1791 Amendments of Jürgen KLUTE
Amendment 9 #
2013/2277(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- having regard to the 29th annual report 2011 of the International Labour Organisation (ILO),
Amendment 10 #
2013/2277(INI)
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
- having regard to the Opinion ECO/334 "Where is the Euro headed?", published by the European Economic and Social Committee, 22 May 2013,
Amendment 20 #
2013/2277(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas, prior to resorting to the IMF and to Memoranda of Understanding (MoU), a solution for financial assistance under the European framework was not scrutinized;
Amendment 21 #
2013/2277(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Charter of Fundamental Rights of the European Union provides for, inter alia, the right of collective bargaining and action (Article 28), protection in the event of unjustified dismissal (Article 30), fair and just working conditions (Article 31), recognition of and respect for the entitlement to social security benefits and social services and, in order to 'combat social exclusion and poverty', the right to 'a decent existence for all those who lack sufficient resources' (Article 34), the right of access to preventive health care and the right to benefit from medical treatment (Article 35) and respect for access to services of general economic interest (Article 36) ;
Amendment 22 #
2013/2277(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas Article 151 TFEU provides that action taken by the EU and its Member States must be consistent with the fundamental social rights laid down in the 1961 European Social Charter and the 1989 Community Charter of the Fundamental Rights of Workers in order to improve, inter alia, the social dialogue;
Amendment 23 #
2013/2277(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
Ac. whereas Article 152 TFEU states that: "The Union recognises and promotes the role of the social partners at its level, taking into account the diversity of national systems. It shall facilitate dialogue between the social partners, respecting their autonomy."
Amendment 24 #
2013/2277(INI)
Motion for a resolution
Recital A d (new)
Recital A d (new)
Ad. whereas Article 153.5 TFEU states that the European Union has no competence on pay and whereas Article 153.4 TFEU states that the EU shall not affect the right of Member States to define the fundamental principles of their social security systems;
Amendment 25 #
2013/2277(INI)
Motion for a resolution
Recital A e (new)
Recital A e (new)
Ae. whereas Article 168.7 TFEU states that „the management of health services and medical care and the allocation of the resources assigned to them" falls under competence of the Member States;
Amendment 26 #
2013/2277(INI)
Motion for a resolution
Recital A f (new)
Recital A f (new)
Af. whereas the European Convention on Human Rights, the ILO conventions, the European Social Charter as well as the International Covenant on Civil and Political Rights legally bind all EU Member States to give adequate weight to measures promoting social stability;
Amendment 49 #
2013/2277(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the European Court of Justice referring to Article 13 (3) of the ESM Treaty has recently confirmed (Pringle Case) that the European Commission by its involvement in the ESM Treaty has to "promote the general interest of the Union" and to "ensure that the memoranda of understanding concluded by the ESM are consistent with European Union law";
Amendment 67 #
2013/2277(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas both the EFSF and the ESM benefit from the services of prominent Union institutions, such as the Commission and the ECB, whereas control of these institutions is not in accordance with the procedure laid down in the TFEU;
Amendment 108 #
2013/2277(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the economic situation and recent developments in some Member States have compromisMemoranda of Understanding (MoU) have reinforced the neoliberal policies, aggravated the economic and social situation in Member States , had a massive negative impact on wages, pensions, lead to a decline of domestic demand and public investments and have downgraded the quality of employment, social protection and health and safety standards;
Amendment 111 #
2013/2277(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the economies of Member States under Memoranda of Understanding are characterized by continuous recession, increase of government debt and decline of the GDP. Indicatively in Greece, the public debt in 2009 was 129% of the GDP while now is at 178% of the GDP, during the period 2008-2013 the Greek GDP decreased by 25%, which is the biggest percentage reduction in peacetime and the Greek economy has been in recession for the sixth consecutive year;
Amendment 147 #
2013/2277(INI)
Motion for a resolution
Recital L
Recital L
L. whereas the programmes were in the short run primarily meant to avoid a disorderly default and stop speculation on sovereign debt; whereas the medium term aim was to ensure that the money that was lent would be reimbursed, thus avoiding a large financial loss that would rest on the shoulders of the taxpayers of the countries which are providing the assistance and guaranteeing the funds; whereas this also requires the programme to deliver sustainable growth and effective debt reduction in the medium and long term; whereas the programmes were not suited to comprehensively correcting macroeconomic imbalances which had accumulated sometimes over decades; but have instead reduced these imbalances mainly by reducing imports through depressing domestic demand and cutting living standards
Amendment 161 #
2013/2277(INI)
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas the preservation of the monetary union will require ambitious steps towards the achievement of a social and fiscal union, also because without social stability there is no financial stability;
Amendment 186 #
2013/2277(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that, prior to the beginning of the EU-IMF assistance programme initiated in the spring of 2010, , there was a dual fear associated with fear for the ‘'insolvency’' and ’the 'non- sustainability’' of the public finances of Greece was a result of the constantly declining competitiveness of the Greek economy and decades of imprudent fiscal policy, with the government deficit reaching 15.7% of GDP in 2009, and the debt-to-GDP ratio continuused by the government as a lever of pressure. Stresses that, the Greek public finances deteriorated as a result of the "indirect aids" policy, implemented by the previous Greek governments, resulting provocative low business taxation, through low rates and many exemptions. Emphasizes that throughout the decade 1996-2006, government spending oin an upward trend since 2003 when it stood at 97.4%, reaching 1297% in 2009 and 156.9% in 2012Greece lagged behind the European average, as well as the public revenues, resulting in a non- sustainable fiscal situation.;
Amendment 236 #
2013/2277(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Underlines that both the vitality of the European economy and the stability of the financial system in Europe are shared aims of all monetary union members and that hence the burden of preserving financial and economic stability cannot be left to the a small number of ‘debtor’ Member States
Amendment 243 #
2013/2277(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that, in the case of Greece the economic data deviate significantly from the objectives of the programmes of Memoranda and the considerations of the troika. Indicatively, in Greece the forecast for unemployment in 2011 was 15% and finally reached 20.7%, for 2012 was 15.2% and stood at 26%, the deficit forecast in 2011 was -7.5% and stood at - 9.5%, while for 2012 was -7.3% and stood at -10% and the recession was estimated at 5.5% for 2011 and was 7% and for 2012 was estimated at 2.8% and stood at 6.5%.
