16 Amendments of Leonardo DOMENICI related to 2009/0140(COD)
Amendment 89 #
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 94 #
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response. Where appropriate, the ESRB should declare the existence of an emergency situation and trigger the intervention of the European Supervisory Authorities.
Amendment 101 #
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted throughdirectly to the addressees, and in copy to the European Parliament, the Council and, where appropriate, the European Banking Authority established by Regulation (EC) No …/… the European Parliament and of the Council, the European Securities and Markets Authority established by Regulation (EC) No …/… of the European Parliament and of the Council, and the European Insurance or the Occupational Pension Authority established by Regulation (EC) No …/…of the European Parliament and of the Council.
Amendment 104 #
Proposal for a regulation
Recital 10
Recital 10
(10) The ESRB should also monitor compliance with its recommendations, based on reports from addressees, in order to ensure that its warnings and recommendations are effectively followed. Addressees of recommendations should act on them unless inaction can be adequately justified (“act or explain” mechanism)dequately justify any failure in duly complying with the ESRB recommendations (“act or explain” mechanism). The ESRB should be able to have recourse to the European Parliament and to the Council in cases where it is not satisfied with how the addressees have followed up the recommendations.
Amendment 114 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 124 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) issue warnings where risks are deemed to be significant and, where appropriate, declare the existence of an emergency situation;
Amendment 159 #
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 #
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 #
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 #
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 #
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 219 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The warnings or recommendations shall also be transmitted to the addressees in accordance with paragraph 2, to the Council and, where addressed to one or more national supervisory authority, to the European Supervisory Authorities.
Amendment 221 #
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 225 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 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 European Union, the ESRB in accordance with point b of Article 3(2) may issue warnings, upon its own initiative or following a request by an Authority, the Council, the European Parliament or the Commission, and, where appropriate, declare the existence of an emergency situation. 2. A soon as it issues a warning the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority.
Amendment 228 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Where a recommendation referred to in letterpoint (d) of Article 3(2) is addressed to the Commission, one or more Member States, one or more European Supervisory Authorities, or one or more national supervisory authorities, the addressees shall communicate the actions undertaken in response to the recommendations to the ESRB or explain why they have not acted. The Council and, where relevant, the European Supervisory Authorities shall be informed.
Amendment 231 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall informor it is not satisfied on how the addressees have followed up the recommendations, and that the addressees have failed to provide adequate justifications, it shall inform the European Parliament, the Council and, where relevant, the European Supervisory Authorities concerned.