16 Amendments of Andrea COZZOLINO related to 2016/0360A(COD)
Amendment 212 #
Proposal for a regulation
Recital 54 a (new)
Recital 54 a (new)
(54a) In order to achieve the ambitious targets of the Paris Agreement, a central task for politics and for the private sector will be to finance the energy decarbonisation and the transition to a circular economy in the Union in the coming years. Despite favourable credit conditions at present, and the attractiveness of green assets for investors, supplementary measures are called for. To support the financing of these kinds of green assets, which are held by approximately 70% of financial institutions, it is important to recognise the macroeconomic benefits of these assets, which contribute to minimising the chance of climate-specific risk.
Amendment 216 #
Proposal for a regulation
Recital 54 b (new)
Recital 54 b (new)
(54b) An appropriate regulatory approach for these green assets would create incentives to increase investment in the energy decarbonisation and in the transition to a circular economy and would lead to a greening of the banks´ balance sheets. From a regulatory point of view, therefore, an adjustment to own funds requirements is proposed for the financing of these assets, and for investing in them, and a supporting factor is introduced.
Amendment 233 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point c c (new)
Article 1 – paragraph 1 – point 3 – point c c (new)
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 27 – subparagraph 1 a (new)
Article 4 – paragraph 1 – point 27 – subparagraph 1 a (new)
(cc) in point (27) of paragraph 1, the following subparagraph is added after point (l): "For the purposes of this Regulation, the undertakings referred to in letters d), f) and h) above, shall be qualified as financial sector entity, where one of the following conditions are met: a) the shares of such undertakings are not listed in a EU regulated market; b) such entities do not act according to a low financial risk insurance business model; c) the institution owns more than 15% of the voting rights or capital of that undertaking. Notwithstanding the foregoing, Member States competent authorities retain the power to qualify such entities as financial sector entities if they are not satisfied with the level of risk control and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking or holding company."
Amendment 236 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point i a (new)
Article 1 – paragraph 1 – point 3 – point i a (new)
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 127 – point a
Article 4 – paragraph 1 – point 127 – point a
(ia) in point (127) of paragraph 1, point (a) is replaced by the following: "(127) 'cross-guarantee scheme' means a scheme that meets all the following conditions: (a) the institutions fall within the same institutional protection scheme as referred to in Article 113(7);" (http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0575&from= or are permanently affiliated with a network to a central body;" Or. en)
Amendment 242 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point j
Article 1 – paragraph 1 – point 3 – point j
(144a) “Massive disposals” means the ones implemented by institutions in the context of a multi-year program which aim to materially reduce the amount of defaulted exposures in their balance sheets and which has been previously notified by institutions to their competent authority.
Amendment 314 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 575/2013
Article 28 – paragraph 4
Article 28 – paragraph 4
(12a) In Article 28, paragraph 4 is replaced by the following: "4. For the purposes of point (h)(i) of paragraph 1, differentiated distributions shall only reflect differentiated voting rights or shall reward the uninterrupted and durable holding of the instrument. In this respect, higher distributions shall only apply to maximum of 5% of Common Equity Tier 1 instruments with fewer or no voting rights." (http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0575&from=, or shall reward the continuous holding of the instrument by the same person for a term at least equal to [four years], provided that the dividend increase does not constitute a disproportionate drag on capital." Or. en)
Amendment 321 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 575/2013
Article 36 – paragraph 1 – point b
Article 36 – paragraph 1 – point b
Amendment 326 #
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Regulation (EU) No 575/2013
Article 49 – paragraph 1
Article 49 – paragraph 1
(18) In Article 49, paragraph 1 is replaced by the following: "1. For the purposes of calculating own funds on an individual basis, a sub- consolidated basis and a consolidated basis, where the competent authorities require or permit institutions to apply method 1, 2 or 3 of Annex I to Directive 2002/87/EC, the competent authorities may permit institutions shall not to deduct the holdings of own funds instruments of a financial sector entity in which the parent institution, parent financial holding company or parent mixed financial holding company or institution has a significant investment, provided that the conditions laid down in points (a) to (ed) of this paragraph are met:" (a) the financial sector entity is an insurance undertaking, a re-insurance undertaking or an insurance holding company; (b) that insurance undertaking, re-insurance undertaking or insurance holding company: (i) is included in the same supplementary supervision under Directive 2002/87/EC as the parent institution, parent financial holding company or parent mixed financial holding company or institution that has the holding; (c) the institution has received the prior permission of the competent authorities; (d) prior to granting the permission referred to in point (c), and on a continuing basis,or (ii) is consolidated by the institution using the net equity method and the competent authorities are satisfied with the level of risk control and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking or holding company; (c) the competent authorities are satisfied on a continuing basis that the level of integrated management, risk management and internal control regarding the entities that would be included in the scope of consolidation under method 1, 2 or 3 is adequate; (ed) the holdings in the entity belong to one of the following: (i) the parent credit institution; (ii) the parent financial holding company; (iii) the parent mixed financial holding company; (iv) the institution; (v) a subsidiary of one of the entities referred to in points (i) to (iv) that is included in the scope of consolidation pursuant to Chapter 2 of Title II of Part One. The method chosen shall be applied in a consistent manner over time." (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02013R0575- Or. en 20180101&qid=1516096790798&from=EN)
Amendment 468 #
Proposal for a regulation
Article 1 – paragraph 1 – point 38 a (new)
Article 1 – paragraph 1 – point 38 a (new)
Regulation (EU) No 575/2013
Article 85 – paragraph 3 a (new)
Article 85 – paragraph 3 a (new)
Amendment 472 #
Proposal for a regulation
Article 1 – paragraph 1 – point 38 b (new)
Article 1 – paragraph 1 – point 38 b (new)
Regulation (EU) No 575/2013
Article 87 – paragraph 3 a (new)
Article 87 – paragraph 3 a (new)
Amendment 595 #
Proposal for a regulation
Article 1 – paragraph 1 – point 57 a (new)
Article 1 – paragraph 1 – point 57 a (new)
Regulation (EU) No 575/2013
Article 181 – paragraph 1 – point a a (new)
Article 181 – paragraph 1 – point a a (new)
(57a) In paragraph 1 of Article 181 the following point a a is inserted: "(aa) notwithstanding Article 181(1)(a), massive disposals operations may be excluded for LGD estimation. Where institutions apply this exemption, they shall document the amount, composition and timing of such disposals."
