1 Amendments of Andrea COZZOLINO related to 2017/0230(COD)
Amendment 923 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
Regulation (EU) No 1094/2010
Article 31
Article 31
(15a) Article 31 is replaced by the following Article 31 "Article 31 Coordination function Coordination function 1. The Authority shall fulfil a general coordination role between competent authorities, in particular in situations where adverse developments could potentially jeopardise the orderly functioning and integrity of financial markets, or the stability of the financial system or the protection of policyholders, pension scheme members and beneficiaries in the Union. The Authority shall promote a coordinated Union response, inter alia, by: (a) facilitating the exchange of information between the competent authorities; (b) determining the scope and, where possible and appropriate, verifying the reliability of information that should be made available to all the competent authorities concerned; (c) without prejudice to Article 19, carrying out non-binding mediation upon a request from the competent authorities or on its own initiative; (d) notifying the ESRB of any potential emergency situations without delay; (e) taking all appropriate measures, including setting up and leading collaboration platforms in case of developments which may jeopardise the functioning of the financial markets or potentially affect the protection of policyholders, in particular in situations of significant cross-border business, with a view to facilitating the coordination of actions undertaken by relevant competent authorities; (f) centralising information received from competent authorities in accordance with Articles 21 and 35 as the result of the regulatory reporting obligations for institutions active in more than one Member State. The Authority shall share that information with the other competent authorities concerned. 2. The competent authorities shall notify both the Authority and the other competent authorities concerned where they intend to carry out an authorisation related to a financial institution which is under their supervision in accordance with the acts referred to in Article 1 (2) where the business plan of the financial institution entails that material part of its activities will be done on the basis of freedom to provide services or freedom of establishment. The competent authorities shall as well notify the Authority without delay where they identify any deteriorating financial condition or other emerging risks potentially affecting the protection of policyholders posed by the undertaking in the ongoing business, in particular when the business conducted on the basis of freedom to provide services or freedom of establishment by a financial institution under their supervision subsequently turns to be a significant part of its activity. These notifications to the Authority shall be sufficiently detailed to allow for a proper assessment by the Authority. 3. In the cases mentioned in paragraph (2), subparagraph 1 and 2, the Authority may set up and coordinate the collaboration platforms referred to in letter (e) to foster the exchange of information, an enhanced collaboration among the competent authorities and, where relevant, to reach a common view on authorisation or on the action to be taken in cases referred to in paragraph 2, subparagraph 2. Whether the Authority ascertains, on the basis of the information referred to letter (a), that a financial institution carries out its activity entirely or principally in another Member State, it shall inform the concerned authorities and set up coordination platforms on its own initiative in order to facilitate exchange of information between those authorities. Without prejudice to Article 35, at the request of the Authority, the competent authorities shall provide all the necessary information to allow a proper functioning of the collaboration platform. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1094)