24 Amendments of Herbert DORFMANN related to 2009/0142(COD)
Amendment 181 #
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 and of the different nature of banks, 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 employees. 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 194 #
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 Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould not be subject to amendment if, for example,by the Commission. The Commission should reject the draft technical standards only if they were incompatible with CommunityEuropean Union 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 CommunityEuropean Union 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 227 #
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) A European Financial Protection Fund (Fund) should be established to protect depositors and institutions facing difficulties when those could menace financial stability of the European single financial market. The Fund should be financed through contributions from cross-border financial institutions, through debt issued by the Fund 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 Fund should replace those made to the national Deposit Guarantee Schemes.
Amendment 234 #
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, particularly for those financial institutions that do not have a European dimension. 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 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 disseminate best practices regarding delegation and delegation agreements.
Amendment 249 #
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, the Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. 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), cooperatives banks, their employees, 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 Community legislation.
Amendment 255 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Within three years from the entry into force of that Regulation, clear and sound guidance on when the safeguard clause may and may not be triggered by Member States shall be laid down at EU level by the Commission on the basis of the experience acquired. The use of the safeguard clause shall then be assessed against that guidance.
Amendment 268 #
Proposal for a regulation
Recital 44
Recital 44
(44) It is essential that business secrets and other confidential information are protected. The confidentiality of information made available to the Authority and exchanged in the network should likewise be safeguardedbe subject to stringent and effective confidentiality rules.
Amendment 375 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reasons, it shall send the draft standards back to the Authority explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market.
Amendment 384 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 401 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
The Authority shall, with a view to establishing consistent, efficient and effective supervisory practices within the ESFS, and to ensuring the common, uniform and consistent application of Community legislation, issue guidelines and recommendations addressed to competent authorities or financial institutions taking into account the different nature of banks.
Amendment 411 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Where the competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasonsstate its reasons to the Authority which shall make them public.
Amendment 420 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with Community law within one monthEuropean Union law within ten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 432 #
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, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the 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 Community law including the cessation of any practice.
Amendment 439 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 442 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 466 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that co- ordinated action by national authorities is necessary to respond to adverse development which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayies shall adopt individual decisions requiring competent authorities to take the necessary actions in accordance with the legislation referred to in Aarticle 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 systemsuch developments by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 482 #
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 589 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community credit and investment institutions, their employees as well as consumers and users of banking services and representatives of SMEs. The number of members representing market participants shall not exceed 10. Not less than 10 members shall be elected by SME organisations. Not less than 3 members shall represent small banks. Not less than 3 members shall represent cooperative banks.
Amendment 639 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
3. Where a Member State considers that a decision taken under Article 10(2) impinges on its fiscal responsibilities, it may notify the Authority, the Commission and the Council within threewo 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 641 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by 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 ten working days, 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, within five working days.
Amendment 647 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within tenfive working days, the Authority's decision shall be deemed to be maintained.
Amendment 769 #
Proposal for a regulation
Article 48 – paragraph 1 – point c
Article 48 – paragraph 1 – point c
(c) any fees paid to the Authority in the cases specified in the relevant instruments of Community lawreferred to in Article 6(3).
Amendment 788 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. Within three years from the date set out in the second paragraph of Article 67 and every three years thereafter, the Commission shall examine this Regulation, and in particular the functioning of Article 23, and publish a general report on the experience acquired as a result of the operation of the Authority and the procedures laid down in this Regulation.
Amendment 794 #
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 Community and shall submit a report to the Parliament and the Council together with any appropriate proposals to amend this Regulation. The evaluation shall be based on extensive consultation, including with the Banking Stakeholder Group.