. Therefore, the professional knowledge of an intermediary, of the employees of direct insurers, and of car rental companies and travel agents, as well as the professional knowledge of persons carrying on the activities of the management of claims, loss adjusting or expert appraisal of claims needs to match the level of complexity of these activities. Continuing education should be ensured.
Amendment 136 #
2012/0175(COD)
Proposal for a directive
Recital 28
Recital 28
(28) There is a need for appropriate and effective out-of-court complaint and redress procedures in the Member States in order to settle disputes between insurance intermediaries or undertakings and customers, using, where appropriate, existing procedures. Effective out-of-court complaint and redress procedures should be available to deal with disputes concerning rights and obligations established under this Directive between insurance undertakings or persons selling or offering insurance products and customers. In order to enhance the effectiveness of out-of-court resolution of disputes procedures dealing with complaints submitted by customers, this Directive should provide that insurance undertakings or persons selling or offering insurance products have to participate in dispute resolution procedures, which do not result in a binding decision, instituted against themselves by customers and concerning rights and obligations established under this Directive. Such out- of-court resolution of disputes procedures would aim to achieve a quicker and less expensive settlement of disputes between insurance undertakings or persons selling or offering insurance products and customers and lightening of the burden on the court system. However, out-of-court resolution of disputes procedures should not prejudice the rights of the parties to such procedures to bring legal proceedings before courts. Without prejudice to the right of customers to bring their action before the courts, Member States should ensure that ADR entities dealing with disputes referred to under this Directive cooperate in resolving cross-border disputes. Member States should encourage ADR entities dealing with such disputes to become part of FIN- NET.
Amendment 142 #
2012/0175(COD)
Proposal for a directive
Recital 30
Recital 30
(30) Consumers should be provided in advance with clear information about the status of the persons who sell the insurance product and about the remuneration which they receive. There is a need to introduce a mandatoryupon request status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer at the pre- contractual stage. Its role is to show the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure and the content of the intermediaries' remuneration.
Amendment 152 #
2012/0175(COD)
Proposal for a directive
Recital 31
Recital 31
(31) In order to mitigate conflicts of interest between the seller and the buyer of an insurance product, it is necessary to ensure sufficient disclosure of remuneration of insurance distributors. Accordingly, for life insurance products, the intermediary and the employee of the insurance intermediary or the insurance undertaking should be obliged to inform the customer about its remuneration, in advance of the sale. For other insurance products, subject to a transitional period of 5 years, the customer must be informed of the customer's right to request this information, which must be provided to the customer upon request.
Amendment 158 #
2012/0175(COD)
Proposal for a directive
Recital 34
Recital 34
(34) In order to avoid mis-selling cases, if necessary, the sale of insurance products should be accompanied with honest and professional advice.
Amendment 178 #
2012/0175(COD)
Proposal for a directive
Recital 51
Recital 51
Amendment 193 #
2012/0175(COD)
Proposal for a directive
Article 1 – paragraph 2 – point e
Article 1 – paragraph 2 – point e
(e) the insurance is complementary to goodsthe product or service supplied by any provider, where such insurance covers the risk of breakdown, loss of or damage to the goods supplied by that provider ;
Amendment 201 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – subparagraph 1
Article 2 – paragraph 1 – point 3 – subparagraph 1
3. ‘insurance mediation’ means the activities, for remuneration, of advising on , proposing or carrying out other work preparatory to the conclusion of contracts of insurance, concluding such contracts or assisting in the administration and performance of such contracts, in particular in the event of a claim, and the activity of professional management of claims and loss adjusting. These activities shall be considered to be insurance mediation also if carried on by an insurance undertaking without the intervention of an insurance intermediary with the distribution of insurance products.
Amendment 207 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – subparagraph 2 – point a
Article 2 – paragraph 1 – point 3 – subparagraph 2 – point a
(a) the provision of information on an incidental basis to a customer in the context of another professional activity, if the provider does not take any additional steps to assist the customer in concluding or performing an insurance contract, the management of claims of an insurance undertaking on a professional basis, and loss adjusting and expert appraisal of claims shall also not be considered as insurance mediation;
Amendment 214 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 6 – subparagraph 1
Article 2 – paragraph 1 – point 6 – subparagraph 1
6. ‘reinsurance mediation’ means the activities, for remuneration, of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of reinsurance, of concluding such contracts or assisting in the administration and performance of such contracts, in particular in the event of a claim, and the activity of professional management of claims and loss adjusting. These activities shall be considered to be reinsurance mediation also if carried on by a reinsurance undertaking without the intervention of a reinsurance intermediary.
Amendment 215 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 6 – subparagraph 2 – point a
Article 2 – paragraph 1 – point 6 – subparagraph 2 – point a
(a) the provision of information on an incidental basis in the context of another professional activity provided that the purpose of that activity is not to assist the customer in concluding or performing a reinsurance contract, the management of claims of a reinsurance undertaking on a professional basis, and loss adjusting and expert appraisal of claims shall also not be considered as reinsurance mediation;
Amendment 216 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
Amendment 247 #
2012/0175(COD)
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
Amendment 273 #
2012/0175(COD)
Proposal for a directive
Article 3 – paragraph 8 a (new)
Article 3 – paragraph 8 a (new)
8a. Member States may provide that those persons who exercised a mediation activity before XXX, who were entered in a register and who had a level of training and experience similar to that required by this Directive, shall be automatically entered in the register to be created, once the requirements set down in Article 4(3) and (4) are complied with.
Amendment 296 #
2012/0175(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
Insurance and reinsurance intermediaries, including those who pursue these activities on an ancillary basis, persons carrying on the activities of the professional management of claims, loss adjusting or expert appraisal of claims, and members of staff of insurance undertakings carrying out insurance mediation activities, shall possess appropriate knowledge and ability, as determined by the home Member State of the intermediary or undertaking, to complete their tasks and perform their duties adequately, demonstrating appropriate professional experience relevant to the complexity of the products they are mediating.
Amendment 310 #
2012/0175(COD)
Proposal for a directive
Article 8 – paragraph 8
Article 8 – paragraph 8
Amendment 342 #
2012/0175(COD)
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
Member States shall ensure that insurance and reinsurance undertakings and intermediaries use the insurance and reinsurance mediation services only of registered insurance and reinsurance intermediaries or of the persons referred to in Article 1(2) or of the persons who have fulfilled the declaration procedure referred to in Article 4 .
Amendment 344 #
2012/0175(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Member States shall require that, when carrying out insurance mediation with or for customers, an insurance intermediary or insurance undertaking acts honestly, fairly and professionally in accordance with the best interests of its customers.
Amendment 462 #
2012/0175(COD)
Proposal for a directive
Article 18 – title
Article 18 – title
Advice, and standards for sales where no advice is given
Amendment 486 #
2012/0175(COD)
Proposal for a directive
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Prior to the conclusion of a contract, whether or not advice is given, the insurance intermediary or insurance undertaking shall give the customer the relevant information about the insurance product in a comprehensible form to allow the customer to make an informed decision, while taking into account the complexity of the insurance product and the type of costumer.
Amendment 559 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 3 – point a
Article 24 – paragraph 3 – point a
(a) the insurance intermediary or insurance undertaking and its services. When advice is provided, iand its services. Information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the on-going assessment of the suitability of the insurance product recommended to the customer;
Amendment 572 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 4
Article 24 – paragraph 4
4. The information referred to in this Article should be provided in a comprehensible form in such a manner that the customers or potential customers are reasonably able to understand the nature and risks of the specific insurance product that is being offered and, consequently, to take investment decisions on an informed basis. This information mayshall be provided in a standardised format.
Amendment 576 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – introductory part
Article 24 – paragraph 5 – introductory part
5. When the insurance intermediary or insurance undertaking informs the customer that insurance advice is provided on an independent basis, the insurance intermediary or insurance undertaking shall:
Amendment 584 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – point a
Article 24 – paragraph 5 – point a
(a) assess a sufficiently large number of insurance products available on the market. The insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; and
Amendment 612 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
Member States shall ensure that insurance intermediaries and insurance undertakings, when carrying on insurance mediation in relation to sales where no advice is given, ask the customer or potential customer to provide information regarding the customer's or potential customer's knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded so as to enable the insurance intermediary or insurance undertaking to assess whether the insurance service or product envisaged is appropriate for the customer.
Amendment 622 #
2012/0175(COD)
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
4. The customer must receive from the insurance intermediary or insurance undertaking adequate reports on the service provided to its customers. These reports shall include periodic communications to customers, taking into account the type and the complexity of insurance products involved and the nature of the service provided to the customer and shall include, where applicable, the costs associated with the transactions and services undertaken on behalf of the customer. When providing advice, tThe insurance intermediary or insurance undertaking shall specify how the advice given meets the personal characteristics of the customer.
Amendment 387 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institutionsignificant institution within a group draws up and maintains a recovery plan providing, through measures takena range of potential measures to be evaluated by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 397 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Member States shall ensure that the institutionssignificant institutions within a group update their recovery plans at least annually or after change to the legal or organisational structure of the institution, its business or its financial situation, which could have a material effect on, or necessitates a change to the recovery plan. Competent authorities may require institutionssignificant institutions within a group to update their recovery plans more frequently.
Amendment 400 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Recovery plans shall not assume any access to or receipt of extraordinary public financial support but shall include, where applicable, an analysis of how and when an institution significant institution within a group may apply for the use of central bank facilities in stressed conditions and available collateral.
Amendment 407 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The competent authorities shall ensure that institutionssignificant institutions within a group include in recovery plans appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. Competent authorities shall ensure that firms test their recovery plans against a range of scenarios of financial distress, varying in their severity including system wide events, legal-entity specific stress and group-wide stress.
Amendment 417 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 6 – subparagraph 1
Article 5 – paragraph 6 – subparagraph 1
With the aim of harmonizing, the EBA, in consultation with the European Systemic Risk Board (ESRB), shall develop draft technical standards specifying the range of scenarios to be included in recovery plans and used for the purposes of paragraph 5 of this Article in accordance with Article 25(3) of Regulation (EU) No 1093/2010.
Amendment 421 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 7 a (new)
Article 5 – paragraph 7 a (new)
7a. The resolution college, provided it is composed by the competent authorities of the countries where the group entity mainly operates, shall determine which institutions are deemed "significant" within a group.
Amendment 422 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 7 b (new)
Article 5 – paragraph 7 b (new)
7b. EBA shall develop draft regulatory technical standards specifying the meaning of "material effect" referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 423 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 7 c (new)
Article 5 – paragraph 7 c (new)
7c. EBA shall develop draft regulatory technical standards specifying the criteria by which institutions may be required to update their recovery plans more frequently as referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 424 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 7 d (new)
Article 5 – paragraph 7 d (new)
7d. EBA shall develop draft regulatory technical standards specifying the meaning of "significant deterioration" in paragraph 1 that triggers a timely implementation of recovery actions as referred to in paragraph 5. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 435 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Where competent authorities assess that there are deficiencies in the recovery plan, or potential impediments to its implementation, they shall notify the institution of their assessment and require the institution to submit, within three six months, a revised plan demonstrating how those deficiencies or impediments have been addressed.
Amendment 439 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 4 – introductory part
Article 6 – paragraph 4 – introductory part
4. If the institution fails to submit a revised recovery plan, or if the competent authority determines that the revised recovery plan does not adequately remedy the deficiencies or potential impediments identified in its original assessment, the competent authorities shall require the institution to take any measure it considers necessaryentity's management shall draw up, in consultation with the competent authorities, a mutually agreed framework of measures to ensure that the deficiencies or impediments are removed. In addition to the measures that may be required in accordance with Article 136 of Directive 2006/48/EC, the competent authorities may, in particular, require the institution to take actions to:
Amendment 458 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each significant institution that is part of the group.
Amendment 469 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The consolidating supervisor shallmay, provided adequate confidentiality requirements exist, transmit the group recovery plans to the relevant competent authorities referred to in Article 131a of Directive 2006/48/EC and to EBA.
Amendment 474 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
The group recovery plan shall include arrangements to ensure the coordination and consistency of measures to be taken at the level of the parent undertaking or relevant institution subject to consolidated supervision, and at the level of the companies referred to in points (c) and (d) of Article 1 as well as measures to be taken at the level of individual institutions. significant institutions within a group.
Amendment 480 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The group recovery plan shall include for the whole group and for each of its significant entities the elements and arrangements provided in Article 5. It shall also include, where applicable, arrangements for possible intra-group financial support adopted in accordance with any agreement for group financial support that has been concluded in accordance with Article 16Section D of the Annex.
Amendment 485 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 5 – subparagraph 1
Article 7 – paragraph 5 – subparagraph 1
The consolidating supervisor shall ensure that the parent undertaking or the institution subject to consolidated supervision referred to in paragraph 1 provide a range of recovery options setting out actions to address those scenarios provided for in Article 5(5)recovery plans.
Amendment 488 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The management body of significant individual entities and the management body of the parent undertaking or institution, both subject to consolidated supervision referred to in paragraph 1 and the management body of institutions that are part of the group, shall approve the respective local recovery plans, as part of the group recovery plan. The management body of the parent undertaking subject to consolidated supervision referred to in paragraph 1 shall approve the group recovery plan before submitting it to the consolidating supervisor.
Amendment 492 #
2012/0150(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
The consolidating supervisor shall review the group recovery plan, including the recovery plans for significant individual institutions that are part of the group, and assess the extent to which it satisfies the requirements and criteria set out in Articles 6 and 7. That assessment shall be made in accordance with the procedure established in Article 6 and the provisions of this Article.
Amendment 494 #
2012/0150(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
The consolidating supervisor shall carry out the review and assessment of the group recovery plan, including the recovery plans for significant individual institutions that are part of the group, in consultation and cooperation with the competent authorities referred to in Article 131a of Directive 2006/48/EC. The review and assessment in accordance with Article 6(2) of this Directive of the group recovery plan and, if necessary, the request to take measuresproceed in accordance with Article 6(4) of this Directive shall take the form of joint decisions by the authorities referred to in Article 131a of Directive 2006/48/EC.
Amendment 500 #
2012/0150(COD)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
In the absence of a joint decision between the competent authorities within four months, the consolidating supervisor shall make its own decision on the review and assessment of the group recovery plan or on the measprocedures required in accordance with Article 6(4). The decision shall be set out in a document containing the fully reasoned decision and should take into account the views and reservations of the other competent authorities expressed during the four-month period. The consolidating supervisor shall notify the decision to the parent undertaking of the institution subject to consolidated supervision and to the other competent authorities.
Amendment 525 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Resolution authorities, in consultation with competent authorities and in open dialogue with entities, shall draw up a resolution plan for each significant institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC. The resolution plan shall provide for the resolution actions which the resolution and competent authorities may take where the institution meets the conditions for resolution.
Amendment 541 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 4 – point c
Article 9 – paragraph 4 – point c
(c) a demonstration of howthe continuity of critical functions andupon resolution and, if necessary, of how core business lines could be legally and economically separated, to the extent necessary, from other functions so as to ensure continuity on the failure of the institution;
Amendment 554 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 5 a (new)
Article 9 – paragraph 5 a (new)
5a. EBA shall develop draft regulatory technical standards specifying the meaning of "material changes" referred to in paragraphs 1 and 4b, and of "material effect" referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 555 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 5 b (new)
Article 9 – paragraph 5 b (new)
5b. EBA shall develop draft implementing technical standards describing the templates and standard forms for the arrangements for ensuring that the information required pursuant to Article 11 is up to date and at the disposal of the resolution authorities at all times. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft technical implementing standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 562 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that resolution authorities draw up group resolution plans. Group resolution plans shall include both a plan for resolution at the level of the parent undertaking or institution subject to consolidated supervision pursuant to Article 125 and 126 of Directive 2006/48/EC and the resolution plans for the individual significant subsidiary institutions drawn up in accordance with Article 9 of this Directive. The group resolution plans shall also include plans for the resolution of the companies referred to in points (c) and (d) of Article 1 and plans for the resolution of institutions with branches in other Member States in compliance with the provisions of Directive 2001/24/EC.
Amendment 571 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 – point a
Article 11 – paragraph 3 – point a
(a) set out the resolution actions to be taken with regards to the group as a whole or part of the group, including individual significant subsidiaries, both through resolution actions in respect to the companies referred to in Article 1(d), the parent undertaking and significant subsidiary institutions and through coordinated resolution actions in respect of significant subsidiary institutions, in those scenarios provided for in Article 9(2);
Amendment 575 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 – point c
Article 11 – paragraph 3 – point c
(c) where a group includes significant entities incorporated in third countries, identify arrangements for cooperation and coordination with the relevant authorities of those third countries;
Amendment 587 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
Parent undertakings and institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC shall submit the information required in accordance with Article 11 of this Directive to the group level resolution authority. That information shall concern the parent undertaking or institution subject to consolidated supervision and all the legal significant entities that are part of the group. Institutions subject to consolidated supervisions pursuant to Articles 125 and 126 of Directive 2006/48/EC shall also provide the information required pursuant to Article 11 of this Directive concerning the companies referred to in points (c) and (d) of Article 1.
Amendment 588 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
The group level resolution authority shallmay, provided adequate confidentiality agreements exist, transmit the information provided in accordance with this paragraph to EBA, to the resolution authorities of the significant subsidiaries institutions, to the relevant competent authorities referred to in Articles 130 and 131a of Directive 2006/48/EC and to the resolution authorities of the Member States where the companies referred to in points (c) and (d) of Article 1 are established.
Amendment 590 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Member States shall ensure that group level resolution authorities, acting jointly with the resolution authorities referred to in the second subparagraph of paragraph 1, in resolution colleges and in consultation with the relevant competent authorities, draw up and maintain group resolution plans. Group level resolution authorities may, at their discretion, involve in the drawing up and maintenance of group resolution plans third country resolution authorities of jurisdictions in which the group has established significant subsidiaries or financial holding companies or significant branches as referred to in Article 42a of Directive 2006/48/EC.
Amendment 621 #
2012/0150(COD)
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shall ensure that resolution authorities, in consultation with competent authorities, assess the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. An institution or group shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying the different resolution tools and powers to the institution and group without giving rise to significant adverse consequences for the financial systems, including in circumstances of broader financial instability or system wide events, of the Member State in which the institution is situated, having regard to the economy or financial stability in that same or other Member State or the Union and with a view to ensure the continuity of critical functions carried out by the institution or group either because they can be easily separated in a timely manner or by other means.
Amendment 632 #
2012/0150(COD)
Proposal for a directive
Article 13 – paragraph 4 a (new)
Article 13 – paragraph 4 a (new)
4a. Competent authorities will not be authorised to request entities to address any of the matters specified in Section C of the Annex until the Commission has adopted the draft regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 638 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution. Member States shall ensure that resolution authorities, in consultation with competent authorities, draw up a Code of Conduct on the Assessment of Resolvability which establishes (among others) the principles, criteria, management's right to challenge and deadlines on the authorities' measures to proceed to a removal of impediments to resolvability. EBA shall develop draft implementing technical standards describing the content and standard form of the Code of Conduct. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 660 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 4 – point g
Article 14 – paragraph 4 – point g
(g) requiring changes to legal or operational structures of the institution sto as to reduce complexity in order to ensure that critical functions may be legally and economically separated from othersafeguard the continuity of critical functions through the application of the resolution tools;
Amendment 677 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 6 – introductory part
Article 14 – paragraph 6 – introductory part
6. A notification within the Code of Conduct on the Assessment of Resolvability made pursuant to paragraph 1 or 3 shall meet the following requirements:
Amendment 690 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and the resolution authorities of the subsidiarieinstitutions, in consultation with the relevant competent authorities, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 696 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The group level resolution authority, in cooperation with the consolidating supervisor and EBA in accordance with Article 25(1) of Regulation (EU) No 1093/2010, shall prepare and submit a report to the parent undertakings or institution subject to consolidated supervision and to the resolution authorities of the subsidiarieinstitutions. The report shall be prepared in consultation with the competent authorities, and shall analyse the substantive impediments to the effective application of the resolution tools and the exercising of the resolution powers in relation to the group. The report shall also recommend any measures that, in the authorities' view, are necessary or appropriate to remove those impediments.
Amendment 716 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 6 – subparagraph 2
Article 15 – paragraph 6 – subparagraph 2
The decision shall be set out in a documentCode of Conduct on the Assessment of Resolvability containing a full reasoning and shall take into account the views and reservations of the other resolution authorities expressed during the four months period. The decision shall be provided to the parent undertaking or institution which is subject to consolidated supervision by the group level resolution authority.
Amendment 728 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 6 – subparagraph 4
Article 15 – paragraph 6 – subparagraph 4
Where, at the end of the four-month period, any of the resolution authorities concerned has referred the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the group level resolution authority shall defer its decision and await any decision that EBA may take in accordance with Article 19(3) of that Regulation. EBA shall take its decision within one month and the four-month period shall be deemed the conciliation period within the meaning of that Regulation. The subsequent decision of the group level resolution authority shall be in conformity with the decision of EBA and set out in a Code of Conduct on the Assessment of Resolvability. The matter shall not be referred to EBA after the end of the four month period or after a joint decision has been reached.