Amendment 244 #
2013/2277(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. notes that, especially in the case of Greece the memoranda of understanding were programs that were based on wrong conception of the problem and wrong and insufficient data and therefore were predesigned to fail. Non achievable goals and unsatisfactory results are the best vehicle for imposing new austerity measures, which more and more sharpen the recession and the unemployment, leading to a vicious cycle of recession, unemployment and underdevelopment
Amendment 281 #
2013/2277(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Notes the responsibilities of the EU institutions (ECB, European Commission) and of the Eurogroup for the undemocratic functioning of the Troika, the lack of democratic legitimacy of the economic policies and the hard austerity measures implemented to the Member States under fiscal adjustment programmes
Amendment 290 #
2013/2277(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges, however, that the immense challenge the Troika faced leading to the crisis was unique as a result of the poor state of regulation of financial services, large macroeconomic imbalances, and the fact that a number of instruments such as external devaluation were not available due to the constraints of monetary union; underlines that the safeguards of the Monetary Union address public debts as a potential danger for the functioning of the Monetary Union, whereas during the crisis private debt were at the core of asset price bubbles, economic booms and busts and external imbalances; notes, moreover, that time was running out, legal obstacles had to be cleared, fear of a melt-down of the euro area was palpable, political agreements had to be reached, the world economy was in a downturn, and a number of countries which were intended to contribute financial support had seen their own public and private debt increase in alarming ways;
Amendment 316 #
2013/2277(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Regrets the lack of transparency in the MoU negotiations; notes the necessity to evaluate whether formal documents were clearly communicated in due time to the national parliaments and the European Parliament; further notes the possible negative impact of such practices on citizens’' rights and the political sundermining of the public confidence in democratic instituation withs and their functioning in the countries concerned;
Amendment 340 #
2013/2277(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Underlines that even under exceptional circumstances European institutions as well as the Member States of the EU have to fully comply with the rights agreed on in the EU treaties.
Amendment 365 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Deplores the fact that, for Greece, Ireland and Portugal at least, adjustment programmes included a number of detailed prescriptions on health system reform and expenditure cuts, despite the Treaties prohibit such intervention;
Amendment 366 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Takes note of the Council of Europe's condemnation of spending cuts executed to the Greek public pension system, which it has considered to be a violation of Article 12 of the 1961 European Social Charter and of Article 4 of the Protocol thereto, stating that 'the fact that the contested provisions of domestic law seek to fulfil the requirements of other legal obligations does not remove them from the ambit of the Charter';
Amendment 367 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16c. Deplores that the ILO Convention No 102 stipulating that pension systems must allow for a decent life has not been respected in the design and implementation of the adjustment programmes;
Amendment 368 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 d (new)
Paragraph 16 d (new)
16d. Takes note of the request by the ILO Expert Committee to re-establish the freedom of collective bargaining in Greece;
Amendment 369 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 e (new)
Paragraph 16 e (new)
16e. Takes note that of the Council of Europe's social rights committee annual report 2013 which identifies 180 violations of European Social Charter provisions on access to health and social protection across 38 European countries;
Amendment 370 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 f (new)
Paragraph 16 f (new)
16f. Takes note of more than 5000 cases filed by Cypriot citizens against measures required by the Troika of international lenders whereas the vast majority of the applications concern the illegal bail-in in the case of the Bank of Cyprus as well as the use of the sale of business tool in the case of Laiki Bank;
Amendment 382 #
2013/2277(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Deplores that since 2008 and during the implementation of Memoranda of Understanding , the income distribution inequality has grown above average in the four countries and that cuts in social benefits and rising unemployment are raising poverty levels, resulting to social regression and humanitarian crisis;
Amendment 387 #
2013/2277(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Condemns the deregulatory measures for the labour market that are being promoted through the Memoranda of Understanding which lead to reductions in wages, constant undermining of collective bargaining agreements, facilitation of dismissals and reinforcement of flexible forms of employment.
Amendment 413 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Condemns the major cuts in spending on health care system promoted by the memoranda of understanding within the fiscal austerity context.
Amendment 414 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Condemns the great inequality in the distribution of tax burden and the unfair and aggressive fiscal policy implemented in Greece in the context of the Memoranda of Understanding. Low and middle income groups, employees and retirees are affected even more by a series of new special taxes but simultaneously the big capital and multinational firms tax evade and speculate. Taxation of individuals was increased in 2013 to 7.9 billion from 6.4 billion in 2008 despite the decline in their incomes and the increase of unemployment, while the corporate tax was reduced in 2013 to 1.6 billion from 4.7 billion in 2008.