Amendment 776 #
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a a (new)
Article 428 r – paragraph 1 – point a a (new)
(aa) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3), where those assets are collateralised by assets that qualify as Level 1 assets under Chapter 2 of Title II of Delegated Regulation(EU) 2015/61, excluding extremely high quality covered bonds referred to in point (f) of Article 10(1) of that Delegated Regulation , and where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428e (1) of this Regulation applies;
Amendment 780 #
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a b (new)
Article 428 r – paragraph 1 – point a b (new)
(ab) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3) with regulated financial entities, where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428(1) of this Regulation applies;
Amendment 788 #
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 s – point b
Article 428 s – point b
Amendment 996 #
Proposal for a regulation
Article 1 – paragraph 1 – point 118 a (new)
Article 1 – paragraph 1 – point 118 a (new)
Regulation (EU) No 575/2013
Article 471 – paragraph 1
Article 471 – paragraph 1
(118a) In Article 471, paragraph 1 is replaced by the following: "1. By way of derogation from Article 49(1), during the period from 31 January December 20148 to 31 December 20223, competent authorities may permit institutions toshall not deduct equity holdings in insurance undertakings, reinsurance undertakings and insurance holding companies where the following conditions are met:" (a) the conditions laid down in points (a), (c) and (e) of Article 49(1); (b) the competent authorities are satisfied with the level of risk control and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking or holding company; (c) the equity holdings of the institution in the insurance undertaking, reinsurance undertaking or insurance holding company do not exceed 15 % of the Common Equity Tier 1 instruments issued by that insurance entity as at 31 December 2012 and during the period from 1 January 2013 to 31 December 2022; (d) which is not deducted does not exceed the amount held in the Common Equity Tier 1 instruments in the insurance undertaking, reinsurance undertaking or insurance holding company as at 31 December 2012." (http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0575&from=IT);" the amount of the equity holding Or. en
Amendment 1057 #
Proposal for a regulation
Article 1 – paragraph 1 – point 127
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 d a (new)
Article 501 d a (new)
Article 501da Support factor for green assets 1. Risk weighted exposure amounts for green exposures, used for a unit that exists or was created to finance, refinance or operate green assets as described in paragraph 2, shall be adjusted in accordance with the factor 0.75. 2. For the purpose of this article, the following shall apply: Green assets are defined in accordance with the definition provided by the Climate Bonds Initiative. For the purpose of implementing the definition referred to in subparagraph 1, the EBA shall prepare draft technical regulatory standards. The EBA shall submit those draft regulatory technical standards to the Commission by... (one year after the entry into force of this Regulation). The Commission is empowered to supplement this Regulation by adopting delegated acts in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 with the regulatory technical standards specified in subparagraph 3 of this paragraph. 3. Institutions shall report the total amount of green assets, calculated in accordance with paragraph 2, to the relevant authorities every three months. 4. The EBA shall, (three years after entry into force of this regulation), report to the Commission on the impact of the own funds requirement on the financing of, and investment in, green assets. For the purposes of this article, the EBA report to the Commission shall include the following: (a) An analysis of the developments in financing and investments in green assets over the period specified in subparagraph I of this article; (b) An analysis of the effective risk profile of green assets over an entire economic cycle; (c) Any additional points which the EBA regards as important in this report. 5. The Commission shall submit this report to the European Parliament and the Council, accompanied by a legislative proposal if considered necessary. 6. The Green Support Factor cannot be combined with the SME support factor referred to in Article 501, the infrastructure support factor referred to in Article 501a or the support factor for social enterprises referred to in Article 501db