Amendment 729 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 6 a (new)
Article 15 – paragraph 6 a (new)
6a. EBA shall develop draft implementing technical standards describing the content and standard form of the Code of Conduct on the Assessment of Resolvability which establishes (among others) the principles, criteria, management's right to challenge and deadlines on the authorities' measures to proceed to a removal of impediments to resolvability. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 739 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1 a (new)
Article 16 – paragraph 1 – subparagraph 1 a (new)
A group financial support agreement shall not constitute a prerequisite: (a) to provide group financial support to any group entity that experiences financial difficulties if the institution decides to do so, on a case-by-case basis and according to the group policies if it does not represent a risk for the whole group. (b) to operate in a Member State or third country, even if requested by their competent authorities.
Amendment 741 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 a (new)
Article 16 – paragraph 3 – subparagraph 1 a (new)
Where in accordance with the terms of the agreement, a subsidiary agrees to provide financial support to the parent undertaking so that the parent undertaking in turn can provide this financial support to another subsidiary that experiences financial difficulties, the agreement shall include a reciprocal agreement by the subsidiary that experiences financial difficulties to provide financial support to the parent undertaking to reimburse the original subsidiary that provided the financial support.
Amendment 744 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 6 a (new)
Article 16 – paragraph 6 a (new)
6a. Financial transactions that are part of the group's day-to-day business operations are excluded from the group financial support framework.
Amendment 746 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 6 b (new)
Article 16 – paragraph 6 b (new)
6b. Financial transactions that are not part of the Group's day-to-day business operations are excluded from the group financial support framework.
Amendment 766 #
2012/0150(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States mayust require that any proposed agreement that has been authorised by the competent authorities be submitted for approval to the shareholders meeting of every group entity that proposes to enter into the agreement. In this case, the agreement shall be valid only in respect of those parties whose shareholders' meeting has approved the agreement.
Amendment 768 #
2012/0150(COD)
Proposal for a directive
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 770 #
2012/0150(COD)
Proposal for a directive
Article 18 – paragraph 3 a (new)
Article 18 – paragraph 3 a (new)
3a. The group support agreement must be submitted for approval to the shareholders meeting of every group entity that proposed to enter into the agreement on an annual basis. The agreement shall be valid only in respect of those parties whose shareholders' meeting approve the agreement.
Amendment 773 #
2012/0150(COD)
Proposal for a directive
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. Financial support may only be provided in accordance within a group financial support agreement may only be provided if the following conditions are met:
Amendment 777 #
2012/0150(COD)
Proposal for a directive
Article 19 – paragraph 1 – point f a (new)
Article 19 – paragraph 1 – point f a (new)
(fa) The prudential rules on capital consumption and large exposures apply both for the lender of financial support and the recipient.
Amendment 1056 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 2 – introductory part
Article 37 – paragraph 2 – introductory part
2. Member States shall ensure that before resolution authorities may apply the bail-in tool f, a proper assessment of the potential impact on the stability of the financial system in the Member States concerned but also in the rest of the European Union has been carried out. The resolution authorities shall have the possibility to make partial use only of the bail-in tool as long as it respects the waterfall creditors' hierarchy, or to decide not to apply it, according with the economic and financial overall context. For either of the following purposes:
Amendment 1066 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 1a (new)
Article 37 – paragraph 3 – subparagraph 1a (new)
Only after Member States have evaluated the resolution tools referred to in points (a), (b) and (c) of subparagraph 2 of Article 31, and the aforementioned evaluation of each one, or of a combination of these, reveals they are insufficient to restore the viability of an institution, shall resolution authorities apply the bail-in tool for the purposes referred to in points (a) and (b) of Article 37.
Amendment 1067 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
Article 37 – paragraph 3 – subparagraph 2
Amendment 1080 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) deposits that are guaranteed in accordance with Directive 94/19/EC;All covered deposits in accordance with Directive 94/19/EC. As provided in paragraph 1 of Article 99, the deposit guarantee scheme to which the institution is affiliated shall be liable, up to the amount of covered deposits, for the amount of losses that it would have had to bear if the institution had been wound up under normal insolvency procedures and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail-in tool.
Amendment 1100 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) all other liabilities with an original maturity of less than one month;
Amendment 1107 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d a (new)
Article 38 – paragraph 2 – subparagraph 1 – point d a (new)
(d a) derivatives of all maturities;
Amendment 1128 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1137 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1154 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC.
Amendment 1168 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
3. The minimum aggregate amount pursuant to paragraph 1 shall be determined on the basis of the following criteria:
Amendment 1185 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 6
Article 39 – paragraph 6
6. Resolution authorities shall inform EBA of the minimumaggregate amount they have determined for each institution under their jurisdiction. EBA shall report to the Commission by 1 January 2018 at the latestwithin 12 months from the date of entry into force of this Directive on the implementation of the requirement under paragraph 1. In particular EBA shall report to the Commission whether there are divergences regarding the implementation at national level of that requirement.
Amendment 1195 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
7. The Commission shall, by means of delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.
Amendment 1201 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 1 – introductory part
Article 40 – paragraph 1 – introductory part
1. Resolution authorities may choose to apply the minimum requirement established in Article 39(1) and (3) on a consolidated basis to groups which are subject to consolidated supervision, provided that the following conditions are satisfied:
Amendment 1203 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 1 – point a
Article 40 – paragraph 1 – point a
(a) the percentageaggregate amount referred to in Article 39(1) is calculated on the basis of the consolidated level of the liabilities and of the own funds held by the group;
Amendment 1206 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 1 – point d
Article 40 – paragraph 1 – point d
(d) each institution, which is a subsidiary, shall comply with the minimumaggregate amount requirement set out in Article 39, paragraph 1. However, by way of exemption from the second subparagraph of Article 39(4),, liabilities which are held by the parent undertaking or the company referred to in points (c) or (d) of Article 1 shall be included in the aggregate amount of own funds and eligible liabilities that the subsidiary is required to maintain pursuant to Article 39(1);
Amendment 1209 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 3
Article 40 – paragraph 3
3. Resolution authorities shall take the decision to apply the minimumaggregate amount requirement on a consolidated basis pursuant to paragraph 1 of this Article in the course of developing and maintaining resolution plans pursuant to Article 9 of this Directive. For groups subject to consolidated supervision in accordance with Articles 125 and 126 of Directive 2006/48/EC, resolution authorities shall take the decision to apply the minimum requirement on a consolidated basis in accordance with the procedure laid down in Article 12 of this Directive.
Amendment 1228 #
2012/0150(COD)
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b) or (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b) or (c) of this paragraph to produce the aggregate amount. At this point the deposit guarantee scheme to which the institution is affiliated ranks pari passu with senior debt and is liable, up to the amount of covered deposits, for the amount of losses it would have had to bear if the institution had been wound up under normal insolvency proceedings and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail- in tool.
Amendment 1235 #
2012/0150(COD)
Proposal for a directive
Article 43 – paragraph 4 a (new)
Article 43 – paragraph 4 a (new)
4 a. When deciding on whether liabilities shall be written down or be converted to equity, resolution authorities may respect the terms agreed in the issuance.
Amendment 1237 #
2012/0150(COD)
Proposal for a directive
Article 44
Article 44
Amendment 1244 #
2012/0150(COD)
Proposal for a directive
Article 45 – paragraph 3
Article 45 – paragraph 3
3. The conversion rate applicable to senior liabilities, and to the deposit guarantee scheme to which the institution is affiliated, shall be higher than the conversion rate applicable to subordinated liabilities, where that is appropriate to reflect the priority of senior liabilities and covered deposits in winding up under applicable insolvency law.
Amendment 1600 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 1
Article 99 – paragraph 1
1. Member States shall ensure that, where the resolution authorities take resolution action, and provided that this action ensures that depositors continue having access to their deposits, the deposit guarantee scheme to which the institution is affiliated is liable, up to the amount of covered deposits, for the amount of losses that it would have had to bear if the institution had been wound up under normal insolvency proceedings and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail- in tool.
Amendment 1605 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 2
Article 99 – paragraph 2
2. Member States shall ensure that, under the national law governing normal insolvency proceedings and Article 43 of this Directive, the deposit guarantee schemes rank pari passu with unsecured non- preferred claims.
Amendment 1664 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 3
Annex 1 – section 1 – paragraph 1 – point 3
(3) a communication and and EBA- harmonized disclosure plan outlining how the firm intends to manage any potentially negative market reactions;
Amendment 1666 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 7
Annex 1 – section 1 – paragraph 1 – point 7
Amendment 1667 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 8
Annex 1 – section 1 – paragraph 1 – point 8
(8) a detailed description of the processes for determining the effectiveness and viability value and marketability of the core business lines, operations and assets of the institutiorange of potential measures included in the recovery plan;
Amendment 1672 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 15
Annex 1 – section 1 – paragraph 1 – point 15
Amendment 1674 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 16
Annex 1 – section 1 – paragraph 1 – point 16
Amendment 1675 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 19 a (new)
Annex 1 – section 1 – paragraph 1 – point 19 a (new)
(19 a) EBA shall develop draft regulatory technical standards specifying the meaning of the terms "material changes" referred to in paragraph 2, and of "material impediment" referred to in paragraph 6. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1677 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 2 – paragraph 1 – point 20
Annex 1 – section 2 – paragraph 1 – point 20
Amendment 1678 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 2 – paragraph 1 – point 21
Annex 1 – section 2 – paragraph 1 – point 21
Amendment 1680 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 10
Annex 1 – section 3 – paragraph 1 – point 10
(10) The extent to which the institution or the group has tested its management information systems under stress scenarios defined by the resolution authority. EBA shall develop draft regulatory technical standards on stress scenarios. EBA shall submit those regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1682 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 19
Annex 1 – section 3 – paragraph 1 – point 19
Amendment 1683 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 20
Annex 1 – section 3 – paragraph 1 – point 20
Amendment 1684 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 23
Annex 1 – section 3 – paragraph 1 – point 23
(23) The arrangements and means through which resolution could be facilitated in the cases of groups that have subsidiarentities established in different jurisdictions.
Amendment 45 #
2012/0060(COD)
Proposal for a regulation
–
–
The European Parliament rejects [the Commission proposal].
Amendment 4 #
2012/0000(RSP)
Recital A
A. whereas the Trade Agreement (given the importance of historical and cultural links, the TA) between the European Union and Colombia and Peru, aims at opening markets for inter alia goods, services, government procurement and investmentto promote the economic integration between the Parties and to promote a comprehensive economic development with the objective of reducing poverty and creating new employment opportunities, improve working conditions, as well as raising living standards by liberalising and expanding trade and investment between their territories; as well as the commitment to implement the TA in accordance with the objective of sustainable development, including the promotion of economic progress, the respect for labour rights and the protection of the environment, in accordance with the international commitments adopted by the Parties;
Amendment 7 #
2012/0000(RSP)
Recital B
B. whereas the European Union is the second biggest trading partner of the Andean regionColombia and Peru and whereas the planned TA provides for total liberalisation of trade in industrial products and fisheries, which could increase both Colombian GDP up to 1.3% and Peruvian GDP by 0.7% in the long term, according to an independent Sustainability Impact Assessment study;
Amendment 19 #
2012/0000(RSP)
Recital I
I. whereas, despite these vast efforts, in order to achieve the full completion of the high standards set out and claimed by the individual citizens, the organisations of the civil society, the opposition parties and the government, there is still a substantial work to be done both in Colombia and Peru, especially regarding the effective implementation of the new legislative framework which intends to solve old problems yet not totally solved, related to long standing problems of poverty, violence and corruption, civil war (more than 50 years, in the case of Colombia), illegal armed groups, drug trafficking, unsolved murders, impunity, lack of labour and civil rightsillegal armed groups, drug trafficking, impunity and land dispossession;
Amendment 23 #
2012/0000(RSP)
Recital J
Amendment 39 #
2012/0000(RSP)
Paragraph 5
5. Calls on the Civil society organisations, both in the Andean Countries and in the European Union to participate in the monitoring mechanisms established in the TA, under the title of Trade and Sustainable Development; demandcalls the governments involved to set up as soon as possible the legal framework for the domestic mechanisms and the dialogue with civil societies, if they do not exist, including a substantial information and advertising campaign in order to maximise the participation of the interested groups or persons on the monitoring framework of the Civil Society Mechanism; suggests six months for the set up of these procedures after the entry into force of the Agreement, instead of one year as settled in the TA;
Amendment 45 #
2012/0000(RSP)
Paragraph 7
7. In order to fully accomplish the high standards in HRs advanced by the TA and to which both the Andean governments and the European Union are committed, suggests to the parties involved to swiftly establish dedicated Domestic Advisory Group (DAG) on HRs and Democratic Principles, which should accompany and monitor the implementation of this or other TAs, and work as an effective internal consultation body to the domestic offices that participate in the Committee on Trade of the TA, using as model for its functioning the legal framework envisaged in the TA for the participation of the civil society in the Subcommittee on Trade and Sustainable Development; calls upon the parties of the TA to guarantee these DAGs the same level of binding involvement for civil society as in the Free Trade Agreement with South Korea, including a formalised and institutionalised complaint mechanism; furthermore calls upon the parties to ensure the full independence of the DAGs, also as regards their own choice of members of the DAG;
Amendment 51 #
2012/0000(RSP)
Paragraph 10
10. Supports the Colombian government efforts on fighting impunity and murders against trade unionists or HRs defenders, which is translated, for example, in an increase of the number of investigators at the General Prosecutors Office (FGN), that specifically in the case of the investigation of crimes directed against trade unionist grew from 100 investigators in 2010 to 243 investigators in 2011; also according to ILO, between 2010 and June 2011 there were 88 sentences, 483 citizens condemned with crimes against trade unionists and 355 arrests; in this respect, underlines the importance of the "Special Protection Program" (SPP) which gives, at the present, State protection to more than 11.08.500 citizens, including trade unionists (2413%), Municipal Councillors (11%),30%) and HRs defenders (18%) and journalists (45%); this program went from a budget of 10.5 million euros in 20102 to more than 120 million euros in 2011; notes that none of the citizens included in this SPP has been murdered;
Amendment 56 #
2012/0000(RSP)
Paragraph 11
11. Welcomes the references to the importance of the concepts of "trade for sustainable development" and to "the promotion of fair and equitable trade", as stated respectively in articles 271 and 324 of the TA; requsuggests fromto the parties to facilitate trade in goods that contribute to sustainable development, including goods that are the subject of schemes such as fair and ethical trade and those involving corporate social responsibility and accountability, such as the "fair trade", "rainforest alliance", "UTZ Certified", "BSCI" or other similar schemes;
Amendment 58 #
2012/0000(RSP)
Paragraph 12
12. UrgesRequests to the parties to provide sufficient technical and financial capacities in order to guarantee the full compliance with the sustainability standards under the TA and to provide for the full review, monitoring and assessment of the implementation of the chapter for trade and sustainable development;
Amendment 62 #
2012/0000(RSP)
Paragraph 14
Amendment 69 #
2012/0000(RSP)
Paragraph 15
15. Strongly welcomes the new "Victims and Land Restitution Law" (also known as "Ley 1448") which came into effect in Colombia on 1st of January 2012, guaranteeing financial compensation and restitution of land for the almost 4 million of victims of the country’s armed conflict and violence over the past 50 years; emphasises the massive financial effort of the Colombian Government, which is estimated in more than 25 billion US dollars for the next ten years, representing about 160 million Euros/month on the next 10 years; underlines the need for thorough monitoring and evaluation of the implementation of this law, in close consultation with civil society;
Amendment 77 #
2012/0000(RSP)
Paragraph 16
16. Welcomes the fact that Colombia and Peru have ratified all the 8 Fundamental ILO-conventions plus 3 of the 4 Governance Conventions, as stated by the ILO representative in INTA's Public Hearing on the TA at the European Parliament in Brussels on 29th February 2012; insists on the importance of a swift ratification and effective implementing of all the ILO Fundamental and Governance Conventions, especially C122 in the case of Colombia and C129 in the case of Peru; underlines to all parties the importance of ratifying the ILO Convention 135 on workers' representatives; recallurges in this context that 24 EU Member States still haven't ratified the ILO C169- Indigenous and Tribal Peoples Convention;
Amendment 29 #
2011/2113(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. States that the measures and mechanisms needed to guarantee equivalent social, environmental and phyto-sanitary standards should therefore be put in place;
Amendment 58 #
2011/2113(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Ask the Commission to use DCFTAs to align standards in the regulatory field, namely regarding technical standards and regulations, sanitary and phyto-sanitary measures (SPS), transparency rules for public procurement, intellectual-property protection rules, trade/customs facilitation and the elimination of non- tariff barriers (NTBs); points out that this cooperation is not satisfactorily addressed in Association Agreements and that the level of EU involvement should be intensified;
Amendment 65 #
2011/2113(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Highlights the importance of fostering entrepreneurial activity by adopting the measures necessary for creating an environment that encourages society’s involvement in such activity;
Amendment 67 #
2011/2113(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Acknowledges the role of the EIB, through the Facility for Euro- Mediterranean Investment and Partnership (FEMIP), in helping SMEs in the Southern Mediterranean; welcomes the decision to raise the ceiling for its operations in the region by €1 billion, which will bring the EIB’s operations in the region to €6 billion over the coming three years; reaffirms that the EIB should specifically target its investment projects towards SMEs and the development of infrastructure projects, especially those relating to energy, given the region’s potential and the support that the EU could provide for their development and utilisation;
Amendment 41 #
2011/2068(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Emphasises that a country’s efficient use of its own resources is a key ally to economic generation, contributing significantly to a reduction in the volume of energy imports.
Amendment 42 #
2011/2068(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Considers that trade liberalisation and investment can encourage developing countries to adopt and improve access to new green technologies.
Amendment 60 #
2011/2010(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists that new EU legislation should not result in the dilution of protection offered by existing IGS in Member States, and that consumers should not face any losses as a result of regulatory failure to adequately supervise insurers or intermediaries; calls consequently on the Commission to ensure that a European framework for IGS compensates policyholders for losses in full and without exception for all types of insurance products in the event of insurer bankruptcy, insurer or intermediary mis-selling, or fraud, within a set period of time, consistent throughout Member States;
Amendment 69 #
2011/2010(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that in the absence of a legally binding EU definition of what constitutes a small- or micro- undertaking, and given the changing nature of such entities over time, proposals for a directive on IGS should be limited to natural persons; requests that the Commission re-evaluate the case for including select legal persons once a legally binding definition is agreed; stresses that as a matter of subsidiarity individual Member States may choose to include legal persons withProposals for a directive on IGS should be limited to natural persons and select legal persons such as micro-enterprises as defined in Commission recommendation 2003/361 concerning their national IGS definition of micro, small and medium-sized enterprises;
Amendment 45 #
2011/0418(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Taking into account the specific funding needs of social undertakings, it is necessary to achieve clarity regarding the types of instruments a EuSEF should use for such funding. Therefore, this Regulation should lay down uniform rules on the eligible instruments to be used by a EuSEF when making investments, which include equity instruments, debt instruments, investments into other EuSEFs and short and medium term loans. The EuSEF should facilitate long-term investment in social businesses, which require stable financing to have an impact on society, given that investments intended to have a social impact generally take longer to bear fruit than those designed uniquely to yield financial returns;
Amendment 64 #
2011/0418(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d – introductory part
Article 3 – paragraph 1 – point d – introductory part
(d) 'qualifying portfolio undertaking', given the wide variety of legal forms that such undertakings may take from Member State to Member State, means an undertaking that, at the time of an investment by the EuSEF, is not listed on a regulated market as defined in point (14) of Article 4 (1) of Directive 2004/39/EC, which either has an annual turnover not exceeding EUR 50 million, or an annual balance sheet total not exceeding EUR 43 million, which is not itself a collective investment undertaking and which:
Amendment 66 #
2011/0418(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d – point i – indent 1
Article 3 – paragraph 1 – point d – point i – indent 1
– the undertaking provides services or goods to vulnerable or, marginalised or disabled persons; or
Amendment 103 #
2011/0418(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point e a (new)
Article 7 – paragraph 1 – point e a (new)
(e a) pay due attention to issues of social impact (such as disability) by incorporating them into investment criteria, tools for analysis and investment procedures;
Amendment 104 #
2011/0418(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. EuSEF managers shall employ for each EuSEF they manage procedures, which may be approved with the involvement of social economy organisations, to measure and monitor the extent to which the qualifying portfolio undertakings, in which the EuSEF invests, achieve the positive social impact that they are committed to.
Amendment 121 #
2011/0418(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The registration shall be valid for the entire territory of the Union and shall allow EuSEF managers to market EuSEFs under the designation “European Social Entrepreneurship Funds” throughout the Union. A certificate with a social label may make it possible to recognise and give fresh impetus to social activities, and bring greater transparency to the activities of social businesses and innovative support mechanisms, with a view to attracting private funding.
Amendment 128 #
2011/0418(COD)
Proposal for a regulation
Article 22 a (new)
Article 22 a (new)
Article 22a Independent third parties with experience of auditing and financial implementation and knowledge of what social impact entails should contribute to verifying the measurement of social impacts, with the support of NGOs in specialist fields such as disability.
Amendment 261 #
2011/0371(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To support mobility, equity and study excellence, the Union should establish, as a complement to, rather than a substitute for, a European loan guarantee facility to enable students, regardless of their social background, to take their Masters degree in another participating country. This facility should be available to financial institutions which agree to offer loans for Masters' studies in other participating countries on favourable terms for the students.
Amendment 265 #
2011/0371(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) To promote mobility and encourage fairness in study courses and exchanges, the EU should take all necessary measures to take account of the specific nature of the outermost regions of the Union, particularly their distance from continental Europe and their insularity.
