2016/0182(COD) | [ParlTrack]

Proposal for a regulation
Recital 1

(1) The Union should contributes to ensuring a high level of consumer protection and to placing consumers at the heart of the single market by supporting and complementing Member States' policies in seeking to ensure that citizens can fully reap the benefits of the internal market and that, in so doing, their legal and economic interests are properly addressed and defended. A well-functioning and trustworthy financial services sector is a key component of the single market. It requires a solid framework for regulation and supervision, which simultaneously ensures financial stability and focuses on supporting a sustainable economy. At the same time, it should provide a high level of protection to consumers and other financial services end-users, including retail investors, savers, insurance holders, pension fund participants, individual shareholders, borrowers or SMEs.

Amendment 19 #

Proposal for a regulation
Recital 2

(2) Since 2007, the confidence of consumers in particular and of other financial services' end-users, including retail investors and savers, has been shaken by the financial and economic crisis. To restore citizens' confidence in the soundness of the financial sector, it is therefore important to increase the involvement of consumers and other end- users, as well as of stakeholders representing their interests, in the Union decision-making process in the financial sector.

Amendment 20 #

Proposal for a regulation
Recital 2

(2) Since 2007, the confidence of consumers in particular and of other financial services' end-users has been shaken by the financial and economic crisis. To restore citizens' confidence in the soundness, efficiency and best practices of the financial sector, it is therefore important to increase the involvement of consumers and other end- users, as well as of stakeholders representing their interests, in the Union decision-making process in the financial sector.

Amendment 21 #

Proposal for a regulation
Recital 3

(3) To achieve this objective, the Commission initiated at the end of 2011 a pilot project aimed at providing grants to support the development of a financial expertise centre to the benefit of consumers, other end-users and stakeholders representing their interests and to enhance their capacity to participate in Union policy making in the field of financial services and prevent bank abuses. The main policy objectives were to ensure that Union policy-makers, when initiating new legislation, would be provided with views other than those expressed by the financial sector professionals, that the wider public is better informed about issues at stake in financial regulation and that the participation of consumers, is enhanced in Union policy- making in the area of financial services, resulting in well- balanced legislation.

Amendment 22 #

Proposal for a regulation
Recital 4

(4) As a result, the Commission awarded between 2012 and 2015 via an open call for proposals operating grants to two non-profit entities, Finance Watch and Better Finance, aiming to enhance the involvement of consumers in the field of financial services. These grants were awarded under a pilot project during two years, 2012 and 2013, and a preparatory action since 2014. Since a preparatory action can be used up to three years3, a legislative act is necessary to provide a legal basis for funding such actions as of 2017. __________________ 3 Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298 26.10.2012, p. 1).

Amendment 23 #

Proposal for a regulation
Recital 5

(5) Finance Watch was set up in 2011 as an international non-profit association under Belgian law, with Union grants. Its mission is to defend the interests of civil society in the financial sector. Thanks to Union grants, Finance Watch in a short period of time managed to set up a qualified team of experts, able to conduct studies, policy analysis and communication activities in the field of financial services.

Amendment 24 #

Proposal for a regulation
Recital 6

(6) Better Finance results from successive re-organisations and rebranding of pre-existing European federations of investors and shareholders since 2009. Thanks to Union grants, the organisation managed to form a financial centre of expertise, focusing mostly on the interests of consumers, individual investors, individual shareholders, savers and other end-users of financial services, in coherence with its membership base and its resources.

Amendment 25 #

Biljana BORZAN, Christel SCHALDEMOSE, Sergio GUTIÉRREZ PRIETO, Pina PICIERNO, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Recital 7

(7) The evaluation of the pilot project and the subsequent preparatory action carried out in 2015 concluded that the policy objectives have been generally achieved. Finance Watch and Better Finance have been working on complementary policy areas and targeted different audiences. Together they have covered, through their activities, most of the Union financial political agenda since 2012. Both organizations have successfully worked, as much as their resources have allowed, to expand their activity in order to have wide geographical coverage within the EU.

Amendment 26 #

Proposal for a regulation
Recital 7

(7) The evaluation of the pilot project and the subsequent preparatory action carried out in 2015 concluded that the policy objectives concerning the financial sector, have been generally achieved. Finance Watch and Better Finance have been working on complementary policy areas and targeted different audiences. Together they have covered, through their activities, most of the Union financial political agenda since 2012.

