18 Amendments of Burkhard BALZ related to 2014/0020(COD)
Amendment 127 #
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States or the competent authorities may decide to impose similar measures also on smaller credit institutions.
Amendment 139 #
Proposal for a regulation
Recital 17
Recital 17
(17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a closed list of funds. This exhaustive listcertain types of funds. These funds should comprise UCITs, closed- ended and unleveraged alternative investment funds (AIFs), AIFs where the investment policy does not allow a leverage above the threshold of Article 111 Delegated Regulation (EU) No 231/2013, European Venture Capital Funds, European Social Entrepreneurship Funds and European Long Term Investment Funds. To ensure that these funds do not endanger the viability and financial soundness of the credit institutions that invest in them, it is essential that closed-ended and unleveraged AIFs in which credit institutions can still invest are managed by AIF managers that are authorised and supervised in accordance with the relevant provisions of Directive 2011/61/EU of the European Parliament and of the Council26 , and that those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to the rules of that Directive. __________________ 26Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
Amendment 158 #
Proposal for a regulation
Recital 23
Recital 23
(23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, it should require theirshould require the core credit institution to reduce the risk that potential losses from these trading related activities are passed on to the core credit institution by taking measures in line with Article 17 of Directive 2014/59/EU. Measures that the competent authority may take should include enhanced supervision, higher capital requirements and as a last resort a separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regulation.
Amendment 197 #
Proposal for a regulation
Recital 42
Recital 42
Amendment 255 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activitirelated risk exposures amounting at least to EUR 70 billion or 170 per cent of its total assetsown funds and eligible liabilities as defined in Article 45 of Directive 2014/59/EU:
Amendment 311 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point i
Article 6 – paragraph 1 – point b – point i
(i) acquire or retain units or shares of AIFs as defined by Article 4(1)(a) of Directive 2011/61/EUestablished in the Union or foreign AIFs, which are leveraged above the threshold defined in Article 111 of Delegated Regulation (EU) No 231/2013;
Amendment 315 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point ii
Article 6 – paragraph 1 – point b – point ii
(ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of AIFs established in the Union or foreign AIFs, which are leveraged above the threshold defined in Article 111 Delegated Regulation (EU) No 231/2013;
Amendment 320 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
Article 6 – paragraph 1 – point b – point iii
(iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs established in the Union or foreign AIFs, which are leveraged above the threshold defined in Article 111 Delegated Regulation (EU) No 231/2013.
Amendment 346 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to UCITS, closed-ended and unleveraged AIFs as defined in Directive 2011/61/EU or AIFs where the investment policy does not allow a leverage above the threshold of Article 111 of Delegated Regulation (EU) No 231/2013 where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU , to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].
Amendment 362 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Amendment 390 #
Proposal for a regulation
Article 8 – paragraph 1 – point i a (new)
Article 8 – paragraph 1 – point i a (new)
(i a) purchasing or holding one or more collective investment undertakings or holding capital instruments or voting rights in an entity that manages one or more collective investment undertakings provided that the investment policy of the collective investment undertaking does not exceed a leverage above the threshold of Article 111 Delegated Regulation (EU) No 231/2013.
Amendment 437 #
Proposal for a regulation
Article 9 – paragraph 2 – point a
Article 9 – paragraph 2 – point a
(a) the relative size of trading assets, as measured by risk exposure of the trading assetsbook divided by total assetsrisk exposure in accordance with Regulation (EU) No 575/2013;
Amendment 446 #
Proposal for a regulation
Article 9 – paragraph 2 – point c
Article 9 – paragraph 2 – point c
(c) the relative importance of counterparty credit risk, as measured by the fair value of derivatives divided by total trading assets of derivatives according to Article 92(3) f) of Regulation (EU) No 575/2013 divided by total risk exposure in line with Regulation (EU) No 575/2013;
Amendment 450 #
Proposal for a regulation
Article 9 – paragraph 2 – point d
Article 9 – paragraph 2 – point d
(d) the relative complexity of trading derivatives, as measured by level 2 and 3 trading derivatives assets divided by trading derivatives and by trading assets;
Amendment 522 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out theto reduce the risks that potential losses from trading related activities specified in those conclusionsare passed on to the core credit institution, by taking measures in line with Article 17 of Directive 2014/59/EU. Measures that the competent authority may take shall include enhanced supervision, higher capital requirements and as a last resort separation of the relevant trading activities from the core credit institution. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 592 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Article 12 – paragraph 1 – subparagraph 1 – introductory part
A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing ands well as emission allowances and foreign exchange derivatives to its non- financial clients, to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings and to institutions providing for occupational retirement benefits when the following conditions have been satisfied:
Amendment 622 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 2
Article 13 – paragraph 5 – subparagraph 2
Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity or an entity which purchases or holds shares of collective investment undertakings, provided that the investment policy of the collective investment undertaking does not exceed a leverage above the threshold of Article 111 Delegated Regulation (EU) No 231/2013 where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks.
Amendment 688 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) take deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC except where the said deposit relafrom clients that are not professional clients as defined in Article 4(10) of Directive 2014/65/EU or have not requestesd to the exchange of collateral relating to trading activitiesbe regarded as professional clients under Directive 2014/65/EU;