Amendment 266 #
2011/0371(COD)
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10b) To strengthen the intensity and volume of European cooperation between the outermost regions of the Union and the neighbouring third countries, the administrative and financial arrangements for the implementation of measures provided for in this Regulation shall enable rules to be adapted to suit regional geographical conditions in the regional geographic context and enable resources to be increased as needed.
Amendment 347 #
2011/0371(COD)
Proposal for a regulation
Article 2 – point 28 a (new)
Article 2 – point 28 a (new)
28a. ‘grassroots sport’ means all sports developed, promoted and/or organised for the largest possible number of beneficiaries;
Amendment 392 #
2011/0371(COD)
Proposal for a regulation
Article 5 – point a – indent 1 – subindent 1 a (new)
Article 5 – point a – indent 1 – subindent 1 a (new)
- % of young people who lived abroad;
Amendment 411 #
2011/0371(COD)
Proposal for a regulation
Article 5 – point d – introductory part
Article 5 – point d – introductory part
(d) To enhance the international dimension of education, training and youth notably in higher education by increasing the attractiveness of the Union higher education institutionsand research institutions (as a complement to the Marie Curie- Skłodowska programme) and supporting the Union external action, including its development objectives through the promotion of mobility and cooperation between EU and third country higher education institutions and targeted capacity building in third countries.
Amendment 504 #
2011/0371(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) transnational mobility of higher education and vocational training students (including those at PhD level) as well as of young people involved in non-formal activities between the participating countries as referred in Article 18. This mobility may take the form of studying at a partner institution, traineeships abroad or participating in youth activities, notably volunteering. Degree mobility at Masters level shall be supported through the student loan guarantee facility as referred to in Article 14 (3).
Amendment 513 #
2011/0371(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. This action will also support the transnational mobility of students, young people and staff to and from third countries (particularly, under the European Neighbourhood Policy, Southern Mediterranean countries) as regards higher education including mobility organizsed on the basis of joint, double or multiple degrees of high quality or joint calls, as well as non-formal learning.
Amendment 549 #
2011/0371(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. This action shall also support development, capacity building, regional integration, knowledge exchanges and modernisation processes through partnerships between Union and third countries'’ higher education institutions as well as in the youth sector, notably for peer learning and joint educational projects, promoting regional cooperation, in particular with neighbourhood countries (including the Southern Mediterranean countries).
Amendment 564 #
2011/0371(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. This action shall also support policy dialogue with third countries (particularly the southern Mediterranean countries) and international organizsations.
Amendment 692 #
2011/0371(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) support to non-commercialfor European sport events involving several European countriesrun by non-profit organisations, which are recognised by national authorities or the representatives thereof and which aim to promote the widest possible access to sport both in a leisure context and otherwise;
Amendment 767 #
2011/0371(COD)
Proposal for a regulation
Article 13 – paragraph 6
Article 13 – paragraph 6
6. The funds for the learning mobility of individuals referred to in Article 6(1.a) that are to be managed by a National Agency shall be allocated in scales on the basis of the social and financial background of the participant, population and cost of living in the host Member State, distance between capitals of Member States and performance. The parameter of performance accounts for 25% of the total funds according to the criteria as referred to in paragraphs 7 and 8. The funds shall be flexibly combinable among themselves, also between formal and informal learning mobility.
Amendment 789 #
2011/0371(COD)
Proposal for a regulation
Article 14 – paragraph 6 a (new)
Article 14 – paragraph 6 a (new)
6a. The actions of the Programme shall be implemented in ways that provide for adaptation of the financial rules to address the constraints created by the remoteness of the outermost regions and overseas countries and territories, and to fund area-specific mobility projects linking the Union’s outermost regions with neighbouring third countries.
Amendment 814 #
2011/0371(COD)
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. The Programme shall support the cooperation with partners from third countries, notably partners from neighbourhood countries (particularly the southern Mediterranean countries), in actions and activities as referred to in Articles 6 and 10.
Amendment 836 #
2011/0371(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. The Commission shall be assisted by a committee. Thatthree sector-based committees (for education/training, youth and sport). Those committees shall be a committees within the meaning of Regulation (EU) No 182/2011.
Amendment 840 #
2011/0371(COD)
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
1a. The committees may meet in various configurations to discuss matters of common interest.
Amendment 301 #
2011/0298(COD)
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including cwhich embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved. In the case of share or units of structured Undertakings for Collective iInvestment in tTransferable sSecurities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understandall of them should be considered non-complex, except for those structured UCITS, as defined in Article 36 paragraph 1 subparagraph 2 of Commission Regulation (EU) No 583/2010, which do not comply with the general criteria issued by the European Commission to analyze the complexity of any other financial instrument not included in the rlisk involvedt of automatically considered non complex products.
Amendment 383 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii
Article 2 – paragraph 1 – point d – point ii
(ii) are a member of or a participant in a regulated market or MTF and their activity does constitute high frequency trading as defined in Article 4; or
Amendment 396 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point d – subparagraph 2
Article 2 – paragraph 1 – point d – subparagraph 2
This exemption does not apply toprevent persons exempt under Article 2(1)(i) who deal on own account in financial instruments as members or participants of a regulated market or MTF, including as market makers in relation to commodity derivatives, emission allowances, or derivatives thereof, to be exempted under any other applicable exemption included in Article 2;
Amendment 431 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2
Article 2 – paragraph 3 – subparagraph 2 – indent 2
– the proportion of the capital employed for carrying out the activity. in relation to the capital on a group basis, – the activity relates to the management of commodity risks or other risks arising from the commercial business of the group.
Amendment 567 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 9
Article 16 – paragraph 9
9. An investment firm shall, when holding funds belonging to clients, make adequate arrangements to safeguard the clients' rights and, except in the case of credit institutions, prevent the use of client funds for its own accoun accepting funds on deposit within the meaning of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), prevent the use of client funds for its own account. The operational requirements in this paragraph shall apply to a credit institution where that credit institution agrees to safeguard a client's rights by placing funds with or holding that client's funds through a third party, rather than accepting such funds on deposit.
Amendment 570 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 10
Article 16 – paragraph 10
10. An investment firm shall not conclude title transfer collateral arrangements with retail clients for the purpose of securing or covering clients' present or future, actual or contingent or prospective obligations, unless they have provided prior express written consent.
Amendment 757 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
Amendment 825 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010; (EU) No 583/2010 which do not comply with requirements established in Article 38 of Commission Directive 2006/73/EC;
Amendment 871 #
2011/0298(COD)
Proposal for a directive
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
Member States shall ensure that investment firms authorised to execute orders on behalf of clients and/or to deal on own account and/or to receive and transmit orders, may bring about or enter into transactions with eligible counterparties without being obliged to comply with the obligations under Articles 24 (with the exception of paragraph 3), 25 (with the exception of paragraph 5) , 25, 27 and 28(1) in respect of those transactions or in respect of any ancillary service directly related to those transactions.
Amendment 140 #
2011/0296(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an bilateral, organised, frequent and systematic basis, deal on own account by executing client orderprofessional or retail client orders for particular classes of financial instruments outside a regulated market, an MTF or an OTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out withas a result of the execution of an order with professional or retail clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any non intra-group multi-dealer system or facility in which multiple third -party, buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 150 #
2011/0296(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 228 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ‘organised trading facility (OTF)’ means any non intra group multi-dealer system or facility, which is not a regulated market or MTF, operated by an investment firm or a market operator, in which multiple third-party buying and selling interests in financial instruments are able to interact in the system in a way that results in a contract in accordance with the provisions of Title II of Directive [new MiFID];
Amendment 318 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus as required by Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 424 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes in bthe following instruments: (i) Bonds and structured finance products admitted to trading on a regulated market orand for which a prospectus as required in Directive 2003/71/EC has been published, e; (ii) Emission allowances; and d(iii) Derivatives which are clearing-eligible or are admitted to trading, based upon the client requesting the quote, are mandated to be centrally cleared and traded on a regulated market or are traded on, an MTF or an OTF when the following conditions are fulfilled:ith no rules restricting client access.
Amendment 426 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 427 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
Amendment 435 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1 available to other clients of the investment firm in an objective non- discriminThe quoting obligation referred in the first paragraph shall only apply where all the following conditions are fulfilled: a) the systematic internaliser is prompted for a quote by a client willing to execute an order; b) the quote refers to an instrument that is liquid; c) the quote is at ory way on the basis of their commercial policy. below normal market size; d) the systematic internaliser agrees to provide the quote.
Amendment 439 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. They shall undertake to enter into transactions with any other client to whomSystematic internalisers shall be entitled to update or modify their quote is made available under the published conditions when the quoted size is at or below a size specific to the instruments at any time to reflect changes in market conditions or to correct technical errors.
Amendment 440 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 442 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 443 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 6
Article 17 – paragraph 6
Amendment 476 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus as required in Directive 2003/71/EC has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF, provided the relevant transaction is subject to mandatory clearing, shall make public the volume and price of those transactions and the time at which they were concluded, provided that the transaction relates to liquid financial instrument and the transaction is at or below normal market size. This information shall be made public through an APA.
Amendment 531 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point c
Article 24 – paragraph 1 – point c
(c) OTFs; or with no rules restricting client access;
Amendment 537 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. The obligation above shall not be applicable if the financial entity concluding the transaction, or either of them in the case of two financial entities, is considered a systematic internaliser complying on a voluntary basis with the pre- and post-trade transparency obligations under Articles 7 and 9 respectively;
Amendment 602 #
Amendment 625 #
Amendment 660 #
Amendment 816 #
2011/0296(COD)
Proposal for a regulation
Article 44 – subparagraph 1 a (new)
Article 44 – subparagraph 1 a (new)
The following subparagraph shall be added to Article 71.3 of Regulation [ ] (EMIR): "Articles [3] and [8] shall not apply to intra-group transactions until 5 years after the entry into force of this regulation. For this purpose, conditions 2(a)(i) and 2(a)(iv) shall be removed from the definition of intra-group transactions in Article [2a] of this regulation during this 5 year period."
Amendment 820 #
2011/0296(COD)
Proposal for a regulation
Article 45 – paragraph 1 a (new)
Article 45 – paragraph 1 a (new)
1a. Title V of the present regulation shall not apply to intra-group transactions until 5 years after the entry into force of this regulation. For this purpose, conditions 2(a)(i) and 2(a)(iv), shall be removed from the definition of intra-group transactions in Article [2a] of Regulation (EMIR) during this 5 year period.
Amendment 399 #
2011/0295(COD)
Proposal for a regulation
Article 35
Article 35
Amendment 894 #
2011/0294(COD)
add the following high-quality road sections to the comprehensive network: – Valladolid – Aranda de Duero – Soria – Ourense – Santiago – Ourense – Guntín – Ponferrada – Ourense – Monforte – Chantada – Astorga – León – Burgos – Burgos – Logroño – Pamplona – Ávila – Salamanca – León – Valladolid – Segovia – Valladolid – Ávila – Maqueda – Toledo – Ocaña – Tarancón – Cuenca – Teruel – Alfajarín – Fraga -Catalayud – Daroca – Alcolea del Pinar – Monreal del Campo – Badajoz – Zafra – Córdoba – Baena – Granada – Huelva – Jabugo – Zafra – Estepa – Lucena – Baena – Jaén – Úbeda – Blanca – Avarán – La Font de la Figuera – Alicante – Alcoy – Játiva – Elche – Cartagena – Vera – Figueras – Puigcerdá – Ávila – Villacastín – San Rafael – Segovia
Amendment 33 #
2011/0263(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The Commission should submit a report once a year on the implementation of the Agreement and the application of the safeguard measures and the banana stabilisation mechanism, which should include up-to-date and reliable statistics on imports from Central America and an assessment of their impact on market prices, employment, and the evolution of the Union’s production sector, paying special attention to small-size producers and cooperatives.
Amendment 36 #
2011/0263(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point e a (new)
Article 1 – paragraph 1 – point e a (new)
(ea) "serious deterioration" means disturbances in a sector of the economy, particularly where these disturbances produce major social problems, or difficulties which brings or could bring about serious injury in the economic situation of the importing party;
Amendment 37 #
2011/0263(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Monitoring 1. The Commission shall monitor the evolution of import and export statistics of Central American products, in particular in sensitive sectors including bananas. For this purpose, it shall cooperate and exchange data on a regular basis with Member States and the Union industry. 2. Upon a duly justified request by the industries concerned, the Commission may consider extending the scope of the monitoring to other sectors. 3. The Commission shall present an annual monitoring report to the European Parliament and the Council on updated statistics on imports from Central America of products in the sensitive sectors and those sectors to which monitoring has been extended.
Amendment 38 #
2011/0263(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. An investigation shall be initiated upon request by a Member State, by any legal person or any association not having legal personality, acting on behalf of the Union industry, by the European Parliament, or on the Commission's own initiative if it is apparent to the Commission that there is sufficient prima facie evidence, as determined on the basis of factors referred to in Article 4(5), to justify such initiation.
Amendment 39 #
2011/0263(COD)
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. Any extension pursuant to paragraph 3 shall be preceded by an investigation upon a request by a Member State, by any legal person or any association not having legal personality, acting on behalf of the Union industry, by the European Parliament or on the Commission's own initiative if there is sufficient prima facie evidence that the conditions laid down in paragraph 3 are met, on the basis of factors referred to in Article 4(5).
Amendment 41 #
2011/0263(COD)
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Amendment 44 #
2011/0263(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. A separate annual trigger import volume is set for imports from Central American country for products mentioned in paragraph 1 as indicated in the table in the Annex to this Regulation. The importation of the products mentioned in paragraph 1 at the preferential customs duty rate shall, in addition to the proof of origin established under Annex III (Definition of the concept of ‘originating products’ and methods of administrative co-operation) of the Agreement with Central America, be subject to the presentation of an export certificate issued by the competent authority of the Republic of the Central American country from which the products are exported. Once the trigger volume is met during the corresponding calendar year, the Commission mayshall, in accordance with the examinationadvisory procedure referred to in Article 12(32), temporarily suspend the preferential customs duty during that same year for a period of time not exceeding three months, and not going beyond the end of the calendar year. Only reasons of force majeure shall justify the suspension not being imposed.
Amendment 45 #
2011/0263(COD)
Proposal for a regulation
Article 13 – paragraph 5 a (new)
Article 13 – paragraph 5 a (new)
5a. The Commission shall closely monitor the evolution of statistics for banana imports from Central America. For this purpose, the Commission shall cooperate and exchange information on a regular basis with the Member States and interested parties.
Amendment 28 #
2011/0262(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The Commission should submit a report once a year on the implementation of the Agreement and the application of the safeguard measures and the banana stabilisation mechanism, which should include up-to-date and reliable statistics on imports from Colombia and Peru and an assessment of their impact on market prices, employment, and the evolution of the Union's production sector, paying special attention to small-size producers and cooperatives.
Amendment 31 #
2011/0262(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point e a (new)
Article 1 – paragraph 1 – point e a (new)
(ea) "serious deterioration" means disturbances in a sector of the economy, particularly where these disturbances produce major social problems, or difficulties which bring or could bring about serious injury to the economic situation of the importing party;
Amendment 32 #
2011/0262(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Monitoring 1. The Commission shall monitor the evolution of import and export statistics of Colombian and Peruvian products, in particular in sensitive sectors including bananas. For this purpose, it shall cooperate and exchange data on a regular basis with Member States and the Union industry. 2. Upon a duly justified request by the industries concerned, the Commission may consider extending the scope of the monitoring to other sectors. 3. The Commission shall present an annual monitoring report to the European Parliament and the Council on updated statistics on imports from Colombia and Peru of products in the sensitive sectors and those sectors to which monitoring has been extended.
Amendment 33 #
2011/0262(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. An investigation shall be initiated upon request by a Member State, by any legal person or any association not having legal personality, acting on behalf of the Union industry, by the European Parliament or on the Commission's own initiative if it is apparent to the Commission that there is sufficient prima facie evidence, as determined on the basis of factors referred to in Article 4(5), to justify such initiation.
Amendment 34 #
2011/0262(COD)
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. Any extension pursuant to paragraph 3 shall be preceded by an investigation upon a request by a Member State, by any legal person or any association not having legal personality, acting on behalf of the Union industry, by the European Parliament or on the Commission's own initiative if there is sufficient prima facie evidence that the conditions laid down in paragraph 3 are met, on the basis of factors referred to in Article 4(5).
Amendment 35 #
2011/0262(COD)
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11a Report 1. The Commission shall present an annual report on the application and implementation of the Agreement and of this Regulation to the European Parliament. 2. The report shall include information about the application of provisional and definitive measures, the termination of investigations without measures, and the activities of the various bodies responsible for monitoring the implementation of the Agreement and fulfilment of the obligations arising therefrom, including information received from interested parties. 3. The report shall also present a summary of the statistics and the evolution of trade with Colombia and Peru. 4. The report shall include up-to-date and reliable statistics on banana imports from Colombia and Peru and their direct and indirect impact on the development of employment and working conditions in the European production sector. 5. The European Parliament may, within one month from the Commission presenting the report, invite the Commission to an ad hoc meeting of its responsible committee to present and explain any issues related to the implementation of the Agreement and this Regulation. 6. No later than three months after presenting the report to the European Parliament, the Commission shall make the report public.
Amendment 37 #
2011/0262(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. A separate annual trigger import volume is set for imports of products mentioned in paragraph 1, as indicated in the third and fourth columns of the table in the Annex to this Regulation. Once the trigger volume for either Colombia or Peru is met during the corresponding calendar year, the Commission mayshall, in accordance with the examinationadvisory procedure referred to in Article 12(32), temporarily suspend the preferential customs duty applied to products of the corresponding origin during that same year for a period of time not exceeding three months, and not going beyond the end of the calendar year. Only reasons of force majeure shall justify the suspension not being imposed.
Amendment 38 #
2011/0262(COD)
Proposal for a regulation
Article 13 – paragraph 5 a (new)
Article 13 – paragraph 5 a (new)
5a. The Commission shall closely monitor the evolution of statistics for banana imports from Colombia and Peru. For this purpose, the Commission shall cooperate and exchange information on a regular basis with the Member States and interested parties.
Amendment 243 #
2011/0203(COD)
Proposal for a directive
Article 86 – paragraph 1 – subparagraph 2 – point c
Article 86 – paragraph 1 – subparagraph 2 – point c
Amendment 457 #
2011/0203(COD)
Proposal for a directive
Article 124 – paragraph 2
Article 124 – paragraph 2
2. Institutions shall meet the requirement imposed by paragraph 1 with Common Equity Tier 1 capital, or other loss absorbing items such as provisions in excess over expected losses, which shall be additional to any Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 87 of Regulation [inserted by OP(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], the requirement to maintain a Capital Conservation Buffer under Article 123 and any requirement imposed under Article 100.
Amendment 266 #
2011/0202(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. The competent authorities shallmay waive in full or in part the application of Article 401 to a parent institution and to all or some of its subsidiaries in the European Union and supervise them as a single liquidity sub- group so long as they fulfil all of the following conditions:
Amendment 424 #
2011/0202(COD)
Proposal for a regulation
Article 34 – paragraph 1 – point b a (new)
Article 34 – paragraph 1 – point b a (new)
(ba) the amount to be deducted shall be reduced by the amount of software classified as intangible assets under the relevant accounting standards.
Amendment 426 #
2011/0202(COD)
Proposal for a regulation
Article 35 – paragraph 5 a (new)
Article 35 – paragraph 5 a (new)
5a. The amount of Deferred tax assets that derive from a countercyclical provisioning accounting system will not require deduction in accordance with this article.
Amendment 540 #
2011/0202(COD)
Proposal for a regulation
Article 80 – paragraph 1 – point a – introductory part
Article 80 – paragraph 1 – point a – introductory part
(a) the amount of Tier 1 capital of the subsidiary minus the lower of the following:
Amendment 556 #
2011/0202(COD)
Proposal for a regulation
Article 82 – paragraph 1 – point a – introductory part
Article 82 – paragraph 1 – point a – introductory part
(a) the own Funds of the subsidiary minus the lower of the following:
Amendment 647 #
2011/0202(COD)
Proposal for a regulation
Article 118 – paragraph 1 – introductory part
Article 118 – paragraph 1 – introductory part
1. Exposures that comply with the following criteria shall be assigned a risk weight of 75 %:
Amendment 648 #
2011/0202(COD)
Proposal for a regulation
Article 118 – paragraph 1 – point a
Article 118 – paragraph 1 – point a
(a) the exposure shall be either to an natural person or persons, or to a small or medium sized enterprise;
Amendment 649 #
2011/0202(COD)
Proposal for a regulation
Article 118 – paragraph 1 – point c
Article 118 – paragraph 1 – point c
Amendment 659 #
2011/0202(COD)
Proposal for a regulation
Article 118 – paragraph 1 a (new)
Article 118 – paragraph 1 a (new)
1 a. Exposures that comply with the following criteria shall be assigned a risk weight of 75 % according to Table 1: (a) the exposure shall be either to an natural person or persons, or to a small or medium sized enterprise; (b) the exposure shall be one of a significant number of exposures with similar characteristics such that the risks associated with such lending are substantially reduced; (c) the total amount owed to the institution and parent undertakings and its subsidiaries, including any exposure in default, by the obligor client or group of connected clients, but excluding claims or contingent claims secured on residential property collateral, shall not, to the knowledge of the institution, exceed EUR 5 million. The institution shall take reasonable steps to acquire this knowledge. Table 1 Total risk incurred with the company Risk weight Equal or less than EUR 1 million 50% Equal or less than EUR 3 million 60% Equal or less than EUR 5 million 75% For the purpose of the paragraph 2 (a) a small or medium sized enterprise shall be an enterprise that fulfils the criteria laid down in the Recommendation 2003/361/EC adopted by the European Commission on 6 May 2003 concerning the definition of micro, small and medium-sized enterprise.