Amendment 27 #

Proposal for a regulation
Recital 8

(8) Both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. National organisations dealing with all kinds of consumers' issues lack technical expertise in policy areas related to financial services. In addition, no other similar organisations have been identified at Union level so far. TAlthough the evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, which tends to show that no other organisation is currently able to carry out similar Union- wide activities, after the end of 2017-2020 period, the programme should be open for other potential beneficiaries if they meet the requirements of the programme.

Amendment 28 #

Proposal for a regulation
Recital 8

(8) Both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. National organisations dealing with all kinds of consumers' issues lack technical expertise in policy areas related to financial services. In addition, no other similar organisations have been identified at Union level so far. The evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, which tends to show that no other organisation is currently able to carry out similar Union- wide activities. Hence the need to support both organisations on a more sustainable mid-term basis.

Amendment 29 #

Biljana BORZAN, Christel SCHALDEMOSE, Pina PICIERNO, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Recital 8

(8) Both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. National organisations dealing with all kinds of consumers' issues lack technical expertise in policy areas related to financial services and the related European policy-making process. In addition, no other similar organisations have been identified at Union level so far. The evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, which ~~tends to~~ shows that no other organisation is currently able to carry out similar Union- wide activities.

Amendment 30 #

Biljana BORZAN, Sergio GUTIÉRREZ PRIETO, Christel SCHALDEMOSE, Pina PICIERNO, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Recital 9

(9) However, despite regular efforts, both organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding. Co- funding from the Union is therefore necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations and their experts and administrative staff who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017-2020 to support the activities of Finance Watch and Better Finance ('Programme'). Financial stability is of key importance to preserve the expertise, as well as for project planning for both organizations.

Amendment 31 #

Proposal for a regulation
Recital 9

(9) However, despite regular efforts, both organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding, in order to be financially sustainable. Co- funding from the Union is therefore necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017-2020 to support the activities of Finance Watch and Better Finance ('Programme').

Amendment 32 #

Proposal for a regulation
Recital 10

Amendment 33 #

Proposal for a regulation
Recital 14

(14) Every year before 3~~1 Dec~~0 November, each beneficiary should submit a description of activities planned for the following year to achieve the policy objectives of the Programme. Those activities should be described in detail, including their objectives, expected results and impact, estimated costs and timeframe as well as relevant indicators to assess them.

Amendment 34 #

Proposal for a regulation
Recital 15 a (new)

(15a) A mid-term evaluation report on the results obtained under this Programme shall be submitted by the Commission to the European Parliament and the Council no later than 18 months before the end of the Programme. This evaluation shall assess whether this Programme should be pursued or not after the period 2017-2020. Any prolongation, modification or renewal of the Programme after the 2017-2020 period shall be subject to an open call procedure to select the beneficiaries.

Amendment 35 #

Biljana BORZAN, Sergio GUTIÉRREZ PRIETO, Christel SCHALDEMOSE, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Article 1 – paragraph 2 – point a a (new)

(aa) engaging with end-users in the area of financial services in order to identify issues relevant for the Union policy making;

Amendment 36 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness, research and dissemination activities, ~~including to a wide audience of non-experts;~~

Amendment 37 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of non-experts, and liaising with existing consumer networks and helplines in the Member States in order to identify problematic issues relevant for Union policy-making for the protection of the interests of consumers in the area of financial services;

Amendment 38 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of non-experts and end-users in the area of financial services;

Amendment 39 #

Jonás FERNÁNDEZ, Sergio GUTIÉRREZ PRIETO

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of financial services end-users and non- experts;

Amendment 40 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of non-experts, in particular, but not only, in the field of bank abuses;

Amendment 41 #

Proposal for a regulation
Article 1 – paragraph 2 – point c

(c) activities reinforcing the interactions between the members of the organisations referred to in Article 3 and advocacy activities fostering the positions of those members at Union level provided that activities of a purely political nature outside of financial services are not eligible.

Amendment 42 #

Proposal for a regulation
Article 1 – paragraph 2 – point c

(c) activities reinforcing the interactions between the members of the organisations referred to in Article 3 a~~nd advocacy~~s well as advocacy and policy advice activities fostering the positions of those members at Union level and promoting the public interest in financial regulation.