Amendment 415 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. notes that, even the Bank of Greece in its December 2013 Intermediary Report on Monetary Policy, calls for a reversal of the trend to excessively tax the vast majority of the citizens who have already been disproportionally taxed and calls the Government of Greece to act accordingly and put an end to the tax protection of the economic oligarchy.
Amendment 442 #
2013/2277(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Notes the complete failure of the budgetary goals the Troika programme for Portugal where public debt has risen from 94 % of GDP in 2010 to 127.8 % in 2013. Further notes the severe middle and long term damage done to the Portuguese economy with considerable emigration of skilled workers and qualified young people and a sharp and accelerating drop of investment activity over the whole period of the adjustment programme;
Amendment 456 #
2013/2277(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Stresses that the interest rate spread between especially Greek and German sovereign bonds only lowered after the ECB announced its OMT programme suggesting the failure of the adjustment programmes for the purpose of crisis management;
Amendment 457 #
2013/2277(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Considers that, from a political point of view, the European project cannot survive with a permanent division into creditor and debtor Members. Notes that, from an economic point of view, the Eurogroup's decision against a fiscal union and in favour of pushing a number of Member States into internal devaluation is leading the euro area as a whole into permanent recession, growing unemployment and deflation and continues to put the global economy at risk;
Amendment 458 #
2013/2277(INI)
Motion for a resolution
Paragraph 20 c (new)
Paragraph 20 c (new)
20c. Reminds of the fact that what has been conceived as a fiscal crisis has been in reality a balance of payment crisis combined with a banking crisis. Deplores further growing economic imbalances between Member States with a high level of exporting industry and Member States with a lower level of exports while the level of inflation in some Member States was significantly lower than 2%, in other countries significantly higher and that this mismatch further strengthened the build-up of economic imbalances between these Member States. Notes therefore that from a factual point of view the imposition of forced austerity was not justified in the majority of crisis countries, in particular in the cases of Ireland, Spain and Cyprus. Notes that between 2000 and 2007, the only deficit of the State budget in Ireland was in 2002 with only 0.4 per cent of GDP;
Amendment 500 #
2013/2277(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Deplores however the sometimes over- optimistic assumptions made by the Troika, especially as far as growth is concerned, but also the insufficient recognition of political resistance to change in some Member Statethe negative economic and social impacts; deplores the fact that this also affected the Troika’'s analysis of the interplay between fiscal consolidation and growth; notes that as a result fiscal targets could not be fulfilled;
Amendment 503 #
2013/2277(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Notes the lack of evidence and inaccurate analysis on which the Troika policy were based. Further notes and deplores the non-involvement of national stakeholders and the disrespect of democratic procedures in the design and implementation of adjustment measures. Calls for an immediate and substantial revision of the Memoranda of Understanding that should prioritize investment and employment and include quantitative targets for poverty reduction. Calls for such revised programmes to be effectively bound by the Charter of Fundamental Rights of the EU and to be designed and monitored in cooperation with the Member States' social partners;
Amendment 504 #
2013/2277(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. notes that in Greece although the wages, the pensions and the allowances have been decreased dramatically, despite the rising of the unemployment at historically high levels, the reducing of social spending, the dismantling of the state and the social welfare, it didn´t lead neither at a substandard level to the estimated recovery nor to the desirable development.
Amendment 517 #
2013/2277(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. notes that in the case of Greece the public debt to GDP ratio since 2009, has increased by approximately fifty percent (50%) and according to the Report of the OECD in 2020 the public debt will stand at 157% of GDP versus 124% which is foreseen by the Memorandum of Understanding
Amendment 541 #
2013/2277(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Condemns the complete lack of measures to promote growth and employment in the Troika programmes, with Ireland to a certain degree being an exception where the Troika allowed half of the proceeds from privatisation to be spent on job schemes;
Amendment 560 #
2013/2277(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Is extremely concerned over the cumulative impact of massive and frontloaded cuts in fundamental areas of the fight against poverty, such as pensions, basic services, health care and pharmaceutical products on the most vulnerable groups and child poverty. Deplores the fact that, as a result, the level of people at risk of poverty or social exclusion has increased in all four programme countries. Notes that the already worrying statistics hide a much harsher reality, which is that when GDP per capita falls, the poverty threshold also falls;
Amendment 573 #
2013/2277(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28a. Considers that the privatization of telecommunications, electricity and port authorities in Cyprus a strategic mistake that will lead to private monopolies or oligopolies to dominate the relatively small and isolated Cypriot market at the detriment of consumers, enterprises and the functioning of the economy as a whole;
Amendment 599 #
2013/2277(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Notes with huge concern the general impression of citizens in programme countries that all relevant policy decisions are imposed by an external rule which acts against the general interest of programme countries in order to spare the banking sector of ‚creditor' Member States. Further notes that as a result of Troika measures only one in three citizens in Southern Europe currently claims to be satisfied with the system of democracy;
Amendment 627 #
2013/2277(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Deplores the fact that some of the conditionalities set by the Troika violate fundamental rights as enshrined both in the EU treaties as in constitutions of the affected Member States. Takes note of the alarming sentences and opinions delivered so far by courts and international organizations;
Amendment 644 #
2013/2277(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Underlines that all EU institutions are fully bound by Union law and that within the Troika they are obliged to act in accordance with fundamental rights, which, under Article 51 of the Charter of Fundamental Rights of the European Union, apply at all times;
Amendment 645 #
2013/2277(INI)
Motion for a resolution
Paragraph 32 b (new)
Paragraph 32 b (new)
32b. Strongly condemns the fact that the European Commission, instead of acting as the guardian of the Treaty, has apparently actively assisted in breaches against major principles of the European Social Acquis;
Amendment 651 #
2013/2277(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33a. Notes that in all programme countries, the adoption of the Memoranda of Understanding in Parliament did not comply with democratic standards since Members were not in a position to fulfil their democratic duties, i.e. to consider the consequences of their votes or even read and discuss the MoU. Asks the Commission to make sure that such a situation will never be repeated and to this end to establish guidelines that shall inter alia ensure the appropriate democratic control of the implementation of measures at national level;
Amendment 663 #
2013/2277(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Notes that the mandate of the European Central bank is primarily limited to monetary policy and that it has no legal competence nor expertise to design, implement or monitor policy reforms in the field of labour market, economic affairs or good governance. Considers the current role of the ECB as full member of the Troika as unfit and calls for the ECB's membership in the Troika to be suspended until its mandate with regard to democratic control and objectives as defined in the Treaties including Art 130 TFEU will be revised;
Amendment 686 #
2013/2277(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35a. Deplores the political failure of EU institutions, in particular of the EU Council and the Eurogroup, to take clear responsibility for the policy measures and results that programme countries were forced to apply under the blunt financial pressure exerted by the Troika and lending Member States. Reminds that Member States deprived from access to financial markets were left without choice but to agree to the detailed terms presented by the Troika.
Amendment 718 #
2013/2277(INI)
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37a. Notes that among the current members of the Troika, the International Monetary Fund has so far been the only institution up to its task in terms of technical expertise and able for at least a partial review of the design of the adjustment programmes, in particular with regard to the overly ambitious, frontloaded austerity measures, its underlying false scientific assumptions and devasting results; further notes several calls by IMF representatives to ‚creditor' Member States to allow for a balance between growth and austerity policies in the euro area;
Amendment 783 #
2013/2277(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Calls for a reform of the ESM in order to allow it to apply the community method and to be fully accountable to the European Parliament. Considers that the ESM's current voting system must be revised to allow for decisions via qualified majority. Insists that the board of the ESM steps into a structural dialogues with European social partners and to this purpose proposes the creation of a Social Partner Dialogue Board; Considers that the ESM must ensure that in the future, all measures taken in the context of financial assistance programmes will be screened with regard to their respect of the Social Acquis and fundamental rights;
Amendment 785 #
2013/2277(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Stresses the need for a thorough examination of the consistency with the relevant practices of other Eurozone member-states as to the statistical classification and accounting rules adopted with respect to the fiscal data of the year preceding the adoption of the initial agreement between, on the one hand the Government of Greece and, on the other EU and IMF, as well as of the first year of the implementation of the agreement, that is of the years 2009 and 2010.
Amendment 812 #
2013/2277(INI)
Motion for a resolution
Paragraph 41 a (new)
Paragraph 41 a (new)
41a. Notes that this initiative report is only a first step to draw some conclusions about the function and role of the troika and asks for the establishment in the beginning of the new legislature of a normal inquiry committee as referred by the Article 226 TFEU and Article 185 of the Rules in order to examine better and more thorough the role, the function and the results of troika.
Amendment 821 #
2013/2277(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Demands that the Troika take stock of the current debate on fiscal multipliers and consider the revision ofrevise the MoUs on the basis of the latest empirical results in order to rebalance the policy of austerity with a policy of investment and sustainable ecologically sensitive growth;
Amendment 837 #
2013/2277(INI)
Motion for a resolution
Paragraph 42 a (new)
Paragraph 42 a (new)
42a. Calls on the Commission and the Council to give the same attention to social imbalances, and to correcting them, as it does to macroeconomic imbalances, and to that end, give adequate weight to EPSCO and its priorities in the framework of the Eurogroup;
Amendment 855 #
2013/2277(INI)
Motion for a resolution
Paragraph 43 a (new)
Paragraph 43 a (new)
43a. Underlines the relevance of the ECB or a European public bank applicable of money creation to act as a lender of last resort; demands nevertheless that conditions like those which have been set for the ECB's OMT programme would have to be reformulated in order to prevent Member States from misusing this refinancing facility and to stop financial markets from speculating against any EU Member State whilst not intervening in social, economic or political decisions which have to be taken by elected bodies in the respective Member State and on EU level;
Amendment 868 #
2013/2277(INI)
Motion for a resolution
Paragraph 44 a (new)
Paragraph 44 a (new)
44a. Asks the Commission and the Council not to apply such institutional and financial solutions in future, and to put in place mechanisms enabling all Member States to achieve social goals and policies set out in the Treaties, in particular those relating to the individual and collective rights of those at greatest risk of social exclusion; calls for concrete and binding mechanisms to rebalance the economic pillar of the Union and the Monetary Union in particular, with the European Social Acquis;
Amendment 869 #
2013/2277(INI)
Motion for a resolution
Paragraph 44 b (new)
Paragraph 44 b (new)
44b. Demands a significantly higher level of transparency of Troika negotiations; the agendas of meetings should be published in advance to give social partners and stakeholders the possibility to get involved, minutes or proceedings of the meetings should be published as soon as technically possible after the respective negotiations; in case parts of the negotiations should remain confidential to prevent market participants from taking advantage of the discussed measures or to prevent market disruptions representatives of the European Parliament and the Parliaments of Member States involved should be informed; these representatives are to be appointed by the respective Parliament;
Amendment 871 #
2013/2277(INI)
Motion for a resolution
Paragraph 44 c (new)
Paragraph 44 c (new)
44c. As a first urgent step towards a sovereign monetary union, intends to negotiate a concrete and binding roadmap on the reform of own resources, defining the most urgent steps of the process even during the current MFF; calls on the Commission to present concrete legislative proposals on the own resources package, including a revised proposal on a VAT-based own resource, at the latest by the time of the MFF revision; expresses its conviction that revenues from the Financial Transaction Tax should wholly or partly be allocated to the EU budget as a genuine own resource. Stresses the importance of reaching a political agreement on an in-depth reform of the own resources system; is convinced that the EU budget should be financed by genuine own resources as provided for in the Treaty; states, therefore, its commitment that such reform should reduce the share of GNI-based contributions to the EU budget to a maximum of 40% and phase out all existing rebates and correction mechanisms;
Amendment 907 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 a (new)
Paragraph 45 a (new)
45a. Notes the persistent refusal of the IMF to accept democratic accountability by the European Parliament and therefore believes that the euro area relationship with the IMF should be redefined, with a view to quickly phasing out the direct involvement of the IMF in the resolution of euro area sovereign debt problems;
