17 Amendments of Alfredo PALLONE related to 2009/0140(COD)
Amendment 95 #
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response. Where appropriate, the ESRB should declare the existence of an emergency situation and trigger the intervention of the European Supervisory Authorities.
Amendment 102 #
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted throughdirectly to the addressees, and in copy to the European Parliament, the Council and, where appropriate, the European Banking Authority established by Regulation (EC) No …/… the European Parliament and of the Council, the European Securities and Markets Authority established by Regulation (EC) No …/… of the European Parliament and of the Council, and the European Insurance or the Occupational Pension Authority established by Regulation (EC) No …/…of the European Parliament and of the Council.
Amendment 105 #
Proposal for a regulation
Recital 10
Recital 10
(10) The ESRB should also monitor compliance with its recommendations, based on reports from addressees, in order to ensure that its warnings and recommendations are effectively followed. Addressees of recommendations should act on them unless inaction can be adequately justified (“act or explain” mechanism). dequately justify any failure in duly complying with the ESRB recommendations (“act or explain” mechanism). The ESRB should be able to have recourse to the European Parliament and to the Council in cases where it is not satisfied with how the addressees have followed up the recommendations.
Amendment 131 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Steering Committee shall assist in the decision-making process of the ESRB by supporting the preparation of the meetings of the General Board, reviewing the documents to be discussed and monitoring the progress of the ESRB’s ongoing work. Where the General Board is called upon to take decisions on sector- specific matters, the Steering Committee shall work in close collaboration with the competent European authority and its appropriate Stakeholder Group for the purpose of compiling the papers for meetings.
Amendment 134 #
Proposal for a regulation
Article 4 – paragraph 5 a (new)
Article 4 – paragraph 5 a (new)
5a. The European Supervisory Authorities shall provide expert advice within the ESRB regarding the macroeconomic risk profiles of the various sectors involved in financial services.
Amendment 136 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The Chair and Vice-Chair of the ESRB shall be elected for a term of 5 years by and from among the Members of the General Board who are also members of the General Council of the ECB. THe or shey may be re-elected.
Amendment 139 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The two Vice-Chairs shall chair the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.
Amendment 142 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The senior Vice-Chair shall preside at the General Board and/or the Steering Committee when the Chair cannot participate in a meeting.
Amendment 143 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. If the term of office of the Mmembers of the General Council of the ECB elected as Chair or Vice-Chair ends before the completion of the 5 -year term or if for any reason the Chair or Vice Chair areis unable to discharge this or heir duties, a new Chair or Vice Chair shall be elected in accordance with paragraph 1.
Amendment 162 #
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) the two Vice-Chairs of the ESRB, who are also the Chairs of the EIOPA and the ESMA;
Amendment 166 #
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) five other members of the General Board who are also members of the General Council of the ECB. They shall be elected by and from the Mtwo other members of the General Board who are also members of the General Council of the ECB for a period of two years.
Amendment 173 #
Proposal for a regulation
Article 11 – paragraph 1 – point f
Article 11 – paragraph 1 – point f
Amendment 175 #
Proposal for a regulation
Article 11 – paragraph 1 – point g
Article 11 – paragraph 1 – point g
Amendment 214 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. When significant risks to the achievement of the objective in aArticle 3(1) are identified, the ESRB shall provide warnings and, where appropriate, issue recommendations for remedial action, including, where appropriate, for legislative initiatives.
Amendment 220 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The warnings or recommendations shall also be transmitted to the addressees in accordance with paragraph 2, to the Council and, where addressed to one or more national supervisory authority, to the European Supervisory Authorities.
Amendment 229 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Where a recommendation referred to in letterpoint (d) of Article 3(2) is addressed to the Commission, one or more Member States, one or more European Supervisory Authorities, or one or more national supervisory authorities, the addressees shall communicate the actions undertaken in response to the recommendations to the ESRB or explain why they have not acted. The Council and, where relevant, the European Supervisory Authorities shall be informed.
Amendment 232 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall informor it is not satisfied on how the addressees have followed up the recommendations, and that the addressees have failed to provide adequate justifications, it shall inform the European Parliament, the Council and, where relevant, the European Supervisory Authorities concerned.