Amendment 43 #

Proposal for a regulation
Article 1 – paragraph 2 – point c

(c) activities reinforcing the interactions between the members of the organisations referred to in Article 3 and advocacy activities, particularly, fostering the positions of those members at Union level.

Amendment 44 #

Jonás FERNÁNDEZ, Sergio GUTIÉRREZ PRIETO

Proposal for a regulation
Article 2 – paragraph 1 – point a

(a) to further enhance the participation of consumers and other financial services end-users, as well as stakeholders representing their interests, in Union and multilateral policy-making in the area of financial services;

Amendment 45 #

Proposal for a regulation
Article 2 – paragraph 1 – point b

(b) to contribute to the information of consumers and other financial services end-users, as well as stakeholders representing their interests, about issues at stake in the regulation of the financial sector., and on harmful corporate practices for consumers, including those of cross-border nature;

Amendment 46 #

Biljana BORZAN, Christel SCHALDEMOSE, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Article 3 – paragraph 1

1. Finance Watch and Better Finance, as the only organizations able to carry out objectives set out in Article 2, shall be beneficiaries of the Programme (‘beneficiaries’).

Amendment 47 #

Proposal for a regulation
Article 3 – paragraph 1

1. Finance Watch and Better Finance shall be the sole beneficiaries of the Programme (‘beneficiaries’).

Amendment 48 #

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. Their activities should aim to cover the interests of relevant consumers and end- users in as many Member States as possible. The beneficiaries shall strive to ensure balanced geographical coverage within the Union. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 49 #

Biljana BORZAN, Nicola DANTI, Christel SCHALDEMOSE, Pina PICIERNO, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. They should liaise with national consumer organisations working on financial services, where they exist and in line with their resources. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 50 #

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests ~~and~~. They shall represent through their members the interests of Union consumers and other end-users in the field of financial services and seek to expand their network of active members within the Member States. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 51 #

Maria GRAPINI

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of politics, industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding, the action grants referred to in Article 4.

Amendment 52 #

Proposal for a regulation
Article 4 – paragraph 1

Financing under the Programme shall be provided in the form of ~~action~~operating grants awarded on an annual basis and shall be based on the proposals submitted by the beneficiaries in accordance with Article 7.

Amendment 53 #

Proposal for a regulation
Article 7 – paragraph 2

2. In order to benefit from the Programme, the beneficiaries shall submit every year before 3~~1 Dec~~0 November to the Commission a proposal describing the activities referred to in Article 1 planned for the following year.

Amendment 54 #

Maria GRAPINI

Proposal for a regulation
Article 7 – paragraph 2

2. In order to benefit from the Programme, the beneficiaries shall submit every year before 31 December to the Commission a proposal describing and reasoning the activities referred to in Article 1 planned for the following year.

Amendment 55 #

Proposal for a regulation
Article 7 – paragraph 3

3. ~~In order to~~The Commission shall implement the Programme~~, the Commission shall adopt annual work programmes~~ by means of annual work programmes in accordance with Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council. Those annual work programmes shall set out the objectives ~~to be~~ pursued, the expected results ~~of the actions performed by the beneficiaries~~, the method of implementation ~~of those actions~~ and the total amount ~~required to perform those actions~~of the financing plan. They shall also contain a description of the actions to be financed, an indication of the amount allocated to each action and an indicative implementation timetable. For the action grants, the annual work programmes shall ~~set out~~include priorities and the essential award criteria and maximum rate of co-financing. The maximum rate of direct co-financing shall be 60% of eligible costs. The maximum rate of cumulative non-direct Union funding shall not exceed 70% of eligible costs of the beneficiary and the Commission shall limit its annual contribution awarded under this Programme to comply with this maximum amount.

Amendment 56 #

Proposal for a regulation
Article 7 – paragraph 3

3. In order to implement the Programme, the Commission shall ~~adopt~~confirm the beneficiaries' annual work programmes. Those annual work programmes shall set out the objectives to be pursued, the expected results of the actions performed by the beneficiaries, the method of implementation of those actions and the total amount required to perform those actions. They shall also contain a description of the actions to be financed, an indication of the amount allocated to each action and an indicative implementation timetable. For the ~~action~~operating grants, the annual work programmes shall set out priorities and essential award criteria. The maximum rate of co-financing shall be 60% of eligible costs.

Amendment 57 #

Maria GRAPINI

Proposal for a regulation
Article 7 – paragraph 3

3. In order to implement the Programme, the Commission shall adopt annual work programmes. Those annual work programmes shall set out the objectives to be pursued, the expected results of the actions performed by the beneficiaries, the method of implementation of those actions and the total amount required to perform those actions. They shall also contain a description and a motivation of the actions to be financed, an indication of the amount allocated to each action, an assessment of the possible impact and an indicative implementation timetable. For the action grants, the annual work programmes shall set out priorities and essential award criteria. The maximum rate of co-financing shall be 60% of eligible costs.

Amendment 58 #

Proposal for a regulation
Article 7 – paragraph 4

4. The Commission shall ~~adopt the~~confirm the beneficiaries' annual work programmes by means of implementing acts.

Amendment 59 #

Proposal for a regulation
Article 9 – paragraph 1

1. No later than ~~twelve~~sixteen months before the end of the Programme, the Commission shall submit to the European Parliament and the Council an evaluation report on the achievement of the Programme's objectives. That report shall appraise the overall relevance and added value of the Programme, the effectiveness and efficiency of its execution, including quantitative indicators such as activities in Member States, and the overall and individual effectiveness of the beneficiaries' performance in terms of achievements of the objectives set out in Article 2. The report should assess the possible prolongation of the programme beyond 2020 taking into account that after this period the programme should be subject to an open call procedure to select the beneficiaries.

Amendment 60 #

Proposal for a regulation
Article 9 – paragraph 1

1. No later than ~~twelve~~eighteen months before the end of the Programme, the Commission shall submit to the European Parliament and the Council an mid-term evaluation report on the results obtained, on the quantitative and qualitative aspects of implementation of the Programme and achievement of the Programme's objectives. Thate report shall appraise the overall relevance and added value of the Programme, the effectiveness and efficiency of its execution and the overall and individual effectiveness of the beneficiaries' performance in terms of achievements of the objectives set out in Article 2. The mid- term evaluation report shall, in addition, make an assessment with regard to a possible prolongation or renewal of the Programme.

Amendment 61 #

Biljana BORZAN, Nicola DANTI, Sergio GUTIÉRREZ PRIETO, Christel SCHALDEMOSE, Pina PICIERNO, Hugues BAYET, Marc TARABELLA, Anna HEDH

Proposal for a regulation
Article 9 – paragraph 1

1. No later than twelve months before the end of the Programme, the Commission shall submit to the European Parliament and the Council an evaluation report on the achievement of the Programme's objectives. That report shall appraise the overall relevance and added value of the Programme, the effectiveness and efficiency of its execution, the adequacy of the funding against the tasks identified in this regulation and the overall and individual effectiveness of the beneficiaries' performance in terms of achievements of the objectives set out in Article 2.

source: 593.992

2016/12/08 ECON 58 amendments...

Amendment 10 #

Draft legislative resolution
Paragraph 1

1. ~~Adopts its position at first reading hereinafter set out~~Rejects the Commission proposal at first reading;

Amendment 11 #

Draft legislative resolution
Paragraph 3

3. Instructs its President to ~~forward its position to the Council, the Commission and the national parliaments~~call on the Commission to withdraw the proposal, and, if the Commission does so, to declare the procedure closed and inform the Council accordingly.

Amendment 12 #

Proposal for a regulation
Recital 1

(1) The Union contributes to ensuring a high level of consumer protection and to placing consumers at the heart of the single market by supporting and complementing Member States' policies in seeking to ensure that citizens can fully reap the benefits of the internal market and that, in so doing, their legal and economic interests are properly addressed and defended. A well-functioning and trustworthy financial services sector is a key component of the single market and its cross-border capability. It requires a solid framework for regulation and supervision, which simultaneously ensures financial stability and focuses on supporting a sustainable economy. At the same time, it should provide a high level of protection to consumers and other financial services end-users, including retail investors, savers, insurance holders, pension fund participants, individual shareholders, borrowers or SMEs.

Amendment 13 #

Proposal for a regulation
Recital 1

Amendment 14 #

Proposal for a regulation
Recital 1

(1) The Union contributes to ensuring a high level of consumer protection and to placing consumers at the heart of the single market by supporting and complementing Member States' policies in seeking to ensure that citizens can fully reap the benefits of the internal market and that, in so doing, their legal and economic interests are properly addressed and defended. A well-functioning and trustworthy financial services sector is a key component of the single market. It requires a solid framework for regulation and supervision, which simultaneously ensures financial stability and focuses on supporting a sustainable economy. At the same time, it should provide a high level of protection to consumers and other financial services end-users, including retail investors, savers, insurance policyholders, pension fund ~~participant~~members and beneficiaries, individual shareholders, borrowers or SMEs.

Amendment 15 #

Proposal for a regulation
Recital 2

(2) Since 2007, the confidence of consumers in particular and of other financial services' end-users has been shaken by the financial and economic crisis. To restore citizens' confidence in the soundness of the financial sector, it is therefore important to increase the active participation and involvement of consumers and other end- users of financial information, including retail investors, savers, insurance policyholders, pension fund members and beneficiaries, individual shareholders, borrowers or SMEs, as well as of stakeholders representing their interests, in the Union decision-making process in the financial sector.

Amendment 16 #

Anneliese DODDS

Proposal for a regulation
Recital 2

(2) Since 2007, the confidence of consumers in particular and of other financial services' end-users has been shaken by the financial and economic crisis. To restore citizens' confidence in the soundness of the financial sector, it is therefore important to increase the involvement of consumers and other end- users, as well as of stakeholders representing their interests, in the Union, multilateral and other relevant decision- making processes in the financial ~~sector~~field.

Amendment 17 #

Proposal for a regulation
Recital 2

Amendment 18 #

Proposal for a regulation
Recital 3

(3) To achieve this objective, the Commission initiated at the end of 2011 a pilot project aimed at providing grants to support the development of a financial expertise centre to the benefit of consumers, other end-users and stakeholders representing their interests and to enhance their capacity to participate in Union policy making in the field of financial services. The main policy objectives were to ensure that Union policy-makers, when initiating new legislation, would be provided with views other than those expressed by the financial sector professionals, that the wider public is better informed about issues at stake in financial regulation, enhance financial literacy and that the active participation of consumers and other end-users of financial information, including retail investors, savers, insurance policyholders, pension fund members and beneficiaries, individual shareholders, borrowers or SMEs, is enhanced in Union policy- making in the area of financial services, resulting in well- balanced legislation.

Amendment 19 #

Proposal for a regulation
Recital 3

(3) To achieve this objective, and following a cross-party initiative of the European Parliament, the Commission initiated at the end of 2011 a pilot project aimed at providing grants to support the development of a financial expertise centre to the benefit of consumers, other end- users and stakeholders representing their interests and to enhance their capacity to participate in Union policy making in the field of financial services. The main policy objectives were to ensure that Union policy-makers, when initiating new legislation, would be provided with views other than those expressed by the financial sector professionals, that the interests of consumers and other financial services end-users would be reflected in that legislation, that the wider public is better informed about issues at stake in financial regulation and that the participation of consumers, is enhanced in Union policy- making in the area of financial services, resulting in well- balanced legislation.

Amendment 20 #

Proposal for a regulation
Recital 3

(3) To achieve this objective, the Commission initiated at the end of 2011 a pilot project aimed at providing grants to support the development of a financial expertise centre to the benefit of consumers, other end-users and stakeholders representing their interests and to enhance their capacity to participate in Union policy making in the field of financial services and prevention and persecution of bank abuses. The main policy objectives were to ensure that Union policy-makers, when initiating new legislation, would be provided with views other than those expressed by the financial sector professionals, that the wider public is better informed about issues at stake in financial regulation and that the participation of consumers, is enhanced in Union policy-making in the area of financial services, resulting in well- balanced legislation.

Amendment 21 #

Proposal for a regulation
Recital 7

(7) The evaluation by the Commission of the pilot project and the subsequent preparatory action carried out in 2015 concluded that the policy objectives have been generally achieved. Finance Watch and Better Finance have been working on complementary policy areas and targeted different audiences. Together they have covered, through their activities, most of the Union financial political agenda since 2012.

Amendment 22 #

Proposal for a regulation
Recital 8

(8) BThe evaluation carried out by the Commission concluded that both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. NThe Commission evaluated national organisations dealing with all kinds of consumers' issues to be lacking technical expertise in policy areas related to financial services. In addition, no other similar organisations have been identified at Union level so far. TAlthough the evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, ~~which tends to show that no other organisation is currently able to carry out similar Union- wide activities~~the programme should be open to other potential beneficiaries if they meet the requirements of the programme.

