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14 Amendments of Roberto GUALTIERI related to 2016/0360A(COD)

Amendment 202 #
Roberto GUALTIERI
Proposal for a regulation
Recital 40 – paragraph 2
For unmargined derivatives transactions, the future funding risks of which are contingent on some unpredictable events, such as rating triggers requiring to post collateral, and which are best approximated by their market value that would be the amount of funding required should such an event occur, a 10 % required stable funding ('RSF') factor should apply to their gross derivatives liabilities. The 20 % RSF factor seems indeed to be very conservative. For margined derivatives transactions, an option is introduced for institutions using SA-CCR to either apply the 20 % RSF factor as indicated in the Basel standard or to use their potential future exposure ('PFE') as calculated under SA-CCR. Institutions not using SA-CCR have very small dBasel Committee has recently reviewed the 2014 provisions on the treatment of derivative transactions within the NSFR, recognizing that the standard as it stood was inadequate for determining the refinancing requirement, and that the 20% required stable funding (‘RSF’) was too conserivatives portfolios and should be exempted from this requirement. T. The Committee has agreed that, approach is more risk-sensitive and, since it is intended for counterparty credit risk and for the leverage ratio calculationt national discretion, jurisdictions may lower the value of this factor, wit should not constitute an additional burden for institutions to computeh a floor of 5%.
2018/02/02
Committee: ECON
Amendment 233 #
Roberto GUALTIERI, Andrea COZZOLINO, Luigi MORGANO
Proposal for a regulation
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)
(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."
2018/02/02
Committee: ECON
Amendment 234 #
Roberto GUALTIERI, Pervenche BERÈS
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point f a (new)
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 79
(fa) in paragraph 1, point (79) is replaced by the following: "(79) ‘Speculative immovable property financing' means loans for the purposes of the acquisition of or development or construction on land in relation to immovable property, or of and in relation to such property, where the repayment of the loan solely depends on the future sale of underlying property."
2018/02/02
Committee: ECON
Amendment 292 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 575/2013
Article 8 – paragraph 3 – point a a (new)
(aa) the relevant subsidiaries are not individually classified as a G-SII in accordance with Article 131 of Directive 2013/36/EU;
2018/02/02
Committee: ECON
Amendment 293 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 575/2013
Article 8 – paragraph 3 – point a b (new)
(ab) the market share of the customer deposit business of the relevant individual subsidiaries does not exceed 8% in their respective Member States;
2018/02/02
Committee: ECON
Amendment 326 #
Roberto GUALTIERI, Andrea COZZOLINO, Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Regulation (EU) No 575/2013
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)
2018/02/02
Committee: ECON
Amendment 786 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r a (new)
Article 428ra 2% required stable funding factor The following assets shall be subject to a 2% required stable funding factor: 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 financial customers, where those assets are collateralised by assets that qualify as Level 1 assets under 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;
2018/02/05
Committee: ECON
Amendment 791 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 s – point b
(b) 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 financial customers, where those assets are collateralised by assets that qualify as Level 1 assets under 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;deleted
2018/02/05
Committee: ECON
Amendment 796 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 s – points b a and b b (new)
(ba) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market driven transactions as defined in Article192(2) and (3) with financial customers, other than those referred to in point (b) of Article 428s. Those assets shall be taken into account on a net basis where Article428e(1) applies; (bb) assets that have a residual maturity of less than six months resulting from transactions with financial customers other than those referred to in point (b) of Article428s and in point (a) of this Article;
2018/02/05
Committee: ECON
Amendment 810 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 u – paragraph 1 – point a
(a) 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 financial customers, other than those referred to in point (b) of Article 428s. Those assets shall be taken into account on a net basis where Article 428e(1) applies;deleted
2018/02/05
Committee: ECON
Amendment 825 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 w – subparagraph 1 a (new)
For all netting sets of derivative contracts subject to margin agreements under which institutions post variation margins to their counterparties, institutions shall apply a 5% required stable funding factor to the absolute market value of those netting sets of derivative contracts, gross of any collateral posted, where those netting sets have a negative market value.
2018/02/05
Committee: ECON
Amendment 996 #
Roberto GUALTIERI, Andrea COZZOLINO, Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 118 a (new)
Regulation (EU) No 575/2013
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
2018/02/05
Committee: ECON
Amendment 1057 #
Simona BONAFÈ, Roberto GUALTIERI, Luigi MORGANO, Andrea COZZOLINO, Renato SORU
Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
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
2018/02/05
Committee: ECON
Amendment 1066 #
Roberto GUALTIERI
Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 d a (new)
Article 501da Support factor for social enterprises 1. Risk-weighted exposure amounts for social enterprises, used for a unit that exists or was created to finance or refinance social enterprises as described in paragraph 2, are adjusted in accordance with the following formulae: (i) if E' <= EUR 1.500.000, RW*=RW=0.60; (ii) if E' <= EUR 1.500.000, RW*=min {RW; EUR 1 500 000} * 0.60 + max {0; RW –1 500 000} * 0.80 where: RW*=adjusted risk weighted exposure amount for an exposure to a social enterprise; E'=the total amount owed to the institution and parent undertakings and its subsidiaries, including any exposure in default, by the obligor client or group of connected clients, but excluding claims or contingent claims secured on residential property collateral; RW = risk weighted exposure amount for an exposure to a social enterprise, calculated in accordance with Part II, Title II, and the present Article. 2. For the purposes of this Article: Irrespective of its legal form, a social enterprise is a company, as defined in the Communication from the Commission of 25 October 2011 on social business, which meets the following criteria: (a) The company agreement, company charter or any other documents required by law that found the company, provide for a measurable and positive improvement of social and societal impact as the main corporate objective, rather than the profit-making intentions of associates, members or shareholders; (b) The company offers services or products that generate social returns, or the company uses production methods for its services or products that are in line with the company’s social purpose; (c) Profit is principally and primarily used to achieve the main corporate objective of improving effects on society and community, and the company has introduced predefined rules and procedures to ensure that profit is distributed to members or shareholders in a bid to achieve this objective; (d) The company is managed in an entrepreneurial, responsible and transparent manner, in particular through the participation of employees, customers and other interest groups affected by the activities carried out by the social enterprise. 3. 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, social enterprises. 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 social enterprises over the period specified in subparagraph 1 of this article; (b) An analysis of the effective risk profile of financing social enterprises over an entire economic cycle; (c) Any additional points which the EBA regards as important in this report. 4. The Commission shall submit this report to the European Parliament and the Council, accompanied by a legislative proposal if considered necessary. 5. The support factor for social enterprises cannot be combined with the SME support factor referred to in Article 501, the infrastructure support factor referred to in Article 501a or the green support factor referred to in Article 501da.
2018/02/05
Committee: ECON
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