Amendment 917 #
2011/0202(COD)
Proposal for a regulation
Article 400 – paragraph 1 – point 2
Article 400 – paragraph 1 – point 2
(2) ‘'Retail deposit’' means a liability to a natural person or to a small and medium sized enterprise where the aggregate liability to such clients or group of connected clients is less than 1 million EUR.as defined by the IRB approach in the capital framework
Amendment 968 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d a (new)
Article 404 – paragraph 1 – subparagraph 1 – point d a (new)
(da) assets that are eligible for Central Banks' pledging, subject to the haircut applied by the Central Bank.
Amendment 1073 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – introductory part
Article 405 – paragraph 1 – introductory part
The institution shall only report as liquid assets those holdings of liquid assets that meet the following conditions:test on a regular basis the conditions that follow, providing disclosure to Supervisory Authorities with outcomes of controls performed, in order to allow Supervisory Authorities to assess if specific haircuts should be applied;
Amendment 1074 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point a
Article 405 – paragraph 1 – point a
Amendment 1078 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point b
Article 405 – paragraph 1 – point b
Amendment 1083 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point c
Article 405 – paragraph 1 – point c
(c) they are legally and practically readily available at any time during the next 30 days to be liquidated via outright sale or repurchase agreements in order to meet obligations coming due. Liquid assets referred to in point (c) of Article 404 which are held in third countries where there are transfer restrictions or which are denominated in non-convertible currencies shall be considered available only to the extent that they correspond to outflows in the third country or currency in question; unless the Institution can demonstrate to the Competent Authorities that it has appropriately hedged the ensuing currency risk.
Amendment 1084 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point d
Article 405 – paragraph 1 – point d
(d) the liquid assets are controlled by a liquidity management function; or are subject to appropriate internal arrangements that ensure that they are readily available to the treasury function in case of a crisis.
Amendment 1085 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point e
Article 405 – paragraph 1 – point e
Amendment 1091 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point f – introductory part
Article 405 – paragraph 1 – point f – introductory part
(f) price risks associated with the assets may be hedged but the liquid assets are subject to appropriate internal arrangements that ensure that they will not be used in other ongoing operations, including: (i) hedging or oare readily available to ther trading strategies; (ii) providing credit enhancements in structured transactions; (iii) to cover operational costeasury function in case of a crisis.
Amendment 1095 #
2011/0202(COD)
Proposal for a regulation
Article 405 – paragraph 1 – point g
Article 405 – paragraph 1 – point g
(g) the denomination of the liquid assets is consistent with the distribution by currency of liquidity outflows after the deduction of capped inflows.
Amendment 1103 #
2011/0202(COD)
Proposal for a regulation
Article 408 – paragraph 1 – point b
Article 408 – paragraph 1 – point b
(b) the percentages of the current amounts outstanding of other liabilities that come due, can be called for payout or entail an imexplicit expectation of the provider of the funding that the institution would repay the liability during the next 30 daysmonth rolling as set out in Article 410;
Amendment 1105 #
2011/0202(COD)
Proposal for a regulation
Article 408 – paragraph 1 – point d
Article 408 – paragraph 1 – point d
(d) the percentage of the maximum amount that can be drawn during the next 30 days from undrawn committed credit and liquidity facilities that qualify as medium or medium to low risk under Annex I, as set out in Article 412;
Amendment 1114 #
2011/0202(COD)
Proposal for a regulation
Article 409 – paragraph 1 – introductory part
Article 409 – paragraph 1 – introductory part
1. Institutions shall multiply the amount of retail deposits that are covered by a Deposit Guarantee Scheme according to Directive 94/19/EG or an equivalent deposit guarantee scheme in a third country by at least 5% where the deposit is either
Amendment 1116 #
2011/0202(COD)
Proposal for a regulation
Article 409 – paragraph 4
Article 409 – paragraph 4
4. Notwithstanding what is specified under Article 409 (1) and (2), Institutions shall multiply retail deposits that they have taken in third countries by a higher percentage than provided for in paragraphs 1 and 2 if such percentage is provided by comparable third country reporting requirements.
Amendment 1121 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 2 – point a
Article 410 – paragraph 2 – point a
(a) 0% up to the value of the liquid assets according to Article 406;the applicable haircut as specified in Article 406 for liquid assets
Amendment 1128 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 3
Article 410 – paragraph 3
3. Institutions shall multiply liabilities resulting from secured lending and capital market driven transactions as defined in Article 188 by 25% if the assets would not qualify as liquid assets according to Article 404 and the lender is the central bank or another public sector entity of the Member State in which the credit institution was authorised.
Amendment 1136 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph – point b a (new)
Article 410 – paragraph 4 – subparagraph – point b a (new)
(ba) by the depositor in the context of an established operational relationship other than that mentioned under point (a);
Amendment 1139 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 3
Article 410 – paragraph 4 – subparagraph 3
Amendment 1150 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 5
Article 410 – paragraph 5
5. Institutions shall multiply liabilities resulting from deposits by clients that are not financial customers by 750% to the extent they do not fall under paragraph 4.
Amendment 1154 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 6
Article 410 – paragraph 6
6. Institutions shall take payables and receivables expected over the 30 daynext month rolling horizon from the contracts listed in Annex II into account on a net basis across counterparties and shall multiply them by 100% in case of a net amount payable. Net basis shall mean also net of collateral to be received that qualifies as liquid assets under Article 404.
Amendment 1156 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 7 – subparagraph 1 a (new)
Article 410 – paragraph 7 – subparagraph 1 a (new)
All notes, bonds and other debt securities issued by the bank are included in this category regardless of the holder, unless the bond is exclusively in the retail market and held in retail accounts, in which case instruments can be treated in the appropriate retail deposit category.
Amendment 1161 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point b
Article 410 – paragraph 8 – subparagraph 1 – point b
(b) there are reasons to expect a lower outflow over the next 30 daysmonth rolling even under combined idiosyncratic and market- wide stress scenario;
Amendment 1163 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point d
Article 410 – paragraph 8 – subparagraph 1 – point d
Amendment 1190 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 1
Article 413 – paragraph 1
1. Institutions shall report their capped liquidity inflows. Capped liquidity inflows shall be the liquidity inflows limited to 75% of liquidity outflows. Institutions may exempt liquidity inflows from deposits placed with other institutions and qualifying for the treatments set out in Article 108(6) or Article 108(7) from this limit.
Amendment 1200 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – introductory part
Article 413 – paragraph 2 – introductory part
2. The liquidity inflows shall be measured over the next 30 daysmonth rolling. They shall comprise only contractual inflows from exposures that are not past due and for which the bank has no reason to expect non- performance within the 30-day timenext month rolling horizon. The inflow shall be taken into account in full with the exception of the following:
Amendment 1206 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point a
Article 413 – paragraph 2 – point a
(a) monies due from customers that are not financial customers shall be reduced by 50% of their value or by the contractual commitments to those customers to extend funding, whichever is higher. This does not apply to monies due from secured lending and capital market driven transactions as defined in Article 188 that are collateralised by liquid assets according to Article 404;
Amendment 1211 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point b a (new)
Article 413 – paragraph 2 – point b a (new)
(b a) monies due from secured lending and capital market driven transactions as defined in Article 188 if they are collateralised by assets which do not qualify as liquid assets according to Article 404 but which meet the requirements of Article 404(3)(b), shall be reduced by [50%];
Amendment 1219 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 a (new)
Article 413 – paragraph 2 a (new)
2 a. Notwithstanding paragraph 2, monies from assets which do not qualify as liquid assets according to Article 404 but which meet the requirements of Article 404(3)(b) shall be taken as inflow for [50%] of the value of such assets.
Amendment 1221 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 3
Article 413 – paragraph 3
3. Payables and receivables expected over the 30 day horizonnext month rolling from the contracts listed in Annex II shall be reflected on a net basis across counterparties and shall be multiplied by 100% of a net amount receivable. Net basis shall mean also net of collateral to be received that qualifies as liquid assets under Article 404.
Amendment 1223 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – introductory part
Article 413 – paragraph 4 – subparagraph 1 – introductory part
Competent authorities may grant the permission to apply, by derogation from paragraph 2 point c), a higher inflow on a case by case basis for credit, deposits and liquidity facilities when all of the following conditions are fulfilled:
Amendment 1229 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point c
Article 413 – paragraph 4 – subparagraph 1 – point c
Amendment 1231 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point c
Article 413 – paragraph 4 – subparagraph 1 – point c
Amendment 1387 #
2011/0202(COD)
Proposal for a regulation
Article 444
Article 444
Amendment 10 #
2011/0137(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The marketing of goods infringing intellectual property rights does considerable damage to right-holders, law- abiding manufacturers and traders. It is also deceiving consumers, and could in some cases endanger their health and safety. Such goods should, in so far as is possible, be kept off the market and measures should be adopted to deal with this unlawful activity without impeding legitimate trade. For this reason, consumers need to be well informed about the risks involved in purchasing these products.
Amendment 17 #
2011/0137(COD)
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) Transit through Union customs and possible distribution on the internal market of goods suspected of being imitations of products protected in the Union by a trademark, or copies of products protected in the Union by copyright, related right or design, entail both considerable losses for legitimate Union businesses and health and safety risks for citizens. Customs authorities should therefore be empowered to inspect and detain any suspected goods by way of precaution where their distribution on the internal market is assumed.
Amendment 18 #
2011/0137(COD)
Proposal for a regulation
Recital 17 b (new)
Recital 17 b (new)
(17b) Evidence that the intention is to place these goods on sale in the Union should be considered to exist where they have been sold to a client in the Union or offered for sale or advertised for sale to Union consumers, or where documents or correspondence show that they are to be distributed on the Union's internal market. Where the destination of the goods is not declared, even though such a declaration is required, or in cases where there is a lack of precision or relevant information in order to identify the producer or distributor of the products, a lack of cooperation with the customs authorities or where documents are discovered showing that they are intended for distribution on the internal market, it should be for the declarant or holder of the goods in question to prove that their intention is not to sell those goods in the Union.
Amendment 32 #
2011/0117(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The general arrangement should be granted to all those developing countries which share a common developing need and are in a similar stage of economic development. Countries which are classified by the World Bank as high- income or upper-middle income countries sufficiently integrated into the global economy have per capita income levels allowing them to attain higher levels of diversification without the scheme’s tariff preferences and include economies which have successfully completed their transition from centralised to market economies. Those countries do not share the same development, trade and financial needs as the remaining developing countries; they are at a different stage of economic development, i.e. they are not similarly-situated as the more vulnerable developing countries; and, so as to prevent unjustified discrimination, they need to be treated differently. Furthermore, the use of tariff preferences provided under the scheme by high-income or upper-middle income countries sufficiently integrated into the global economy increases the competitive pressure on exports from poorer, more vulnerable countries and therefore could impose unjustifiable burden on those more vulnerable developing countries. The general arrangement takes account of the fact that the development, financial and trade needs are subject to change and assures that the arrangement remains open if the situation of a country changes. For the sake of consistency, the tariff preferences granted under the general arrangement should not be extended to developing countries which are benefiting from a preferential market access arrangement with the European Union, which provides at least the same level of tariff preferences as the scheme for substantially all trade. To provide a beneficiary country and economic operators with time for an orderly adaptation, the general arrangement should continue to be granted for two years as from the date of application of a preferential market access arrangement and this date should be specified in the list of beneficiary countries of the general arrangement.
Amendment 47 #
2011/0117(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
a) it has been classified by the World Bank as a high-income or an upper-middle income country during three consecutive years immediately preceding the update of the list of beneficiary countries;
Amendment 58 #
2011/0117(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
a) it has been classified by the World Bank as a high-income or an upper-middle income country and has had a share of world goods exports of over 1% during three consecutive years immediately preceding the update of the list of beneficiary countries;
Amendment 132 #
2011/0117(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
4. An investigation, including the procedural steps referred to in Articles 25, 26 and 27, shall be concluded within 12six months from its initiation. In exceptional circumstances, such as an unusually high number of interested parties or complex market situations, this time limit may be extended by a further period of three months. The Commission shall notify all interested parties of any such extension and explain the reasons leading to it.
Amendment 133 #
2011/0117(COD)
Proposal for a regulation
Article 25
Article 25
On duly justified grounds of urgency relating to deterioration of the economic and/or financial situation of European Union producers, and when the delay in implementing provisional safeguard measures may cause damage which would be difficult to repair, the Commission shall be empowered to adopt immediately applicable implementing acts in accordance with the urgency procedure referred to in Article 38(4) to reintroduce normal Common Customs Tariff duties for a period of up to 12 months.
Amendment 146 #
2011/0117(COD)
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Paragraph 1 shall not apply to EBA beneficiary countries, nor shall it apply to countries with a share not exceeding 8 %hose average share of European Union imports of products listed in Annex V or IX, whichever is applicable, does not exceed 8 % of the total value of European Union imports of these products from all GSP beneficiary countries for three consecutive years.
Amendment 156 #
2011/0117(COD)
Proposal for a regulation
Article 35 – paragraph 5
Article 35 – paragraph 5
5. Member States shall forward to the Commission, every month, details of the quantities and values of products released for free circulation under the tariff preferences, not later than three months after such release. The Commission shall submit a report containing this information to the European Parliament and the Council.
Amendment 163 #
2011/0117(COD)
Proposal for a regulation
Article 39
Article 39
Amendment 182 #
2011/0117(COD)
Proposal for a regulation
Annex VI – point 2
Annex VI – point 2
2. The provisions of Article 8 shall apply for each of the GSP Sections 11(a) and 11(b), when the percentage share referred to in Article 8(1) exceeds 14,5 0%.
Amendment 194 #
2011/0117(COD)
Proposal for a regulation
Annex VII – point 1 – point b
Annex VII – point 1 – point b
(b) of which the imports of products listed in Annex IX into the European Union represent less than the threshold of 2 1% in value of the total imports into the European Union of products listed in Annex IX originating in countries listed in Annex II, as an average during the last three consecutive years.
Amendment 7 #
2010/2307(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Emphasises that the objective of all initiatives must be to educatenable all young people for the Europe of the future, which meansto participate fully in society and prepare them for the Europe of the future, which means giving them the opportunities to engage in social activities and to help shaping the society and making it possible for all young people to enjoy schooling, vocational training and higher education that lays stress on meeting the technological requirements of a modern and sustainable society;
Amendment 18 #
2010/2307(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines that youth policies must be seen in relation with policies on education, employment, social inclusion and macroeconomics; regrets that Youth on the Move is mostly focused on the labour market; points out that austerity measures with i.e. cut backs in the educational system and job creation will not help young people and have the potential of damaging the society and the economy in the longer term;
Amendment 26 #
2010/2307(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Emphasises that youth unemployment -– the causes of which the ILO does not consider to lie in income and non-wage labour cost levels, participatory rights and social protection standards – is a problem that must be overcome andmajor challenge across the EU and must be overcome; stresses that unemployment at young age puts the individual at a very high risk of poverty in the long term; stresses that all employment contracts must provide for unrestricted social rights from the first day on; rejects any proposal to deviate from this principle;
Amendment 35 #
2010/2307(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Reminds that getting a job does not mean escaping poverty, and that young people are especially susceptible to fall into the category of working poor; therefore underlines that the efforts to offer quality jobs, and the efforts toward youth employment should be intertwined; points to the need of underpinning employment policies with sound social policies that allow for a life in dignity in case of unemployment;
Amendment 37 #
2010/2307(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Underlines that Youth on the Move will not alone tackle or solve the alarming youth unemployment all over Europe; calls for all Member States to set up a national strategy to tackle youth unemployment and secure young peoples access to quality employment, education and training, while encouraging and supporting youth entrepreneurship;
Amendment 44 #
2010/2307(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recognises that the success of the YoM initiative depends mostly on the implementation of its key actions by the Member States; therefore asks the European Commission to closely monitor and analyse crucial elements during implementation with a view to helping and ensuring a better coordination between Member States in the process;
Amendment 45 #
2010/2307(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Takes the view that voluntaryHighlights that transnational mobility infor the framework of schacquisition of new skills is a strong tool ing and vocational training and for the purposes of employment order to improve skills and competences, personal development and active citizenship of young people; takes the view that voluntary mobility should be promoted for all young people, irrespective of their financial, social or geographical situation, with each individual being able to determine the degree of his or her own mobility; welcomes therefore the initiative of the Commission to set up a dedicated Youth on the Move website for information on EU learning and mobility opportunities; stresses the need for an active communication around this website towards young people, multipliers and other relevant stakeholders;
Amendment 47 #
2010/2307(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Commission to report regularly to the European Parliament on the effectiveness of the YoM key actions and the progress registered by Member States;
Amendment 51 #
2010/2307(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to continue investing and improving the mobility and youth programmes such as Lifelong Learning (Erasmus, Leonardo da Vinci, Comenius, Grundtvig), Marie Curie, Erasmus Mundus and Youth in Action;
Amendment 56 #
2010/2307(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to maintain a separate Youth in Action Program for the upcoming Multi-Financial Framework;
Amendment 61 #
2010/2307(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Welcomes the Commission's aims to extend learning mobility to all young people in Europe by 2020; regrets however that "Youth on the Move" is too much centred on student mobility; invites the Commission to give specific and ambitious target figures for each mobility program; including vocational training mobility; underlines that mobility has been recognized as an added-value for those in vocational training, as it strengthens their employability; therefore calls for an increase of the budget dedicated to Leonardo Program;
Amendment 63 #
2010/2307(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Is convinced that mobility of young people, which contributes to prosperity and to a fair development of our modern societies, should become the rule rather than the exception; stresses that attraction for mobility should be enhanced and that financial support should be wide and sufficient, and be oriented towards the most disadvantaged;
Amendment 65 #
2010/2307(INI)
Draft opinion
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Emphasises that an ambitious funding is necessary to comply with the objective to give everyone the opportunity to undertake part of their education and training abroad; takes the view that education and training have to be a priority for the European Union and that this objective should be reflected in the next financial perspectives;
Amendment 67 #
2010/2307(INI)
Draft opinion
Paragraph 4 d (new)
Paragraph 4 d (new)
4d. Recognizes the role of the local and regional authorities in the field of training and mobility; takes the view that their competences and experience should be seen as complementary of the EU action; emphasizes that in order to achieve its goals the EU should develop a partnership approach, in particular with the local and regional authorities;
Amendment 67 #
2010/2307(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recommends that the European institutions strengthen the structured dialogue with youth organisations and other stakeholders to debate priorities and actions for young people, thus giving youth more opportunities to participate in the decision-making on issues that affect them;
Amendment 74 #
2010/2307(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Emphasises the importance of youth to be included not only in the labour market and the economy, but also in the shaping and governing of the future of Europe; asks the Commission to come up with a Green Paper on Youth Participation;
Amendment 77 #
2010/2307(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises that the transition from school, vocational training or higher education to employment must be better prepared and must follow on directly from education or training, and welcomes the ‘European Youth Guarantee’ initiative; believes that social partnertherefore underlines the major importance to effectively implement and welcomes the ‘European Youth Guarantee’ initiative and make it an instrument of active integration on the labour market; stresses that Member States have so far not made any convincing commitment to implement the European Youth Guarantee and calls on them to do speedily; believes that social partners, local and regional authorities and youth organisations should be involved in the development of a sustainable strategy to reduce youth unemployment, in which there must be formal recognition of qualifications obtained;
Amendment 82 #
2010/2307(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Emphasises that early school leaving, as a known risk for future exclusion from both employment and society, has to be dramatically reduced; stresses that this phenomenon has to be addressed in a multifaceted way, linked with social measures to enhance education and training in the disadvantaged areas;
Amendment 85 #
2010/2307(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Asks forCalls on the Commission and the Member States to also pay special attention and support for those who are most at risk, for youth categories with fewer opportunities and for those seeking a ‘second chance’ to get back into education after leaving;
Amendment 86 #
2010/2307(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Strongly supports the proposal for a Council Recommendation on a European Youth Guarantee and urges the Council to adopt it as soon as possible;
Amendment 89 #
2010/2307(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to collect data at national and regional levels on the practical barriers to mobility, and to take all necessary steps to remove them in order to ensure high- quality mobility that is accessible to all, throughout the entire path of education, including VET;
Amendment 91 #
2010/2307(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Strongly supports the proposal for a Council Recommendation on a European Youth Guarantee and urges the Council to adopt it as soon as possible;
Amendment 93 #
2010/2307(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls on the Commission to increase and widen participation in mobility programmes and to improve its visibility, notably those targeting Young people, for instance by using a single name to denote all mobility programmes while preserving the specificities of each of them;
Amendment 94 #
2010/2307(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Emphasises that early school leaving, as a known risk for future exclusion from both employment and society, has to be dramatically reduced; stresses that this phenomenon has to be addressed in a multifaceted way, linked with social measures to enhance education and training in the disadvantaged areas;
Amendment 97 #
2010/2307(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points outStresses the importance of taking measures to ensure that students throughout the different education stages are mobile and have an effective social and health security system and full portability of grants when they are abroad;
Amendment 98 #
2010/2307(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Takes the view that measures must be taken to reinforce the role of thesupport familyies and social environment of young people and of their school in guiding them in their career choices and towards finding an occupation;
Amendment 100 #
2010/2307(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Emphasises that an ambitious funding is necessary to comply with the objective to give everyone the opportunity to undertake part of their education and training abroad; takes the view that education and training have to be a priority for the European Union and that this objective should be reflected in the next financial perspectives;
Amendment 101 #
2010/2307(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Recognizes the role of the local and regional authorities in the field of training and mobility; takes the view that their competences and experience should be seen as complementary of the EU action; emphasizes that in order to achieve its goals the EU should develop a partnership approach, in particular with the local and regional authorities;
Amendment 107 #
2010/2307(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Underlines the importance of informal and non- formal education, such as intercultural learning, in developing important skills and competences that will ensure the entry on and adaptability to the needs of the labour market;
Amendment 112 #
2010/2307(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Takes the view that occupational choices must be less strongly influenced by gender,are still strongly gender-based and that this is a component adding to gender inequality; stresses that this has an impact both on female unemployment and poverty; stresses that measures must be taken to present a comprehensive overview of possible career choices and that the attempt must be made from an early age to interest and support girls, in particular, in mathematical and technical professions;
Amendment 124 #
2010/2307(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Emphasises that an actinclusive labour market policy, includingmeasures such as, publicly funded work programmes for young people, and the creation of new, sustainable and good jobs are essential preconditions for successfully tackling youth unemployment, and that the existing funds, such as the European Social Fund, must be targeted more specifically at these obje, the recognition of the voluntary work as professional experience as well as the promotion of entrepreneurship are essential elements for successfully tackling youth unemployment; emphasises that a mix of EU funding is available for young people from instruments such as the European Social Fund, the Mobility Programs (Erasmus, Socrates, Leonardo) and the YOUTH program but that the diversity of funding makes it difficult for youth organisations to access funding that answers their needs; stresses the need for funding for young people that is easy accessible, can be managed by volunteers and small organisations where applicable, and allows for funding overarching measures that integrate several dimensions such as employment, mobility, social integration and cultural activities;
Amendment 139 #
2010/2307(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Emphasises that young people whose chances of getting started in life are poorer must be supported individually to increase their employability andwith respect for their individual needs and with a focus to increase their integration into the labour market and their access to quality jobs; considers that publicly funded training places are ancan be one effective instrument for integrating particularly disadvantaged young people; stresses however that integration into the first labour market is essential and that any integration measures should aim to access the regular labour market from an early stage on and need to be accommodated by support measures focussing on the need of individuals; stresses the specific difficulties of poor young people to enjoy an experience abroad because of financial and linguistic constraints, and in some case spatial discrimination; is convinced that financial support must address especially the needs of the most disadvantaged;
Amendment 146 #
2010/2307(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Points out the need to find a balance between higher education systems on one hand and the needs of the economy and society in general on the other and also interlink them through adequate curricula for future skills and jobs;
Amendment 151 #
2010/2307(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on national, regional, and local authorities to remove existing barriers, support and enhance cooperation between universities and business and facilitate partnerships between the two;
Amendment 159 #
2010/2307(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Encourages universities to bring their programmes and structures closer to the specific needs of the labour market and to explor, to consider the needs of the businesses when developing the curricula and to pursue new methods of cooperation with private and public companies, while encouraging and supporting youth entrepreneurship;
Amendment 173 #
2010/2307(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. InvitesCalls on the Member States to modernise and increase the attractiveness and quality of vocational education and training (VET) to react toso that it can be better adapted to the current and future needs of the changing labour market, which by 2020 will require new knowledge and skills based on diplomas that should be mutually recognised in all Member States;
Amendment 179 #
2010/2307(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses the importance of supporting and further enhancing mobility in the field of VET, including apprenticeships, by providing VET students and apprentices with information, counselling, guidance and hosting structures when they are abroad;
Amendment 180 #
2010/2307(INI)
Draft opinion
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Emphasises the importance of non- formal and informal learning and education for the development of young people as well as the voluntary work; stresses that the gained competencies do not only offer opportunities for their entry into the world of work, but also enable young people to be actively involved in the society and to take responsibility of their lives, while also stimulating their entrepreneurial skills;
Amendment 182 #
2010/2307(INI)
Draft opinion
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Emphasises the importance of youth to be included not only in the labour market and the economy, but also in the shaping and governing of the future of Europe; asks the Commission to come up with a Green Paper on Youth Participation;
Amendment 184 #
2010/2307(INI)
Draft opinion
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Calls on the Commission to maintain a separate Youth in Action Program for the upcoming Multi-Financial Framework;
Amendment 186 #
2010/2307(INI)
Draft opinion
Paragraph 11 d (new)
Paragraph 11 d (new)
11d. Calls on the Commission to increase and widen participation in mobility programmes and to improve its visibility, notably those targeting Young people, for instance by using a single name to denote all mobility programmes while preserving the specificities of each of them.
Amendment 191 #
2010/2307(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Strongly stresses that the smooth entrance of young people into the labour market depends mainly on the modernisation of VET institutions and universities to ensure that their study programmes match the needs of the labour market, as well as on a strong cooperation between these and the business environment;
Amendment 209 #
2010/2307(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Invites tertiary education institutions to introduce a period of high-quality traineeship into all study programmes in order to enable young people to meet, in advance, the real and practical demands of the working environment and acquire the necessary skills for the entrance to the labour market;
Amendment 216 #
2010/2307(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28a. Calls on the Commission to promote at European level initiatives to recognize the period of internship as a professional period in the branches of Social Security, such as some Members States are already doing;
Amendment 91 #
2010/2278(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the Commission to increase and widen participation in mobility programmes and to improve its visibility, notably those targeting Young people, for instance by using a single name to denote all mobility programmes while preserving the specificities of each one of them;
Amendment 10 #
2010/2110(INI)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 16 #
2010/2110(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that the outermost regions are an integral part of the territory of the European Union and must be fully covered by the trade agreements; emphasises the importance to their economies of the agriculture sector, which is in competition with similar products from Latin American producers benefiting from the lowering of customs tariffs; points out that Article 349 TFEU allows for the tailoring of Community policies to suit the geographical and economic realities of those regions; calls on the Commission to take into account the specific interests of the outermost regions in the negotiations so that the development of those regions is not affected;
Amendment 57 #
2010/2089(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the Commission forecasts that unemployment is likely to reach 10.3% by the end of 2010, and whereas there is widespread concern that the present economic crisis, particularly its effect on unemployment and especially youth unemployment, will adversely affect population health,
Amendment 64 #
2010/2089(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the combination of poverty with other vulnerabilities, such as childhood or old age, disability or minority background, further increases health risks and vice-versa, ill health can lead to poverty and/or social exclusion,
Amendment 67 #
2010/2089(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas early years have lifelong effects on many aspects of health and well-being – from obesity, heart disease and mental health, to education, professional achievement, economic status and quality of life,
Amendment 68 #
2010/2089(INI)
Motion for a resolution
Recital K b (new)
Recital K b (new)
Kb. whereas health inequalities have significant economic implications for the EU and for Member States; Health inequalities related losses have been estimated to cost around 1.4% of GDP,
Amendment 81 #
2010/2089(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that attention must focus on the whole social gradient, with particular attention to be given to the needs of people in poverty, disadvantaged migrant and ethnic minority groups, people with disabilities, elderly people and children living in poverchildren, youth and elderly people living in poverty based on the universal EU values of human dignity, freedom, equality and solidarity;
Amendment 92 #
2010/2089(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines that the economic and financial crisis, in particular on the supply side, may lead to a reduction in the level of funding for public health and health promotion, disease prevention and long- term care services as a result of budget cuts and lower tax revenues, while the demand for health and long-term care services may increase as a result of a combination of factors that contribute to the deterioration of the health status among the general population;
Amendment 99 #
2010/2089(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Council to evaluate measures to mitigate the impact of the economic crisis on the health care sector, in particular in the following areas: investing in health infrastructure, public health, health promotion and disease prevention, optimising funding for the health care sector, restructuring and reorganising the health care system to ensure equity of access;
Amendment 121 #
2010/2089(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Member States to promote policies aiming at ensuring healthy life conditions for all children and adolescents, including actions to support pregnant women and parents (starting in pregnancy and continuing through the transition of the child); thereby recognizing the importance of investing in early child development as well as life course approaches;
Amendment 141 #
2010/2089(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points to the importance of raising the average level of healthcare and decreasing the inequalities between different social groups, and underlines that these objectives could be achieved through the optimisation of public spending for healthcare, health promotion and disease prevention;
Amendment 145 #
2010/2089(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that, in addition to national governments, regional authorities in many countries have an important role in public health, health promotion, disease prevention and health services and thus need to be actively involved; points out that local governments, workplaces, and other stakeholders also have a vital contribution to make;
Amendment 167 #
2010/2089(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission to ensure that the reduction of health inequalities is fully addressed in the future initiative onand integrated into future initiatives related to early child development, youth polices focusing on education, training and employment and initiatives related to healthy ageing;
Amendment 177 #
2010/2089(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to assist Member States in making better use of EU cohesion policy and structural funds in order to support projects to address factors contributing tohat contribute to addressing the social determinants of health and reducing health inequalities; calls also on the Commission to support activities financed under the PROGRESS programme;
Amendment 185 #
2010/2089(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Council to promote the tackling of health inequalities as a policy priority in all Member States, taking into account the social determinants of health, by means of actions in policy areas such as the environment, agriculture and food policy, education, living and working conditions;
Amendment 198 #
2010/2089(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Member States to support and implement a joined up approach to policy making at local, regional and national level, thereby striving towards a Health in All Policies Approach (HiAP);
Amendment 199 #
2010/2089(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Calls on the Commission to pursue a Health in All Policies Approach (HiAP) to EU level policy making and ensure the implementation of effective impact assessments that take health equity outcomes into account;
Amendment 202 #
2010/2089(INI)
Motion for a resolution
Paragraph 18 e (new)
Paragraph 18 e (new)
18e. Calls on the Commission and Member States to work together to develop and implement complementary public health prevention actions at all levels of governance to combat existing and future health threats that can exacerbate existing health inequalities and place additional strains on health systems, particularly the increasing prevalence of non – communicable diseases (e.g. obesity, diabetes, cardio- vascular diseases, cancer);
Amendment 9 #
2010/2026(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the European Union has strengthened its economic and trade relations with Latin America, becoming its second most important trading partner and the leading trading partner for MercosERCOSUR and Chile, whereas trade figures doubled between 1999 and 2008, with an increase of the EU imports from Latin America from 42.5 to 120.4 billion Euro and Chile;a rise of exports to the region from 52.2 to 86.4 billion Euro, whereas European countries constitute the largest source of Foreign Direct Investment (FDI) in Latin America,
Amendment 14 #
2010/2026(INI)
Motion for a resolution
Recital D
Recital D
D. whereas one third of the inhabitants of Latin America are poor; whereasaccording to ECLAC poverty rate in Latin America has decreased from 44,4% in 2003 to 33% in 2010 but according to ECLAC and UNICEF almost 63% of children and adolescents in the Latin America suffer from poverty,
Amendment 19 #
2010/2026(INI)
Motion for a resolution
Recital F
Recital F
F. whereas EU-LAC trade flows were dramatically affected by the financial crisis but their growth restarted in 2010,
Amendment 23 #
2010/2026(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the current fragmented situation could create a network of agreements operating at different speeds and could complicate bi-regional relationreation of a network of comprehensive agreements with the different groups of Latin America's countries is contributing to enhancing the cooperation of the two continents,
Amendment 26 #
2010/2026(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the burden of often illegitimately accumulated debt inherited from previous governments remains one of the most serious, despite significant progress in the management of state finances, the burden of debt remains an obstacles to trade- related investments, development and sound state finances in a number of Latin American countries,
Amendment 28 #
2010/2026(INI)
Motion for a resolution
Recital J
Recital J
J. whereas there is a general desire in Latin America to reducincrease the region's economic dependeimportance oin the United States (process of 'second independence')global economy and actively seek to diversify economic relations; whereas Europe shcould avoid offering merely a 'second dependence'be a very important commercial partner for this purpose,
Amendment 36 #
2010/2026(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Emphasises that the Lisbon Treaty defines EU tTrade pPolicy as an integral and relevant part of the Union's overall external action and that that policy therefore mustit can play a decisive and positive role in creating wealth, enhancing economic and political relations between peoples and countries, ensuring peace and addressing development, environmental, and social objectives as well as contribute to meeting the other objectives set out in the Treaty on European Union;
Amendment 39 #
2010/2026(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Points out that trade policy is an important tool in achieving the objective of a biregional strategic partnership between the European Union and Latin America; supports, in this respect, the creation of a Euro-Latin America interregional partnership area based on a WTO-Regionalism compatible model;
Amendment 53 #
2010/2026(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that, in order to expand the benefit from its trade relations with the EU, Latin America needs to increase welfare through trade performance, equitably distribute the gains from trade, promote ownership of trade reform and appropriately distribute the gains from trade among its population, Latin America needs to accompany trade policy with the adoption of appropriate internal and structural reforms, in particular in social and fiscal fields and further expand trade- related institutional capacity;
Amendment 57 #
2010/2026(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the positive developments in Brazil, Ecuador and Boliviamost Latin American countries, where new trade and resource policies seem toaccompanied by internal reforms have contributed to the reduction of inequality, as illustrative of the conditions under which trade reformspolicy may have progressive distributive effects;
Amendment 65 #
2010/2026(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers it crucial for Latin America to move forward from trade in raw materials towards trade in processed materials and partdiversify more its trade which is mainly based on raw materials; considers that global transport related to current supply chains and international labour division is excessive and environmentally unsustainableshould take environmental concerns into consideration environmental concerns;
Amendment 69 #
2010/2026(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for closer cooperation between the EU and the Latin American countries with a view to concluding a fair WTO Doha Agreement that must effectively contribute to poverty reduction and help the economy to recover from the crisis through a progressive and balanced reduction of tariff and non-tariff trade barriers;
Amendment 78 #
2010/2026(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 84 #
2010/2026(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Emphasises the constructive role that EU-based companies operating in Latin America should play by applying the highest levels of European environmental and, social protection and quality management standards and by offering decent wages and job security;
Amendment 87 #
2010/2026(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is concerned by the factaware that in the past some limited cases of misconduct by EU-based companies operating in Latin America have occurred, involving ecological degradation, cases of exploitation of labour, as well as serious human rights violations; warns that, despite being limited in a number of cases, the misconduct of certain EU-based companies doescould harm to the image of the EU as a whole and negatively affects the business opportunities of all competitors who observe the principles of corporate and social responsibility;
Amendment 89 #
2010/2026(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 94 #
2010/2026(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Points out that the differences in the tariffs applying under the WTO banana agreements, the agreements with Columbia and PWelcomes the conclusion of the WTO agreements on trade in bananas which have definitively settled a long-term dispute with Latin American banana supplierus and Cecontral America and the commitments made to ACP partners in the Caribbean could create new controversies; calls in particular for fair treatment for Ecuador following its struggles in nine WTO panelibuted to concluding the negotiations on different Agreements with Latin American countries; a comprehensive and adequate banana package should take into account the commitments made to ACP partners and the interests of EU producers;
Amendment 104 #
2010/2026(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Points out that the implementNotes the positive conclusion of the negotiations of the EU-Central America Association Agreement must take into account the interests of the people concerned; stresses that parliaments still have to ratify the Agreementwhich, as a first example of a region-to-region agreement, should contribute with appropriate accompanying policies to enhancing not only wealth but also the further integration of Central American countries;
Amendment 109 #
2010/2026(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that Bolivia has presented awithdrawn the claim ato the Andean Community Court of Justice regarding the Multi-Party Trade Agreement concluded by the EU with Coloumbia and Peru; considers it to be a good step for the possible future accession of Bolivia to the Agreement;
Amendment 113 #
2010/2026(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Notes that the negotiations on the Multi-Party Trade Agreement between the EU and Columbia and Peru have been concluded satisfactorily; hopes that the agreement will be initialled in the coming months and that Ecuador and Bolivia could soon join such an Agreement; in this respect, welcomes the resumption of talks with Ecuador after a suspension of some months;
Amendment 114 #
2010/2026(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that it should be closely involved at all stages of theupports the resumption of negotiations on anthe EU-Mercosur Association Agreement and that the negotiating mandate should be updated to take full account of recent developments in the global economy and demands and concerns put forward by Parliament;which affects 700 million people and, if concluded, would be the world's most ambitious biregional agreement; stresses that it should be closely involved at all stages of the negotiations; is aware that agriculture issues will probably be a controversial topic in the negotiations and hopes that a balanced outcome for both parties could be achieved in the end;.
Amendment 121 #
2010/2026(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses the significant progress in bilateral trade with Chile and Mexico, as well as the increased level of investments in goods and services that has been achieved since the entry into force of the respective Association Agreements; points out that the full utilization of all the opportunities and potentialities offered by the review clause of the Association Agreements remains an objective to further enhance EU trade relations with these two countries;
Amendment 129 #
2010/2026(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Is deeply concerned about the recent restrictive measures adopted by the Argentinian authorities on foodstuffs imported from third countries, including the European Union; considers these measures as a real non-tariff barrier incompatible with the WTO obligations; calls, therefore, on the Argentinian authorities to eliminate this illegal burden on foodstuff, which could represent a bad signal and a serious obstacle for the ongoing EU-MERCOSUR negotiations;
Amendment 134 #
2010/2026(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomesTakes note of the decision to set up the Community of Latin American and Caribbean States (CELAC), which could overlap or contradict the other existing organisations in Latin America;
Amendment 142 #
2010/2026(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 148 #
2010/2026(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Stresses the right of indigenous communities throughout Latin America to decide by themselves and within the legal framework of trade agreements the degree to which they want to be integrated into the global market economy; reiterates the need to protect indigenous traditional knowledge and rare species on their territories from patenting conflicts with European companies;
Amendment 63 #
2010/0289(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) In order to ensure an immediate and sustainable impact on the economic recovery of Pakistan in the aftermath of the floods it is recommended to limit the duration of the trade preferences until 31 December 2013to one year from the entry into force of those measures.
Amendment 64 #
2010/0289(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) It is also necessary to provide for the reintroduction of Common Customs Tariff duties for any products causing, or threatening to cause, serious injury to Union producers of like or directly competing products, as determined by an investigation carried out by the Commission.
Amendment 69 #
2010/0289(COD)
Proposal for a regulation
Article 2 - paragraph 1 - point c a (new)
Article 2 - paragraph 1 - point c a (new)
(ca) Pakistan’s abstention from maintaining, introducing or increasing duties or charges having equivalent effect on the export or sale for export of any materials primarily used in the production of any of the products covered by this Regulation destined for the territory of the Union.
Amendment 70 #
2010/0289(COD)
Proposal for a regulation
Article 2 - paragraph 1 - point c b (new)
Article 2 - paragraph 1 - point c b (new)
(cb) compliance with Article XI GATT 1994 and its interpretative notes. To this end Pakistan shall abstain from adopting or maintaining any prohibition or restriction on the export, or sale for export, of any materials primarily used in the production of any of the products included in Annex I and II.
Amendment 71 #
2010/0289(COD)
Proposal for a regulation
Article 2- paragraph 1 - point c c (new)
Article 2- paragraph 1 - point c c (new)
(cc) Pakistan’s abstention from introducing new duties or charges having equivalent effect and new quantitative restrictions or measures having equivalent effect for imports originating in the Community or from increasing existing levels of duties or charges or from introducing any other restrictions.
Amendment 78 #
2010/0289(COD)
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a Introduction of tariff rate quotas 1. The Commission shall present quarterly reports to the European Parliament and the Council on the evolution of imports of products covered by this Regulation as from its entry into force. 2. Where the Commission concludes, in its reports, that the volume of imports of one of the products included in Annex I originating from Pakistan exceeds the volume of such imports in the corresponding period of 2010 by twenty percentage points, the Commission shall adopt a delegated act, in accordance with, Article 5 to subject the imports of that product to tariff rate quotas for imports of that product by amending Annex I and Annex II. 3. The tariff rate quota provided for under paragraph 2 shall take the form of a duty free quota limited to the level of imports of such product in 2010 increased by twenty percentage points. When the tariff rate quota is established during the year, imports of such product will be allocated on a pro-rata basis. By derogation from Article 1(1), upon the entry into force of the delegated act, imports in excess of that tariff rate quota shall be subject to most- favoured nation or other applicable duties.
Amendment 87 #
2010/0289(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Urgency procedure for delegated acts 1. Delegated acts adopted under the urgency procedure shall enter into force without delay and apply as long as no objection is expressed in accordance with paragraph 2. The notification of the act to the European Parliament and to the Council shall state the reasons for the use of the urgency procedure. 2. The European Parliament or the Council may object to a delegated act in accordance with the procedure referred to in Article 8. In such a case, the Commission shall repeal the act without delay following the notification of the decision to object by the European Parliament or the Council.