Amendment 23 #

Olle LUDVIGSSON

Proposal for a regulation
Recital 8

(8) Both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. National organisations dealing with a~~ll kinds~~ variety of consumers' issues often lack technical expertise in policy areas related to financial services. In addition, no other similar organisations have been identified at Union level so far. The evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, which tends to show that no other organisation is currently able to carry out similar Union- wide activities.

Amendment 24 #

Proposal for a regulation
Recital 9

(9) ~~However, despite regular efforts, b~~Both organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding. Co- funding from the Union is therefore necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017-2020 to support the activities of Finance Watch and Better Finance ('Programme').

Amendment 25 #

Markus FERBER

Proposal for a regulation
Recital 9

(9) However, despite regular efforts, both organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding. Co- funding from the Union is therefore currently necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017- 2020 to support the activities of Finance Watch and Better Finance ('Programme'). All organisations which receive support under this programme should nonetheless aim to increase the proportion of funding that they contribute themselves.

Amendment 26 #

Proposal for a regulation
Recital 10

(10) Continuing funding of Finance Watch and Better Finance for the period 2017-2020 along the same lines as for the preparatory action wcould ensure that the ~~positive~~ impacts of the activities of those organisations assessed favourably by the Commission so far are maintained. The financial envelope for the implementation of the Programme should be based on ~~the average actual costs incurred by each beneficiary between 2012 and 2015. The co-funding~~ a detailed projected budget with actual cost justifications and cannot be based on an arbitrary averatge ~~should remain unchanged~~of previous spending.

Amendment 27 #

Proposal for a regulation
Recital 10

(10) Continuing funding of Finance Watch and Better Finance for the period 2017-2020 along the same lines as for the preparatory action would ensure that the positive impacts of the activities of those organisations assessed so far are maintained. The financial envelope for the implementation of the Programme should be based on the average actual costs incurred by each beneficiary between 2012 and 2015. The co-funding rate should remain unchanged. Should the programme and corresponding funding be extended to a period beyond the 2017 - 2020 period and other credible actors emerge, the call for applicants should be open to any other potentially qualifying organisations that fulfil the criteria;

Amendment 28 #

Proposal for a regulation
Recital 11 a (new)

(11 a) The Commission could in a future proposal open the Programme to other beneficiaries that may contribute to the objectives of this Regulation.

Amendment 29 #

Proposal for a regulation
Recital 14

(14) Every year before 3~~1 Dec~~0 November, ~~each~~all beneficiaryies should submit a description of activities planned for the following year to achieve the policy objectives of the Programme. Those activities should be described in detail, including their objectives, expected results and impact, estimated costs and timeframe as well as relevant indicators to assess them.

Amendment 30 #

Proposal for a regulation
Recital 14

Amendment 31 #

Proposal for a regulation
Recital 16

(16) The financial interests of the Union ~~should~~must be protected through proportionate measures throughout the expenditure cycle, including the prevention, detection and investigation of irregularities, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, administrative and financial penalties.

Amendment 32 #

Proposal for a regulation
Recital 17

(17) Since the objectives of this Regulation cannot be sufficiently achieved by the Member States, but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on the European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,deleted

Amendment 33 #

Proposal for a regulation
Article 1 – paragraph 1

1. A Union programme (the ‘Programme’) is hereby established for the period from 1 January 2017 to 31 December 2020 to support the activities of the organisations ~~referred to in Article 3~~, who contribute to the achievement of the policy objectives of the Union in relation to enhancing the involvement of consumers and other financial services end-users, as well as stakeholders representing their interests in Union policy making in the field of financial services.

Amendment 34 #

Anneliese DODDS

Proposal for a regulation
Article 1 – paragraph 1

1. A Union programme (the ‘Programme’) is hereby established for the period from 1 January 2017 to 31 December 2020 to support the activities of the organisations referred to in Article 3, who contribute to the achievement of the policy objectives of the Union in relation to enhancing the involvement of consumers and other financial services end-users, as well as stakeholders representing their interests in Union policy making and in other relevant jurisdictions which have an impact on the Union in the field of financial services.

