31 Amendments of Andrea COZZOLINO related to 2016/0361(COD)
Amendment 31 #
Proposal for a regulation
Article 1 – paragraph 1 – point a
Article 1 – paragraph 1 – point a
Regulation (EU) No 806/2014
Article 3 – paragraph 1 – point 24 b
Article 3 – paragraph 1 – point 24 b
(24b) 'resolution group' means: (a) a group of entities identified by the Board in accordance with Article 8, which consists of resolution entity and its subsidiaries that are not themselves resolution entities and are not subsidiaries of another: (i) resolution entities themselves; (ii) subsidiaries of other resolution entities; or (iii) entities established in a third country that are not included in the resolution group in accordance with the resolution plan and their subsidiaries; (b) credit institutions affiliated to a central body, the central body and any institution under the control of the central body when at least one of those entities is a resolution entity;.
Amendment 41 #
Proposal for a regulation
Article 1 – paragraph 4 – point c
Article 1 – paragraph 4 – point c
Regulation (EU) No 806/2014
Article 10 – paragraph 9 – subparagraph 1 a
Article 10 – paragraph 9 – subparagraph 1 a
Where an impediment to resolvability is due to a a situation referred to in Article 141a(2) of Directive 2013/36/EU, the Union parent undertaking shall propose to the Board possible measures to address or remove the impediment identified in accordance with the first subparagraph within two weeks of the date of receipt of a notification made in accordance with paragraph 7. The two week deadline may be extended by the resolution authority, in consultation with the competent authority, taking into account the specific circumstances of the case.
Amendment 50 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 c – paragraph 1 a (new)
Article 12 c – paragraph 1 a (new)
1a. By way of derogation from paragraph 1, liabilities issued before ... [date of entry into force of this amending Regulation] which do not meet the conditions set out in points (d) and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities of resolution entities.
Amendment 53 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 c – paragraph 3 – subparagraph 1
Article 12 c – paragraph 3 – subparagraph 1
The Board, on its own initiative after consulting the national resolution authority or upon proposal by a national resolution authority, may decide that the requirement referred to in Article 12g is fully or partially met by resolution entities with instruments that meet all conditions referred to in Article 72a of Regulation (EU) No 575/2013 with a view to ensure that the resolution entity can be resolved in a manner suitable to meet the resolution objectives. For each resolution entity the level of required instruments that meet all conditions referred to in Article 72 a of Regulation (EU) No 575/2013 shall not exceed the level of the requirement specified in Article 92a(1) of that Regulation taking into account the transitional provisions specified in Article 494 of that Regulation.
Amendment 66 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 1 – subparagraph 1 a (new)
Article 12 d – paragraph 1 – subparagraph 1 a (new)
The Board shall ensure that the level of the requirement referred to in Article 12a(1) is proportionate to the specificities of the business and funding models of the resolution entity, taking into account: (i) the prevalence of deposits in the funding structure; (ii) the lack of experience in issuing debt instruments due to the limited access to cross-border and wholesale capital markets; (iii) the fact that the institution will rely primarily on CET1 and capital instruments to meet the requirement referred to in Article 12a(1).
Amendment 69 #
Proposal for a regulation
Article 1 – paragraph 5 Regulation (EU) No 806/2014
Article 1 – paragraph 5 Regulation (EU) No 806/2014
For each resolution entity the requirement referred to in Article 12a(1) shall not exceed the level of the requirement specified in Article 92a(1) of Regulation (EU) No 575/2013.
Amendment 73 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 1 – introductory part
Article 12 d – paragraph 3 – subparagraph 1 – introductory part
Amendment 77 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 1 – point a – point i
Article 12 d – paragraph 3 – subparagraph 1 – point a – point i
(i) the amount of losses that may need to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the resolution entity at sub-consolidated resolution group level,
Amendment 79 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 1 – point a – point ii
Article 12 d – paragraph 3 – subparagraph 1 – point a – point ii
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU at consolidated resolution group sub- consolidated level in accordance with the resolution actions foreseen in thelevel after the implementation of the preferred resolution plaaction;
Amendment 82 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 1 – point b – point ii
Article 12 d – paragraph 3 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with the leverage ratio requirement referred to in Article 92(1)(d) of Regulation (EU) No 575/2013 at consolidated resolution group sub-consolidated level in accordance with the resolution actions foreseen in thelevel after the implementation of the preferred resolution plaaction;
Amendment 84 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 4
Article 12 d – paragraph 3 – subparagraph 4
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 3 – subparagraph 4 a (new)
Article 12 d – paragraph 3 – subparagraph 4 a (new)
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 1 – introductory part
Article 12 d – paragraph 4 – subparagraph 1 – introductory part
Amendment 93 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 1 – point a – point i
Article 12 d – paragraph 4 – subparagraph 1 – point a – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the entity, and
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 1 – point a – point ii
Article 12 d – paragraph 4 – subparagraph 1 – point a – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU in accordance with the resolution plan; orafter the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 21;
Amendment 96 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 1 – point b – point i
Article 12 d – paragraph 4 – subparagraph 1 – point b – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the entity's leverage ratio requirement referred to in Article 92(1)(d) of Regulation (EU) No 575/2013; and
Amendment 97 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 1 – point b – point ii
Article 12 d – paragraph 4 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its leverage ratio requirement referred to in Article 92(1)(d) of Regulation (EU) No 575/2013 in accordance with the resolution planafter the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 21;
Amendment 98 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 4
Article 12 d – paragraph 4 – subparagraph 4
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 d – paragraph 4 – subparagraph 4 a (new)
Article 12 d – paragraph 4 – subparagraph 4 a (new)
When determining the recapitalisation amounts referred to in the previous subparagraphs, the Board shall: (a) use the values for the relevant total risk exposure amount or leverage ratio exposure amount as adjusted for any changes resulting from resolution actions foreseen in the resolution plan; (b) after consulting the competent authority, adjust downwards the requirement referred to in Article 104a of Directive 2013/36/EU currently applicable to the resolution entity, to determine the requirement that will be applicable to the resolution entity after the implementation of the resolution actions foreseen in the resolution plan.
