15 Amendments of Ramon TREMOSA i BALCELLS related to 2009/0140(COD)
Amendment 89 #
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 91 #
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue and make public 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.
Amendment 107 #
Proposal for a regulation
Recital 12
Recital 12
(12) The ESRB should report to the European Parliament and the Council at least annually, andChair of the ESRB should be invited to a biannual hearing in the European Parliament marking the publication of the biannual report of the ESRB, more frequently in the event of widespread financial distress, and in a different context from the Monetary Dialogue between the European Parliament and the President of the European Central Bank.
Amendment 114 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 120 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The ESRB shall be responsible for the macro-prudential oversight of the financial system within the Community in order to prevent or mitigate systemic risks within the financial system, particularly the generation of future credit bubbles in the Union, so as to avoid episodes of widespread financial distress, contribute to a smooth functioning of the Iinternal Mmarket and ensure a sustainable contribution of the financial sector to economic growth.
Amendment 125 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) issue warnings where risks are deemed to be significant, and make them public where appropriate;
Amendment 126 #
Proposal for a regulation
Article 3 – paragraph 2 – point d
Article 3 – paragraph 2 – point d
(d) issue recommendations for remedial action and make them public where appropriate;
Amendment 159 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 192 #
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 215 #
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. The warnings and recommendations shall be made public when needed.
Amendment 221 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event 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 ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 241 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The ESRB shall report at least bi- annually to the Council and the European Parliament and to the Councilmarking the publication of the biannual report, more frequently in the event of widespread financial distress, and in a different context from the Monetary Dialogue between the European Parliament and the President of the European Central Bank.