Amendment 908 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 b (new)
Paragraph 45 b (new)
45b. Instructs the President of the European Parliament to make active use of the Parliament's privileged access to the European Court of Justice in order to challenge certain clauses in MoUs and to ensure that the Commission, the European Central Bank and the Council will fully respect the key provisions of the European Treaties; considers that such a legal challenge would lead to the MoUs to be repelled entirely;
Amendment 909 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 c (new)
Paragraph 45 c (new)
45c. Instructs the European Commission as „guardian of the Treaty" to present by 1st March 2015, a detailed study of the social and economic consequences of the adjustment programmes in the four countries in order to provide a precise understanding of both the short-term and long-term damage to the social protection systems, with particular regard to the fight against poverty, the maintaining of good social dialogue and the balance between flexibility and security in labour relations. Asks the Commission to use its consultative bodies as well as the Employment Committee and the Social Protection Committee when drafting this study and to fully cooperate with the European Parliament's inquiry committee. Asks for the current programmes to be interrupted with immediate effect and only be resumed after the Commission's study will be published and an independent social screening of a newly negotiated program will be concluded successfully;
Amendment 910 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 d (new)
Paragraph 45 d (new)
45d. Asks the Commission to ask the ILO and the Council of Europe to draft reports on possible corrective measures and incentives to ensure full compliance with the European Social Charter and the Protocol thereto and with the ILO Core Conventions, since the obligations deriving from them have been affected by the budgetary adjustment measures and the structural reforms requested by the Troika;
Amendment 911 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 e (new)
Paragraph 45 e (new)
45e. Calls on the Commission to elaborate a fully-fledged Economic and Social Recovery Plan that must enable current programme countries to make up years of social and economic setback. Underlines that in order to allow for a recovery of social protection and for a successful fight against poverty and social exclusion, such a recovery plan must be endowed with annual financial resources corresponding to two per cent of the Union's Gross Domestic Product. Further supports the currently discussed proposal of installing a European Fiscal Capacity which aims to tackle economic imbalances by addressing macroeconomic surpluses as well as deficits under the condition that this Fiscal Capacity is subject to supervision by the European Parliament, is bound to the Treaties of the European Union and the Charter of Fundamental Rights and has to ensure a high level of social security, employment, decent working conditions, non- discrimination and social cohesion all over the EU
Amendment 912 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 f (new)
Paragraph 45 f (new)
45f. Calls for a Treaty change in order to create a single financial assistance instrument within the Community framework for all EU Member States and that allows for the development of a substantial fiscal and social union. Considers this project must include the perspective of creating a sovereign monetary union allowing for a monetary and fiscal policy from a macroeconomic perspective. Hence, a European treasury should have the right to introduce a European tax of its own, to monitor and prevent economic imbalances among Member States and to secure a single market for government bonds in Euro. The European Central Bank, on the other hand should be enabled to act as a lender of last resort and the obligation to balance economic growth with monetary goals
Amendment 3 #
2013/2157(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Considers that the impact of the social and economic crisis with its double dip recession continues to affect the life of EU citizens with 26 million unemployed throughout the Union, rising poverty and inequality in most Member States. Notes that at the same time, public deficits remain high and public debt ratios continue to climb, divergence between Member States has been growing further;
Amendment 5 #
2013/2157(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Considers that without a major departure from the twin strategy of austerity and structural deregulation, the current nascent economic recovery that some Member States experience will not lead to a significant reduction of unemployment levels. Warns that private sector debt overhang, weak bank balance sheets, and housing stock overhang continue to be structural forces that pull down demand dynamics. Therefore recommends the Commission not repeat past mistakes by fixing unrealistic deficit targets;
Amendment 8 #
2013/2157(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Welcomes the increased number of CSRs in 2013 on poverty, employment, education and care and health services, as well as the new positive individual proposals for some countries regarding key target groups such as children, youth, migrants and Roma. Asks Member States to prioritise social investment in the Operational Programmes 2014-2020 of the European Social Funds. Asks the Commission to carefully monitor such a prioritisation through the European Semester and EU Funds monitoring process;
Amendment 9 #
2013/2157(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Considers that the Commission's overly ambitious targets in terms of reduction of structural deficits for 2014 and subsequent years will deprive many regions in Europe of the investment crucially needed to speed up the pace of transition towards a low-carbon and resource efficient economy;
Amendment 21 #
2013/2157(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Considers that such an involvement must give the social partners' views visibility and go beyond mere information and consultation. Welcomes that in 2013 the Commission formally invited social partners to comment on CSRs, but regrets that insufficient consideration has been given to further organisations representing civil society. Asks the Commission to set clear and transparent procedures that allow for effective, structural and meaningful involvement of all stakeholders throughout the European Semester and national semester and at all stages.