Amendment 96 #
2010/0289(COD)
Proposal for a regulation
Article 9 a (new)
Article 9 a (new)
Amendment 97 #
2010/0289(COD)
Proposal for a regulation
Article 9 b (new)
Article 9 b (new)
Article 9b Surveillance measures 1. Where the trend in imports of one of the products included in Annex I originating in Pakistan is such that they could lead to the situations referred to in Article 9 a,(new) the Commission may decide to subject the imports of that product to prior Union surveillance. 2. The Commission shall consult Member States forthwith if it intends to impose surveillance measures. Consultation with the Member States shall take place within eight working days of the Commission sending the draft decision to impose surveillance measures to the Committee referred to in Article 8. 3. Surveillance measures shall have a limited period of validity. Unless otherwise provided, they shall cease to be valid at the end of the second six-month period
Amendment 101 #
2010/0289(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. It shall apply from 1 January 2011 provided that the conditions set out in points ca and cb of Article 2 have been fulfilled and provided that the tariff preferences provided for in this Regulation are permitted by a waiver granted by the World Trade Organisation. In case the World Trade Organisation grants such a waiver after 1 January 2011, it shall apply from such later date on which the waiver takes effect.
Amendment 111 #
2010/0289(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. This Regulation shall apply until 31 December 2013for 12 months after its entry into force. Before that date the Commission shall submit a report on the impact assessment of this Regulation to the European Parliament and to the Council. On the basis of a new legislative proposal made by the Commission, the European Parliament and the Council shall decide whether to extend the application of this Regulation for another year.
Amendment 114 #
2010/0289(COD)
Proposal for a regulation
Annex 1
Annex 1
CN Code Description WOVEN FABRICS OF COTTON, CONTAINING >= 85% COTTON BY WEIGHT AND WEIGHING <= 200 G/M2, DYED 52083900 (EXCL. THOSE IN THREE-THREAD OR FOUR-THREAD TWILL, INCL. CROSS TWILL, AND PLAIN WOVEN FABRICS) WOVEN FABRICS OF COTTON, CONTAINING >= 85% COTTON BY WEIGHT AND WEIGHING > 200 G/M2, DYED 52093900 (EXCL. THOSE IN THREE-THREAD OR FOUR-THREAD TWILL, INCL. CROSS TWILL, AND PLAIN WOVEN FABRICS) FULL-LENGTH OR KNEE-LENGTH STOCKINGS, SOCKS AND OTHER HOSIERY, INCL. FOOTWEAR WITHOUT APPLIED SOLES, OF COTTON, KNITTED OR CROCHETED 61159500 (EXCL. GRADUATED COMPRESSION HOSIERY, PANTYHOSE AND TIGHTS, WOMEN'S FULL-LENGTH OR KNEE-LENGTH STOCKINGS, MEASURING PER SINGLE YARN< 67 DECITEX WOMEN'S OR GIRLS' COTTON DENIM TROUSERS AND 62046231 BREECHES (EXCL. INDUSTRIAL AND OCCUPATIONAL, BIB AND BRACE OVERALLS AND PANTIES) WOMEN'S OR GIRLS' GARMENTS, OF COTTON, N.E.S. (NOT 62114290 KNITTED OR CROCHETED) TOILET LINEN AND KITCHEN LINEN, OF TERRY TOWELLING OR SIMILAR TERRY FABRICS OF COTTON 63026000 (EXCL. FLOORCLOTHS, POLISHING CLOTHS, DISHCLOTHS AND DUSTERS) TOILET LINEN AND KITCHEN LINEN OF COTTON (EXCL. 63029100 OF TERRY FABRICS, FLOORCLOTHS, POLISHING CLOTHS, DISHCLOTHS AND DUSTERS) deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted
Amendment 123 #
2010/0289(COD)
Proposal for a regulation
Annex 2
Annex 2
CN Code Description 2011 20121 20132 2207 1000 UNDENATURED ETHYL ALCOHOL, OF 1 80 000 100 100 000 ALCOHOL, OF ACTUAL 000 00080 000 ACTUAL ALCOHOLIC STRENGTH OF tonnes tonnes >= 80% 52083900 OTHER DYED WOVEN FABRICS OF 1 685 1 685 COTTON, CONTAINING 85% OR MORE BY tonnes tonnes WEIGHT OF COTTON 52093900 OTHER DYED WOVEN FABRICS OF 3 002 3 002 COTTON, CONTAINING 85% OR MORE BY tonnes tonnes WEIGHT OF COTTON, WEIGHING MORE THAN 200 G/M2 61159500 PANTYHOSE, TIGHTS, STOCKINGS, SOCKS 9 052 9 052 AND OTHER HOSIERYAND FOOTWEAR tonnes tonnes ALCOHOLIC STRENGTH WITHOUT APPLIED SOLES, OF COTTON, KNITTED OR CROCHETED (EXCL. GRADUATED COMPRESSION HOSIERY, PANTYHOSE AND TIGHTS, WOMEN'S FULL-LENGTH OR KNEE-LENGTH STOCKINGS, MEASURING PER SINGLE YARN LESS THAN 67 DECITEX) 62046231 WOMEN'S OR GIRLS' COTTON DENIM 7 571 7 571 TROUSERS AND BREECHES (OTHER tonnes tonnes OF >= 80% THAN. INDUSTRIAL AND OCCUPATIONAL) 62114290 WOMEN'S OR GIRLS' GARMENTS, OF 386 386 COTTON tonnes tonnes 63026000 TOILET LINEN AND KITCHEN LINEN, OF 41 905 41 905 TERRY TOWELLING OR SIMILAR TERRY tonnes tonnes FABRICS, OF COTTON 63029100 TOILET LINEN AND KITCHEN LINEN, OF 9 997 9 997 COTTON, OTHER THAN OF TERRY tonnes tonnes TOWELLING OR SIMILAR TERRY FABRICS
Amendment 53 #
2010/0281(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) in combination with Article 136 thereof,
Amendment 62 #
2010/0281(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) There is a need to build upon the experience gained during the first decade of functioning of theExperience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and monbudgetary unionpolicies.
Amendment 67 #
2010/0281(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth
Amendment 69 #
2010/0281(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 70 #
2010/0281(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 71 #
2010/0281(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 72 #
2010/0281(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 73 #
2010/0281(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole
Amendment 74 #
2010/0281(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
Amendment 85 #
2010/0281(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 86 #
2010/0281(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 87 #
2010/0281(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 88 #
2010/0281(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 89 #
2010/0281(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 90 #
2010/0281(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 106 #
2010/0281(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Prudent and sustainable fiscal policy- making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 114 #
2010/0281(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 70 #
2010/0280(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6), in combination with Article 136 thereof,
Amendment 194 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point - 1 (new)
Article 1 – point - 1 (new)
Regulation (EC) No 1466/97
Article 1
Article 1
Amendment 218 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 1 c (new) - point a (new)
Article 1 – point 1 c (new) - point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
Article 2a – paragraph 1
Amendment 218 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this Article.
Amendment 246 #
2010/0279(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the measures referred to in Article 3, only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 68 #
2010/0278(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 74 #
2010/0278(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 76 #
2010/0278(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 84 #
2010/0278(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 86 #
2010/0278(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 90 #
2010/0278(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 93 #
2010/0278(COD)
Proposal for a regulation
Recital 2 h (new)
Recital 2 h (new)
(2h) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 94 #
2010/0278(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
(2g) The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 109 #
2010/0278(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission.
Amendment 118 #
2010/0278(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 119 #
2010/0278(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 121 #
2010/0278(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 123 #
2010/0278(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 140 #
2010/0278(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 146 #
2010/0278(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 190 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of incentives and sanctions for enhancing the enforcement of the preventive and corrective parts of the Stability and Growth Pact in the euro area.
Amendment 197 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 b (new)
Article 1 – paragraph 1 b (new)
1b. In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and the national parliaments, governments and other relevant bodies of the Member States, and to ensure greater transparency and accountability, the competent committee of the European Parliament may organise public debates on macro- economic and budgetary surveillance undertaken by the Council and the Commission.
Amendment 201 #
2010/0278(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a European Monetary Fund 1. A European Monetary Fund shall be established with the aim of improving economic governance and coordination at EU level, safeguarding financial stability of the euro area as a whole and reinforcing budgetary discipline among Member States, while setting out a credible strategy for growth. The EMF shall be managed under Union rules 2. The European Monetary Fund serves three main purposes: (a) help any Member State with financial difficulties to resolve the crisis in which they might be involved assuming the current responsibility of the EFSF and ESM and assuming any future permanent crisis resolution mechanism. (b) issue common securities that would finance up to {...} percentage of the Member States' debt which currency is the euro and make its resources available to them provided its compliance with the improved economic governance framework; (c) create project bonds to finance European projects with long term commercial potential. The European budget would be used to improve the rating in order to attract funding from financial institutions and private investors on the capital markets. 3. The EMF should be credited with the interest earned by the Commission on deposits lodged and fines collected in accordance with [Articles 3, 4 and 5 of this Regulation, Article 12 of Regulation (EC) No 1467/97 and Article 3 of Regulation (EU) No .../2010 on enforcement measures to correct excessive microeconomic imbalances in the euro area]
Amendment 210 #
2010/0278(COD)
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Amendment 216 #
2010/0278(COD)
Proposal for a regulation
Article 2 d (new)
Article 2 d (new)
Article 2d Project bonds 1. Project bonds to finance projects with long term commercial potential shall be established based on the Union method to complement the Stability and Growth Pact and the economic governance framework with a Union strategy for growth and jobs, which aims at boosting the Union competitiveness and social stability. 2. The EMF shall submit to the Commission the proposal of an issuance of Eurosecurities. Commission shall immediately forward it to the European Parliament and the Council. Council shall approve or reject the proposal on a recommendation from the Commission. 3. The European budget would be used to improve the project bonds rating in order to attract funding from other financial institutions and from private investors on the capital market such as pension funds and insurers.
Amendment 217 #
2010/0278(COD)
Proposal for a regulation
Article 2 e (new)
Article 2 e (new)
Article 2e Enhance the European economic growth In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 241 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 261 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 283 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 302 #
2010/0278(COD)
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
For the measures referred to in Articles 3, 4 and 5 only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 305 #
2010/0278(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Amendment 42 #
2010/0277(NLE)
Proposal for a directive
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the third subparagraph ofArticle 126, in particular the third subparagraph of paragraph 14 thereof, and Article 126(14)1 thereof,
Amendment 51 #
2010/0277(NLE)
Recital 1 a (new)
1a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 53 #
2010/0277(NLE)
Recital 1 b (new)
1b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 54 #
2010/0277(NLE)
Recital 1 c (new)
1c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 55 #
2010/0277(NLE)
Recital 1 d (new)
1d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 56 #
2010/0277(NLE)
Recital 1 e (new)
1e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 57 #
2010/0277(NLE)
Recital 1 f (new)
1f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 59 #
2010/0277(NLE)
Recital 1 g (new)
1g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 60 #
2010/0277(NLE)
Recital 1 h (new)
1h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 90 #
2010/0277(NLE)
Recital 12 a (new)
12a. The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 91 #
2010/0277(NLE)
Recital 12 b (new)
12b. The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 92 #
2010/0277(NLE)
Recital 12 c (new)
12c. The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanisms); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 93 #
2010/0277(NLE)
Recital 12 d (new)
12d. Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 94 #
2010/0277(NLE)
Recital 12 e (new)
12e. To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 107 #
2010/0277(NLE)
Recital 16 a (new)
16a. Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 108 #
2010/0277(NLE)
Recital 16 b (new)
16b. In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 52 #
2010/0276(CNS)
Proposal for a regulation – amending act
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the second subparagraph of Article 126(14) in combination with Article 136 thereof,
Amendment 60 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 a (new)
Recital 2 a (new)
2a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 62 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 b (new)
Recital 2 b (new)
2b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and a European Monetary Fund to pool a percentage of Member States’ sovereign debts, to help them to resolve financial crises and to finance investments that can strengthen economic growth.
Amendment 64 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 c (new)
Recital 2 c (new)
2c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 65 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 d (new)
Recital 2 d (new)
2d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 66 #
2010/0276(CNS)
Draft legislative resolution – amending act
Recital 2 e (new)
Recital 2 e (new)
2e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 67 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 f (new)
Recital 2 f (new)
2f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 68 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 g (new)
Recital 2 g (new)
2g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 69 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 h (new)
Recital 2 h (new)
2h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 105 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 106 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
Amendment 107 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 108 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to [...] percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 109 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full [...]percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurties. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 110 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 124 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 131 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 22 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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 #
2010/0199(COD)
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.
Amendment 35 #
2010/0197(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In the interest of EU investors and their investments inand third countries, and of Member States hosting foreign investors and investments, bilateral agreements that specify and guarantee the conditions of investment should be maintained in force and remain binding on the parties under public international law unless replaced by new agreements that provide for at least the same level of investor protection. This will be applied not only to BITs already in force but also to BITs concluded and/or signed by the time of the entering in to force of this Regulation.
Amendment 45 #
2010/0197(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) This Regulation lays down the conditions under which Member States should be authorised toa notification procedure in order to provide transparency on all bilateral agreements of the Member States that are maintained in force or to permit to enter into force international agreements relating to investment. The notification may be withdrawn by a Member State if the respective agreement is terminated.
Amendment 50 #
2010/0197(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) As the authorisation to maintain, amend or conclude agreements covered by this Regulation is granted in an area of exclusive Union competence, it must be regarded as an exceptional measure. The authorisation is without prejudice to the application of Article 258 of the Treaty with respect to failures of Member States to fulfil obligations under the Treaties other than those concerning incompatibilities arising from the allocation of competences between the Union and its Member States there are grounds to justify this Regulation.
Amendment 55 #
2010/0197(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 58 #
2010/0197(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 64 #
2010/0197(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The authorisation to amend or conclude agreements provided for by this Regulation notably allows Member States to address any incompatibilities between their international agreements relating to investment and the law of the Union, other than incompatibilities arising from the allocation of competences between the Union and its Member States, which are addressed in this Regulation.
Amendment 66 #
2010/0197(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) No later than fiseven years after the entry into force of this Regulation, the Commission should present to the European Parliament and the Council a report on the application of Chapters II and III of this Regulation. This report should, inter alia, review the need for the continued application of these chapters. Where the report recommends to discontinue the application of the provisions of these Chapters or where it would propose to modify these provisions, it should be accompanied by an appropriate legislative proposal. Unless replaced by an agreement of the Union concerning investment, or otherwise terminated, bilateral agreements concluded by Member States with third countries remain binding on the parties under public international law.
Amendment 73 #
2010/0197(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Agreements authorised under this Regulation or authorisations to open negotiations to amend an existing or to conclude a new bilateral agreement with a third country should not in any case be allowed to constitute an obstacle to the implementation of the Union'’s policies relating to investment, in particular common commercial policy.
Amendment 81 #
2010/0197(COD)
Proposal for a regulation
Recital 17
Recital 17
Amendment 87 #
2010/0197(COD)
Proposal for a regulation
Article 1
Article 1
This Regulation establishes the terms, conditions and the procedure under which Member States are authorised to maintain in force, amend or conclude bilateral agreements with third countries relating to investment. This procedure is without prejudice to the respective competencies of the European Union and of the Member States.
Amendment 91 #
2010/0197(COD)
Proposal for a regulation
Chapter 2 – title
Chapter 2 – title
Amendment 99 #
2010/0197(COD)
Proposal for a regulation
Article 3
Article 3
Authorisation to maintain agreements in Notwithstanding the Union's competences relating to investment and without prejudice to other obligations of Member States under the law of the Union, Member States are authorised in accordance with Article 2(1) of the Treaty to maintain in force bilateral agreements relating to investment that have been notified in accordance with Article 2 of this Regulation.rticle 3 deleted force
Amendment 104 #
2010/0197(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 120 #
2010/0197(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 125 #
2010/0197(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. No later than fiseven years after the entry into force of this Regulation, the Commission shall present to the European Parliament and the Council a report on the application of this Chapter which shall review the need for the continued application of this Chapter, based on the review referred to in paragraph 1.
Amendment 136 #
2010/0197(COD)
Proposal for a regulation
Article 6
Article 6
Amendment 161 #
2010/0197(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Where a Member State intends to enter into negotiations in order to amend an existing agreement or to conclude a new agreement falling with ain third country relating to investmente scope of this Regulation, it shall notify the Commission in writing of its intentions in writing at the earliest possible moment before the opening of formal negotiations is envisaged.
Amendment 166 #
2010/0197(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The notification referred to in paragraph 1 shall be transmitted at least five calendar month90 days before formal negotiations are to commence with the third country concerned.
Amendment 178 #
2010/0197(COD)
Proposal for a regulation
Article 10
Article 10
The Commission shall be kept informed of the progress and results throughout the different stages of negotiations and may request to participate in the negotiations between the Member State and the third country concerning investment. The Commission may participate as an observer in the negotiations between the Member State and the third country as far as matters falling within the scope of this Regulation are concerned.
Amendment 192 #
2010/0197(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 198 #
2010/0197(COD)
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Amendment 199 #
2010/0197(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. No later than fiseven years after the entry into force of this Regulation, the Commission shall present to the European Parliament and the Council a report on the application of this Chapter which shall review the need for a continued application of the Chapter.
Amendment 205 #
2010/0197(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. For all agreements falling within the scope of this Regulation, the Member State concerned shall inform the Commission without undue delay of all meetings which take place under the provisions of the agreement. The Commission shall be provided with the agenda and all relevantenough information permitting an understanding of the topics to be discussedrelevant topics. The Commission may request further information from the Member State concerned. Where an issue to be discussed might affect the implementation of the Union's policies relating to investment, including in particular the common commercial policy, the Commission can require the Member State concerned to take a particular position.
Amendment 206 #
2010/0197(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. For all agreements falling within the scope of this Regulation, the Member State concerned shall inform the Commission without undue delay of any representations made to it that a particular measure is inconsistent with the agreement. The Member State shall also immediately inform the Commission of any request for dispute settlement lodged against it under the auspices of the agreement as soon as the Member State becomes aware of the request. The Member State and the Commission shall fully cooperate and take all necessary measures to ensure an effective defence which may include, where appropriate, that the Commission participates in the procedure.
Amendment 207 #
2010/0197(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. For all agreements falling within the scope of this Regulation, the Member State concerned shall seek the agreement ofinform the Commission before activating any relevant mechanisms for State to State dispute settlement included in the agreement and shall, where requested by the Commission, activate such mechanisms. Such mechanisms shall include consultations with the other party to the agreement and dispute settlement where provided for in the agreement. The Member State and the Commission shall fully cooperate in the conduct of procedures within the relevant mechanisms, which may include, where appropriate, that the Commission participates in the relevant procedures.
Amendment 210 #
2010/0197(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Commission shall be assisted by the AdvisorTrade Policy Committee for the Management of Transitional Arrangements on International Investment Agreementson Services and Investment.
Amendment 212 #
2010/0197(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
Amendment 42 #
2010/0032(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The measures necessary for the implementation of this Regulation should be adopted in accordance withimplementation of the bilateral safeguard clause of the Agreement requires that uniform conditions for the adoption of provisional and definitive safeguard measures, for the imposition of surveillance measures, and for the termination of an investigation and a proceeding without measures, should be adopted by the Commission. According to Article 291 TFEU, rules and general principles concerning mechanisms for the control by Member States of the Commission's exercise of implementing powers shall be laid down in advance by a regulation adopted in accordance with the ordinary legislative procedure. Pending the adoption of that new regulation, Council dDecision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission continues to apply, with the exception of the regulatory procedure with scrutiny, which is not applicable.
Amendment 4 #
2009/2219(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Calls on the European Union to uphold the principles of managed and fair trade, rejecting protectionism or any attempt to undermine the legitimate comparative advantages of developing countries that do not undermine human and trade unionlabour rights, but applying a different interpretation of WTO Article XXIV to allow for the exemption of vulnerable manufacturing and other sectors from trade agreements where this is justified;
Amendment 10 #
2009/2219(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Insists that, whilst working effectively with the ILO and other treaty bodies, the Commission should continue to meet its responsibility to evaluate the impact of trade negotiations on social, environmental and human rights and to consult trade unions and environmental and social NGOstakeholders in a transparent manner throughout the process of negotiating and implementing trade agreements, guaranteeing them a clear right to raise violations;
Amendment 16 #
2009/2219(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Welcomes the use of Sustainability Impact Assessments, but deplores failures to act fully on their findings, as in west Africa; in the case of Colombia; emphasises the EU's leverage to pursue concrete improvements in respect for labour and human rights in advance of trade agreements, as well as during their implementation;
Amendment 1 #
2009/2218(INI)
Draft opinion
Paragraph 1
Paragraph 1
Amendment 3 #
2009/2218(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Emphasises the importance of coherence between trade and development policies for better development and tangible implementation, and welcomes in this respect the EU 2009 Report on Policy Coherence for Development (COM(2009)0461) and the balanced approach taken by DG Trade in implementing trade agreements that not only promote the strategic economic interests of the EU but also underline the need for good governance and the implementation of fundamental European values;
Amendment 5 #
2009/2218(INI)
Draft opinion
Paragraph 2
Paragraph 2
Amendment 6 #
2009/2218(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses that the European Union is by far the biggest aid donor in the world (EU aid rose to €49 billion in 2008, representing 0.40% of GNI), and that aid volumes are expected to increase to €69 billion in 2010 to meet the collective promise of 0.56% of EU GNI made at the G8 Gleneagles Summit in 2005; points out that this would release an additional €20 billion for development objectives;
Amendment 11 #
2009/2218(INI)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 12 #
2009/2218(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Welcomes, in this connection, all the existing initiatives in the area of trade with developing countries at EU and WTO levels, in particular the Everything But Arms (EBA) initiative, GSP and GSP+ , the asymmetry and transitional periods in all existing European Partnership Agreements (EPAs) and the Aid-for-Trade Work Programme 2010- 2011, and calls for the revision of the last of these, with a view to giving it greater leverage to foster sustainable growth;
Amendment 14 #
2009/2218(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 15 #
2009/2218(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses the need to take relevant aspects of Policy Coherence for Development into account in bilateral and regional trade agreements and multilateral trade agreements firmly anchored in the rules-based WTO system, and in this connection urges the Commission and the Member States to actively engage with all other relevant WTO partners that can contribute to bringing about a balanced, ambitious and development-oriented outcome to the Doha Round in the very near future;
Amendment 17 #
2009/2218(INI)
Draft opinion
Paragraph 5
Paragraph 5
Amendment 19 #
2009/2218(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the developing countries, especially those that benefit most from EU aid, to ensure good governance in all public matters, and especially in the management of aid received, and urges the Commission to take all necessary steps to ensure transparent and efficient aid implementation;
Amendment 21 #
2009/2218(INI)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 22 #
2009/2218(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission, in order to ensure that DG Trade has a coherent mandate for trade negotiations, to take due account of Parliament's preconditions for giving its consent to the conclusion of trade agreements.
