11 Amendments of Diogo FEIO related to 2009/0142(COD)
Amendment 207 #
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 CommunityEuropean Union require a swift and concerted response at CommunityEuropean Union level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determinationBearing mind the sensitivity of the issue, the power to determine the existence of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commission. 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 Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the marketuncil, following appropriate consultation with the Commission, the ESRB and, where appropriate, the European Supervisory Authorities.
Amendment 214 #
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 cross-border situations 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 also cover disagreements on the 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 theme or content of an action or inaction by a competent authority of a Member State.
Amendment 303 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) 'financial institutions' means 'credit institutions' as defined in Directive 2006/48/EC, 'investment firms' as defined inundertakings and entities subject to any of the legislative acts mentioned in Article 1(2). However, with regard to Directive 2006/495/60/EC, and '‘financial conglomerates'institutions’ means only credit and financial institutions as defined in that Directive 2002/87/EC; ;
Amendment 431 #
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 226 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 has not been not complied with, where such non- compliance significantly affects the financial system of Member States other than that of the relevant competent authority, and where it is necessary to remedy in a timely manner the non compliance by theat 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 448 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
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 Community, the Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRBuncil, following appropriate consultations with the Commission, the ESRB, and where appropriate, the European Supervisory Authorities, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 460 #
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 470 #
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 471 #
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 473 #
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 477 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, where such non-compliance significantly affects the financial system of Member States other than that of the relevant competent authority, the Authority may, where the relevant requirements laid down in 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 that legislation, including the cessation of any practice.
Amendment 679 #
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 2
Article 29 – paragraph 1 – subparagraph 2