Amendment 1 #
2013/2145(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that its priorities for the 2014 budget are economic and sustainable growth, competitiveness, the creation of employment and the fight against youth unemployment; reiterates, therefore, its support for policies contributing to the fight against youth unemployment, research, development and innovation, digital agenda, competitiveness, small and medium enterprises (SMEs),while still in the context of one of the most dramatic social, economic and financial crisis, which has had a particularly appalling impact in some EU Member States in terms of unemployment, increase of poverty, closure of essential sectors, deterioration of public services, its priorities for the 2014 budget should be an ambitious set of investments aimed at boosting economic and sustainable growth, competitiveness, the creation of employment and the fight against youth unemployment; reiterates, therefore, the need to allocate the adequate resources to the policies contributing to smart, sustainable and inclusive growth based on the five EU headline targets, namely promoting employment, in particular for the youth improving the conditions for innovation, research and development, meeting our climate change and energy objectives, promoting high education, and professional training and mobilitystandards and social policies, in particular social inclusion and poverty reduction; recalls that the Member States themselves have fully endorsed these five targets;
Amendment 3 #
2013/2145(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes with deep concern that the economic and financial crisis is continuing to grip Europe. Given that simultaneousNotes that austerity measures across many Member States is leading to conthave proven fully inadequate, triggered deep recession and have had as main consequence a dracstion, the EU budgetc increase of unemployment, namely on the youth. The Union budget therefore needs to be boosted ifor the EUnion is supposed to be able to provide strongerany assistance in counter- cyclical stabilizsation.
Amendment 4 #
2013/2145(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls its determination to ensure a sufficient and realisticn adequate level of commitment and payment appropriations to allow the programmes to kick-off with sufficient funds in the multiannual financial framework (MFF) for the period 2014 - 2020 and to avoid delays in their implementation, as well as to ensure the successful conclusion of the programmes started under the 2007 - 2013 MFF;
Amendment 7 #
2013/2145(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. DeploreCondemns therefore the Council's decision to proceedinsist again this year with the usual approach of horizontal cuts to the draft budget (DB), aimed at artificially reducing the level of the Union's resources for 2014 by an overall total of EUR 240 million (-0,2%) in commitment appropriations (CA) and EUR 1 061 million (-0,8%) in payment appropriations (PA) as compared to the DB, thus leading to a significant decrease compared to the 2013 budget (including amending budgets No 1 to 5) both in commitments (-6%) and in payments (-6,6%);
Amendment 8 #
2013/2145(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is surprisedDeplores that, once more the European Council has fully ignored not only the European Parliament’s but its own previous positions; underlines that, in its position, the Council has not only not taken into account the agreement on the 2014 - 2020 MFF, regarding the frontloading of the Erasmus for All, COSME and Horizon 2020 programmes but has even further decreased the appropriations for some of those programmes;
Amendment 8 #
2013/2145(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that savings and efficiency gains in the EU budget should be concentrated on budget lines which contribute little to accomplishing the EU 2020 objectives, including future investments;Underlines that in order for the Union to meet its priority objectives as specified in the Europe 2020 strategy, a significant increase in funds is needed to boost research, innovation, training, the creation of growth and employment; furthermore, an adequate level of appropriations must be allocated to address the situations of social emergency, namely, for the fight against poverty and for investment in a sustainable development;
Amendment 10 #
2013/2145(BUD)
Motion for a resolution
Paragraph 5
Paragraph 5
5. NoteDeeply regrets that the Council has introducedinsists in introducing nothing but cuts in both CA and PA in all headings; noterecalls that the most affected ones are Heading 1a (-0,36% in CA and -3,6% in PA as compared to the DB), Heading 4 (- 0,21% in CA and -2,5% in PA as compared to the DB) and Heading 5 (-1,78% in CA and PA as compared to the DB); noteunderlines that significant cuts are de facto operated in Heading1b, vis-à- vis, the needs of appropriations to overcome, in 2014, the 2013 rolled-over payment claims, namely within the framework of the European Social Fund and European Cohesion Fund, this might specially affect the Member States already facing the most dramatic social, economical and financial effects of the crisis; especially recalls that these headings contain programmes and initiatives responsible for the delivery of the objectives of the Europe 2020 strategy and are priority areas for Parliament or appropriations ensuring the successful administrative and operational support for the implementation of those programmes;
Amendment 16 #
2013/2145(BUD)
Draft opinion
Paragraph 4
Paragraph 4
4. StresseRecalls the additional tasks delegated to the European Supervisory Authorities (ESAs) which will require commensuratethe adequate level of budgetary increases in order for them to fulfil their supervisory role in a satisfactory manner; recalls its position that the European Supervisory Authorities (ESA) needshall have independent budget lines and should, shall become less financially dependent upon contributions from their national member authorities and have the adequate enhanced financial support from the Union budget;
Amendment 17 #
2013/2145(BUD)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes the declaration on payments adopted by the Council in its position on the draft budget 2014; is not convinced, however, that it could serve as a guarantee for a sufficient and adequate level of payments for all headings; welcomestakes note of the statement by some Member States that a better balance between commitments and payments should be sought in order to avoid the situation where the Union cannot meet its legal obligations;
Amendment 18 #
2013/2145(BUD)
Motion for a resolution
Paragraph 9
Paragraph 9