Amendment 147 #
2009/0144(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial market participant at the national level, and according a central role in the supervision ofinstitutions that have no EU dimension at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have no EU dimension. The Authority shall gradually take over supervision of institutions with European Union dimension. Greater harmonisation and the coherent application of rules for financial market participantinstitutions and markets across the CommunityUnion should also be achieved. A European Securities and Markets Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority and) and a European Supervisory Authority (Banking) as well as a European BankingSupervisory Authority (the European Supervisory Authorities). Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 150 #
2009/0144(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by CommunityUnion law, with the elaboration of draft technical standards, which do not involve policy choices. When drafting the technical standards the Authority should take into consideration the different structures and risk profiles of financial institutions. In particular, the Authorities should seek to ensure that unnecessary burden is not placed on financial institutions that are Union-based, member-owned and play an important role with regards to combating social exclusion. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendment if, for example, the draft technical standards were incompatible with CommunityUnion Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityUnion financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 171 #
2009/0144(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) Non-profit organisations in comparison to well funded and well connected industry representatives, are marginalised in the debate on the future of financial services and in the corresponding decision making process. This disadvantage has to be compensated by adequate funding of their representatives in the Securities and Market Stakeholder group.
Amendment 185 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2 a. The Authority shall also act within the field of the activities covered by the legislation referred to in paragraph 2, including matters relating to shareholder rights, corporate governance, auditing, financial reporting, provided that such actions by the Authority are necessary to ensure the effective and consistent application of the legislation referred to in paragraph 2. The Authority shall also take appropriate action in the context of takeover bids, clearing and settlement issues, securitisation, short selling and derivative issues including standardization.
Amendment 200 #
2009/0144(COD)
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 and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 204 #
2009/0144(COD)
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. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community lawEU legislation referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission. It shall undertake an economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 221 #
2009/0144(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The Authority shall have its seat in Paris. Frankfurt.
Amendment 224 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 1 – point a
(a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Community institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the legislation referred to in Article 1(2)a consistent application of Union law, in particular by contributing to a common supervisory culture, ensuring consistent, efficient, and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, ensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 232 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) establish databases in the area of its competence and, where specified in the legislation referred to in Article 1(2). The collected information has to be accessible to all market participants and should contain key information about registered market participants, products, misbehaviour and transactions if obligation of disclosure is specified in the legislation referred to in Article 1(2);
Amendment 235 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
(f b) foster investor protection, in particular by ensuring the enforcement of the harmonized EU regulations on product disclosure and selling processes to all retail investors for all retail investment products and services. EBA and EIOPA shall provide all the necessary support and cooperation to enable ESMA to properly execute this task;
Amendment 241 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) prohibit the trading of certain products or types of transactions to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 253 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees. The Authority may use the facilities and powers of the competent authorities to execute the exclusive supervisory powers and carry out investigations.
Amendment 256 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2 a (new)
Article 6 – paragraph 3 – subparagraph 2 a (new)
The Authority shall execute any exclusive supervisory powers over Central Clearing Houses as well as over Credit Rating Agencies pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies1. __________ 1 OJ L 302, 17.11.2009, p.1.
Amendment 263 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards into complete and modify elements theat areas specifically set out in not essential to the legislationve acts referred to in Article 1(2). The Authority shtechnicall submit its draft standards to the Commission for endorsementtandards do not represent strategic decisions and their content shall be limited by the legislation on which they are based.
Amendment 270 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 272 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 a (new)
Article 7 – paragraph 1 – subparagraph 2 a (new)
Drafting technical standards the Authority shall take into consideration the full variety of different players on financial markets and the different effects of the standards on all sorts of market participants.
Amendment 273 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 b (new)
Article 7 – paragraph 1 – subparagraph 2 b (new)
The Authority shall submit its draft standards to the Commission for endorsement and at the same time to the European Parliament and the Council.
Amendment 275 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, reject or amend the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 281 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 289 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un delegated acts in accordance with Articles 7a to 7d, designed to establish the technical standards referred to in paragraph 1. Those acts shall be in the form of regulations or decisions.
Amendment 298 #
2009/0144(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct open public consultations on guidelines and recommendations and analyse the potential related costs and benefits. The Authority shall also request an opinion or advice of the Securities and Markets Stakeholder Group referred to in Article 22.
Amendment 347 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 377 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. The Authority may issue technical standards, guidelines and recommendations adopted under Articles 7 and 8 to harmonise supervisory functioning and best practices adopted by the colleges of supervisors.
Amendment 387 #
2009/0144(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3 a. The Authority may assign the tasks and responsibilities of the prudential supervision of financial institutions with EU dimension as referred to in Article 12a to the competent authorities in the Member States.
Amendment 391 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including accounting and reporting standards;
Amendment 402 #
2009/0144(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) taking all appropriate measures in situations of financial instability and crisis with a view to facilitating the coordination of actions undertaken by relevant national competent supervisory authorities;
Amendment 409 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 410 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute in the representation of the European Union in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 411 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
The Commission shall adopt delegated acts in accordance with Articles 7a to 7d for the purpose of making equivalence assessments referred to in the second paragraph.
Amendment 418 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals. Those requests shall use common reporting formats to be fulfilled, where appropriate, at a consolidated level.
Amendment 424 #
2009/0144(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2 The Authority shall cooperate closely with the ESRB. It shall provide the ESRB with regular and up-to-date information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the ESRB upon a reasoned request, as specified in Article [15] of Regulation (ECU) No …./… [ESRB]. The Authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions.
Amendment 426 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established. The Stakeholder Group shall be consulted on all relevant decisions and actions of the authority. If case of urgency immediate consultation is impossible, the Stakeholder Group has to be informed about the decision as quick as possible.
Amendment 436 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion financial market participants, their employees as well as consumers, investors and users of financial services.
Amendment 438 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 a (new)
Article 22 – paragraph 2 - subparagraph 1 a (new)
Not less than 5 of the members shall be independent top-ranking academics.
Amendment 439 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 b (new)
Article 22 – paragraph 2 - subparagraph 1 b (new)
The number of members representing professional market participants including their employees shall not exceed 15. At least 5 of them have to be representatives of the employees.
Amendment 443 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twice a yearquarterly.
Amendment 445 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 2
Article 22 – paragraph 3 - subparagraph 2
Amendment 451 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 458 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8. Any conflict of interest of members of the Securities and Market Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 467 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Securities and Markets Stakeholder Group shall adopt its rules of procedure and designate its chairperson from amongst its members.
Amendment 471 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 480 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthten working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 485 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 496 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, at a meeting no later than two months after the Authority has informed the Member State as set out in subparagraph 4.
Amendment 512 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 524 #
2009/0144(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) two representatives of the Securities and Market Stakeholder Group who shall be non- voting. Not more than one of them has to be a representative of the professional market participants or their employees.
Amendment 582 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 3 a (new)
Article 40 – paragraph 3 a (new)
3a. Only those supervisory authorities included in the European System of Financial Supervisors shall be entitled to supervise financial institutions operating in the European Union.
Amendment 627 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall draft its report taking into account the proposals made by the Securities and Market Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission.
Amendment 630 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 b (new)
Article 66 – paragraph 1 – subparagraph 1 b (new)
The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulatory and supervisory convergence in the fields of crisis management and resolution in the Union.
Amendment 633 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the CommunUnion. The report shall also evaluate the efficiency of the whole European Supervisory Authorities System and the budgetary needs of the Authority respecting increasing responsibilities, powers and tasks of the Authority. The evaluation shall be based on extensive consultation, including with the Securities and Markets Stakeholder Group.
Amendment 152 #
2009/0143(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of CommunityUnion law and trust between national supervisors. (This amendment applies throughout the text.)
Amendment 153 #
2009/0143(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and Community supervisory authorities, leaving day-to-day supervision of financial institutions that the national level, and according a central role in thedo not have a Union dimension to the national level. Colleges of supervisors should exert supervision ofver cross-border groups to colleges of supervisorsinstitutions that do not have a Union dimension. The European Supervisory Authority should gradually take over supervision of financial institutions with a Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the CommunityUnion should also be achieved. A European BankingSupervisory Authority (Insurance and Occupational Pensions) (the Authority) should be established, along with a European Insurance and Occupational PensionsSupervisory Authority (Banking) and a European Securities and Markets Authority (the European Supervisory Authorities)upervisory Authority (Securities and Markets as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board should form part of a European System of Financial Supervision.
Amendment 154 #
2009/0143(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Insurance and Occupational Pensions Authority ("the Authority")Authority should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States, to prevent regulatory arbitrage and guarantee a level playing field, to protect policyholders and other beneficiaries, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, to promote supervisory convergence and to strengthen international supervisory coordination while taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employees. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a CommunityUnion body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 155 #
2009/0143(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In Case C-217/04, United Kingdom v. European Parliament and Council of the European Union, the Court of Justice held that: “nothing in the wording of Article 95 TEC implies that the addressees of the measures adopted by the Community legislature on the basis of that provision can only be the individual Member States. The legislature may deem it necessary to provide for the establishment of a Community body responsible for contributing to the implementation of a process of harmonization in situations where, in order to facilitate the uniform implementation and application of acts based on that provision, the adoption of non-binding supporting and framework measures seems appropriate1”. Measures adopted under Article 95 of the EC Treaty (now, Article 114 of the Treaty on the Functioning of the European Union) may take the form of directives or regulations. For instance, the European Network and Information Security Agency was established by Regulation (EC) No 460/2004 of 10 March 20042 and also the Authority will be established by a regulation. 1 Judgment of 2 May 2006, at paragraph 44. 2 OJ L 77, 13.3.2004, p.1.
Amendment 157 #
2009/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out in the relevant Community legislation. The matters concernCommission should endorse those draft technical standards in order to give them binding legal effect. They will be subject to amendment if, for example, they are incompatible with Union law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected byin the technical standards do not involve policy decisions, and their content is framed by the Community acts adopted at Level 1. Development of the draftacquis of European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards by, the Authority ensures that they fully benefit from the specialised expertise of national supervisory authoritiesCommission should be subject to a time limit for its decision on the endorsement.
Amendment 158 #
2009/0143(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In areas not covered by technical standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of CommunityEU legislation. In order to ensure transparency and strengthen compliance by national supervisory authorities with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations publicly in order to be fully transparent with market participants. In areas not covered by technical standards, the Authority should establish and promulgate best practices.
Amendment 159 #
2009/0143(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Where the national authority does not comply with the recommendation, the Commission should be empowered to within a deadline fixed by the Authority, the Authority should address a Decision without delay to the national supervisory authority concerned in order to ensure compliance with CommunityEU law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty on the Functioning of the European Union..
Amendment 163 #
2009/0143(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish the existence of an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 167 #
2009/0143(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityUnion law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 169 #
2009/0143(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) The crisis has exposed major fault lines in existing approaches to supervision of cross-border financial institutions, particularly the biggest and most complex institutions the bankruptcy of which is capable of producing systemic damages. Those fault lines arise from the different areas of activity of the financial institutions on the one hand and from the supervisory bodies on the other. The institutions act in a market without borders while the jurisdiction of the supervisory bodies are limited by national borders.
Amendment 170 #
2009/0143(COD)
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) The cooperation mechanism used to solve this asynchrony has clearly been shown to be insufficient. As the Turner Review, published in March 2009, points out, "sounder arrangements require either increased national powers, implying a less open single market, or a greater degree of European integration".
Amendment 171 #
2009/0143(COD)
Proposal for a regulation
Recital 21 c (new)
Recital 21 c (new)
(21c) The Union solution calls for the reinforcement of the colleges of supervisors in the supervision of cross- border institutions and for the progressive shift of supervisory powers over institutions with a Union dimension to a Union authority. Financial institutions with a Union dimension include those operating cross-border as well as those operating within national territory provided that their bankruptcy could threaten the stability of the Union's single financial market.
Amendment 172 #
2009/0143(COD)
Proposal for a regulation
Recital 21 d (new)
Recital 21 d (new)
(21d) The national solution implies more host country national powers in regulating and supervising subsidiaries of companies based in other Member States.
Amendment 173 #
2009/0143(COD)
Proposal for a regulation
Recital 21 e (new)
Recital 21 e (new)
(21e) Colleges of supervisors should have the power to define supervisory rules to foster the coherent application of Union law. The Authority should have full participation rights in colleges of supervisors with a view to streamlining the functioning of the information- exchange process, to foster convergence and consistency across the colleges in the application of Union law. The Authority should act as leader in supervising cross- border financial institutions operating in the Union. The Authority should also have a binding mediation role to solve conflicts between national supervisors.
Amendment 174 #
2009/0143(COD)
Proposal for a regulation
Recital 21 f (new)
Recital 21 f (new)
(21f) Colleges of supervisors should play an important role in the efficient, effective and consistent supervision of cross-border financial institutions that do not have a Union dimension, but in most cases differences between national standards and practices subsist. There is no point in converging basic financial regulations if the supervisory practices remain fragmented. As the de Larosière Report points out, "competition distortions and regulatory arbitrage stemming from different supervisory practices must be avoided, because they have the potential of undermining financial stability – inter alia by encouraging a shift of financial activity to countries with lax supervision. The supervisory system has to be perceived as fair and balanced".
Amendment 175 #
2009/0143(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) The prudential supervision of institutions with a Union dimension should be entrusted to the European Supervisory Authority (Insurance and Occupational Pensions). National supervisors should act as agents of the European Supervisory Authority (Insurance and Occupational Pensions) and should be bound to the Authority's instructions when they supervise cross- border institutions with a Union dimension.
Amendment 176 #
2009/0143(COD)
Proposal for a regulation
Recital 22 b (new)
Recital 22 b (new)
(22b) Institutions with a Union dimension should be identified, taking into account international standards.
Amendment 177 #
2009/0143(COD)
Proposal for a regulation
Recital 22 c (new)
Recital 22 c (new)
(22c) A European Insurance Guarantee Scheme (Scheme) should be established to protect policyholders, beneficiaries and institutions facing difficulties where those could menace the financial stability of the Union's single financial market. The Scheme should be financed through contributions from those institutions, through debt issued by the Scheme or, in exceptional circumstances, through contributions made by the affected Member States in accordance with criteria previously agreed upon (revised Memorandum of Understanding). The contributions to the Scheme should replace those made to the national Insurance Guarantee Schemes.
Amendment 179 #
2009/0143(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shallould be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements..
Amendment 180 #
2009/0143(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The Authority should actively promote a coordinated CommunityUnion supervisory response, in particular where adverse developments could potentially jeopardisto ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion. In addition to its powers for action in emergency situations, it should therefore be entrusted with a general coordination function within the European System of Financial Supervisors. The smooth flow of all relevant information between competent authorities should be a particular focus of the Authority's actions.
Amendment 181 #
2009/0143(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the Community. It shall fully respect the existing roles and competences of the European Institutions in relrepresent the Union in the dialogue and cooperations with authoritiesupervisors outside the Community and in international forumsUnion.
Amendment 191 #
2009/0143(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) In comparison to well-funded and well-connected industry representatives, non-profit organisations are marginalised in the debate on the future of financial services and in the corresponding decision-making process. This disadvantage has to be compensated for by adequate funding of their representatives in the Insurance and Occupational Pensions Stakeholder group.
Amendment 195 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority (Insurance and Occupational Pensions Authority) ("the Authority").
Amendment 204 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 205 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 6
Article 1 – paragraph 6
Amendment 207 #
2009/0143(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 217 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of CommunityUnion legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotingcompetent authorities, ensuring effective and consistent supervision of financial institutions with a Union dimension and a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 222 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) prohibit the trading of certain products or types of transactions to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 223 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f b (new)
Article 6 – paragraph 1 – point f b (new)
(fb) establish databases within the area of its competence and where specified in the legislation referred to in Article 1(2). The collected information shall be accessible to all market participants and shall contain key information about registered market participants, products, breaches and transactions if obligation of undisclosure is specified in the legislation referred to in Article 1(2);
Amendment 228 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
Article 6 – paragraph 2 – point f a (new)
(fa) prohibit the trading of certain products or types of transaction to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the Union's financial system;
Amendment 232 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees. The Authority may use the facilities and powers of the competent authorities to execute the exclusive supervisory powers and carry out investigations.
Amendment 238 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not represent strategic decisions and their content shall be limited by the legislative acts on which they are based.
Amendment 241 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 246 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, reject or amend the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 257 #
2009/0143(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Exercise of the delegation 1. The powers to adopt delegated acts laying down technical standards referred to in Article 7 shall be conferred on the Commission for an indeterminate period of time. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 7b to 7d. 4. In the report referred to in Article 35, the Authority shall inform the European Parliament and the Council of the technical standards that have been approved and of any national authorities that have not complied with them.
Amendment 261 #
2009/0143(COD)
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall state the reasons for the revocation and shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the technical standards already in force. It shall be published in the Official Journal of the European Union.
Amendment 263 #
2009/0143(COD)
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 265 #
2009/0143(COD)
Proposal for a regulation
Article 7 d (new)
Article 7 d (new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairperson of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 269 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct public consultations regarding the guidelines and recommendations and shall analyse the potentially related costs and benefits. The Authority shall also request an opinion or advice from the Insurance and Occupational Pensions Stakeholder Group referred to in Article 22.
Amendment 275 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 281 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one month fromten working days of receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, in accordance with paragraph 3, the Authority shall take a decision requiring the national supervisorycompetent authority to take the action necessary to comply with CommunityUnion law.
Amendment 284 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 286 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 288 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
Amendment 291 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 293 #
2009/0143(COD)
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 national supervisory 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 national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 297 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 299 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)
Article 9 – paragraph 6 – subparagraph 2 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 305 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its report, the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 308 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulationin order to enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
Amendment 314 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning, the ESRB shall notify it simultaneously to the European Parliament, the Council, the Commission and the Authority.
Amendment 317 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with this Regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 318 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority mayshall adopt individual decisions requiringnecessary to ensure that national supervisory authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 329 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a national supervisory on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 330 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in 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 that legislation, including the cessation of any practice.
Amendment 331 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 335 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council or the Commission.
Amendment 336 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 at regular intervals and in any event at the request of the European Parliament or the Authority.
Amendment 338 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 b (new)
Article 10 – paragraph 4 b (new)
4b. In its report, the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
Amendment 345 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, mayshall take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 347 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 350 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in compliance with Community lawshall, in accordance with the second subparagraph of Article 29(1), take a decision to settle the disagreement and to require them to settle the matter, in compliance with Union law, with binding effects on the competent authorities concerned.
Amendment 354 #
2009/0143(COD)
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 national supervisory 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 mayshall adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law, including the cessation of any practice.
Amendment 355 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors referred to in Directive 2006/48/EC and foster the coherence of the application of Community legislationUnion law across colleges.
Amendment 358 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. The Authority may issue technical standards, guidelines and recommendations adopted under Articles 7 and 8 to harmonise supervisory functioning and best practices adopted by the colleges of supervisors.
Amendment 360 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 3 b (new)
Article 12 – paragraph 3 b (new)
3b. A legally binding mediation role should allow the new Authorities to solve disputes between national supervisors following the procedure set up in Article 11. Where no agreement can be reached between the supervisors of a cross-border institution, the Authority should be empowered to take supervisory decisions directly applicable to the institution concerned.
Amendment 364 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with a Union dimension 1. For the supervision of financial institutions with a Union dimension operating in the Union the Authority shall act as leading competent authority. They shall act through national competent authorities who will act as delegated authority. 2. The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, to define the characteristics of financial institutions with a Union dimension. Those acts shall take the form of a decision and shall contain a list of institutions that are considered to be the financial institutions with a Union dimension operating in the Union. 3. The criteria for identifying such financial institutions shall at least include consideration of the following: market share in Member States where the financial institution is active, total assets, market share of total Union assets and EU or non-EU-based ultimate ownership. In the event that such a financial institution spans different sectors, the European Supervisory Authority (Joint Committee) shall decide which part of the Authority shall act as the leading competent authority.
