62 Amendments of Vicky FORD related to 2009/0142(COD)
Amendment 178 #
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and Community supervisory authorities, leaving day-to-day supervision of financial institutions at the national level, and according a central role in the supervision of cross-border groups to colleges of supervisor. Colleges of Supervisors should coordinate supervision of cross-border institutions. Greater harmonisation and the coherent application of rules for financial institutions and markets across the Community should also be achieved. A European Banking Authority should be established, along with a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority (the European Supervisory Authorities).
Amendment 200 #
Proposal for a regulation
Recital 16
Recital 16
(16) In areas not covered by technical standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of Community legislation. In order to ensure transparency and strengthen compliance by national supervisory authorities with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations. In areas not covered by technical standards, the Authority should promulgate best practice.
Amendment 203 #
Proposal for a regulation
Recital 19
Recital 19
(19) Where the national authority does not comply with the recommendation, the Commission should be empowered to address a Decisformal opinion to the national supervisory authority concerned in order to ensure compliance with CommunityEuropean Union law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty.
Amendment 209 #
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionuncil. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 216 #
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority’s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of Community law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of Community law directly applicable to them. In cases where the relevant EU legislation confers discretion on Member States, decisions taken by the Authority cannot replace the exercise in compliance with European Union law of that discretion.
Amendment 240 #
Proposal for a regulation
Recital 29
Recital 29
(29) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the CommunityUnion. It shall fully respect the existing roles and competences of the Member States and European Institutions in relations with authorities outside the Community and in international forums.
Amendment 289 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination (vi) prevent regulatory arbitrage and contribute to a global level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 297 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission and undertaking economic analysis of markets to promote the achievement of the Authority's objectives. It shall have regard to internationally agreed standards and practices.
Amendment 318 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of Community legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, promoting effective and consistent supervision of financial institutions with EU dimension and ensuring a coherent functioning of colleges of supervisors and taking actions in emergency situations;
Amendment 359 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out in the legislation referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not include strategic decisions and their content shall be limited by the legislation on which they are based.
Amendment 364 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits before adopting draft technical standards. The banking Stakeholder group, as referred to in Article 22, may offer its opinion and advice during this process.
Amendment 370 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, partially endorse, or reject the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requiresshall inform the European Parliament and the Council of its decision, stating the reason.
Amendment 386 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopted by the Commission by means of Directives, Regulations or Decisions and published in the Official Journal of the European Union.
Amendment 404 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct open public consultations regarding the guidelines and recommendations and analyse the potentially related costs and benefits. The Authority may also request an opinion or advice of the Banking Stakeholder Group
Amendment 408 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
In its Report the Authority shall inform the Parliament, the Council and the Commission about the guidelines and recommendations that are issued. The Authority may inform which national authority did not comply with them and outline how the Authority intends to ensure that competent authorities in the future will follow its recommendations and guidelines.
Amendment 413 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Amendment 419 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with Community law within one monthtwenty working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, take a decisissue a formal opinion requiring the competent authority to take the action necessary to comply with Community law. European Union law. The Commission's formal opinion shall take into account the Authority's recommendation.
Amendment 424 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The Commission shall takissue such a decisformal opinion no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 435 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.
Amendment 444 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its annual report, the Authority may set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 449 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Amendment 459 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning the Council shall notify it simultaneously to the European Parliament, the ESRB, the Commission and the European Supervisory Authority.
Amendment 469 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authoritiesdecisions addressed to the competent authorities of Member States requiring them to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 472 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. 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 Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 474 #
Proposal for a regulation
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
2b. The Council shall review the decision pursuant to paragraph 1 at appropriate intervals and at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate.
Amendment 476 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 480 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 491 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competent authorities from more than one Member State, the Authority, at the request of one or more of the competent authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 495 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in order to ensure compliance with Community law.
Amendment 496 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. Decisions adopted under paragraph 3 shall prevail over any previous decision adopted by the national supervisory authorities on the same matter.
Amendment 497 #
Proposal for a regulation
Article 11 – paragraph 3 b (new)
Article 11 – paragraph 3 b (new)
3b. In its report the Authority may set out the disagreement between competent authorities, the agreements reached and the decision taken to settle such disagreements.
Amendment 499 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 501 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Authority shall participate as an observer in colleges of supervisors as it deems appropriate for the European interest. For the purpose of that participation, it shall be considered a 'competent authority' within the meaning of the relevant legislation and, at its request, shall receive all relevant information shared with any member of the college.