Amendment 35 #

Proposal for a regulation
Article 1 – paragraph 2 – point a

(a) research activities, including production of own research, and data, and development of expertise;

Amendment 36 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness a~~nd dissemination activities~~ctivities and active dissemination of their publications and data, including to a wide audience of non- experts (e.g. information and financial education);

Amendment 37 #

Markus FERBER

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities~~, including~~ to a wide audience of non- experts, consumers and other end-users of financial services; activities of a purely political nature shall not be eligible for funding;

Amendment 38 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of non-experts, including in the field of bank abuses;

Amendment 39 #

Proposal for a regulation
Article 1 – paragraph 2 – point b

(b) awareness and dissemination activities, including to a wide audience of non-experts in each Member State;

Amendment 40 #

Proposal for a regulation
Article 1 – paragraph 2 – point c

(c) activities reinforcing the interactions between the members of the organisations referred to in Article 3 and advocacy activities fostering the positions of those members at Union level. and exchange good practices between members, fostering general interest in financial and EU regulation;

Amendment 41 #

Proposal for a regulation
Article 1 – paragraph 2 – point c a (new)

(c a) financial education and training, notably through cooperation with Member States' national authorities and national members of the beneficiaries;

Amendment 42 #

Proposal for a regulation
Article 2 – paragraph 1 – point a

(a) to further enhance the active participation and involvement of consumers and other financial services end-users, including retail investors, savers, insurance policyholders, pension fund members and beneficiaries, individual shareholders, borrowers or SMEs, as well as stakeholders representing their interests, in Union policy-making in the area of financial services;

Amendment 43 #

Anneliese DODDS

Proposal for a regulation
Article 2 – paragraph 1 – point a

(a) to further enhance the participation of consumers and other financial services end-users, as well as stakeholders representing their interests, in Union, multilateral and other relevant policy- making in the area of financial services;

Amendment 44 #

Proposal for a regulation
Article 2 – paragraph 1 – point a

(a) to further enhance the participation of consumers and other financial services end-users of each Member State, as well as stakeholders representing their interests, in Union policy-making in the area of financial services;

Amendment 45 #

Proposal for a regulation
Article 2 – paragraph 1 – point b

(b) to contribute to the information of consumers and other financial services end-users, including retail investors, savers, insurance policyholders, pension fund members and beneficiaries, individual shareholders, borrowers or SMEs, as well as stakeholders representing their interests, about issues at stake in the regulation of the financial sector.

Amendment 46 #

Proposal for a regulation
Article 2 – paragraph 1 – point b

(b) to contribute to the information of consumers and other financial services end-users, as well as stakeholders representing their interests, about issues at stake in the regulation of the financial sector, and on harmful corporate practices for consumers, including those of cross-border nature.

Amendment 47 #

Proposal for a regulation
Article 2 – paragraph 2

2. The objectives set out in paragraph 1 shall be closely monitored in particular through a yearly description of the actions performed by the beneficiaries of the Programme and an independently produced annual activity report, which shall include quantitative and qualitative indicators for each activity planned and conducted by the beneficiaries.

Amendment 48 #

Proposal for a regulation
Article 3 – paragraph 1

~~1. Finance Watch and Better Finance shall be beneficiaries of the Programme (‘beneficiaries’).~~deleted

Amendment 49 #

Markus FERBER

Proposal for a regulation
Article 3 – paragraph 1

1. ~~Finance Watch and Better Finance~~All organisations which meet the conditions stated in paragraph 2 and pursue the objectives referred to in Article 2 shall be beneficiaries of the Programme (‘beneficiaries’), eligible for grants.

Amendment 50 #

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, ~~these~~ beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 51 #

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. In order to comply with the requirements set in Article 1(2), their activities shall aim at covering as large a number of Member States as possible. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 52 #

Olle LUDVIGSSON

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. With the objective to safeguard the interests of consumers and end-users in all Member States, the beneficiaries shall seek to expand their network of active members within the Member States, and thus strive to ensuring comprehensive geographical coverage. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 53 #

Proposal for a regulation
Article 3 – paragraph 2

2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. They shall ensure, through their membership or own organizational structure, a wide coverage of Member States, and include through their membership a broad cross-section of European organisations. The Commission shall facilitate further information and develop contacts on potential members; The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.