9. CanReiterates its position that it does not accept Council's decision to reduce CA and PA; remind, in particular while still in the context of one of the most dramatic social, economic and financial crisis; underlines that commitments reflect the Union political priorities and should be set with a long- term perspective where the economic downturn might have ended; takes the view, therefore, that in general principle, commitments should be restored at draft budget level; intends, however,priority and adequate allocation of resources should be given to policies of real convergence, social and territorial cohesion, focused on job creation, social progress, solidarity, the sustainable use of natural resources and protection of the environment; insists, therefore, that commitments should go much beyond the draft budget level, namely in Headings 1a and 1b; reiterates its position that it is clearly insufficient to increase CA appropriations slightly above the DB on a selected number of budget lines relating to the programmes of direct benefit for European citizens, and contributing to the delivery of the Europe 2020 priorities - which are crucial for the growth and competitiveness of the Union - as well as those projecting the European values and solidarity abroad;
Amendment 22 #
2013/2145(BUD)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls, therefore, for the mobilisation of the flexibility instrument for an amount of EUR [XXX million] in commitment appropriations to reinforce the Fund for European Aid to the Most Deprived, to the European Social Fund, to the European Cohesion Fund, to provide further support for humanitarian aid in the Middle East, namely to UNWRA, taking into account the rise in the increase of tension in the region and in order to be able to attend to all those in need, and to grant additional assistance to Cyprus from the Structural Funds, as agreed by the Heads of States and Governments at their meeting of 27-28 June 2013;
Amendment 23 #
2013/2145(BUD)
Draft opinion
Paragraph 7
Paragraph 7
7. For the fight against secrecy jurisdictions and cross border tax evasion to succeed, stresses the need to strengthen the budgetary provisions in the field of international governance and cooperation in the tax area; r. In this respect, reiterates that a substantial increase for the Fiscalis 2020 programme is needed in order for the programme to effectively meet its objectives such as the fight against fraud of both direct and indirect taxation and increased cooperation with third countries including with accession countries. Considers that Fiscalis 2020 shall give special assistance to Member States for which an excessive deficit procedure (EDP) is pending in order to enable them to increase their taxation capabilities. Recalls that investment in this field will yield additional revenue for mMember sStates as well as the Europeanfor the Union.
Amendment 24 #
2013/2145(BUD)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Deeply deplores the cuts in payments bproughtposed by the Council, which could result in a decrease of at least EUR 9,5 billion (9 500 million) (-6,6%) in PA as compared to the adopted budget for 2013 (including amending budgets No 1 to 5); reiteratunderlines the fact that despite the adoption of a lower MFF for 2014-2020 and the absolute need to keep honouring past commitments, the Council kepteps following blindly its past strategy to artificially cut the level of payments, without taking into consideration the real needs and relativelyfor investment, with particular emphasis on the programmes and projects aimed at boosting growth and decent employment, smart, sustainable, green development and eradicating poverty and simultaneously the Council keeps sparing expenditure under shared management to ensure Member States' apparent «return on investment»;
Amendment 29 #
2013/2145(BUD)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses the fact that the Council position does not take account offully ignores the dramatic shortage of payments, notably in the field of the cohesion policy, with some estimates pointing to a likely lack of payment appropriations and, accordingly, an implementation deficit of some EUR 20 billion at the end of 2013, even with the second tranche of the draft amending budget No. 2/2013 adopted in full; recalls that the outstanding payments carried over from 2013 will have to be deducted from - and consequently reduce - the level of payment appropriations available for 2014, which has already been reduced by the 2014-2020 MFF agreement; stresses that this will put 2014 budget under tightunbearable pressure, not the least, against the background of an the unprecedented level of unpaid claims and, more generally, of the outstanding commitments (RALs);
Amendment 30 #
2013/2145(BUD)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is astonishedReiterates its indignation to the fact that some of the cuts in payments proposed by the Council affect the Horizon 2020, COSME and the ESF programmes, in plain opposition with the previous positions of the Council itself, the spirit and the letter of the recent political agreement on the 2014-2020 MFF to frontload some appropriations in 2014 and 2015 to these programmes and with the institutions' commitment at the highest level to tackle youth unemployment; recalls, moreover, thatreiterates its position that more resources should be allocated to these programmes, underlines that the frontload will not sort out the problem in the long-run, youth unemployment will still have to be tacled and addressed after 2016; recalls, moreover, the apparent lack of logic in the Council's position: part of the Council's cuts concern lines which were reinforced in the framework of the agreement on the first tranche of draft amending budget No. 2/2013;
Amendment 32 #
2013/2145(BUD)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Strongly rejects, therefore, the Council's approach on payments and amends its position on payments as the level of appropriations proposed does noto ensure that the fall between 2013 and 2014 ceilings is not detrimental to the proper implementation and completion of 2007- 2013 MFF programmes; namely, bearing in mind that, in the Commission's proposal, 52% of payment appropriations address outstanding commitments, nor to the start of new programmes;
Amendment 33 #
2013/2145(BUD)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes the approachReiterates its position that to restore the draft budget in payments for most lines cut by the Council; note will not be sufficient; recalls that, despite contained reinforcements in payment appropriations on a limited number of budget items and several decreases on other budget items, the payment ceiling does not allow for an adequate financing of priorities selected by the Parliament, with particular emphasis on the programmes and projects aimed at boosting growth and decent employment, smart, sustainable, green development and eradicating; proposes accordingly, after having examined all possibilities for re- allocating payment appropriations, to mobilise the Flexibility instrument in payments for an amount of EUR 213XXX million to finance humanitarian aid, integration and cohesion policies;
