BETA

18 Amendments of Ashley FOX related to 2011/0298(COD)

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 4 – paragraph 2 – point 27

27) ‘Management body’ means the ~~governing~~body or bodyies of a ~~firm, comprising the supervisory and the manag~~n institution, appointed in accordance with the national law, which is empowered to set the institution's strategy, objectives and overial ~~fun~~l directions, and which has the ultimate decision-making authority and is empowered to set the firm's strategy, objectives and overall direction. Management body shall include persons who effectively direct the business of the firmoversees and monitors management decision-making. This shall include persons who effectively direct the business of the institution. In particular, the references to management body shall comprise both the managerial and supervisory functions of the body or bodies referred to in the first sub-paragraph. Where, according to national law, the managerial and supervisory functions of the management body are assigned to different bodies or different members within one body, the Member State shall make the distinction between the responsible bodies or members of the management body in accordance with its national law, unless otherwise specified by the Directive. For the purpose of this Directive 'managerial function' means setting the institution's strategy, objectives and overall direction and 'supervisory function' means overseeing and monitoring management decision-making;

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 4 – paragraph 2 – point 28

~~28) ‘Management body in its supervisory function’ means the management body acting in its supervisory function of overseeing and monitoring management decision-making;~~deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – introductory part

1. Member ~~States shall require that all member~~s of the management body ~~of any investment firm~~ shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. Member States shall ensure that members of the management body shall, in particular, fulfil the following requirements:

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 1 and subparagraph 2 – introductory part

(a) MThe members of the management body ~~shall commit sufficient time to perform their functions in the investment firm. They~~of an institution, who intends to hold a position in the management body of several institutions at the same time, shall take into account individual circumstances and the nature, scale and complexity of the institution's activities. Members of the management body of institutions that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall not combine at the same time more than one of the following combinations: unless they can justify this to the relevant competent authority:

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – point a – point ii

(ii) f~~our~~ive non-executive directorships.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 3

~~Executive or non-executive directorships held within the same group shall be considered~~Directorships in the management body of institutions (i) which are members of the same group, or (ii) which are members of the same institutional protection scheme, if the conditions of Article 108 paragraph 7 of Directive [CRD IV] are fulfilled, or (iii) within undertakings (including non- financial institutions) where the institution owns a qualifying holding shall count as one single directorship.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 4

Competent authorities may authorise a member of the management body of an investment firm to combine more directorships than allowed under the previous sub-paragraph, taking into account individual circumstances and the nature, scale and complexity of the investment firm's activities.deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 1 – point c – subparagraph 2

~~Member States shall require i~~Investment firms to devote adequate resources to the induction and training of members of the management body.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 2

2. Member States shall require investment firms, where appropriate and proportionate in view of the nature, scale and complexity of their business, to establish a nomination committee or equivalent body to assess compliance with the first paragraph and to make recommendations, when needed, on the basis of their assessment. The nomination committee shall be composed of members of the management body who do not perform any executive function in the institution concerned. Where, under national law, the management body does not have any competence in the process of appointment of its members, this paragraph shall not apply.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 9 – paragraph 4

4. ESMA shall develop draft regulatory standards to specify the following: (a) the notion of sufficient time commitment of a member of the management body to perform his functions, in relation to the individual circumstances and the nature, scale and complexity of activities of the investment firm which competent authorities must take into account when they authorise a member of the management body to combine more directorships than permitted as referred to in paragraph 1(a); (b) the notion of adequate collective knowledge, skills and experience of the management body as referred to in paragraph 1(b), (c) to notions of honesty, integrity and independence of mind of a member of the management body as referred to in paragraph 1(b), (d) the notion of adequate human and financial resources devoted to the induction and training of members of the management body, (e) the notion of diversity to be taken into account for the selection of members of the management body. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. ESMA shall submit those draft regulatory technical standards to the Commission by [31 December 2014].deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 1 – introductory part

1. Member ~~States shall require that all member~~s of the management body of any market operator shall be at all times of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. ~~Member States shall ensure that members of the management body shall, in particular, fulfil the following requirements~~The member of the management body of an institution, who intends to hold a position in the management body of several institutions at the same time, shall take into account individual circumstances and the nature, scale and complexity of the institution's activities. Members of the management body of institutions that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall not combine at the same time more than one of the following combinations unless they can justify this to the relevant competent authority:

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 1 – point a – introductory part

(a) ~~commit sufficient time to perform their functions.~~ They shall not combine at the same time more than one of the following combinations:

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 1 – point a – point ii

(ii) f~~our~~ive non-executive directorships.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 1 – point a – subparagraph 3

~~Executive or non-executive directorships held within the same group shall be considered~~Directorships in the management body of institutions: (i) which are members of the same group, or (ii) which are members of the same institutional protection scheme, if the conditions of Article 108 paragraph 7 are fulfilled, or (iii) within undertakings (including non- financial institutions) where the institution owns a qualifying holding shall count as one single directorship.

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 1 – point a – subparagraph 4

Competent authorities may authorise a member of the management body of a market operator to combine more directorships than allowed under the previous sub-paragraph, taking into account individual circumstances and the nature, scale and complexity of the investment firm's activities.deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 3

3. Member States shall require market operators to take into account diversity as one of the criteria for selection of members of the management body. In particular, taking into account the size of their management body, market operators shall put in place a policy promoting gender, age, educational, professional and geographical diversity on the management body.deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 48 – paragraph 4 – subparagraph 1

ESMA shall develop draft regulatory standards to specify the following: (a) the notion of sufficient time commitment of a member of the management body to perform his functions, in relation to the individual circumstances and the nature, scale and complexity of activities of the market operator which competent authorities must take into account when they authorise a member of the management body to combine more directorships than permitted as referred to in paragraph 1(a); (b) the notion of adequate collective knowledge, skills and experience of the management body as referred to in paragraph 1(b), (c) to notions of honesty, integrity and independence of mind of a member of the management body as referred to in paragraph 1(c), (d) the notion of adequate human and financial resources devoted to the induction and training of members of the management body, (e) the notion of diversity to be taken into account for the selection of members of the management body. ESMA shall submit those draft regulatory technical standards to the Commission by [31 December 2014]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2012/05/15
Committee: ECON

Kay SWINBURNE, Ashley FOX

Proposal for a directive
Article 65 – paragraph 1 – subparagraph 2

The management body shall possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting services provider. ~~Member States shall ensure that e~~Each member of the management body shall act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management.

2012/05/15
Committee: ECON