Amendment 54 #

Proposal for a regulation
Article 3 – paragraph 3

~~3. Should the two beneficiaries referred to in paragraph 1 merge, the resulting legal entity shall become the beneficiary of the Programme.~~deleted

Amendment 55 #

Proposal for a regulation
Article 6 – paragraph 1

1. The financial envelope for the implementation of the Programme for the period from 1 January 2017 to 31 December 2020 shall be ~~maximum~~a limited figure justified by detailed financial analysis and shall not exceed EUR 6 000 000 in current prices.

Amendment 56 #

Proposal for a regulation
Article 7 – paragraph 2

2. In order to benefit from the Programme, the beneficiaries shall submit every year before 31 December to the Commission a ~~proposal~~work programme describing the activities referred to in Article 1 planned for the following year.

Amendment 57 #

Proposal for a regulation
Article 7 – paragraph 2

Amendment 58 #

Proposal for a regulation
Article 7 – paragraph 3

3. In order to implement the Programme, the Commission shall a~~dopt~~ssess and endorse the annual work programmes, unless any of the activities stated in the work programme does not promote objectives in line with the values and objectives of the Union. Those annual work programmes shall set out the objectives to be pursued, the expected results of the actions performed by the beneficiaries, the method of implementation of those actions and the total amount required to perform those actions. They shall also contain a detailed description of the actions to be financed, an indication of the amount allocated to each action and an indicative implementation timetable. For the action grants, the annual work programmes shall set out priorities and essential award criteria. The maximum rate of co-financing shall be 60% of eligible costs.

Amendment 59 #

Proposal for a regulation
Article 7 – paragraph 4

4. The Commission shall ~~adopt~~endorse the annual work programmes by means of implementing acts and confirm that any activity established in the work programme of the beneficiaries is in line with the values and objectives of the Union.

Amendment 6 #

Draft legislative resolution
Citation 1 a (new)

- having regard to Article 114 of the Treaty on the Functioning of the European Union,

Amendment 60 #

Proposal for a regulation
Article 8 – paragraph 3

3. The European Anti-fraud Office (OLAF) ~~may~~shall carry out on-the-spot checks and inspections on economic operators concerned directly or indirectly by such funding in accordance with the procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council6 and in Council Regulation (Euratom, EC) No 2185/967 with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union in connection with a grant agreement or grant decision or a contract funded, directly or indirectly, under this Programme. _________________ 6 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 7 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities’ financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2).

Amendment 61 #

Olle LUDVIGSSON

Proposal for a regulation
Article 9 – paragraph 1

1. No later than ~~twelve~~eighteen months before the end of the Programme, the Commission shall submit to the European Parliament and the Council an evaluation report on the achievement of the Programme's objectives. Thate report shall appraise the overall relevance and added value of the Programme, the effectiveness and efficiency of its execution and the overall and individual effectiveness of the beneficiaries' performance in terms of achievements of the objectives set out in Article 2.

Amendment 62 #

Proposal for a regulation
Article 9 – paragraph 1

1. No later than twelve months before the end of the Programme, the Commission shall submit to the European Parliament and the Council an evaluation report on the achievement of the Programme's objectives. That report shall appraise the overall relevance and added value of the Programme, the effectiveness and efficiency of its execution and the overall and individual effectiveness of the beneficiaries' performance in terms of achievements of the objectives set out in Article 2. The report shall also evaluate the feasibility of prolonging the programme to a new funding period, while ensuring that this potential prolongation includes an open call for other potentially qualifying organisations to participate;

Amendment 63 #

Proposal for a regulation
Article 9 – paragraph 1 a (new)

1 a. The European Parliament shall comment the Commission opinion and issue an evaluation report in order to scrutinize the work done by the beneficiaries, assessing their contribution to achieve the objectives set out in article 2. In that sense, beneficiaries shall make the information available to the European Parliament and the Council. Before the end of 2020 the European Parliament shall assess the overall results of the Programme and call on the Commission to propose the continuation or the re- shaping of the Programme;

Amendment 7 #

Draft legislative resolution
Citation 5 a (new)

- having regard to the EU Transparency Register, which lists the beneficiaries of the foreseen subsidies under Identification numbers 37943526882-24 and 24633926420-79,

Amendment 8 #

Draft legislative resolution
Citation 5 b (new)

- having regard to the European Parliamentary Research Service, which is the Parliament's in-house research department and think tank,

Amendment 9 #