Amendment 365 #
2009/0143(COD)
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Supervision of cross-border financial institutions 1. To ensure the co-responsibility of financial institutions with a Union dimension, to protect European depositors' interests and to reduce the cost to tax payers of a systemic financial crisis, a European Financial Protection Fund (Fund) shall be established. The Fund shall play a role in helping the Union financial institutions facing difficulties where those difficulties could menace financial stability of the Union's single financial market. The Fund shall be financed by contributions from those institutions. The contributions may replace those made to national funds of similar nature. 2. Where the accumulated resources from the contributions made by market participants are not sufficient to solve the crisis, the Fund shall have the capacity to increase its resources through debt issuance. Member States may, in exceptional circumstances, facilitate the issuance of debt by the Fund through guarantees, and in exchange for a fee reflecting appropriately the risk assumed. Those guarantees shall be shared by Member States in accordance with the criteria laid down in paragraph 3 3. When, under extreme, exceptional circumstances and in the context of a systemic crisis, one or more institutions fail, and the resources available are insufficient, the affected Member States shall deal with this burden in accordance with the following criteria: the economic impact of the crisis on the affected Member States and the deposits, assets, distribution of those income flows of the affected institutions. 4. The membership in the Fund shall replace the membership in the existing national schemes for the Union financial institutions participating in it. The Fund shall be managed by a Board appointed by the European Supervisory Authority (Securities and Markets) for a period of five years. The members of the Board shall be elected from staff of the national authorities. The Fund shall also create a Consultative Board comprising the financial institutions participating in the Fund.
Amendment 372 #
2009/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. No bilateral agreements concerning delegation to institutions that are identified as significant cross-border financial institutions pursuant to Article 12a shall be entered into.
Amendment 381 #
2009/0143(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the national supervisory authorities concernepursuant to Article 8 to the competent authorities concerned, or adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with Articles 7 to 7d.
Amendment 387 #
2009/0143(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) taking all appropriate measures in situations of financial instability and crisis with a view to facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
Amendment 388 #
2009/0143(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 b (new)
Article 16 – paragraph 2 – point 4 b (new)
(4b) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reports, the Authority will share the information with the competent national authorities.
Amendment 391 #
2009/0143(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European BankingSupervisory Authority (Banking) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets) and the European Supervisory Authority (Joint Committee).
Amendment 394 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute to the representation of the European Union in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 395 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
The Authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in Article 1(2). The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, for the purpose of making assessments of equivalence referred to in this Article.
Amendment 396 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
The Commission shall adopt delegated acts in accordance with Articles 7a to 7d for the purpose of making equivalence assessments referred to in the second paragraph.
Amendment 398 #
2009/0143(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of assessment procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 400 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
The Authority may also request information to be provided at recurring intervals. Those requests shall use common reporting formats to be fulfilled, where appropriate, at a consolidated level.
Amendment 407 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 408 #
2009/0143(COD)
Proposal for a regulation
Article 21 – paragraph 6
Article 21 – paragraph 6
6. In discharging its tasks set out in this regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.
Amendment 413 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds, their employees as well as consumers and users of the insurance, reinsurance and occupational pension services. Not less than 5 of the members shall be independent top-ranking academics. The number of members representing professional market participants including their employees shall not exceed 15. At least 5 of them have to be representatives of the employees.
Amendment 417 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community insurance and reinsurance firms as well as occupational pension fundUnion credit and investment institutions, their employees as well as consumers and, users of the insurance, reinsurance and occupational pension servicebanking services and representatives of SMEs. Not less than 5 of the members shall be independent top- ranking academics. The number of members representing market participants shall not exceed 10. Not less than 10 members shall be elected by SME organisations.
Amendment 429 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3
Article 22 – paragraph 3 – subparagraph 3
The Authority shall ensure adequate secretarial support for the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group. Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 439 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8. Any conflict of interest of members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 442 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedwith particular focus on the tasks set out in Articles 7 and 8.
Amendment 454 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 460 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 462 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 472 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 478 #
2009/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point f a (new)
Article 25 – paragraph 1 – point f a (new)
(fa) two representatives of the Banking Stakeholder Group, one of them representing the SME, who shall be non- voting.
Amendment 481 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate thean impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the national supervisory authorities which are parties to the disagreement and who shall not have any interest in the conflict.
Amendment 484 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
2a. The Board of Supervisors shall establish an Experts’ Panel comprising a limited number of independent high-level individuals, committed to the objectives of the European Union. The Experts’ Panel shall have the following tasks: (a) to express views on the Authority’s work programme; (b) to assist the Authority in the definition of priorities; (c) to alert the Authority on regulatory inconsistencies in the internal market and suggest areas for further work; and (d) to inform the Authority about major financial market developments. The Authority shall ensure adequate secretarial support for the Experts’ Panel.
Amendment 485 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 b (new)
Article 26 – paragraph 2 b (new)
2b. The members of the Experts’ Panel shall serve for a period of two-and-a-half years, following which a new selection procedure shall take place. The members may serve two successive terms.
Amendment 486 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 c (new)
Article 26 – paragraph 2 c (new)
2c. The Experts’ Panel shall adopt its rules of procedure.
Amendment 499 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 508 #
2009/0143(COD)
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. The Management Board shall, after consulting the Board of Supervisors, adopt the annuala report on the activities of the Authority (Report) on the basis of the draft report referred to in Article 38(7) and shall transmit that re Report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The rReport shall be made public.
Amendment 524 #
2009/0143(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 529 #
2009/0143(COD)
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Amendment 532 #
2009/0143(COD)
Proposal for a regulation
Article 44
Article 44
Amendment 533 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the national supervisory authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 539 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the AuthorityEuropean Parliament from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. It shall include at least one member representing a consumer organisation, one member representing SMEs and one member representing the research community. The latter as well as his alternate shall be appointed by the Insurance, Reinsurance and Occupational Pensions Stakeholder Group.
Amendment 543 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 545 #
2009/0143(COD)
Proposal for a regulation
Article 45
Article 45
Amendment 571 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission shall draft its report taking into account the proposals made by the Insurance, Reinsurance and Occupational Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission. The Commission may also consider the views of other stakeholder groups.
Amendment 572 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 b (new)
Article 66 – paragraph 1 b (new)
1b. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
Amendment 177 #
2009/0142(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisorsion should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial institutions at the national level, and according a central role in the supervision ofthat have not EU dimension to at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have not EU dimension. The Authority shall gradually take over supervision of institutions with European Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the Community should also be achieved. A European Banking Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority) and a European Securities and Markets Authority (the European Supervisory Authorities). upervisory Authority (Securities and Markets) as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 180 #
2009/0142(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Banking Authority (“the Authority”) should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States to prevent regulatory arbitrage and guarantee a level playing field, to protect depositors and investors, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, and to strengthen international supervisory coordination, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employewhile taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, including financial institutions and other stakeholders, consumers and employees. Its tasks also include promoting supervisory convergence and providing advice to the EU institutions in the areas of banking, payments, e-money regulation and supervision, and related corporate governance, auditing and financial reporting issues. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a Community body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 235 #
2009/0142(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant Community legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned.
Amendment 238 #
2009/0142(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro- prudential level, across borders and across sectors. The Authority should monitor and assess such developments in the area of its competence and, where necessary, inform the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the European Systemic Risk Board on a regular and, as necessary, ad hoc basis. The Authority should also coordinate Community-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests. In order to inform the discharge of its functions, the Authority should undertake economic analysis of markets and the impact of potential market developments on them.
Amendment 244 #
2009/0142(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Close cooperation between the Authority and the European Systemic Risk Board is essential to give full effectiveness to the functioning of the European Systemic Risk Board and the follow-up to its warnings and recommendations. The Authority and the European Systemic Risk Board should share any relevant information with the European Systemic Risk Board. Data related to individual undertakings should be provided only upon reasoned request. Upon receipt of warnings or recommendations addressed by the European Systemic Risk Board to the Authority or a national supervisory authority, the Authority should ensure follow-up as appropriate.
Amendment 247 #
2009/0142(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. Before adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact study. For reasons of efficiency, a Banking Stakeholder Group should be established for that purpose, representing in balanced proportions Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees,rade unions, academics and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Communityby EU legislation.
Amendment 252 #
2009/0142(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) Non-profit organisations in comparison to well funded and well connected industry representatives, are marginalised in the debate on the future of financial services and in the corresponding decision making process. This disadvantage has to be compensated by adequate funding of their representatives in the Banking Stakeholder group.
Amendment 257 #
2009/0142(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Without prejudice to the particular responsibilities of the Member States in crisis situations should a Member State choose to invoke the safeguard the European Parliament should be informed at the same time as the Authority, the Council and the Commission. Furthermore the Member State should explain its reasons for invoking the safeguard. The Authority should, in cooperation with the Commission, set out the next steps to be taken.
Amendment 258 #
2009/0142(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a short list by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 263 #
2009/0142(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities (Joint Committee) (“the Joint Committee”) and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority (European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concerned. ) or the European Supervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee will be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Committee will have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 284 #
2009/0142(COD)
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 depositors and 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 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 290 #
2009/0142(COD)
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 depositors and 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, and (vi) preventing regulatory arbitrage and contributing to a level playing field. 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 296 #
2009/0142(COD)
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 depositors and 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. 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, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 300 #
2009/0142(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 313 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in LondonFrankfurt.
Amendment 314 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in London[Frankfurt].
Amendment 357 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not imply strategic decisions and its content shall be delimited by the legislative acts on which they are based.
Amendment 389 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardCommission shall adopt technical standards in accordance with Articles 7a to 7d. Those acts shall be adopted by the Commission by meansin the form of Rregulations or Ddecisions and published in the Official Journal of the European Union.
Amendment 398 #
2009/0142(COD)
Proposal for a regulation
Article 7 d(new)
Article 7 d(new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairman of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 417 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, from the Commission, from the European Parliament, the Council or the Banking Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 467 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutionmarket participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 479 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 484 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 upon its own initiative or following a request by the Authority, the Council, the European Parliament, or the Commission.
Amendment 505 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 516 #
2009/0142(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a The Authority shall delegate on the authorities in the Member States the tasks and responsibilities to supervise the prudential supervision of financial institutions with EU dimension as referred to in article 12a.
Amendment 533 #
2009/0142(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reporting, the Authority will share the information with the competent national authorities.
Amendment 536 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (Insurance and Occupational Pensions Authority), the European Supervisory Authority (Securities and Markets Authority), the ESRB and the European Parliament, the Council and the Commission about the relevant micro- prudential trends, potential risks and vulnerabilities.
Amendment 542 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority and the European Supervisory Authority (Joint Committee).
Amendment 554 #
2009/0142(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of control procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 575 #
2009/0142(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 581 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Banking Stakeholder Group shall be established. The Stakeholder Group shall be consulted on all relevant decisions and actions of the authority. If case of urgency immediate consultation is impossible, the Stakeholder Group has to be informed about the decision as quick as possible.
Amendment 599 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3 a (new)
Article 22 – paragraph 3 – subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 607 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority with particular focus on the tasks set out in specified in Articles 7 and 8.
Amendment 614 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 631 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 643 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 649 #
2009/0142(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 675 #
2009/0142(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 706 #
2009/0142(COD)
Proposal for a regulation
Article 35 – paragraph 1 a (new)
Article 35 – paragraph 1 a (new)
1a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information on, in particular, the availability, amount and cost of banking credit to households and SMEs, and the volume and changes therein of public debt owned by credit institutions, and information detailing the scope of the interaction between the Authority and the European Systemic Risk Board and a response where relevant to opinions and reviews issued by the Banking Stakeholder Group. It shall also include any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 719 #
2009/0142(COD)
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 722 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 726 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and developing the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
Amendment 730 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 732 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall behave a board composed of the Chairperson and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authoritys of the European Supervisory Authorities, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 735 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Board of the Joint Committee of European Supervisory Authorities as well as the Sub- Committees mentioned in Article 43 as observers.
Amendment 738 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 740 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 1
Article 41 – paragraph 4 – subparagraph 1
4. The Joint Committee of European Supervisory Authorities shall adopt and publish its own rules of procedure. The rules may specify further participants of the meetings of the Joint Committee.
Amendment 741 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 2
Article 41 – paragraph 4 – subparagraph 2
The Board of the Joint Committee of European Supervisory Authorities shall meet at least once every two months.
Amendment 744 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
For the purposes of Article 42, a Sub- Committee on Financial Conglomerates to the Joint Committee of European Supervisory Authorities shall be established.
Amendment 745 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
The Sub-Committee shall elect a Chairperson from amongst its members, who shall also be a member of the Joint Committee of European Supervisory Authorities.
Amendment 748 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the competent authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 760 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 797 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture
Amendment 89 #
2009/0140(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 114 #
2009/0140(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 159 #
2009/0140(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 192 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
2009/0140(COD)
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 221 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union, the ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 337 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 1 b (new)
Article 2 – paragraph 1 b (new)
1b. Articles 31 to 33 shall not apply to the marketing of shares or units of AIF that are subject to a current offer to the public under a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 1 OJ L 345, 31.12.2003, p. 64..
Amendment 405 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point g w (new)
Article 2 – paragraph 2 – point g w (new)
(gw) Internally-managed AIF which have legal personality, do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on a regulated market in the European Union;
Amendment 518 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. An AIFM may apply for authorisation under this Directive in order to market in the Union, in accordance with this Directive, AIF which were established before the deadline for the transposition of this Directive, subject to the provision to competent authorities of the information referred to in Articles 31 and 33 and to investors of the information referred to in Article 20.
Amendment 594 #
2009/0064(COD)
Proposal for a directive
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
In the case of internally managed AIF whose shares are admitted to trading on a regulated market, information on changes concerning AIFM shareholders with a qualifying holding will have to be notified to the competent authorities before implementation only when those shareholders are, or request to be, represented at the board of the AIF or otherwise exert, or attempt to exert, control or influence on the board or management of the AIF.
Amendment 678 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.,02 % of the amount by which the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million.
Amendment 685 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. Notwithstanding paragraph 4, AIF portfolios meeting the following criteria shall be excluded from the calculation of the value of the portfolios of the AIFM, namely those that; (i) are not leveraged; (ii) have no redemption rights exercisable during a period of five years following the date of constitution of each AIF; and (iii) in accordance with their investment strategy and objectives, make investments and divestments infrequently. The Member States shall require that the initial capital of AIFM only managing AIF which fulfil the conditions set out in the first subparagraph is at least EUR 50 000.
Amendment 782 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1 a (new)
Article 16 – paragraph 4 – subparagraph 1 a (new)
However, in the case of internally managed AIF whose shares are admitted to trading on a regulated market in the European Union, the rules applicable to the valuation of assets, the preparation of accounts and, in general, any other transparency requirements will be those applicable to companies whose securities are admitted to trading on a regulated market.
Amendment 786 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. This Article shall not apply in respect of AIF which are private equity funds.
Amendment 847 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. An AIFM shall not, provided that the conditions as stated below are met, be required to appoint a depositary in respect of an AIF which has no redemption rights exercisable during a period of five years from the date of constitution of the AIF and which according to its investment strategy and objectives, makes investments and divestments on a non-frequent basis. The conditions referred to above are that: (a) the AIFM complies with the provisions of Articles 16 to 18 of Commission Directive 2006/73/EC implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investmente firms and defined terms for the purposes of that Directive 1 for the purposes of safeguarding the rights of AIF they manage and, where applicable, investors to financial instruments and funds belonging to them; and (b) the independent auditors of the AIF report their to the competent authorities of the home Member State on an annual basis as to whether: (i) payments made by investors on subscription of shares or units have been correctly booked; (ii) the AIFM has maintained systems adequate to enable to comply with the provisions referred to in Article 10 throughout the period since the last report and that the AIFM was in compliance with those provisions at the date of the report; (iii) the AIFM is able to demonstrate that the financial instruments which are reported to investors as held by or for the AIF are so held. 1 OJ L 241, 2.9.2006, p. 26.
Amendment 974 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 b (new)
Article 17 – paragraph 5 b (new)
5b. Internally-managed AIF with legal personality which do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on a regulated market in the European Union may be exempted from the application of this article by the competent authority of the Member State where they have their registered office, provided the AIF´s ownership of all its assets is subject to appropriate systems of control and is verified by an independent auditor at least annually.
Amendment 1286 #
2009/0064(COD)
Proposal for a directive
Article 26
Article 26
Amendment 1310 #
2009/0064(COD)
Proposal for a directive
Article 27
Article 27
Amendment 1334 #
2009/0064(COD)
Proposal for a directive
Article 28
Article 28
Amendment 1389 #
2009/0064(COD)
Proposal for a directive
Article 29
Article 29
Amendment 1426 #
2009/0064(COD)
Proposal for a directive
Article 30
Article 30
Amendment 1510 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.
Amendment 1558 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 –introductory part
Article 39 – paragraph 1 –introductory part
1. Member States mayshall authorise, in accordance with this Directive, AIFM established in a third country to market units or shares of an AIF to professional investors in the CommunityUnion under the conditions of this Directive, provided that:
Amendment 1562 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the AIFM is subject to authorisation or registration in the third country in which it is established and that third country is the subject of a decision taken pursuant to paragraph 3 (a) stating that its legislation regarding prudential regulation and on- going supervision is reasonably equivalent to the provisions of this Directive and is effectively enforced;
Amendment 1563 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 1570 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) the supervisor authority of the AIFM in the third country is a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange Of Information or a cooperation-agreement between the competent authorities of that Member State and the supervisor of the AIFM exists which ensures an efficient exchange of all information that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active.;
Amendment 1575 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
(e) the third country has signed an agreement with the Member State in which it applies for authorisation which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.;
Amendment 1579 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point a
Article 39 – paragraph 2 – point a
(a) general reasonable equivalence criteria for the equivalence and effective enforcement of third country legislation on prudential regulation and on-going supervision, based on the requirements laid down in Chapters III, IV and V. taking into consideration any international standards directly relating to the relevant type of AIFM or to the AIF that it manages which are issued by IOSCO or another international organisation in which the competent authority, the Member State, the Commission or the ESMA is a participant; the type and level of regulation and supervision may vary, in particular in accordance with the different types, size, or complexity of AIF and AIFM.
Amendment 1580 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point b
Article 39 – paragraph 2 – point b
Amendment 1587 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point a
Article 39 – paragraph 3 – point a
(a) that the legislation on prudential regulation and ongoing supervision of AIFM in a third country is reasonably equivalent to this Directive in accordance with the size, type or complexity of the AIFM or AIF and effectively enforced;
Amendment 1588 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point b
Article 39 – paragraph 3 – point b
Amendment 1590 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 a (new)
Article 39 – paragraph 3 a (new)
3a. The Member State that grants such authorisation to an AIFM established in a third country shall be deemed to be the home Member State of the AIFM for the purposes of this Directive. The authorisation shall be valid for all Member States in relation to the marketing of units or shares in AIF, and a third-country AIFM which has been authorised by a Member State under this Article shall have the same rights and be subject to the obligations set out in Articles 16 and 17 of Chapter III and in Chapters IV, V and VI in relation to such marketing as an AIFM which is authorised under Chapter II of this Directive.
Amendment 1640 #
2009/0064(COD)
Proposal for a directive – amending act
Article 51
Article 51
AIFM operatingestablished in the Community before [the deadline for the transposition of...* shall adopt all necessary measures to comply with this Directive] and shall adopt all necessary measusubmit an application for authorisation by ...**. AIFM shall not be requiresd to comply with this Directive and shallor submit an application for authorisation within one year of the deadline for the transposition of this Directivein order to provide management services in respect of AIF established by ...*. * OJ: please insert date: date referred to in Article 54. ** OJ: please insert date: three years from the date referred to in Article 54.
Amendment 108 #
2009/0054(COD)
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Member States shall ensure that, when interest for late payment becomes payable in commercial transactions in accordance with Articles 3 and 5 and unless otherwise specified in the contract, the creditor is entitled to obtain from the debtor, as a minimum, any of the following amounts:
Amendment 198 #
2009/0054(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall provide that a clause in a contract relating towhich is contrary to the provisions of this Directive concerning the date for payment, the rate of interest for late payment or recovery costs shall either be unenforceable or shall give rise to a claim for damages if it is grossly unfair to the creditor. In determining whether a clause is grossly unfair to the creditor, all circumstances of the case shall be considered, including good commercial practice and the nature of the product or the service. Account shall also be taken of whether the debtor has any objective reason to deviate from the statutory rate of interest or from Article 3(2)(b), Article 4(1) or Article 5(2)(b). For the purpose of the first subparagraph, a clause which excludes interest for late payment shall always be considered as grossly unfairbe considered grossly unfair to the creditor and may give rise to a claim for damages. Where a clause is determined to be grossly unfair, it shall be considered invalid in law, and the legal provisions in force shall apply and be considered enforceable except where the national courts determine other conditions to be considered as fair. In determining whether a clause is grossly unfair to the creditor, all circumstances of the case shall be considered, including good commercial practice and the nature of the product or the service. The following types of clause shall in all circumstances be considered to be grossly unfair: (a) those which exclude interest for late payment or set a rate lower than that laid down in Article 2(5); (b) those which establish payment periods exceeding those laid down in Article 3(2)(b) without specifying an objective necessity; (c) those which establish payment periods exceeding those laid down in Article 5(2)(b) without reference to force majeure; (d) those which exclude compensation for recovery costs as specified in Article 4; (e) those which exclude application of Article 5(5); (f) those which exclude the creditor’s right to rescind the contract in case of late payment; (g) those which exclude, for rental agreements, the right of creditors to recover material belonging to them and used for the provision of the service concerned in case of late payment.