Amendment 507 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with EU dimension National authorities shall exert prudential supervision of financial institutions with an EU dimension The Authority, in collaboration with the European Systemic Risk Board and the competent authorities, will develop an information template for significant institutions in order to ensure a sound management of their systemic risk. To help protect European depositors, the Authority will facilitate better coordination between deposit guarantee schemes operating across the European Union
Amendment 522 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including global accounting and reporting standards;
Amendment 535 #
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
Amendment 538 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
The Authority shall include in its analysis an economic analysis of the markets for credit institutions, and the impact of potential market developments on them. In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate Community-wide assessments of the resilience of financial institutions to adverse market developments. To that end, it shall develop the following, for application by the competent authorities:
Amendment 544 #
Proposal for a regulation
Article 18 – paragraph -1 a (new)
Article 18 – paragraph -1 a (new)
Without prejudice to the rights of national supervisory authorities, the Authority may participate in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 546 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 550 #
Proposal for a regulation
Article 18 – paragraph 2 b (new)
Article 18 – paragraph 2 b (new)
In its Report, the Authority may set out the administrative arrangements and equivalence decisions agreed with international organisations or administrations or third countries.
Amendment 558 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
1. At the request of the Authority, competent authorities and other public authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation, provided that the addressee has legal access to the relevant data, and provided that the request for information is proportionate in relation to the nature of the duty in question.
Amendment 561 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals, provided the competent authority holds such information. Where competent authorities do not collect such information, the Authority should provision for such a request by making amendments to the relevant reporting requirements under the Article 7 technical standards.
Amendment 570 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1
Article 20 – paragraph 2 – subparagraph 1
2. Where information is not available or is not made available in a timely fashion by the competent authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial institutions and other partiesprovided the costs of providing such information to the Authority are proportionate to the nature of the information. It shall inform the relevant competent authorities of such requests.
Amendment 574 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 2
Article 20 – paragraph 2 – subparagraph 2
At the request of the Authority, the competent authorities and other public authorities of the Member States shall assist the Authority in collecting such information.
Amendment 578 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of the Member State the Authority shall provide any such information that is necessary to enable it to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 582 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose ofTo help faciliate consultation with stakeholders in areas relevant to the tasks of the Authority, a Banking Stakeholder Group shall be established.
Amendment 588 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community credit and investment institutions, their employees as well as consumers and users of banking services and representatives of SMEs. Not less than 5 of the members shall be independent top-ranking academics.
Amendment 618 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 6.3, 10 or 11 impinges in any way on the fiscal responsibilities of Member States.
Amendment 619 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10, 11 or 112a impinges in any way on the fiscal responsibilities of Member States.
Amendment 624 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthtwenty working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 634 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked.
Amendment 637 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 6
Article 23 – paragraph 2 – subparagraph 6
Where the Council decides to maintainrevoke the Authority's decision, or where it does not take a decision within two months, the suspension of that decision shall be immediately terminatrevoked.
Amendment 640 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate how the decision impinges on its fiscal responsibilities. In that case, the decision of the Authority shall be suspended.
Amendment 645 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 648 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within ten working days, the Authority's decision shall be deemed to be maintainrevoked.
Amendment 658 #
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke a panel to facilitate the settlement of the disagreement, consisting of the Chairperson and, two of its members, who are not representatives of the competent authorities which are parties to the disagreementmembers of the Board of Supervisors and two people drawn from an expert list that the Chairperson shall maintain. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authority party to the disagreement, nor shall they have any interest in the conflict. The Panel shall reach a decision by simple majority.
Amendment 663 #
Proposal for a regulation
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
Member States, the EU institutions and any other public or private body shall not seek to influence the members of the Board of Supervisors in the performance of their European Banking Authority tasks.
Amendment 686 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
1. The Management Board shall be composed of the Chairperson, a representative of the Commission, and four members elected by the Board of Supervisors from among its voting members.
Amendment 709 #
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the Report may include information on, in particular, the availability, amount and cost of banking credit to households and SMEs, and the volume and changes therein of public debt owned by credit institutions.
Amendment 717 #
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. The Authority shall form part of the ESFS, which shall function as a network of supthe main objective of which is to ensure that the rules applicable to the financial sector are adequately implemented in order to preserve financial stability and thereby ensure confidence in the financial system as a whole, with sufficient protection for consumers of financial servisorces.
Amendment 746 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory experience at a sufficiently high level in the fields of banking insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice ofn the Authority's exercise of its powers.
Amendment 755 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors.