Activities of Ashley FOX related to 2016/0364(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures PDF (862 KB) DOC (166 KB)
Amendments (35)
Amendment 115 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 1 a (new)
Article 21b – paragraph 1 a (new)
1 a. Competent authorities may require the institutions referred to in paragraph 1 to have two or more intermediate EU parent undertakings, where the competent authorities ascertain that a single intermediate EU parent undertaking would be incompatible with a mandatory requirement for separation of activities in accordance with rules of the third country where the ultimate parent undertaking of the third country group has its head office, or that it would be appropriate to facilitate effective supervision or resolution of the institution.
Amendment 119 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 1 b (new)
Article 21b – paragraph 1 b (new)
1 b. By derogation from paragraphs 1 and 1a, competent authorities may allow an institution in the Union which is part of the same third country group as other institutions in the Union to sit outside of the intermediate parent undertaking, or intermediate parent undertakings where it has determined the effect of the requirement(s) in paragraphs 1 and 1a on the structure of the institution(s) in question may have disproportionate impacts relative to benefits for supervision and resolution.
Amendment 121 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 2
Article 21b – paragraph 2
2. Member States shall require aAn intermediate EU parent undertaking in the Union to obtain authorisation as anshall be an credit institution authorised in accordance with Article 8, or as a financial holding company or mixed financial holding company approved in accordance with Article 21a. By way of derogation from the first subparagraph, where none of the institutions referred to in paragraph 1 is a credit institution or a second intermediate EU parent undertaking must be set up in connection with investment activities to comply with a mandatory requirement as referred to in paragraph 1a, the intermediate EU parent company or the second intermediate EU parent company, respectively, may be an investment firm authorised in accordance with Article 5(1) of Directive 2014/65/EU.
Amendment 130 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 3
Article 21b – paragraph 3
3. Paragraphs 1, 1a, 1b and 2 shall not apply where the total value of assets in the Union of the third country group is lower than EUR 350 billion, unless the third country group is a non-EU G-SII.
Amendment 133 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 4
Article 21b – paragraph 4
4. For the purposes of this Article, the total value of subsidiarised assets in the Union of the third country group shall include the following: (a)be the sum of the amount of total assets of each institution in the Union of the third country group, as resulting from their consolidated balance sheet; and (b) the third country group authorised in the Union. or as resulting from their individual balance sheet, where an institution's balance sheet is not consolidated. the total assets of each institution the total assets of each branch of
Amendment 143 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 4 a (new)
Article 21b – paragraph 4 a (new)
4 a. For the purposes of this Article, the total value of assets in the Union of the third country group shall be the sum of: (a) the amount of total assets of each institution in the Union of the third country group, as resulting from their consolidated balance sheet or as resulting from their individual balance sheet, where an institution's balance sheet is not consolidated; and (b) the amount of total assets of each branch of the third country group authorised to operate in the Union in accordance with Article 47.
Amendment 144 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 5
Article 21b – paragraph 5
5. Competent authorities shall notify to the EBA every authorisation granted pursuant to paragraph 2. the following information in respect of each third country group operating in their jurisdiction:
Amendment 145 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 5 a (new)
Article 21b – paragraph 5 a (new)
5 a. the names and amount of total assets of supervised institutions belonging to a third country group and the types of activities which they are authorised to carry out;
Amendment 146 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 5 b (new)
Article 21b – paragraph 5 b (new)
5 b. the names and amount of total assets corresponding to branches authorised in that Member State pursuant to Article 47;
Amendment 147 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 5 c (new)
Article 21b – paragraph 5 c (new)
5 c. the name and legal form of any intermediate EU parent undertaking set- up in that Member State and the name of the third country group of which it is part.
Amendment 148 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 – subparagraph 1
Article 21b – paragraph 6 – subparagraph 1
EBA shall publish on its website the list of all intermediate EU parent undertakingsthird country groups operating in the Union and of their intermediate EU parent undertaking or undertakings, where applicable that have been granted authorisation in the Union.
Amendment 149 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 – subparagraph 2
Article 21b – paragraph 6 – subparagraph 2
Competent authorities shall ensure that each institution under their jurisdiction that is part of a third country group meets one of the following conditions: (a) it has there is a single an intermediate EU parent undertaking for all institutions that are; (b) it is an intermediate EU parent undertaking; (c) it is the only institution in the Union of the third country group; (d) it is part of the samea third country group.. whose total value of assets in the Union is below EUR 50 billion or (e) it is an institution for which it has concluded that no intermediate EU parent undertaking is required.
Amendment 156 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 a (new)
Article 21b – paragraph 6 a (new)
6 a. Third country groups operating through more than one institution in the Union on [date of entry into force of this directive] and that are subject to this Article shall have an intermediate EU parent undertaking or, in the case referred to in paragraph 1a, two intermediate EU parent undertakings by four years from the date of application of Directive.
Amendment 160 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 b (new)
Article 21b – paragraph 6 b (new)
6 b. Within three years after the entry into force of this Directive, the Commission shall review the requirements imposed on institutions by this article and, after consulting the EBA, submit a report to the European Parliament and the Council. Following the publication of this report, the Commission shall, if appropriate, bring forward any necessary legislative amendments. This report shall consider: (a) whether the requirements of this Article are operable, necessary and proportionate and whether other measures would be more appropriate; (b) whether other jurisdictions apply requirements which are similar to this Article and, if so, the nature and effect of those requirements, whether they are consistent with the requirements of this Article and the impact of different asset thresholds in those jurisdictions; (c) the impact of structural separation requirements in other jurisdictions.
Amendment 217 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – introductory part
Article 94 – paragraph 3 – introductory part
By way of derogation from paragraph 1, the principles set out in points (l), (m) and in the second subparagraph of point (o) shall not apply to:
Amendment 221 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – point a
Article 94 – paragraph 3 – point a
(a) an institution the value of the assets of which is on average equal to or less than EUR 5 billion over the four-year period immediately preceding the current financial yearthe competent authority determines appropriate and proportionate to be excluded based on the size, internal organization and the nature, scope and complexity of their activities;
Amendment 228 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – point b
Article 94 – paragraph 3 – point b
(b) a staff member whose annual variable remuneration does not exceed EUR 50.000 and does not represent more than one fourththe competent authority determines appropriate and proportionate to be excluded based ofn the staff member's annual total remuneraize, internal organisation and the nature, scope and complexity of the activities of the institution.
Amendment 230 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – subparagraph 2
Article 94 – paragraph 3 – subparagraph 2
Amendment 233 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – subparagraph 3
Article 94 – paragraph 3 – subparagraph 3
Amendment 270 #
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2013/36/EU
Article 103
Article 103
Amendment 276 #
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point l
Article 104 – paragraph 1 – point l
(l) to require additional disclosures on an ad hoc basis onlyfor institutions that are exposed to similar risks competent authorities may apply powers provided for in the first sub- paragraph, with the exception of points (a) and (k), to those institutions in a similar or identical manner where the Member State has provided the competent authority with the legal power to do so.
Amendment 311 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 1 – introductory part
Article 104b – paragraph 1 – introductory part
1. Pursuant to the strategies and processes referred to in Article 73 and after consulting the competent authority, institutions shall establish an adequate level of own funds that the competent authority is satisfied by and is sufficiently above the requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 and in this Directive, including the additional own funds requirements imposed by the competent authorities in accordance with Article 104(1)(a), in order to ensure that:
Amendment 317 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 3
Article 104b – paragraph 3
3. Competent authorities shall communicate to institutions the outcome of the review provided for in paragraph 2. Where appropriate, cCompetent authorities mayshall communicate to institutions anytheir expectation for adjustments to the level of own funds established in accordance with paragraph 1.
Amendment 321 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 4
Article 104b – paragraph 4
Amendment 323 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 5
Article 104b – paragraph 5
5. AWhere an institution that fails to meet the expectations set out in paragraph 3 shall not be subject to the restrictions referred to, the competent authorities may apply supervisory measures, as appropriate. Such measures may include those specified in Article 14104(1)(i).
Amendment 330 #
Proposal for a directive
Article 1 – paragraph 1 – point 23
Article 1 – paragraph 1 – point 23
Directive 2013/36/EU
Article 105 – point d
Article 105 – point d
(23) In Article 105, point (d) is deleted.
Amendment 355 #
Proposal for a directive
Article 1 – paragraph 1 – point 30 a (new)
Article 1 – paragraph 1 – point 30 a (new)
Directive 2013/36/EU
Article 131 – paragraph 5
Article 131 – paragraph 5
(30 a) In Article 131, paragraph 5 is replaced by the following: "5. The competent authority or designated authority may require each O- SII, on a consolidated or sub-consolidated or individual basis, as applicable, to maintain an O-SII buffer of up to 2 between 0% and 3% of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013, taking into account the criteria for the identification of the O-SII; which shall consist of and shall be supplementary to Common Equity Tier 1 capital (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)Member States may waive the requirement to maintain an O-SII buffer and O-SII leverage buffer on a consolidated basis, where the buffers apply on an individual or sub- consolidated basis for O-SII subsidiaries that are subject to authorisation and supervision by the Member State concerned, are included in supervision on a consolidated basis and for which the relevant competent authority of that Member State is the consolidating supervisor. " Or. en
Amendment 362 #
Proposal for a directive
Article 1 – paragraph 1 – point 30 b (new)
Article 1 – paragraph 1 – point 30 b (new)
(30 b) In Article 133, paragraph 1 is replaced by the following: "1. Each Member State may introduce a systemic risk buffer of Common Equity Tier 1 capital for the institutions, or a subset thereof, for their exposures to the financial sector or the non-financial sector or one or more subsets of thatose sectors, in order to prevent and mitigate long term non- cyclical systemic or macroprudential risks not covered by Regulation (EU) No 575/2013, in the meaning of a risk of disruption in the financial system with the potential to have serious negative consequences to the financial system and the real economy in a specific Member State. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)" Or. en
Amendment 366 #
Proposal for a directive
Article 1 – paragraph 1 – point 30 c (new)
Article 1 – paragraph 1 – point 30 c (new)
Directive 2013/36/EU
Article 133 – paragraph 3
Article 133 – paragraph 3
(30 c) In Article 133, paragraph 3 is replaced by the following: "3. For the purpose of paragraph 1 of this Article, institutions may be required to maintain, in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirements imposed by Article 92 of Regulation (EU) No 575/2013, a systemic risk buffer of Common Equity Tier 1 capital of at least 1 % based on the exposures to which the systemic risk buffer applies in accordance with paragraph 8 of this Article, on an individual, consolidated, or sub- consolidated basis, as applicable in accordance with Part One, Title II of that Regulation. The overall systemic risk buffer rate of an institution shall be calculated as the sum of the amounts specified in points (a) and point (b) divided by the amount specified in point (c), expressed as a percentage: (a) any systemic risk buffer applied on all exposures for all institutions or, where relevant, to all exposures for subsets of institutions; (b) any systemic risk buffer applied to exposures to individual sectors or sub- sectors; and (c) the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013: The relevant competent or designated authority may require institutions to maintain the systemic risk buffer on an individual and on a consolidated level. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)" Or. en
Amendment 370 #
Proposal for a directive
Article 1 – paragraph 1 – point 30 d (new)
Article 1 – paragraph 1 – point 30 d (new)
Directive 2013/36/EU
Article 133 – paragraph 9
Article 133 – paragraph 9
(30 d) In Article 133, paragraph 9 is replaced by the following: "9. The systemic risk buffer shall apply to all institutions, or one or more subsets of those institutions, for which the authorities of the Member State concerned are competent in accordance with this Directive and shall be set in gradual or accelerated steps of adjustment of 0,5 percentage point. Different requirements may be introduced for different subsets of thea sector. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN), sectorial exposures or, where relevant, to sub-sets of sectorial exposures. " Or. en
Amendment 388 #
Proposal for a directive
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Directive 2013/36/EU
Article 141 – paragraph 3
Article 141 – paragraph 3
3. Where an institution fails to meet or exceed its combined buffer requirement, it shall not distribute more than the MDA calculated in accordance with paragraph 4 through any action referred to in points (a), (b) and (c) of the second subparagraph of paragraph 2. An institution shall not take any of the action referred to in points (a) or (b) of the second subparagraph of paragraph 2before having made the payments due on Additional Tier 1 instruments.
Amendment 391 #
Proposal for a directive
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
2013/36
Article 141 – paragraph 5 – first point a
Article 141 – paragraph 5 – first point a
(a) interim profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013 that have been generated since the most recent decision on the distribution of profits or any of the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Article;
Amendment 394 #
Proposal for a directive
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Directive 2013/36/EU
Article 141 – paragraph 5 – second point a
Article 141 – paragraph 5 – second point a
(a) year-end profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013 that have been generated since the most recent decision on the distribution of profits or any of the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Article;
Amendment 407 #
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 2
Article 141a – paragraph 2
Amendment 424 #
Proposal for a directive
Article 1 – paragraph 1 – point 35
Article 1 – paragraph 1 – point 35
Directive 2013/36/EU
Article 161 – paragraph 10 a (new)
Article 161 – paragraph 10 a (new)
10 a. The Commission shall submit to the European Parliament six months after entry into force of this directive a report on regulatory instruments to mitigate sovereign exposure risks, as discussed by the Basel Committee on Banking Supervision in its 2017 discussion paper "The regulatory treatment of sovereign exposures".[1] This report shall give a thorough assessment of the functionality and effectiveness of these instruments to incentivise financial institutions to take proper account of the risks inherent in certain sovereign exposures in their asset portfolios. [1] Basel Committee on Banking Supervision (2017): The regulatory treatment of sovereign exposures, Bank for International Settlement discussion paper, December 2017.