2021/0341(COD) Amendments to the Capital Requirements Directive
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
FERNÁNDEZ Jonás ( S&D)
|
KARAS Othmar ( EPP),
POULSEN Erik ( Renew),
NIINISTÖ Ville ( Verts/ALE),
VAN OVERTVELDT Johan ( ECR),
ZANNI Marco ( ID),
PAPADIMOULIS Dimitrios ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
TFEU 053-p1
Legal Basis:
TFEU 053-p1Subjects
Events
2024/06/19
Final act published in Official Journal
2024/05/31
CSL - Draft final act
Documents
2024/05/31
CSL - Final act signed
2024/05/30
EP/CSL - Act adopted by Council after Parliament's 1st reading
2024/04/24
EP - Debate in Parliament
Documents
2024/04/24
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 486 votes to 56, with 26 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending Directive 2014/59/EU.
The European Parliament’s position adopted at first reading under the ordinary legislative procedure amends the proposal as follows:
Subject matter
The purpose of the amendments to Directive 2013/36/EU in connection with supervisory powers, sanctions, third-country branches, and environmental, social and governance (ESG) risks is to further the harmonisation of the banking supervisory framework and, ultimately, deepen the internal market for banking. Competent authorities should seek to ensure that the supervisory framework is applied to institutions, as defined in that Directive, in a proportionate manner and, in particular, they should aim to reduce compliance and reporting costs for small and non-complex institutions, with a view to an average reduction in reporting costs of 10% to 20%.
Supervisory independence of competent authorities
Member States should provide for the necessary arrangements to ensure that competent authorities, including their members of staff and the members of their governance bodies, can exercise their supervisory powers independently and objectively , without seeking or taking instructions from supervised institutions, from any body of the Union or any government of a Member State or from any other public or private body. The governance bodies of competent authorities should be functionally independent of other public and private bodies.
Member States should ensure that no member of a competent authority’s governance body remains in office for more than 14 years. Member States should ensure that members of a competent authority’s governance body are appointed on the basis of published criteria that are objective and transparent and that those members can be dismissed if they no longer meet the criteria of appointment or have been convicted of a serious criminal offence. The reasons for dismissal should be made public unless the member of the competent authority’s governance body concerned objects to the publication.
The cooling-off period should start from the date on which direct involvement in the supervision of the entities ceased. Members of their staff and members of their governance bodies should not have access to confidential or sensitive information relating to these entities during the cooling-off period. In addition, they should be required to submit a declaration of interest.
Where a member of staff or a member of a competent authority’s governance body owns, at the time of being hired or appointed or at any time thereafter, financial instruments that may give rise to conflicts of interest, the competent authority should have the power to require on a case-by-case basis that those instruments be sold or disposed of within a reasonable timeframe.
Branches in the EU
The requirement to establish a branch in the EU should not apply to cases of reverse solicitation, i.e. where a client or counterparty approaches an undertaking established in a third country on its own exclusive initiative for the provision of banking services, including their continuation, or banking services closely related to those initially solicited. The requirement to establish a branch in the EU should also not apply to interbank transactions or interdealer transactions.
Authorisation
Competent authorities should have the necessary power to withdraw the authorisation granted to a credit institution where such a credit institution has been determined as failing or likely to fail, there is no reasonable prospect that any alternative private sector measures or supervisory action would prevent a failure of such a credit institution within a reasonable timeframe and a resolution action is not necessary in the public interest.
Financial holding companies and mixed financial holding companies
Financial holding companies and mixed financial holding companies that are parent undertakings of banking groups should remain subject to the identification and approval mechanism introduced by Directive (EU) 2019/878 of the European Parliament and of the Council. That mechanism enables competent authorities to bring certain financial holding companies and mixed financial holding companies under the direct scope of their supervision and of their supervisory powers to ensure compliance on a consolidated basis.
Under specific circumstances, competent authorities should have the discretion to exempt from approval a financial holding company or mixed financial holding company set up for the purpose of holding participations in undertakings.
Supervising third country branches
When authorising and supervising third-country branches, competent authorities should be able to exercise their supervisory functions effectively. To that end they need to have access to all the necessary information on the third-country branch’s head undertaking from the supervisory authorities of the relevant third country and be able to effectively coordinate their supervisory activities with those of the third country’s supervisory authorities. Before a third-country branch commences its activities in a Member State, competent authorities should endeavour to conclude an agreement with the supervisory authority of the third country concerned to enable cooperation and information exchange.
Competent authorities should have an explicit power to require, on a case-by-case basis, that third-country branches apply for authorisation, at a minimum where those branches engage in activities with clients or counterparties in other Member States in breach of the internal market rules, where they pose a significant risk to the financial stability of the Union or of the Member State where they are established or where the aggregate amount of the assets of all third-country branches in the Union which belong to the same third-country group is equal to or greater than EUR 40 billion or the amount of the third-country branch’s assets in the Member State where it is established is equal to or greater than EUR 10 billion .
Management body and suitability assessment
Institutions, and financial holding companies and mixed financial holding companies that have been granted approval, should have the primary responsibility for ensuring that members of the management body are at all times of sufficiently good repute, act with honesty, integrity and independence of mind and possess sufficient knowledge, skills and experience to perform their duties. The entities should ensure that members of the management body fulfil at all times the criteria and requirements and should assess the suitability of members of the management body taking into account supervisory expectations, before they take up their position and periodically, as laid down in applicable laws and regulations, guidelines and internal suitability policies.
Crypto-asset technologies
In particular, in their risk management activities, institutions should consider the crypto-asset technology risks, general information and communication technology (ICT) and cyber risks, legal risks, money laundering and terrorist financing risks and valuation risks. Competent authorities should be able to take the necessary supervisory actions where the institutions’ risk management practices are deemed insufficient.
Environmental, social and governance (ESG) risks
Competent authorities should ensure that institutions have robust strategies, policies, processes and systems in place as part of their governance arrangements to identify, measure, manage and monitor ESG risks in the short, medium and long term.
Documents
2023/12/11
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2023/12/06
CSL - Coreper letter confirming interinstitutional agreement
Documents
2023/12/06
EP - Text agreed during interinstitutional negotiations
Documents
2023/02/15
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/02/13
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/02/10
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted a report by Jonás FERNÁNDEZ (S&D, ES) on the proposal for a directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending Directive 2014/59/EU.
As a reminder, the Commission’s proposal of the capital requirements directive aimed at strengthening the regulatory and supervisory landscape for banks operating in the EU by closing loopholes for third country branches, by enhancing and harmonising supervisory tools and powers in important areas and by ensuring that supervisors are sufficiently independent from economical and political influence and by incorporating environmental, social and governance related risks.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Proportionality
The amendment of Directive 2013/36/EU as regards supervisory powers, sanctions, third country branches and environmental, social and governance risks, and the amendment of Directive 2014/59/EU should be coherent with the logic of the banking union and lead to further harmonisation of the single banking market. It should always ensure proportionality of rules and aim at further reducing compliance and reporting costs, in particular for small and non-complex institutions.
Conditions for the authorisation of third country branches
Member States should require that third country undertakings establish a branch in their territory before commencing or continuing activities. New third country branches should not commence their activities in a Member State until the EBA and the third country competent authority have concluded a Memorandum of Understanding (‘MoU’). The MoU should provide a clear cooperation framework between the competent authorities, including exchange of information in on-going supervision, crisis management and resolution.
Classification of third country branches
The report stated that Member States may apply a stricter regulatory regime to all third country branches or branches from specific third countries.
Capital endowment requirement
Member States should require that third country branches maintain at all times a minimum capital endowment that is at least equal to:
(a) for class 1 third country branches, 3% of the branch’s average liabilities as reported for the three immediately preceding annual reporting periods, subject to a minimum of EUR 10 million;
(b) for class 2 third country branches, 0.5% of the branch’s average liabilities as reported for the three immediately preceding annual reporting periods, subject to a minimum of EUR 5 million.
Joint assessment of systemic third country branches
The report stipulates that joint assessments should be performed on the third country branches of the same third country group where they are established in two or more Member States and hold assets in an aggregate amount.
Power to require establishing a subsidiary
The committee proposed that Member States should ensure that competent authorities have the power to require third country branches to apply for authorisation where: (i) the third country branch has engaged in the past or is currently engaged in the performance of certain activities with customers or counterparties in other Member States or with other third country branches or subsidiary institutions of the same group; or (ii) the third country branch meets the systemic importance indicators or poses significant financial stability risks, or the aggregate amount of assets that a third country branch or branches in the Union that belong to the same group hold on their books in the Union as reported in accordance with Sub-section 4 is equal or higher to EUR 40 billion .
Designation and powers of the competent authorities
A more proportionate and targeted framework for cooling-off periods has been imposed for staff and members of governance bodies of competent authorities, before they can take up positions in supervised institutions. More specifically, the EBA should issue guidelines by 31 December 2024 on conditions which allow competent authorities to waive, increase or decrease the cooling off periods for specific members of the management governance bodies and staff.
Regulatory technical standards on cooperation with authorities responsible for supervision of anti-money laundering
EBA should, after consulting the European Data Protection Board, issue regulatory technical standards on the mechanisms for cooperation and information exchange between competent authorities and:
(a) the authorities responsible for supervision of anti-money laundering in the Member State;
(b) the authorities, in the context of identifying serious breaches of anti-money laundering rules.
The EBA should issue those regulatory technical standards by 12 months from date of entry into force of this amending Directive.
Environmental, social and governance risk
The report stated that institution’s exposures to environmental, social and governance risks should be assessed also on the basis of institutions’ plans. Institutions’ governance and risk management processes with regard to environmental, social and governance risks should be brought into line with the objectives set out in those plans.
The review and evaluation performed by competent authorities should include the assessment of the institutions’ plans and targets, as well as the progress made towards addressing the environmental, social and governance risks arising from the process of adjustment towards climate neutrality by 2050, as well as towards other relevant Union policy objectives in relation to environmental, social and governance factors.
Documents
2023/01/24
EP - Vote in committee, 1st reading
2023/01/24
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/08/22
EP - Amendments tabled in committee
Documents
2022/08/22
EP - Amendments tabled in committee
Documents
2022/06/30
ECB - European Central Bank: opinion, guideline, report
Documents
2022/06/01
EP - Committee draft report
Documents
2022/01/17
EP - Committee referral announced in Parliament, 1st reading
2021/10/28
EC - Document attached to the procedure
Documents
2021/10/28
EC - Document attached to the procedure
Documents
2021/10/28
EC - Document attached to the procedure
Documents
2021/10/28
EC - Legislative proposal published
Details
PURPOSE: to amend Directive 2013/36/EU (the Capital Requirements Directive or CRD) as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks with a view to making the EU banking sector more resilient to potential future economic shocks.
PROPOSED ACT: Directive of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: following the major financial crisis of 2008-2009, the EU and its G20 partners in the Basel Committee on Banking Supervision reached the Basel IIII agreement to make banks more resilient to potential economic shocks. Thanks to the reforms already implemented, the EU banking sector entered the COVID-19 crisis on a much more resilient footing. However, while the overall level of capital in EU banks is now satisfactory on average, some of the problems that were identified in the wake of the financial crisis have not yet been addressed.
The proposed amendment to Directive 2013/36/EU (the Capital Requirements Directive or CRD) is part of a legislative package that includes amendments to Regulation (EU) No 575/2013 (the Capital Requirements Regulation or CRR) and a separate legislative proposal to amend the Capital Requirements Regulation in the area of resolution (the so-called ‘daisy chain’ proposal).
This package of proposals marks the final step in this reform of banking rules and faithfully implements the international Basel III agreement, while taking into account the specific features of the EU's banking sector.
CONTENT this proposal amending Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms aims to contribute to financial stability and to the steady financing of the economy in the context of the post-COVID-19 crisis recovery .
The proposal includes provisions on the following issues:
Implementation of the Basel III reform
The proposal ensures proportionality and seeks to further reduce compliance costs, particularly for smaller banks, without relaxing prudential standards.
The proposal aims to ensure that the ‘internal models’ used by banks to calculate their capital requirements do not underestimate risks, thereby ensuring that the capital needed to cover these risks is sufficient. This will make it easier to compare risk-based capital ratios between banks, restoring confidence in these ratios and in the soundness of the sector in general.
Independence of competent authorities
The proposal clarifies how Member States should ensure that the independence of competent authorities, including their staff and governance bodies, is preserved. Minimum requirements are introduced to prevent conflicts of interest, while supervisors would be in a better position to check the good repute and competence of bank managers.
Strengthened supervisory powers
For an efficient Banking Union, the convergence of supervisory practices and a sufficient degree of harmonisation of the various national rules framing the supervisory action are needed. The supervisory authorities would be better able to verify the soundness of transactions . Moreover, this proposal expands the list of supervisory powers available in the CRD to competent authorities to cover operations such as acquisitions by a credit institution of a material holding in a financial or non-financial entity, the material transfer of assets or liabilities and merger or divisions. These supervisory powers will ensure that competent authorities are notified in advance, have at their disposal all the necessary information to perform a prudential assessment of these operations, and can ultimately oppose the completion of operations detrimental to the prudential profile of the supervised entities undertaking them.
Review of the administrative sanctioning regime
To ensure a level playing field in the field of sanctioning powers, Member States are required to provide for administrative penalties, periodic penalty payments and other administrative measures in relation to breaches of national provisions transposing the CRD and the CRR. The proposal requires Member States to lay down rules on the cooperation between competent authorities and judicial authorities in cases of duplication of criminal and administrative proceedings and penalties on the same breach.
Environmental, social and governance (ESG) risks
New provisions are introduced to address the significant risks that credit institutions will face due to climate change and the profound economic transformations that are needed to manage this and other ESG risks.
To this end, the proposal sets out clear requirements for the identification, measurement, management and monitoring of sustainability risks within ESG risk management frameworks. Supervisors would have the power to assess these risks as part of their regular supervisory reviews, including through climate stress tests carried out by themselves and by banks.
Third country branches (TCBs)
As of 31 December 2020, there were 106 TCBs in the EU distributed across 17 Member States. At present, these branches are mainly subject to national legislation, harmonised only to a very limited extent. The proposal seeks to harmonise EU rules in this area, which will allow supervisors to better manage risks related to these entities, which have significantly increased their activity in the EU over recent years.
Reducing banks’ administrative costs
The proposal aims to centralise disclosures of prudential information with a view to increased access to prudential data and comparability across industry. The centralisation of disclosures in a single access point established by the EBA is also aimed at reducing the administrative burden for institutions, especially small and non-complex ones.
Documents
2021/10/25
EP - FERNÁNDEZ Jonás (S&D) appointed as rapporteur in ECON
Documents
- Draft final act: 00079/2023/LEX
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T9-0362/2024
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE757.234
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)006587
- Text agreed during interinstitutional negotiations: PE757.234
- Committee report tabled for plenary, 1st reading: A9-0029/2023
- Amendments tabled in committee: PE734.261
- Amendments tabled in committee: PE735.693
- European Central Bank: opinion, guideline, report: CON/2022/0016
- European Central Bank: opinion, guideline, report: OJ C 248 30.06.2022, p. 0087
- Committee draft report: PE731.819
- Document attached to the procedure: SEC(2021)0380
- Document attached to the procedure: SWD(2021)0320
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0321
- Legislative proposal published: COM(2021)0663
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: SEC(2021)0380
- Document attached to the procedure: SWD(2021)0320
- Document attached to the procedure: EUR-Lex SWD(2021)0321
- Committee draft report: PE731.819
- European Central Bank: opinion, guideline, report: CON/2022/0016 OJ C 248 30.06.2022, p. 0087
- Amendments tabled in committee: PE734.261
- Amendments tabled in committee: PE735.693
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)006587
- Text agreed during interinstitutional negotiations: PE757.234
- Draft final act: 00079/2023/LEX
Votes
A9-0029/2023 – Jonás Fernández – Provisional agreement – Am 2 #
2024/04/24 Outcome: +: 486, -: 56, 0: 26
PPE
NI
The Left| Amendments | Dossier |
| 493 |
2021/0341(COD)
2022/08/22
ECON
493 amendments...
Amendment 100 #
Proposal for a directive Recital 10 (10) It is necessary to align provisions related to the acquisition of a qualifying holding in a credit institution with provisions on the acquisition of a qualifying holding by an institution, in case both assessments have to be undertaken for the same operation. Indeed, without proper articulation these provisions could lead to inconsistencies in the assessment undertaken by competent authorities, and ultimately the decisions taken by them. It is therefore necessary to provide for similar additional time provided to competent authorities to acknowledge receipt of the notification when the operation is considered complex
Amendment 101 #
Proposal for a directive Recital 12 a (new) (12 a) Competent authorities, for the implementation of this Directive and of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions, are expected (a) to ensure an appropriate balance of prudential requirements within banking groups in order to guarantee that the group and each of its subsidiaries are resilient and capable of supporting their customers, also in distressed situations; and (b) to take into account the efficiency of group risk management while ensuring that sufficient safeguards are in place to ensure financial stability in all Member States. To this end, competent authorities and resolution authorities require institutions to maintain an appropriate level of capital and liquidity, and rely on recovery and resolution plans to make sure that losses can be properly distributed across the group and liquidity can flow where needed at times of stress. This should be complemented with additional powers under Regulation (EU) No 806/2014 for competent authorities to be able as part of their early intervention measures to require a parent institution to execute group recovery plans when only its subsidiaries meet recovery indicators, in the case that the banking group has also entered into a group financial support agreement. These additional powers should be introduced on the occasion of the forth coming review of the EU crisis management framework.
Amendment 102 #
Proposal for a directive Recital 20 (20)
Amendment 103 #
Proposal for a directive Recital 20 (20)
Amendment 104 #
Proposal for a directive Recital 20 (20) Where the legal system of the Member State does not allow the administrative penalties provided for in this Directive, the rules on administrative penalties
Amendment 105 #
Proposal for a directive Recital 22 (22) The regulation of branches established by undertakings in a third country to provide banking services in a Member State is subject to national law and only harmonised to a very limited extent by Directive 2013/36/EU. While third country branches have a significant and increasing presence in Union banking markets, they
Amendment 106 #
Proposal for a directive Recital 25 (25) Competent authorities should have an explicit power to require
Amendment 107 #
Proposal for a directive Recital 32 Amendment 108 #
Proposal for a directive Recital 32 (32) The unprecedented scale of transition towards a sustainable, climate- neutral and circular economy will have considerable impacts on the financial system. In 2018, the Network of Central Banks and Supervisors for Greening the Financial System50 acknowledged that
Amendment 109 #
Proposal for a directive Recital 33 Amendment 110 #
Proposal for a directive Recital 33 (33) The long-term nature and the profoundness of the transition towards a sustainable, climate-neutral and circular economy will entail significant changes in the business models of institutions. The
Amendment 111 #
Proposal for a directive Recital 34 (34) To maintain adequate resilience to the negative impacts of ESG factors, institutions established in the Union need to be able to systematically identify, measure and manage ESG risks, and their supervisors need to assess the risks at the level of the individual institution as well as at the systemic level, giving priority to environmental factors and progressing to the other sustainability factors as the methodologies and tools for the assessment evolve. Institutions should assess the alignment of their portfolios with the ambition of the Union to become climate- neutral by 2050 as well as avert environmental degradation and biodiversity loss. Institutions should set out specific plans to address the risks arising, in the short, medium and long term, from the misalignment of their business model and strategy with relevant policy objectives of the Union, included in the Paris Agreement, the Fit for 55 package52 [and the post-2020 Global Biodiversity Framework]. Institutions should be required to have robust governance arrangements and internal processes for the management of ESG risks and to have in place strategies approved by their management bodies that take into consideration not only the current but also the forward-looking impact of ESG factors. The collective knowledge and awareness of ESG factors by the management body and institutions’ internal capital allocation to address ESG risks will also be key to drive the change within each and single institution. The specificities of ESG risks
Amendment 112 #
Proposal for a directive Recital 34 (34) To maintain adequate resilience to the negative impacts of ESG factors, institutions established in the Union need to be able to systematically identify, measure and manage ESG risks, and their supervisors need to assess the risks at the level of the individual institution as well as at the systemic level, giving priority to environmental factors and progressing to the other sustainability factors as the methodologies and tools for the assessment evolve. Institutions should assess the alignment of their portfolios with the ambition of the Union to become climate- neutral by 2050 and to reduce CO2 emissions by 55% by 2030 as well as avert environmental degradation and biodiversity loss. Institutions should set out specific plans to address the risks arising, in the short, medium and long term, from the misalignment of their business model and strategy with relevant policy objectives of the Union, included in the Paris Agreement, the Fit for 55 package52 [and the post-2020 Global Biodiversity Framework]. Institutions should be required to have robust governance arrangements and internal processes for the management of ESG risks and to have in place strategies approved by their management bodies that take into consideration not only the current but also the forward-looking impact of ESG factors. These strategies should ensure adherence to the EU's ambition to reduce emissions with 55% in 2030 and to be climate neutral by 2050 and shall ensure a reduction of their financing of activities that significantly harm environmental objectives as defined by Regulation (EU) 2019/852. The collective knowledge and awareness of ESG factors by the management body and institutions’ internal capital allocation to address ESG risks will also be key to drive the change within each and single institution. The specificities of ESG risks as well as their relative novelty means that
Amendment 113 #
Proposal for a directive Recital 35 Amendment 114 #
Proposal for a directive Recital 36 (36) The provisions in Article 133 of Directive 2013/36/EU on the systemic risk buffer framework may already be used to address various kinds of systemic risks, including risks related to climate change.
Amendment 115 #
Proposal for a directive Recital 36 (36) The provisions in Article 133 of Directive 2013/36/EU on the systemic risk buffer framework may already be used to address various kinds of systemic risks, including risks related to climate change. To the extent that the relevant competent or designated authorities, as applicable, consider that risks related to climate change have the potential to have serious negative consequences for the financial system and the real economy in Member States, they should introduce a systemic risk buffer rate
Amendment 116 #
Proposal for a directive Recital 37 (37) Members of the management body may undergo the suitability assessment only after a significant time after their appointment or, in the case of key function holders, not at all. Thus, members of the management body who do not meet the suitability criteria may have exercised their duties for a long time, which is problematic especially for large institutions. Moreover, cross-border institutions must navigate through a wide diversity of national rules and processes, which does not make the
Amendment 117 #
Proposal for a directive Recital 38 (38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position.
Amendment 118 #
Proposal for a directive Recital 38 (38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position. Specifically small and non-complex institutions should be given more flexibility in line with the principle of proportionality. However, due to the risks posed by large institutions resulting in particular from potential contagion effects, unsuitable members of management body should be prevented from influencing the running of such large institutions with potential serious detrimental effects. It is therefore appropriate that, safe in exceptional circumstances, the competent authorities assess the suitability of members of the management body of large institutions
Amendment 119 #
Proposal for a directive Recital 38 (38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position. However, due to the risks posed by large institutions resulting in particular from potential contagion effects, unsuitable members of management body should be prevented from influencing the running of such large institutions with potential serious detrimental effects. It is therefore appropriate that, safe in exceptional circumstances, the competent authorities assess the suitability of members of the management body of large institutions
Amendment 120 #
Proposal for a directive Recital 38 a (new) (38 a) The lack of diversity in the management body could lead to 'groupthink' phenomenon. This phenomenon is at the roots of ineffective decisions and systematic bias. Therefore, diversity should be one of the criteria for the composition of the management body. To facilitate independent opinions and critical challenges, the management body should be sufficiently diverse as regards age, gender, geographical provenance and educational and professional background to present a variety of views and experiences. Gender balance is of particular importance to ensure adequate representation of the population. Institutions shall set target and define measures to balance genders in the management body.
Amendment 121 #
Proposal for a directive Recital 39 (39) Not only members of the management body, but also key function holders have a significant influence in ensuring the sound and prudent management of an institution on a day-to- day basis. Because Directive 2013/36/EU does not currently define key function holders, Member States have diverging practices across the Union, which impedes an effective and efficient supervision and prevents a level playing field. It is therefore necessary to define key function holders. In addition, the responsibility for assessing the suitability of key function holders should primarily belong to institutions.
Amendment 122 #
Proposal for a directive Recital 39 (39) Not only members of the management body, but also key function holders have a significant influence in ensuring the sound and prudent management of an institution on a day-to- day basis. Because Directive 2013/36/EU
Amendment 123 #
Proposal for a directive Recital 41 (41) In light of the role of the suitability assessment for the prudent and sound management of institutions, it is necessary to provide competent authorities with new tools, such as statements of responsibilities and a mapping of duties, to assess the suitability of members of the management body and key function holders. Those new
Amendment 124 #
Proposal for a directive Recital 43 (43)
Amendment 125 #
Proposal for a directive Recital 43 (43)
Amendment 126 #
Proposal for a directive Recital 44 (44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer
Amendment 127 #
Proposal for a directive Recital 44 (44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer
Amendment 128 #
Proposal for a directive Recital 44 (44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer should not increase where there has been no increase in the macroprudential or systemic risks associated with the institution.
Amendment 129 #
Proposal for a directive Recital 45 Amendment 130 #
Proposal for a directive Recital 45 Amendment 131 #
Proposal for a directive Recital 45 Amendment 132 #
Proposal for a directive Recital 46 (46) To enable the timely and effective activation of the systemic risk buffer it is necessary to clarify the application of the relevant provisions and simplify and align the applicable procedures. Setting a systemic risk buffer should be possible for designated authorities in all Member States to enable the recognition of systemic risk buffer rates set by authorities in other Member States and to ensure that authorities are empowered to address systemic risks in a timely, proportionate and effective manner. Recognition of a systemic risk buffer rate set by another Member State should require only a notification from the authority recognising the rate. To avoid unnecessary authorisation procedures where the decision to set a buffer rate results in a decrease or no change from any of the previously set rates, the procedure laid down in Article 131(15) of Directive 2013/36/EU needs to be aligned with the procedure laid down in Article 133(9) of that Directive. The procedures laid down in Article 133(11) of that Directive should be clarified and made more consistent with the procedures applying for other systemic risk buffer rates, where relevant.
Amendment 133 #
Proposal for a directive Recital 46 a (new) (46 a) In general, the EBA shall duly take into account the proportionality principle with regard to the design of guidelines. Requirements for small, non- complex institutions and other institutions with simple business models should be formulated in a principle-oriented manner only and reflect the lower risk of such institutions.
Amendment 134 #
Proposal for a directive Recital 46 a (new) (46 a) When drafting regulatory technical standards, guidelines and Q&As, the European Banking Authority should pay due attention to the principle of proportionality and ensure that those legal acts can also be transposed by small and non-complex institutions without undue effort;
Amendment 135 #
Proposal for a directive Recital 46 b (new) (46 b) Investments shall only be risk- weighted according to their fundamental credit, market and operational risk and not on the basis on whether these investments are aligned with environmental, social or governance criteria.
Amendment 136 #
Proposal for a directive Article 1 – paragraph 1 – point -1 (new) Directive 2013/36/EU Article 2 – paragraph 5 – point 5 (-1) Article 2(5), point 5 is replaced by the following: "(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, 'Investitionsbank Sachsen- Anhalt', ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland-
Amendment 137 #
Proposal for a directive Article 1 – paragraph 1 – point -1 (new) Directive 2013/36/EU Article 2 – paragraph 5 – point 5 (1 a) in Article 2(5), point( 5) is replaced by the following: ‘(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, ‘Investitionsbank Sachsen- Anhalt’, ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland-
Amendment 138 #
Proposal for a directive Article 1 – paragraph 1 – point -1 a (new) Directive 2013/36/EU Article 2 – paragraph 5 – point 5 (-1 a) in Article 2(5) point 5 is replaced by the following: ‘(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, ‘Investitionsbank Sachsen- Anhalt’, ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland-
Amendment 139 #
Proposal for a directive Article 1 – paragraph 1 – point -1 a (new) Directive 2013/36/EU Article 2 – paragraph 5 – point 5 "(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und
Amendment 140 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 2013/36/EU Article 3 – paragraph 1 – point 8 a (8a) ‘management body in its management function’ means either of the following: a) in one-tier board regime: the management body acting in its role of directing effectively the institution and includes the persons who direct the business of the institution; b) in a two-tier board regime: a dedicated administrative structure which has the role of supervising the management body referred to in point (a);
Amendment 141 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point c Directive 2013/36/EU Article 3 – paragraph 1 – point 9a (9a) ‘key function holders’ means
Amendment 142 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point c Directive 2013/36/EU Article 3 – paragraph 1 – point 9a (9a) ‘key function holders’ means
Amendment 143 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point c (9a) ‘key function holders’ means
Amendment 144 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point g Directive 2013/36/EU Article 3 – paragraph 1 – point 68 (68) ‘periodic penalty payments’ means daily penalties, aimed at ending ongoing breaches and compelling legal or natural person to return to compliance with their obligations under
Amendment 145 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point g Directive 2013/36/EU Article 3 – paragraph 1 – point 68 (68) ‘periodic penalty payments’ means daily penalties, aimed at ending ongoing breaches and compelling legal or natural person to return to compliance with their obligations under this Directive and Regulation (EU) No 575/2013, or obligations arising from a decision issued by the competent authority ;
Amendment 146 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point g a (new) Article 3 – paragraph 1 – point 69 a (new) Amendment 147 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 2 For the purposes of preserving the independence of competent authorities in the exercise of their powers, Member State shall provide all the necessary arrangements to ensure that those competent authorities, including their staff and members of their governance bodies, can act independently and objectively,
Amendment 148 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 2 For the purposes of preserving the independence of competent authorities in the exercise of their powers, Member States shall provide all the necessary arrangements to ensure that those competent authorities
Amendment 149 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point a (a) trading or owning financial instruments issued by or referenced to the institutions supervised by the competent authorities, their direct or indirect parent undertakings, subsidiaries or affiliates;
Amendment 150 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point i Amendment 151 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Amendment to directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point i (i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the two preceding years from the date when taking up any new role, if the relevant staff of member of governing bodies was directly involved in the exercise of supervisory responsibilities of said entity or took any decision towards it;
Amendment 152 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point i (i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the
Amendment 153 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point i a (new) Amendment 154 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Amendment to directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point ii (ii) firms that provide services to any of the undertakings referred to in point (i) that were directly supervised over at least the two preceding years from the date when taking up any new role,
Amendment 155 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 3 – point b – point ii (ii) firms that provide services to any of the undertakings referred to in point (i) that were directly supervised over at least the
Amendment 156 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 4 Amendment 157 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2013/36/EU Article 4 – paragraph 4 – subparagraph 5 a (new) Amendment 158 #
Proposal for a directive Article 1 – paragraph 1 – point 2 a (new) Directive 2013/36/EU Article 8a – paragraph 4 – subparagraph 1a (new) (2a) in Article 8a(4), the following subparagraphs are added: By way of derogation from paragraph 1, based on the application received in accordance with that paragraph and the information received in accordance with Article 95a of Directive 2014/65/EU, the competent authority may, after receiving an opinion from the EBA, decide to waive the requirement to obtain an authorisation as a credit institution in accordance with Article 8 of this Directive for an undertaking referred to in that paragraph. The waiver shall not be applied where the undertaking is identified as a credit institution in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 575/2013. When deciding as to whether apply the waiver referred to in the second subparagraph, the competent authority shall consider at least all of the following elements: (a) where the undertaking is part of a group, the group structure and the allocation of assets across the group entities; (b) the nature, size and complexity of the activities carried out by the undertaking in the Member State where it is established and in the Union as a whole; (c) the importance of, and systemic risk posed by, the activities performed by the undertaking in the Member State where it is established and in the Union as a whole. The competent authority shall notify its decision to the undertaking and shall publish it, together with the EBA opinion, on the EBA website. Where the decision deviates from the opinion provided by the EBA, the competent authority shall state the reasons for the deviation in its decision. The decision shall be re-assessed every 2 years.
Amendment 159 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 b (new) Directive 2013/36/EU Article 8a – paragraph 6a (new) (2b) In Article 8a, the following paragraph is added: 6a. EBA shall develop draft regulatory technical standards to specify further the elements that need to be considered by a competent authority when deciding to grant a waiver in accordance with paragraph 4 of this Article. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. EBA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force].
Amendment 160 #
Proposal for a directive Article 1 – paragraph 1 – point 3 a (new) Directive 2013/36/EU Article 18 – g a (new) Amendment 161 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b – point -i (new) Directive 2013/36/EU Article 21a – paragraph 2 –subparagraph 1 – introductory part (-i) in the first subparagraph, the introductory part is replaced by the following: ‘For the purposes of paragraph 1, financial holding companies, and mixed financial holding companies referred to therein shall provide the consolidating supervisor determined in accordance with Article 111 and, where different, the competent authority in the Member State where they are established with the following information:
Amendment 162 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b – point ii Directive 2013/36/EU Article 21a – paragraph 2 – subparagraph 2 ‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article
Amendment 163 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b – point ii Directive 2013/36/EU Article 21a – paragraph 2 – subparagraph 2 ‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article
Amendment 164 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 3 – point c (
Amendment 165 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b b (new) Amendment 166 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013
Amendment 167 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013
Amendment 168 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013
Amendment 169 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive (EU) 36/2013 Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013
Amendment 170 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4,subparagraph 2 is replaced by the following: ‘Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013
Amendment 171 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b a (new) Directive 2013/36/EU Article 21a – paragraph 4 – subparagraph 2 (b a) in paragraph 4, subparagraph 2 is replaced by the following: ‘Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation
Amendment 172 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point b c (new) Directive 2013/36/EU Article 21a – paragraph 10 – subparagraph 1 Amendment 173 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c Amendment 174 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36 Article 21c Amendment 175 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/13/EU Article 21c – paragraph 1 1. Member States shall require undertakings established in a third country as referred to in Article 47(1) and (2) to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph (1) of that Article in the relevant Member State. This requirement shall not apply to activities with professional clients within the meaning of Section I and II of Annex II of Directive 2014/65/EU.
Amendment 176 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 1 1. Member States shall require undertakings established in a third country as referred to in Article 47(1)
Amendment 177 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 2 2.
Amendment 178 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 2 2. Where a
Amendment 179 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 2 2. Where a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of
Amendment 180 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 2 2. Where a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. W
Amendment 181 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2013/36/EU Article 21c – paragraph 3 3. An initiative by a client or counterparty as referred to in paragraph 2 shall not entitle the third-country undertaking to market other categories of products, activities or services than those that the client or counterparty had solicited, other than through a third country branch established in a Member State and with the exception of any services, activities or products necessary for the provision of the service, product or activity solicited by the client or counterparty.;
Amendment 182 #
Proposal for a directive Article 1 – paragraph 1 – point 6 a (new) Directive 2013/36/EU Article 22 – paragraph 2 – subparagraph 1 a (new) Amendment 183 #
Proposal for a directive Article 1 – paragraph 1 – point 6 a (new) Directive 2013/36/EU Article 23 – paragraph 1 – subparagraph 1 a (new) Amendment 184 #
Proposal for a directive Article 1 – paragraph 1 – point 6 b (new) Directive 2013/36/EU Article 23 – paragraph 1 – subparagraph 1 a (new) Amendment 185 #
Proposal for a directive Article 1 – paragraph 1 – point 6 b (new) Directive 2013/36/EU Article 23 – paragraph 2 – subparagraph 1 a (new) Amendment 186 #
Proposal for a directive Article 1 – paragraph 1 – point 6 c (new) Directive 2013/36/EU Article 23 – paragraph 2 – subparagraph 1 a (new) Amendment 187 #
Proposal for a directive Article 1 – paragraph 1 – point 6 d (new) Directive 2013/36/EU Article 23 – paragraph 5 a (new) Amendment 188 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Chapter 3 – Title Acquisition or divesture of a
Amendment 189 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27a – paragraph 1 1. Member States shall require any institution
Amendment 190 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27a – paragraph 2 – subparagraph 2 By way of derogation from the p
Amendment 191 #
Proposal for a directive Article 1 – paragraph 1 – point 7 3. The competent authorities shall have 60 working days from the date of the written acknowledgement of receipt of the notification and from the receipt of all documents, including those required by the Member State to be attached to the notification in accordance with Article 27b(
Amendment 192 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27a – paragraph 3 – subparagraph 2 If the proposed acquisition consists
Amendment 193 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27a – paragraph 8 Amendment 194 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27a – paragraph 12 12. Member States may not impose requirements for notification to, or approval by, competent authorities of direct or indirect acquisitions
Amendment 195 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 2 2. For the purposes of assessing the criterion laid down in paragraph 1, point (c),
Amendment 196 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 3 – subparagraph 2 For the purposes of this paragraph and Article 23(2), and with regard to the criterion laid down in paragraph 1, point (c), an objection
Amendment 197 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 3 – subparagraph 2 For the purposes of this paragraph
Amendment 198 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 6 6. Notwithstanding Article 27a, paragraphs 2 to 7, where two or more proposals to acquire
Amendment 199 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 7 – subparagraph 1 – point a (a) the minimum list of information to be provided to the competent authorities at the time of the notification referred to in
Amendment 200 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 7 – subparagraph 1 – point b Amendment 201 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b – paragraph 7a (new) 7 a. EBA shall issue guidelines to specify a common assessment criteria set out in this Article, Article 27g and Article 27l. The EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].
Amendment 202 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27b (new) In any event, competent authorities shall be able to object to the acquisition when the proposed acquirer is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures
Amendment 203 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27c – paragraph 2 2. The competent authorities shall seek to coordinate their assessments and ensure the consistency of their decisions. To this end, the decision by the competent authority of the acquirer shall indicate any views or reservations made by the other competent authorit
Amendment 204 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27c – paragraph 2 2. The competent authorities shall seek to coordinate their assessments and ensure the consistency of their decisions. To this end, the decision by the competent authority of the acquirer shall indicate any views or reservations made by the other relevant competent authority
Amendment 205 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27d – paragraph 1 Member States shall require any institution
Amendment 206 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27e – paragraph 1 Where the acquirer fails to notify the proposed acquisition in advance in accordance with Article 27a(1) or has acquired a
Amendment 207 #
Proposal for a directive Article 1 – paragraph 1 – point 7 (a) the intended operation shall be deemed material for an institution where it is at least equal to 10 % of its total assets or liabilities
Amendment 208 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27f – paragraph 2 – point b Amendment 209 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27g – paragraph 3 – subparagraph 2 With regard to the criterion laid down in paragraph 1, point (b), an objection
Amendment 210 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27g – paragraph 3 a (new) 3 a. In any event, competent authorities shall be able to object to the intended operation when the credit institution’s counterparty is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures
Amendment 211 #
Proposal for a directive Article 1 – paragraph 1 – point 7 The list referred to in the previous sub- paragraph shall not prevent competent authorities to ask for additional information that are necessary to ensure that the intended operation complies with the criteria defined in paragraph 1.
Amendment 212 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27h – paragraph 3 3. The competent authorities shall seek to coordinate their assessments
Amendment 213 #
Proposal for a directive Article 1 – paragraph 1 – point 7 1. Member States shall require any institution
Amendment 214 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 1 – subparagraph 2 Amendment 215 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 1 – subparagraph 2 Amendment 216 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 1 – subparagraph 3 Amendment 217 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 1 – subparagraph 3 Amendment 218 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 5 5. The proposed operations shall not be completed before the issuance of a
Amendment 219 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 5 5. The proposed operations shall not be completed before the
Amendment 220 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 6 – subparagraph 1 6. The competent authorities shall, within two working days from the completion of their assessment, issue in writing a motivated positive or negative
Amendment 221 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 6 – subparagraph 1 6. The competent authorities shall, within two working days from the completion of their assessment, issue in writing a motivated positive or negative
Amendment 222 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 6 – subparagraph 2 The financial stakeholders shall transmit the motivated
Amendment 223 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 6 – subparagraph 2 The financial stakeholders shall transmit the motivated
Amendment 224 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 7 7. When the proposed operation involves only financial stakeholders from the same group, and the competent authorities do not oppose the proposed operation within the assessment period in writing, the
Amendment 225 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 7 7. When the proposed operation involves only financial stakeholders from the same group, and the competent
Amendment 226 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 8 8. The
Amendment 227 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27k – paragraph 8 8. The
Amendment 228 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27l – paragraph 3 – subparagraph 1 3. The competent authorities may
Amendment 229 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27l – paragraph 3 – subparagraph 1 3. The competent authorities may
Amendment 230 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/65/EU Article 27l – paragraph 3 – subparagraph 2 With regard to the criterion laid down in paragraph 1, point (f), an objection in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a reasonable ground for
Amendment 231 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27l – paragraph 3 – subparagraph 2 With regard to the criterion laid down in paragraph 1, point (f), an objection in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a
Amendment 232 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27l – paragraph 3 – subparagraph 2 With regard to the criterion laid down in paragraph 1, point (f), an objection
Amendment 233 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27m – paragraph 3 3. The competent authorities shall seek to coordinate their assessments
Amendment 234 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27m – paragraph 3 3. The competent authorities shall seek to coordinate their assessments, ensure the consistency of their
Amendment 235 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27n – paragraph 1 Member States shall require that, where the financial stakeholders fail to provide prior notification of the proposed operation in accordance with Article 27k(1) or have carried out the proposed operation as
Amendment 236 #
Proposal for a directive Article 1 – paragraph 1 – point 7 Directive 2013/36/EU Article 27n – paragraph 1 Member States shall require that, where the financial stakeholders fail to provide prior notification of the proposed operation in accordance with Article 27k(1) or have carried out the proposed operation as referred to that Article without prior
Amendment 237 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – title Article 47 Scope and definitions
Amendment 238 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – introductory part 1. This Chapter lays down the rules concerning the carrying out in a Member State of the activities of a third-country- branch:
Amendment 239 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – introductory part 1. This Chapter lays down the
Amendment 240 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/13/EU Article 47 – paragraph 1 – introductory part 1. This Chapter lays down
Amendment 241 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point a Amendment 242 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point a Amendment 243 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point a (a) any of the activities
Amendment 244 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point a (a) any of the activities listed in points 1,2,3 and 6 of Annex I to this Directive by an undertaking established in a third country that would be required to be authorised as a credit institution under this Directive as a result of carrying out those activities if it were established in that Member State.;
Amendment 245 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/13/EU Article 47 – paragraph 1 – point a (a) any of the activities listed in Annex I
Amendment 246 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point b Amendment 247 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point b Amendment 248 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 1 – point b Amendment 249 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/13/EU Article 47 – paragraph 1 – point b Amendment 250 #
Proposal for a directive Article 1 – paragraph 1 – point 8 (b) the activit
Amendment 251 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 2 Amendment 252 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU article 47 – paragraph 2 Amendment 253 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/13/EU Article 47 – paragraph 2 Amendment 254 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 2 Amendment 255 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 2 2. By derogation from paragraph 1,
Amendment 256 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47 – paragraph 3 a (new) 3 a. EBA or ESMA shall assess whether the EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 should be further harmonized and draft a report by [1 year after entry into force]. EBA or ESMA shall take regulation in other jurisdictions as well as the current market access regulation of the member states into account. Based on this report, the Commission may issue a legislative proposal regarding this EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 no later than [2] years after entry into force of this directive. Between the entry into force of this directive and the entry into force of the legislative proposal mentioned in the first sub-paragraph, a Member State allowing third country entities to (continue to) conduct activities listed in Annex I of this Directive, other than those listed in points 1, 2, 3, and 6, without requiring third country entities to establish a branch on its territory, shall provide to EBA and ESMA a justification on the reasons for which the Member State does not require the establishment of a branch, within 1 year after entry into force of this directive.
Amendment 257 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 47a (new) Amendment 258 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 1 – introductory part 1. Member States shall classify third country branches which are not “qualifying third country branches, as class 1 where those branches meet any of the following conditions:
Amendment 259 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 1 – point a (a) the total value of the assets booked or originated by the third country branch in the Member State is equal to or higher than EUR 5 billion, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub- section 4;
Amendment 260 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 1 – point a (a) the total value of the assets booked or originated by the third country branch in the Member State is equal to or higher than EUR 5 billion, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub- section 4;
Amendment 261 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive (EU) 2013/36/EU Article 48a – paragraph 1 – point a (a) the total value of the assets booked or originated by the third country branch in the Member State is equal to or higher than EUR 5 billion, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub- section 4;
Amendment 262 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 1 – point b (b) the third country branch’s authorised activities include taking deposits and other repayable funds from retail customers
Amendment 263 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 1 – point c Amendment 264 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 2 2. Member States shall classify third country branches which are not “qualifying third country branches” and that do not meet any of the conditions laid out in paragraph 1 as class 2.
Amendment 265 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48a – paragraph 3 a (new) 3 a. Member States may apply a stricter regulatory regime to all third country branches or branches from specific third countries. Paragraphs (1) to (3) of this Article shall not apply if the Member State subjects branches from the relevant third country to authorisation requirements and other regulatory requirements in line with the requirements for institutions authorised under this Directive.
Amendment 266 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48c – paragraph 1 1.
Amendment 267 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48c – paragraph 1 1. Member States shall require that third country undertakings establish a branch in their territory before commencing or continuing the activities referred to in Article 47(1) in their territory. The establishment of a third country branch shall be subject to prior authorisation in accordance with this Chapter. The first sentence of the first sub-paragraph of this paragraph shall not apply to the provision of any service or activity referred to in Article 47(1) at the exclusive initiative of a client or counterparty in the Union as described in Article 21c(1) and (2).
Amendment 268 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48c – paragraph 1 a (new) 1 a. Third country branches must not commence their activities in a Member State until the competent authorities of that Member State and the third country competent authority have concluded a Memorandum of Understanding (MoU). The MoU shall provide a clear cooperation framework between the competent authorities, including exchange of information in on-going supervision, crisis management and resolution.
Amendment 269 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48c – paragraph 3 – subparagraph 1 – point d (d) the authorisation provides that the third country branch may only conduct the authorised activities within the Member State where it is established and expressly prohibits the third country branch from offering or conducting those same activities in other Member States on a cross-border basis; except for transactions concluded with other third country branches of the same group and for transactions incurred on a reverse solicitation basis.
Amendment 270 #
Proposal for a directive Article 1 – paragraph 1 – point 8 (c a) the conditions under which competent authorities may rely on information that has already been provided in the process of any prior branch authorisation.
Amendment 271 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48e – paragraph 1 – point a (a) for class 1 third country branches,
Amendment 272 #
Proposal for a directive Article 1 – paragraph 1 – point 8 (b) for class 2 third country branches, 1% of the branch’s average liabilities as reported for the three immediately preceding annual reporting periods in accordance with Sub-section 4, subject to a minimum of EUR 5 million.
Amendment 273 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48f – paragraph 3 Amendment 274 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48f – paragraph 4 Amendment 275 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48f – paragraph 4 4. Competent authorities may waive the liquidity requirement laid down in this Article for qualifying third country branches and for non-qualifying third country branches where assessments under Article 48b are still ongoing.
Amendment 276 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48i – paragraph 1 1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities originated by and associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide sufficient information on the risks generated by the third country branch and on how they are managed.
Amendment 277 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48i – paragraph 1 1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities originated by and associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously
Amendment 278 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive (EU) 2013/36/EU Article 48i – paragraph 1 1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities originated by and associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide sufficient information on the risks generated by the third country branch and on how they are managed.
Amendment 279 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48i – paragraph 1 1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide all necessary and sufficient information on the risks generated by the third country branch and on how they are managed.
Amendment 280 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – title Amendment 281 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Amendment 282 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 1 – point a (a) the third country branch has engaged in
Amendment 283 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 1 – point b (b) the third country branch meets the systemic importance indicators referred to in Article 131(3)
Amendment 284 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 1 – point b a (new) (b a) the aggregate amount of assets that a third country branch or branches in the Union that belong to the same group hold on their books in the Union as reported in accordance with Sub-section 4 is equal or higher to 40 billion euros.
Amendment 285 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 2 Amendment 286 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 3 Amendment 287 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48j – paragraph 4 Amendment 288 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – title Amendment 289 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 1 Amendment 290 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k Amendment 291 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 1 – introductory part 1. The third country branch or branches in the Union that belong to the same third country group shall be subject to the assessment laid down in paragraph 2 of this Article where the aggregate amount of assets, excluding any assets held for the purposes of intragroup financing activities or for deposit with the ECB or another EU Member State central bank, that they hold on their books in the Union as reported in accordance with Sub-section 4 is equal to or higher than EUR
Amendment 292 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 2 Amendment 293 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 2 2. Competent authorities shall assess whether
Amendment 294 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k Amendment 295 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 3 – subparagraph 1 – point b (b) where Article 111 does not apply to the relevant third country group, the competent authority that would become the consolidated supervisor of that third country group in the Union in accordance with that Article, should the third country branches be treated as subsidiary institutions of the same consolidated group of entities;
Amendment 296 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 3 – subparagraph 1 – point b (b) where Article 111 does not apply to the relevant third country group, the competent authority that would become the consolidated supervisor of that third country group in the Union in accordance with that Article, should the third country branches be treated as subsidiary institutions of the same consolidated group of entities;
Amendment 299 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 5 – subparagraph 3 For the purposes of point (a), the assets
Amendment 300 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 5 – subparagraph 3 For the purposes of point (a), the assets held or originated in both the third country branches and the assets held in subsidiary institutions of the third country group shall be included in the calculation.
Amendment 301 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 5 – subparagraph 3 For the purposes of point (a), the assets held or originated in both the third country branches and the assets held in subsidiary institutions of the third country group shall be included in the calculation.
Amendment 302 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Amendment 303 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48k – paragraph 7 Amendment 304 #
Proposal for a directive Article 1 – paragraph 1 – point 8 (a) the assets and liabilities held on their books in accordance with Article 48i or originated by the third country branch, with a breakdown that singles out:
Amendment 305 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive (EU) 2013/36 Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part (a) the assets and liabilities held on their books in accordance with Article 48i or originated by the third country branch, with a breakdown that singles out:
Amendment 306 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part (a) the assets and liabilities held on their books in accordance with Article 48i
Amendment 307 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48l – paragraph 2 – point f a (new) (f a) the direct provision of cross-border investment services in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country, and the investment services that are provided in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country on the basis of reverse solicitation.
Amendment 308 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48l – paragraph 2 – point f a (new) (f a) the direct provision of cross-border investment services in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country, and the investment services that are provided in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country on the basis of reverse solicitation.
Amendment 309 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48l – paragraph 3 a (new) 3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country groups the information obtained in accordance with Article 48l(1) and (2).
Amendment 310 #
Proposal for a directive Article 1 – paragraph 1 – point 8 3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country groups the information obtained in accordance with Article 48l(1) and (2).
Amendment 311 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48l – paragraph 3 a (new) 3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country group the information obtained in accordance with this Article.
Amendment 312 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48o – paragraph 6 – subparagraph 1 – point b Amendment 313 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48oa (new) Amendment 314 #
Proposal for a directive Article 1 – paragraph 1 – point 8 Directive 2013/36/EU Article 48p – paragraph 2 – point g a (new) (g a) suspend the authorisation granted in accordance with article 48c and prohibit engaging in new business.
Amendment 315 #
Proposal for a directive Article 1 – paragraph 1 – point 8 a (new) Directive 2013/36/EU Article 53 – paragraph 1– subparagraph 2 (8 a) in Article 53 (1), subparagraph 2 is replaced by the following: Confidential information which such persons, auditors or experts receive in the course of their duties may be disclosed only in summary or aggregate form, such that individual credit institutions cannot be identified, without prejudice to cases covered by criminal
Amendment 316 #
Proposal for a directive Article 1 – paragraph 1 – point 8 b (new) Directive 2013/36/EU Article 53 – paragraph 2 (8 b) in Article 53, paragraph 2 is replaced by the following: ‘2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) (‘ESMA’)
Amendment 317 #
Proposal for a directive Article 1 – paragraph 1 – point 8 c (new) Directive 2013/36/EU Article 56 – paragraph 2 – subparagraph 1 a (new) Amendment 318 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (a a) carrying out any of the activities referred to in Article 4(1), point (1)(b) of Regulation (EU) No 575/2013, meeting at least one of the thresholds indicated in that Article without being authorised as a credit institution;
Amendment 319 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2013/36/EU Article 66 – paragraph 1 – point a a (new) (a a) carrying out any of the activities referred to in Article 4(1), point (1)(b) of Regulation (EU) No 575/2013, meeting at least one of the thresholds indicated in that Article without being authorised as a credit institution.
Amendment 320 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (i) in the case of a legal person, periodic penalty payments of up to
Amendment 321 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2013/36/EU Article 66 – paragraph 2 – point b – point ii Amendment 322 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2013/36/EU Article 66 – paragraph 2 – point b – point ii (ii) in the case of a natural person, periodic penalty payments of up to EUR 500 000 which, in the case of an ongoing breach, the natural person shall be obliged to pay per day of infringement until compliance with an obligation is restored
Amendment 323 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2013/36/EU Article 66 – paragraph 2 – point c – point iv (iv) subject to Article 65(2), a temporary
Amendment 324 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2013/36/EU Article 66 – paragraph 2 – point c – point iv (iv) subject to Article 65(2), a temporary
Amendment 325 #
Proposal for a directive Article 1 – paragraph 1 – point 10 – point b Directive 2013/36/EU Article 67 – paragraph 2 – point b – point i (i) in the case of a legal person, periodic penalty payments of up to
Amendment 326 #
Proposal for a directive Article 1 – paragraph 1 – point 10 – point b Directive 2013/36/EU Article 67 – paragraph 2 – point b – point ii Amendment 327 #
Proposal for a directive Article 1 – paragraph 1 – point 10 – point b Directive 2013/36/EU Article 67 – paragraph 2 – point c – point iv (iv) subject to Article 65(2), a temporary
Amendment 328 #
Proposal for a directive Article 1 – paragraph 1 – point 10 – point b Directive 2013/36/EU Article 67 – paragraph 2 – point c – point iv (iv) subject to Article 65(2), a temporary
Amendment 329 #
Proposal for a directive Article 1 – paragraph 1 – point 11 Directive 2013/36/EU Article 70 – paragraph 2 2. In the exercise of their powers to impose penalties, competent authorities shall cooperate closely to ensure that penalties produce the results pursued by this Directive. They shall also coordinate their actions to prevent unnecessary accumulation and
Amendment 330 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2013/36/EU Article 73 – paragraph 1 – subparagraph 1 Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital that they consider adequate to cover the nature and level of the risks to which they are or might be exposed in the short, medium and long term time horizon,
Amendment 331 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2013/36/EU Article 73 – paragraph 1 – subparagraph 1 Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital that they consider adequate to cover the nature and level of the risks to which they are or might be exposed
Amendment 332 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2013/36/EU Article 74 – paragraph 1 – subparagraph 1 – point b (b) effective processes to identify, manage, monitor and report the risks they are or might be exposed to in the short, medium and long term time horizon
Amendment 333 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2013/36/EU Article 74 – paragraph 1 – subparagraph 1 – point b (b) effective processes to identify, manage, monitor and report the risks they are or might be exposed to
Amendment 334 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2013/36/EU Article 74 – paragraph 1 – subparagraph 1 – point d (d) remuneration policies and practices that are consistent with and promote sound and effective risk management, including by taking into account environmental, social and governance performance .
Amendment 335 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2013/36/EU Article 76 – paragraph 1 1. Member States shall ensure that the management body approves and at least every two years reviews the strategies and policies for taking up, managing, monitoring and mitigating the risks the institution is or might be exposed to, including those posed by the macroeconomic environment in which it operates and those in relation to the status of the business cycle
Amendment 336 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2013/36/EU Article 76 – paragraph 1 1. Member States shall ensure that the management body approves and at least every two years reviews the strategies and policies for taking up, managing, monitoring and mitigating the risks the institution is or might be exposed to, including those posed by the macroeconomic environment in which it operates in relation to the status of the business cycle, and those resulting from the
Amendment 337 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Amendment 338 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that
Amendment 339 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.
Amendment 340 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and
Amendment 341 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans
Amendment 342 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the Regulation (EU) 2021/1119 (European Climate Law), and other relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.
Amendment 343 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives
Amendment 344 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 Member States shall ensure that the management body develops specific plans and science-based quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model
Amendment 345 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 a (new) (a) to achieve climate neutrality by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors; (b) to halt biodiversity loss, achieve the goals of the UN Convention of Biological Diversity, and to align with the restoration objectives of the [nature restoration law 2022/0195 (COD)].
Amendment 346 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2013/36/EU Article 76 – paragraph 2 – subparagraph 2 b (new) Amendment 347 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b a (new) Directive 2013/36/EU Article 76 – paragraph 2 a (new) (ba) the following paragraph is inserted: ‘2a. To ensure coherence with Directive 2021/0104(COD), the transition plans shall include implementing actions and related financial and investment plans, to ensure that the undertaking's business model and strategy are compatible with the transition to a sustainable economy and with the limiting of global warming to 1.5 °C in line with the Paris Agreement; and the objective of achieving climate neutrality by 2050 as established in Regulation (EU) 2021/1119 (European Climate Law), and where relevant, the exposure of the undertaking to coal, oil and gas-related activities. Those plans shall also include emissions on scope 1, scope 2 and, where relevant, scope 3 greenhouse gas emissions; a description of the time-bound targets related to sustainability matters set by the undertaking, including where appropriate absolute greenhouse gas emission reduction targets at least for 2030 and 2050, a description and of the progress the undertaking has made towards achieving those targets, and a specification of whether the undertaking’s targets related to environmental matters are based on conclusive scientific evidence.’
Amendment 348 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b a (new) Directive 2013/36/EU Article 76 – paragraph 2 a (new) Amendment 349 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b b (new) Directive 2013/36/EU Article 76 – paragraph 4 – subparagraph 2 (bb) in paragraph 4, subparagraph 2 is replaced by the following: ‘The management body in its supervisory function and, where one has been established, the risk committee shall determine the nature, the amount, the format, and the frequency of the information on risk which it is to receive. In order to assist in the establishment of sound remuneration policies and practices, the risk committee shall, without prejudice
Amendment 350 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b a (new) Directive 2013/36/EU Article 76 – paragraph 4 – subparagraph 2 (ba) in paragraph 4, subparagraph 2 is replaced by the following: ‘The management body in its supervisory function and, where one has been established, the risk committee, shall determine the nature, the amount, the format, and the frequency of the information on risk which it is to receive. In order to assist in the establishment of sound remuneration policies and practices, the risk committee shall, without prejudice to the tasks of the remuneration committee, examine whether incentives provided by the remuneration system take into consideration risk,
Amendment 351 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point c Directive 2013/36/EU Article 76 – paragraph 5 – subparagraph 1 5. Member States shall, in accordance with the proportionality requirement laid down in Article 7(2) of Commission Directive 2006/73/EC*11, ensure that institutions have internal control functions independent from the operational functions and which shall have sufficient authority, stature, resources and direct access to the management body.
Amendment 352 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point c a (new) Directive 2013/36/EU Article 76 – paragraph 5 a (new) (ca) the following paragraph is added: '5a. In order to specify the content and format of the transition plans referred to in paragraph 2 of this Article, and based on the technical advice from the EBA and the European Financial Reporting Advisory Group (EFRAG), the Commission is empowered to adopt delegated acts in accordance with Article 145. The Commission shall, at least every three years after its first date of application, review any delegated act adopted pursuant to this Article, based on the technical advice of the EFRAG, and where necessary shall amend such delegated act to take into account relevant developments, including with regard to international standards.'
Amendment 353 #
Proposal for a directive Article 1 – paragraph 1 – point 15 – point b Directive 2013/36/EU Article 78 – paragraph 1 – subparagraph 2 Institutions shall submit the results of their calculations referred to in the first subparagraph together with an explanation of the methodologies used to produce them and any qualitative information, as requested by EBA, that can explain the impact of these calculations on own funds requirements, to the competent authorities at least annually,
Amendment 354 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a Amendment 355 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 2 2. The strategies, policies, processes and systems referred to in paragraph 1 shall
Amendment 356 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 2 2. The strategies, policies, processes and systems referred to in paragraph 1 shall be proportionate to the scale, nature and complexity of the environmental, social and governance risks of the business model and scope of the institution’s activities
Amendment 357 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 3 3. Competent authorities shall ensure that institutions test their resilience to long- term negative impacts of environmental, social and governance factors, both under baseline and adverse scenarios within a given timeframe, starting with climate- related factors. For the testing, competent authorities shall ensure that institutions include a number of environmental, and social and governance scenarios reflecting potential impacts of environmental and social changes and associated public
Amendment 358 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management,
Amendment 359 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made
Amendment 360 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 4. Competent authorities shall assess
Amendment 361 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks towards achieving the targets set in accordance with Article 76 in order to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account sustainability related product offering, transition finance policies, related loan origination policies, and environmental, social and governance related targets and limits.
Amendment 362 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks to adapt their business models to the relevant policy objectives of the Union
Amendment 363 #
Proposal for a directive Article 1 – paragraph 1 – point 17 4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made
Amendment 364 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 4 a (new) 4a. The Commission shall adopt delegated acts in accordance with Article 148 to provide for the standards and reference methodologies for the transition plans and targets. Those standards shall specify the requirements that institutions are to fulfil in accordance with Article 76(2)and be in line with the requirements of the Directive XXX [CSRD].The Commission shall, at least every three years after its date of application, review any delegated act adopted pursuant to this Article, taking into consideration the technical advice of the European Financial Reporting Advisory Group (EFRAG), and where necessary shall amend such delegated act to take into account relevant developments, including developments with regard to international standards.
Amendment 365 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point a Amendment 366 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point b Amendment 367 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point b Amendment 368 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point b (b) the content of plans to be prepared in accordance with Article 76, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to address the risks from misalignment of the business model and strategy of institutions with the
Amendment 369 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point b (b) the content of plans to be prepared in accordance with Article 76, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to address the risks from misalignment of the business model and strategy of institutions with the relevant policy objectives of the Union,
Amendment 370 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point c (c) qualitative and quantitative criteria for the assessment of the impact of environmental, social and governance risks on the financial stability of institutions
Amendment 371 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point d a (new) (da) timelines for banks to reduce their financed emissions and their financing of activities that significantly harm environmental activities as outlined in Article 19 of Regulation (EU) 2019/852 so that adherence to the EU's climate and environmental ambitions is guaranteed.
Amendment 372 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2013/36/EU Article 87 a – paragraph 5 – subparagraph 1 – point d a (new) (da) the methodologies and the content of the plans, targets and criteria mentioned in (a), (b), (c) and (d)of this paragraph shall be aligned, where relevant, to sustainability reporting as defined in Directive [CSRD]
Amendment 373 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 Amendment 374 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 375 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 376 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 377 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 378 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 379 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 1 3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles
Amendment 380 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 2 Member States shall ensure that the statements of
Amendment 381 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 2 Member States shall ensure that the statements of
Amendment 382 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 36/2013/EU Article 88 – paragraph 3 – subparagraph 2 Member States shall ensure that the statements of
Amendment 383 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 2 Member States shall ensure that the statements of
Amendment 384 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 2 Member States shall ensure that the statements of
Amendment 385 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 386 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 387 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 388 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 389 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b D 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 390 #
Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive 2013/36/EU Article 88 – paragraph 3 – subparagraph 3 Amendment 391 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 1 – subparagraph 1 1. Institutions and financial holding companies and mixed financial holding companies, as approved pursuant to Article 21a(1),(“the entities”), shall have the primary responsibility for ensuring that members of the management body are at all times of good repute, act with honesty, integrity and independence and possess sufficient knowledge, skills and experience to perform their duties and fulfil the requirements set out in paragraphs 2 to 8 of this Article. The absence of a criminal conviction or of ongoing prosecutions for a criminal offence shall not in itself be sufficient to fulfil the requirement to be of good repute and act with honesty and integrity.
Amendment 392 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 4 4. The management body shall possess collective knowledge, skills and experience to be able to adequately understand the institution's activities, as well as the associated risks it is exposed to, in the short, medium and long term, taking into account the environmental, social and governance factors. The overall composition of the management body shall be sufficiently diversified to reflect an adequately broad range of experience and perspectives.
Amendment 393 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 6 – subparagraph 1 – point a (a) executive or non-executive directorships held within the same group and/or in undertakings, including non- financial entities, in which the group holding company holds a qualifying holding when the relevant person is also a director in the group holding company.
Amendment 394 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 9 9. The entities shall devote adequate human and financial resources to the induction and training of members of the management body, including on environmental, social and governance risks and on emerging risks such as cyber-security.
Amendment 395 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 10 10. Member States or competent authorities shall require entities and their respective nomination committees, where established, to
Amendment 396 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 12 – subparagraph 1 – point e a (new) (ea) the criteria to determine where there are reasonable grounds to suspect that money laundering or terrorist financing within the meaning of Article 1 of Directive (EU) 2015/849 is being or has been committed or attempted, or there is increased risk thereof in connection with an institution;
Amendment 397 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 12 – subparagraph 1 a (new) For the purpose of developing the guidelines laid down in paragraph (ea), EBA shall work in close cooperation with the Anti-Money Laundering Authority and the European Securities and Markets Authority.
Amendment 398 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 13 13. This Article and Articles 91a to 91d shall be without prejudice to provisions of the Member States on the representation of employees in the management body, the appointment by regional or local elected bodies or the appointments where the management body does not have any competence in the process of selecting and appointing its members.
Amendment 399 #
Proposal for a directive Article 1 – paragraph 1 – point 19 Directive 2013/36/EU Article 91 – paragraph 13 13. This Article and Articles 91a to 91d shall be without prejudice to provisions of the Member States on the representation of employees in the management body and on the management body in its supervisory function as provided for by national law.’;
Amendment 400 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/13/EU Article 91 a to 91 d Amendment 401 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a to 91 d Amendment 402 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Amendment 403 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2.
Amendment 404 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The entities shall assess the suitability of members of the management body before those members take up their positions.
Amendment 405 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The
Amendment 406 #
Proposal for a directive Article 1 – paragraph 1 – point 20 D 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The timing of the suitability assessment is subject to national law and takes place before or after the entities shall assess the suitability of members of the management body before those members take up their positions. Where the entities conclude, based on the suitability assessment, that the member concerned does not fulfil the criteria and requirements set out in paragraph 1, the entities shall ensure that the member concerned does not take up the position considered.
Amendment 407 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The
Amendment 408 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The
Amendment 409 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The
Amendment 410 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 2. The
Amendment 411 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 a (new) Without prejudice to the timing provided for in national law, where it is strictly necessary to replace a member of the management body immediately, the entities may assess the suitability of such replacement members after they have taken up their positions. The entities shall be able to duly justify such immediate replacement.
Amendment 412 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 1 a (new) Where the entities or their management bodies are not involved in the selection of members of the management body in its supervisory function under national law, the first paragraph shall not apply and a suitability assessment is conducted by the competent authority in accordance with Article 91b.
Amendment 413 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 Amendment 414 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 However, where it is strictly necessary to replace a member of the management body immediately, the entities may
Amendment 415 #
Proposal for a directive Article 1 – paragraph 1 – point 20 However, where it is strictly necessary to replace a member of the management body immediately, the entities may
Amendment 416 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 However, where it is strictly necessary to replace a member of the management body immediately, the entities may
Amendment 417 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 However, where it is strictly necessary to replace a member of the management body immediately, the entities may assess the suitability of such replacement members after they have taken up their positions. The entities shall
Amendment 418 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Amendment 419 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 Amendment 420 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Amendment 421 #
Proposal for a directive Article 1 – paragraph 1 – point 20 D 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 Amendment 422 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Amendment 423 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 2 – subparagraph 2 However, where it is strictly necessary to replace a member of the management body immediately, the entities
Amendment 424 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 3 a (new) 3a. As soon as any new facts or other issues that may affect the suitability of the member of the management body are known to the entities, the entities shall inform without undue delay the relevant competent authorities thereof. [copied from Art. 91b (5) CRD 6]
Amendment 425 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 a – paragraph 4 4. The entities that renew the mandate of members of the management body shall inform
Amendment 426 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 2 2. For the assessment referred to in paragraph 1, the entities shall submit the initial application of the relevant member of the management body to the competent authorities without undue delay after the internal suitability assessment is completed.
Amendment 427 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 Amendment 428 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 3. Competent authorities shall
Amendment 429 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 3. Competent authorities shall
Amendment 430 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 3. Competent authorities shall acknowledge in writing the receipt of the application and the documentation required in accordance with paragraph
Amendment 431 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 3. Competent authorities shall acknowledge in writing the receipt of the application and the documentation required in accordance with paragraph 2
Amendment 432 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 1 a (new) Competent authorities may consult, in the context of their verifications, and on a risk-sensitive basis, the authorities competent for the supervision of anti- money laundering in line with Directive (EU) 2015/849 and provide them with all the relevant information concerning the members of the management body. Competent authorities may also consult the Central AML/CFT database referred to in Article 11 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final].
Amendment 433 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Amendment 434 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Amendment 435 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 436 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 437 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 438 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 439 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 440 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 441 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 442 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 443 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 3 – subparagraph 2 Competent authorities shall complete the assessment referred to in paragraph 1 within
Amendment 444 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 Amendment 445 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request
Amendment 446 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request
Amendment 447 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request
Amendment 448 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 449 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request
Amendment 450 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 451 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of 40 working days. However, the assessment period shall not exceed
Amendment 452 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 453 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 454 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 455 #
Proposal for a directive Article 1 – paragraph 1 – point 20 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 456 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 457 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 4 4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of
Amendment 458 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 5 Amendment 459 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 6 Amendment 460 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 6 Amendment 461 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 6 6.
Amendment 462 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 7 – introductory part 7. Where members of the management body do not fulfil the requirements set out in Article 91(1) to (8) at all times
Amendment 463 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 7 – point a (a) prevent
Amendment 464 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 7 – point b (b) remove such members from the management body, in urgent cases without a suspensive effect of formal objections or legal proceedings by the entity or the person itself;
Amendment 465 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 7 – point b (b) suspend or remove such members from the management body;
Amendment 466 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 467 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 468 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 469 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 470 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 471 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 472 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 Amendment 473 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 – subparagraph 1 – point b (b) the parent institution in a Member State that qualifies as large institution; except if it is affiliated to a central body. In that case, only the suitability of members of the management body of the central body should be assessed;
Amendment 474 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 – subparagraph 1 – point e (e) relevant subsidiary when they are parent institutions in a Member State;
Amendment 475 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 – subparagraph 1 – point e (e) relevant subsidiary that qualifies as a large institution;
Amendment 476 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 – subparagraph 1 a (new) Where the entities or their management bodies are not involved in the selection of members of the management body in its supervisory function under national law, the competent authority shall carry out the suitability assessment at the latest without undue delay after these members take up their positions.
Amendment 477 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 8 – subparagraph 2 However, where it is strictly necessary to replace a member of the management body immediately, competent authorities may carry out the suitability assessment of members of the management body after they take up their positions. The entities shall
Amendment 478 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Amendment 479 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 10 Amendment 480 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 10 – subparagraph 1 10. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 481 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 b – paragraph 10 – subparagraph 1 10. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 482 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 c – paragraph 2 2.
Amendment 483 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 c – paragraph 2 2. Where the entities conclude, based on the assessment referred to in paragraph 1, that the person does not fulfil the requirements set out in that paragraph, they shall not appoint that person as a key function holder. The entities shall take all measures necessary to ensure the appropriate functioning of that position, including removing the key function holder if that person ceases to comply with the suitability criteria.
Amendment 484 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 1 – point b (b) the parent institution in a Member State that qualifies as large institution, except if it is affiliated to a central body. In that case, only the suitability of the heads of internal control functions and the chief financial officer of the central body should be assessed;
Amendment 485 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 1 – point e (e) relevant subsidiary when they are parent institutions in a Member State.
Amendment 486 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 1 – point e (e) relevant subsidiary that qualifies as a large institution.
Amendment 487 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 3 – subparagraph 1 3. Competent authorities shall acknowledge in writing the receipt of the application and the documentation required in accordance with paragraph 2
Amendment 488 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 3 – subparagraph 1 3. Competent authorities shall acknowledge in writing the receipt of the application and the documentation required in accordance with paragraph 2
Amendment 489 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 3 – subparagraph 1 a (new) Competent authorities may consult, in the context of their verifications, and on a risk-sensitive basis, the authorities competent for the supervision of anti- money laundering in line with Directive (EU) 2015/849 and provide them with all the relevant information concerning the members of the management body. Competent authorities may also consult the Central AML/CFT database referred to in Article 11 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final].
Amendment 490 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 3 – subparagraph 2 Competent authorities shall assess the suitability of the heads of internal control functions and chief financial officer within
Amendment 491 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 3 – subparagraph 2 Competent authorities shall assess the suitability of the heads of internal control functions and chief financial officer within
Amendment 492 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 4 4. Competent authorities that request additional information or documentation from the entities referred to in paragraph 1
Amendment 493 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 4 4. Competent authorities that request
Amendment 494 #
Proposal for a directive Article 1 – paragraph 1 – point 20 4. Competent authorities that request from the entities referred to paragraph 1 additional information or documentation, including interviews or hearings, may extend the assessment period for maximum
Amendment 495 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 4 4. Competent authorities that request from the entities referred to paragraph 1 additional information or documentation,
Amendment 496 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 4 4. Competent authorities that request from the entities referred to paragraph 1 additional information or documentation, including interviews or hearings, may extend the assessment period for maximum
Amendment 497 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 5 5. As soon as any new facts or other issues that may affect the suitability of the
Amendment 498 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 6 – point b (b) suspend or remove such heads or officer;
Amendment 499 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 8 – subparagraph 1 8. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 500 #
Proposal for a directive Article 1 – paragraph 1 – point 20 8. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 501 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 8 – subparagraph 1 8. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools. (Same sentence to be added to Article 91d ¬ paragraph 8.)
Amendment 502 #
Proposal for a directive Article 1 – paragraph 1 – point 20 Directive 2013/36/EU Article 91 d – paragraph 8 a (new) 8a. EBA shall issue guidelines on the fulfilment of the requirements of Article 91 (c). The EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].
Amendment 503 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point b a (new) Directive 2013/13/EU Article 92 – paragraph 3 a (new) (ba) the following paragraph is added: "3a. Small and non-complex institutions as defined in point (145) of Article 4(1) of Regulation (EU) No575/2013 do not have to apply Articles 92(2) and (3), 94 and 95, as far as the variable remuneration of none of the staff members exceeds EUR 50 000 and does not represent more than one third of the staff member’s total annual remuneration. For the purpose of this paragraph, the variable remuneration referred to in the first subparagraph shall not include severance payments."
Amendment 504 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point -a (new) Directive 2013/13/EU Article 94 – paragraph 1 – point a (-a) in paragraph 1, point (a), is replaced by the following: ‘(a) where remuneration is performance related, the total amount of remuneration is based on a combination of the assessment of the performance of the individual and of the business unit concerned and of the overall results of the institution and when assessing individual performance, financial and non-financial ESG-related criteria are taken into account
Amendment 505 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point -a (new) Directive 2013/36/EU Article 94 – paragraph 1 – point a (-a) in paragraph 1, point (a) is replaced by the following: ‘(a) where remuneration is performance related, the total amount of remuneration is based on a combination of the assessment of the performance of the individual and of the business unit concerned and of the overall results of the institution and when assessing individual performance, financial and non-financial criteria
Amendment 506 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22a) in Article 97(4),subparagraph 2 is replaced by the following: 'When conducting the review and evaluation referred to in paragraph 1 of this Article, competent authorities shall apply the principle of proportionality in accordance with the criteria disclosed pursuant to point (c) of Article 143(1).
Amendment 507 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22a) in Article 97(4), subparagraph 2 is replaced by the following: ‘When conducting the review
Amendment 508 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22a) in Article 97, (4), subparagraph 2 is replaced by the following: When conducting the review
Amendment 509 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22a) in Article 97(4), subparagraph 2 is replaced by the following: ‘When conducting the review
Amendment 510 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22a) in Article 97(4), subparagraph 2 is replaced by the following: ‘When conducting the review and evaluation referred to in paragraph 1 of this Article, competent authorities shall apply the principle of proportionality
Amendment 511 #
Proposal for a directive Article 1 – paragraph 1 – point 22 b (new) Directive 2013/36/EU Article 97 – paragraph 4 – subparagraph 2 (22b) in Article 97(4), subparagraph 2 is replaced by the following: ‘When conducting the review
Amendment 512 #
Proposal for a directive Article 1 – paragraph 1 – point 22 c (new) Directive 2013/36/EU Article 98 – paragraph 1 – point i (
Amendment 513 #
Proposal for a directive Article 1 – paragraph 1 – point 22 b (new)Directive 2013/36/EU Article 98 – paragraph 1 – point (i) (
Amendment 514 #
Proposal for a directive Article 1 – paragraph 1 – point 22 b (new) Directive 2013/36/EU Article 98 – paragraph 1 – point i (
Amendment 515 #
Proposal for a directive Article 1 – paragraph 1 – point 22 -a (new) Directive (EU) 36/2013 Article 98 – paragraph 1 – point i (
Amendment 516 #
Proposal for a directive Article 1 – paragraph 1 – point 22 -a (new) Directive 2013/36/EU Article 98 – paragraph 1 – point i (
Amendment 517 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 98 – paragraph 1 – point i a (new) (22a) in Article 98 (1), the following point is added: ‘(ia) the extent to which the institutions have put in place appropriate policies and operational actions, as well as progress made in achieving the targets and milestones defined in the transition plans referred to in Article 76‘
Amendment 518 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2013/36/EU Article 98 – paragraph 1 – point i b (new) (22a) in Article 98(1), the following point is added: (ib) the exposure to the non-bank financial intermediaries sector, as defined in Article 4(1) point 154 of the [insert reference to CRR] and the effectiveness of the measures adopted by the institution to mitigate the risks emerging from such counterparties.’
Amendment 519 #
Proposal for a directive Article 1 – paragraph 1 – point 23 Directive 2013/36/EU Article 98 – paragraph 9 Amendment 520 #
Proposal for a directive Article 1 – paragraph 1 – point 23 Directive 2013/36/EU Article 98 – paragraph 9 – subparagraph 1 a (new) Amendment 521 #
Proposal for a directive Article 1 – paragraph 1 – point 23 Directive 2013/36/EU Article 98 – paragraph 9 – subparagraph 1 a (new) The assessment of the institutions’ plans and targets, as well as the progress made towards achieving those targets, as referred to in Article 76(2), to achieve climate neutrality by 2050 at the latest, set out in Regulation (EU) 2021/1119 as well as other relevant Union policy objectives in relation to environmental, social and governance factors.
Amendment 522 #
Proposal for a directive Article 1 – paragraph 1 – point 24 Directive 2013/36/EU Article 100 – paragraph 4 Amendment 523 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point a – point ii Directive 2013/36/EU Article 104 – paragraph 1 – point m Amendment 524 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point a – point ii Directive 2013/36/EU Article 104 – paragraph 1 – point m (m) require institutions to reduce the risks arising from the institutions’ misalignment with relevant policy objectives of the Union
Amendment 525 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point a – point ii a (new) Directive 2013/36/EU Article 104 – paragraph 1 – point m a (new) (iia) the following point ma is added: (ma) require the reinforcement of the climate and biodiversity targets set out in the transition plans referred to in Article 76 and of the measures and actions to make progress toward achieving the objectives set in the transition plans’;
Amendment 526 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point a – point ii a (new) Directive 2013/36/EU Article 104 – paragraph 1 – point m a (new) (ma) require the reinforcement of the climate targets, transition plans, and actions implemented in accordance with Article 76(2).
Amendment 527 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point a – point ii a (new) Directive 2013/36/EU Article 104 – paragraph 1 – point m a (new) (ma) require the reinforcement of the climate targets, transition plans, and actions implemented in accordance with Article 76.
Amendment 528 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point b Directive 2013/36/EU Article 104 – paragraph 3 Amendment 529 #
Proposal for a directive Article 1 – paragraph 1 – point 25 – point b Directive 2013/36/EU Article 104 – paragraph 3 Amendment 530 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraphs 6 and 7 Amendment 531 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1 – introductory part 6. Where an institution becomes bound by the output floor, the following shall apply to avoid the double counting of risks in pillar II:
Amendment 532 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/13/EU Article 104 a – paragraph 6 – subparagraph 1 – introductory part 6. Where an institution becomes bound by the output floor, the following shall always apply:
Amendment 533 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1 – point a (a) the nominal amount of additional own funds required by the institution’s competent authority in accordance with Article 104(1), point (a)
Amendment 534 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1 – point b (b) the institution’s competent authority shall, without undue delay, and no later than by the end date of the next review and evaluation process, review the additional own funds it required from the institution in accordance with Article 104(1), point (a), and remove any parts thereof that would (i) double-count the risks that are already fully covered by the fact that the institution is bound by the output floor
Amendment 535 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1 – point b (b) the institution’s competent authority shall, without undue delay, and no later than
Amendment 536 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1 a (new) As soon as the competent authority has completed the review in point (b), point (a) shall no longer apply. In subsequent years, competent authorities will take the above into account in the context of the regular supervisory review and evaluation process.
Amendment 537 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 1a (new) As soon as the competent authority has completed the review in point (b), point (a) shall no longer apply. In subsequent years, competent authorities will take the above into account in the context of the regular supervisory review and evaluation process.
Amendment 538 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 2 For the purposes of this Article
Amendment 539 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 – subparagraph 2 For the purposes of this Article
Amendment 540 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 a (new) 6a. The EBA shall, by 30 June 2023, issue guidelines complementing its guidelines on the Supervisory Review and Evaluation Process, which shall further specify how to operationalise the requirements set out in paragraph 6, and in particular: (a) how competent authorities shall reflect in their supervisory review and evaluation process the fact that an institution has become bound by the output floor; (b) how competent authorities and institutions shall communicate and disclose the impact on supervisory requirements of an institution becoming bound by the output floor.
Amendment 541 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2013/36/EU Article 104 a – paragraph 6 a (new) 6a. EBA shall, by 30 June 2023, issue guidelines complementing its guidelines on the Supervisory Review and Evaluation Process, which shall further specify how to operationalise the requirements set out in paragraph 6, and in particular: (a) how competent authorities shall reflect in their supervisory review and evaluation process the fact that an institution has become bound by the output floor; (b) how competent authorities and institutions shall communicate and disclose the impact on supervisory requirements of an institution becoming bound by the output floor.
Amendment 542 #
Proposal for a directive Article 1 – paragraph 1 – point 26 a (new) Directive 2013/36/EU Article 104 b – paragraph 2 – subparagraph 2 a (new) Amendment 543 #
Proposal for a directive Article 1 – paragraph 1 – point 26 b (new) Directive 2013/13/EU Article 104 b – paragraph 4 a (new) (26b) In Article 104b, the following paragraph is inserted: ‘4a. Where an institution becomes bound by the output floor, its competent authority shall review its guidance on additional funds communicated to the respective institution to make sure that its calibration mains appropriate.’;
Amendment 544 #
Proposal for a directive Article 1 – paragraph 1 – point 28 a (new) Directive 2013/13/EU Article – paragraph (28a) Provided that insurance undertakings are subject to prudential requirements, directly on an individual or consolidated basis, in accordance with Directive 2009/138/EC, or legal prudential requirements of a third country at least equivalent to those Union acts, exposures to such insurance undertakings for which a credit assessment by a nominated ECAI is available shall be treated as financial institutions and therefore assigned a risk weight according to Table 3 in Article 120 Paragraph 1, which corresponds to the credit assessment of the ECAI in accordance with Article 136.
Amendment 545 #
Proposal for a directive Article 1 – paragraph 1 – point 30 Directive 2013/36/EU Article 131 Amendment 546 #
Proposal for a directive Article 1 – paragraph 1 – point 30 – point a Directive 2013/36/EU Article 131 – paragraph 5 – subparagraph 2 Amendment 547 #
Proposal for a directive Article 1 – paragraph 1 – point 30 – point a Directive 2013/36/EU Article 131 – paragraph 5 – subparagraph 2 Amendment 548 #
Proposal for a directive Article 1 – paragraph 1 – point 30 – point a Directive 2013/36/EU Article 131 – paragraph 5 – subparagraph 2 Where an O-SII becomes bound by the output floor, the following shall apply: (a) the nominal amount of the institution’s O-SII buffer shall not increase as a result of the institution becoming bound by the output floor; (b) its competent or designated authority, as applicable, shall review the institutions O-SII buffer requirement to make sure that its calibration remains appropriate.;
Amendment 549 #
Proposal for a directive Article 1 – paragraph 1 – point 30 – point b Directive 2013/36/EU Article 131 – paragraph 5 a – subparagraph 2 Amendment 550 #
Proposal for a directive Article 1 – paragraph 1 – point 30 – point c Directive 2013/36/EU Article 131 – paragraph 15 – subparagraph 1 Amendment 551 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point a Directive 2013/36/EU Article 133 – paragraph 1 1. Each Member State shall ensure that it is possible to set a systemic risk buffer of Common Equity Tier 1 capital for the financial sector or one or more subsets of that sector on all or a subset of exposures as referred to in paragraph 5 of this Article, in order to prevent and mitigate macroprudential or systemic risks not covered by Regulation (EU) No 575/2013 and by Articles 130 and 131 of this Directive, including the risks emanating from climate change and biodiversity loss in the meaning of a risk of disruption in the financial system with the potential to have serious negative consequences to the financial system and the real economy in a specific Member State.;
Amendment 552 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point b Directive 2013/36/EU Article 133 – paragraph 2 a Amendment 553 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point b Directive (EU) 2013/36 Article 133 – paragraph 2 a Amendment 554 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point b Directive 2013/36/EU Article 133 – paragraph 2 a Amendment 555 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point b Directive 2013/36/EU Article 133 – paragraph 2 a Amendment 556 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point c Directive (EU) 2013/36 Article 133 – paragraph 8 – point c Amendment 557 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point c Directive 2013/36/EU Article 133 – paragraph 8 – point c Amendment 558 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point c Directive 2013/36/EU Article 133 – paragraph 8 – point c Amendment 559 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point d Directive 2013/36/EU Article 133 – paragraph 9 – point g Amendment 560 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point d Directive 2013/36/EU Article 133 – paragraph 9 – point g Amendment 561 #
Proposal for a directive Article 1 – paragraph 1 – point 31 – point d Directive 2013/36/EU Article 133 – paragraph 9 – point g Amendment 562 #
Proposal for a directive Article 1 – paragraph 1 – point 31 a (new) Directive 2013/36/EU Article 141 – paragraph 1 Amendment 563 #
Proposal for a directive Article 1 – paragraph 1 – point 31 b (new) Directive 2013/36/EU Article 141 – paragraph 2 Amendment 564 #
Proposal for a directive Article 1 – paragraph 1 – point 31 c (new) Directive 2013/36/EU Article 141 – paragraph 3 Amendment 565 #
Proposal for a directive Article 1 – paragraph 1 – point 31 d (new) Amendment 566 #
Proposal for a directive Article 1 – paragraph 1 – point 31 e (new) Directive 2013/36/EU Article 141 – paragraph 8 Amendment 567 #
Proposal for a directive Article 1 – paragraph 1 – point 31 f (new) Directive 2013/36/EU Article 141 b – paragraph 1 Amendment 568 #
Proposal for a directive Article 1 – paragraph 1 – point 31 g (new) Directive 2013/36/EU Article 141 b – paragraph 2 – subparagraph 1 Amendment 569 #
Proposal for a directive Article 1 – paragraph 1 – point 31 h (new) Directive 2013/36/EU Article 141 b – paragraph 3 Amendment 570 #
Proposal for a directive Article 1 – paragraph 1 – point 31 i (new) Directive 2013/36/EU Article 141 b – paragraph 4 Amendment 571 #
Proposal for a directive Article 1 – paragraph 1 – point 31 j (new) Directive 2013/36/EU Article 141 b – paragraph 8 Amendment 572 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) Directive 2013/36/EU Article 142 a (new) Amendment 573 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) (32a) in Article 143(1), point c) is amended as follows: ‘(c) the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);
Amendment 574 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) (32a) in Article 143( 1), point (c) is replaced by the following: (c) the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);
Amendment 575 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) (32a) in Article 143(1), point c) is replaced by the following: ‘(c) the general criteria and methodologies they use in the review and evaluation referred to in Article
Amendment 576 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) Directive 2013/36/EU Article 143 – paragraph 1 – point c (32a) in Article 143(1), point c is replaced by the following: ‘(c) the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);
Amendment 577 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) Directive 2013/36/EU Article 143 – paragraph 1 – point c (32a) in Article 143(1), point (c) is replaced by the following: "(c) the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4)
Amendment 578 #
Proposal for a directive Article 1 – paragraph 1 – point 32 a (new) Amendment 579 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 3 a (new) The provisions necessary to comply with the amendments set out in Article 1, point (20), on suitability assessment shall apply from [OP please insert the date = 24 months from date of application of this amending Directive].
Amendment 580 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 3 a (new) The provisions necessary to comply with the amendments set out in Article 1, point (20), on suitability assessment shall apply from [OP please insert the date = 24 months from date of application of this amending Directive].
Amendment 581 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 3 a (new) The provisions necessary to comply with the amendments set out in Article 1, point (20), on suitability assessment shall apply from [OP please insert the date = 24 months from date of application of this amending Directive].
Amendment 582 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 4 Amendment 90 #
Proposal for a directive Recital 1 (1) Competent authorities, their staff and members of their governance bodies should be independent of political and economic influence. Risks of conflicts of interest undermine the integrity of the Union financial system and harm the goal of an integrated banking and capital markets union. Directive 2013/36/EU should provide more detailed provisions for Member States to ensure that the competent authorities, including their staff and management, act independently and objectively. In this context, minimum requirements should be laid down to prevent conflicts of interests and set strict limits to “revolving doors”. The European Banking Authority (EBA) should issue guidelines addressed to competent authorities on the prevention of conflicts of interests, based on international best practices.
Amendment 91 #
Proposal for a directive Recital 1 a (new) Amendment 92 #
Proposal for a directive Recital 3 (3) The provision of banking services in the Union is conditional upon the credit institution’s having previous authorisation and a physical presence through a legal person or a branch in its territory. Only in that way credit institutions may be subject to effective prudential regulation and supervision that are necessary to minimise the risk of failure and, when it occurs, to manage that failure in order to prevent it from spreading in a disorderly manner and leading to the collapse of the financial system (contagion risk by e.g. a bank run or a bank failure triggered by imprudent lending). The provision of banking services in the Union without such physical presence would increase the presence and prevalence in the financial markets where credit institutions are closely involved of risk segments not subject to Union’s prudential regulation and supervision, that
Amendment 93 #
Proposal for a directive Recital 3 (3) The provision of banking services in the Union is conditional upon the credit institution’s having previous authorisation and a physical presence through a legal
Amendment 94 #
Proposal for a directive Recital 3 (3) The provision of banking services in the Union is conditional upon the credit institution’s having previous authorisation and a physical presence through a legal person or a branch in its territory. Only in that way credit institutions may be subject to effective prudential regulation and supervision that are necessary to minimise the risk of failure and, when it occurs, to manage that failure in order to prevent it from spreading in a disorderly manner and leading to the collapse of the financial system (contagion risk by e.g. a bank run or a bank failure triggered by imprudent lending). The provision of banking services in the Union without such physical presence would increase the presence and prevalence in the financial markets where credit institutions are closely involved of risk segments not subject to Union’s prudential regulation and supervision, that may eventually threaten the financial stability of the Union or of its individual Member States. The financial crisis of 2008-2009 is the latest historical precedent, which underlines how small market segments may become the source of significant threats to the financial stability of the Union and its Member States if left outside the scope of prudential regulation and supervision. Hence, it is necessary to lay down an explicit requirement in Union law that undertakings established in a third country and seeking to provide banking services in the Union should at least establish a branch in a Member State and that such branch be authorised in accordance with Union legislation, unless the undertaking wishes to provide banking
Amendment 95 #
Proposal for a directive Recital 5 (5) Concerning mergers and divisions, the Directive (EU) 2017/1132 lays down harmonised rules and procedures, in particular for cross-border mergers and divisions of limited liability companies. Therefore, the assessment procedure by the competent authorities stipulated in this directive should be complementary to the Directive (EU) 2017/1132 and should not contradict any of its provisions. In case of those cross-border mergers and divisions which fall under the scope of Directive 2017/1132, the motivated
Amendment 96 #
Proposal for a directive Recital 5 (5) Concerning mergers and divisions, the Directive (EU) 2017/1132 lays down harmonised rules and procedures, in particular for cross-border mergers and divisions of limited liability companies. Therefore, the assessment procedure by the competent authorities stipulated in this directive should be complementary to the Directive (EU) 2017/1132 and should not contradict any of its provisions. In case of those cross-border mergers and divisions which fall under the scope of Directive 2017/1132, the motivated
Amendment 97 #
Proposal for a directive Recital 8 (8) In order to ensure proportionality and avoid undue administrative burden, those additional powers of competent authorities should be applicable only to operations deemed material. Only operations consisting in mergers or divisions should be treated automatically as material operations, as the newly created entity can be expected to present a significantly different prudential profile from the entities initially involved in the merger or division. Also, mergers or division should not be concluded by entities undertaking them before a prior
Amendment 98 #
Proposal for a directive Recital 8 (8) In order to ensure proportionality and avoid undue administrative burden, those additional powers of competent authorities should be applicable only to operations deemed material. Only operations consisting in mergers or divisions should be treated automatically as material operations, as the newly created entity can be expected to present a significantly different prudential profile
Amendment 99 #
Proposal for a directive Recital 9 (9) In some situations (for instance when entities established in various Member States are involved), operations might require multiple notifications and assessments from different competent authorities, including from AML/CFT authorities, requiring an efficient cooperation among those authorities. It is therefore necessary to precise cooperation obligations, in particular early cross notifications, smooth exchange of information and coordination in the assessment.
source: 735.693
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|
2023-02-14Show (1) Changes | Timetravel
| events/5 |
|
2023-02-12Show (2) Changes | Timetravel
| docs/7/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2023-0029_EN.html
|
| events/4/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2023-0029_EN.html
|
2023-02-11Show (3) Changes | Timetravel
| docs/7 |
|
| events/4 |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's position in 1st reading |
2023-01-25Show (4) Changes | Timetravel
| events/2 |
|
| events/3 |
|
| forecasts |
|
| procedure/Other legal basis |
Rules of Procedure EP 159
|
2023-01-10Show (1) Changes | Timetravel
| forecasts/0/date |
Old
2023-01-23T00:00:00New
2023-01-24T00:00:00 |
2023-01-07Show (1) Changes | Timetravel
| forecasts/0/date |
Old
2023-01-24T00:00:00New
2023-01-23T00:00:00 |
2022-12-21Show (2) Changes | Timetravel
| docs/3 |
|
| events/0 |
|
2022-12-17Show (2) Changes | Timetravel
| docs/3 |
|
| events/0 |
|
2022-12-09Show (1) Changes | Timetravel
| committees/0/shadows/1 |
|
2022-12-08Show (1) Changes | Timetravel
| committees/0/shadows/1 |
|
2022-11-18Show (1) Changes | Timetravel
| forecasts/0/date |
Old
2022-12-05T00:00:00New
2023-01-24T00:00:00 |
2022-10-28Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2022-09-16Show (2) Changes | Timetravel
| docs/3 |
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| events/0 |
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2022-09-15Show (2) Changes | Timetravel
| docs/3 |
|
| events/0 |
|
2022-08-30Show (2) Changes | Timetravel
| docs/3 |
|
| events/0 |
|
2022-08-28Show (4) Changes | Timetravel
| docs/3 |
|
| docs/6 |
|
| docs/7 |
|
| events/0 |
|
2022-07-28Show (2) Changes | Timetravel
| docs/4/docs/1/url |
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2022:248:TOC
|
| procedure/Legislative priorities/0 |
|
2022-07-03Show (1) Changes | Timetravel
| docs/4/docs/0/url |
https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52022AB0016:EN:NOT
|
2022-06-30Show (1) Changes | Timetravel
| docs/4 |
|
2022-06-20Show (1) Changes | Timetravel
| docs/3/docs/0/url |
https://www.europarl.europa.eu/doceo/document/ECON-PR-731819_EN.html
|
2022-06-15Show (4) Changes | Timetravel
| procedure/subject/2.50.03 |
Securities and financial markets, stock exchange, CIUTS, investments
|
| procedure/subject/2.50.04 |
Banks and credit
|
| procedure/subject/2.50.08 |
Financial services, financial reporting and auditing
|
| procedure/subject/2.50.10 |
Financial supervision
|
2022-06-03Show (8) Changes | Timetravel
| docs/3 |
|
| docs/3 |
|
| events/0 |
|
| forecasts |
|
| procedure/subject/2.50.03 |
Securities and financial markets, stock exchange, CIUTS, investments
|
| procedure/subject/2.50.04 |
Banks and credit
|
| procedure/subject/2.50.08 |
Financial services, financial reporting and auditing
|
| procedure/subject/2.50.10 |
Financial supervision
|
2022-03-25Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2022-01-22Show (3) Changes | Timetravel
| events |
|
| procedure/dossier_of_the_committee |
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2022-01-21Show (1) Changes | Timetravel
| commission |
|
2022-01-14Show (2) Changes | Timetravel
| otherinst |
|
| procedure/other_consulted_institutions |
European Central Bank
|
2021-12-11Show (1) Changes | Timetravel
| committees/0/shadows/4 |
|
2021-12-04Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2021-11-26Show (1) Changes | Timetravel
| docs/3/summary |
|
2021-11-24Show (2) Changes | Timetravel
| procedure/Legislative priorities |
|
| procedure/title |
Old
Capital Requirements Directive: supervisory powers, sanctions, third-country branches, and environmental, social and governance risksNew
Amendments to the Capital Requirements Directive |
2021-11-16Show (1) Changes | Timetravel
| committees/0/rapporteur |
|
2021-11-11Show (1) Changes
| committees/0/shadows/1 |
|