Amendment 120 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 f – paragraph 1 – subparagraph 1 – introductory part
Article 12 f – paragraph 1 – subparagraph 1 – introductory part
The Board may give guidance to an entity to have own funds and eligible liabilities that fulfil the conditions of Article 12c(1) and Article 12h(3) in excess of the levels set out in Article 12d and Article 12e for amounts for the following purposes:
Amendment 122 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 f – paragraph 1 – subparagraph 1 – point b
Article 12 f – paragraph 1 – subparagraph 1 – point b
(b) to ensure that, in the event of resolutionfollowing resolution or the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 21, a sufficient market confidence in the entity is sustained through capital instruments in addition to the requirement in point (b) of Article 12d(2) ('market confidence buffer').
Amendment 127 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 f – paragraph 2 – subparagraph 1
Article 12 f – paragraph 2 – subparagraph 1
The amount of the guidance given in accordance with point (a) of paragraph 1 may be set only where the competent authority has already set its own guidance in accordance with Article 104b of Directive 2013/36/EU and the Board determines that the requirement referred to in point (a) of Article 12d(2) would not be sufficient to absorb all the losses in resolution taking into account the entity’s business model, funding model and risk profile or to reduce or remove an impediment to resolvability or absorb losses on holdings of MREL instruments issued by other entities included in the same resolution group. The amount of the guidance given in accordance with point (a) of paragraph 1 shall not exceed the level of that guidance.
Amendment 128 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 f – paragraph 2 – subparagraph 2
Article 12 f – paragraph 2 – subparagraph 2
The amount of guidance given in accordance with point (b) of paragraph 1 shall not exceed the amount of the combined buffermay be set when the Board determines that the requirement referred to in point (6b) of Article 128 of Directive 2013/36/EU, except for the requirement referred to in point (a) of that provision unless a higher level is necessary to ensure that, following the event of resolution, the entity continues to md(2) would not be sufficient to sustain market confidence and ensure both the continued provision of critical economic functions by the entity and the access to funding without recourse to extraordinary financial support other than contributions from resolution financing arrangements. The amount of the guidance given in accordance with point (b) of paragraph 1 shall not exceetd the conditions for its authorisation for an appropriate period of amount of the combined buffer requirement referred to in point (6) of Article 128 of Directimve that is not longer than one year2013/36/EU, except for the requirement referred to in point(a) of that provision.
Amendment 133 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 f – paragraph 3
Article 12 f – paragraph 3
Amendment 144 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 h – paragraph 3 a (new)
Article 12 h – paragraph 3 a (new)
3a. By way of derogation from point (a)(ii) of paragraph 3, liabilities issued before ... [date of entry into force of this amending Regulation] which do not meet the conditions set out in points (b) and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities.
Amendment 149 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 – introductory part
Article 12 i – paragraph 1 – introductory part
The Board mayshall fully waive the application of Article 12h for a material subsidiary of a resolution entity established in a participating Member State where:
Amendment 155 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 – point a
Article 12 i – paragraph 1 – point a
(a) both the subsidiary and the resolution entity are established the samein a participanting Member State;
Amendment 157 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 – point c
Article 12 i – paragraph 1 – point c
Amendment 158 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 a (new)
Article 12 i – paragraph 1 a (new)
By way of derogation from paragraph 1, a material subsidiary, or an EU parent undertaking in case of non-EU GSIIs, may not benefit from a full waiver from the application of this Article, where the relevant resolution authority deems that such a requirement is necessary for the resolution strategy or because of exceptional circumstances. The decision of the resolution authority shall contain the reasons for that decision.
Amendment 161 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 j – paragraph 1 – point d a (new)
Article 12 j – paragraph 1 – point d a (new)
(da) Any breach of the guidance referred to in Article 12f shall be addressed by the relevant authorities on the basis of at least one of the powers referred to in points (a), (b) and (d) of paragraph 1.
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 j a (new)
Article 12 j a (new)