Amendment 73 #
2013/2145(BUD)
Motion for a resolution
Paragraph 49 a (new)
Paragraph 49 a (new)
49a. Reiterates the need to the increase the commitment and payment appropriations for the European Refugee Fund and of the Asylum and Migration Fund with at least EUR 100 million; notes that the EU must do all to avoid the dramatic humanitarian disasters, the endless disasters such as the one we have witnessed in Lampedusa last 3 October 2013; appropriations made available for Frontex could be proportionally reduced, as it has been clearly ineffective and inadequate to deal with the situations of humanitarian emergency which have to be dealt upon daily in the European Mediterranean shores;
Amendment 78 #
2013/2145(BUD)
Motion for a resolution
Paragraph 52
Paragraph 52
52. Proposes the mobilisation of the Flexibility Instrument for EUR 50 million in order to finance the real needs for the Union's contribution to the Middle East peace process; reiterates, therefore, its support for long term programming and sufficient funding for assistance to United Nations Relief and Works Agency, Palestine and the Peace process; suggests to put the EUR 50 million of additional appropriations in reserve pending an assessment from the Commission of the sound management of the aid by the Palestinian authorities and the measures taken in the fight against corruption;
Amendment 79 #
2013/2145(BUD)
Motion for a resolution
Paragraph 52 a (new)
Paragraph 52 a (new)
52a. Deeply regrets the fact that the allocations forseen for the Aid to UNWRA, Palestine and Peace Process have seen no increase since the last 3 years, meaning that the EU assistance to this area of the Middle East has in fact been decreasing on the past few years while the humanitarian situation is growing systematically more complex and with increased needs; fully rejects the attempt to establish a reserve of EUR 50 million to the EU aid for UNWRA, Palestine and Peace Process, much more than the problems caused by the lack of means, will be the dramatical political consequences of the impact of such allegations over resources which have been administered toguether with an Agency of the United Nations, without any concrete full assessment of these allegations;
Amendment 82 #
2013/2145(BUD)
Motion for a resolution
Paragraph 54
Paragraph 54
54. NoteDeeply regrets the Council's cuts to Heading 5, amounting to a total of EUR - 153.283 million in commitments and payments (- 1,8 % compared to DB levels), where the highest cuts are in Pensions and European schools (EUR -5,2 million , -3,2 %) and on expenditure related to officials and temporary staff in policy areas (EUR - 69,7 million or -3,5 %);
Amendment 83 #
2013/2145(BUD)
Motion for a resolution
Paragraph 55
Paragraph 55
55. NoteDeeply regrets that in its draft budget, the Commission already largely included the savings brought about by the new Staff Regulation and the 1 % reduction of posts, as agreed by the institutions; these proposed staff reductions will endanger dramatically the capacity of the EU institutions to deal with the entire new set of increased tasks and competences; notes that the EU institutions are supposed to perform, within a fully democratic context, with the highest degree of technical and administrative excellenc; naturally this becomes impossible while its institutions are not provided with the adequate level of human resources, in an increasing multilingual environment;
Amendment 85 #
2013/2145(BUD)
Motion for a resolution
Paragraph 56
Paragraph 56
56. ViewReiterates its position that it considers the additional cuts on administrative expenditure made by the Council as unjustified and disregarding statutory and contractual obligations and the Union's new competences and tasks; notstresses that «excluding the amounts relating to the salary adjustment for 2011 and 2012» couldshall further imbalance the Union budget;
Amendment 89 #
2013/2145(BUD)
Motion for a resolution
Paragraph 68 a (new)
Paragraph 68 a (new)
68a. Insists that the appropriations for the European Refugee Fund be increased;
Amendment 102 #
2013/2134(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to submit as a matter of urgency the legislative proposal on new financial incentives supporting Member States in the implementation of structural reforminvestment programmes, including a Competitiveness and Convergence Instrument (CCI) based on the Community method as a first step towards a European fiscal capacity;
Amendment 131 #
2013/2134(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the Commission’s statement that ‘surplus’ countries have a role to play in overcoming the current crisis, not only by reducing taxes and social security contributions but also by developing wages in order to boost sustainable domestic demand and promoting new investment opportunities; stresses the importance of the positive spill-over effects which these actions willcould have across the EU, particularly if they are implemented by the largest economies within the Union;
Amendment 166 #
2013/2076(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the ECB to pay more attention totake seriously the contractionary effects on GDP, employment and social welfare created by austerity policies carried out by national governments in the framework of Economic Assistance Programmes involving the ECB and to learn the proper lessons from ill-conceived recommendations;
Amendment 185 #
2013/2076(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to pay more attention to the euro exchange rate in order to avoid excessiveharmful euro appreciation, which could in turn damage the eurozone damaging to the eurozone and in particular to the eurozone countries being hardest hit by the crisis;
Amendment 229 #
2013/2076(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that in order to strengthen the stability of the banking system and avoid the development of the ‘too big to fail’ syndrome, consideration should be given to introducinglimits should be imposed on the overall size of banks and a full separation between deposit and investment banks, introduced on the lines of the ‘Volcker Rule’ in the US;
Amendment 4 #
2013/2075(INI)
Motion for a resolution
Recital C
Recital C
Amendment 69 #
2013/2075(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Reiterates that public services such as transport, health care, social housing, social services and SGIs and SGEIs in general should be exempted of competition provisions;
Amendment 70 #
2013/2075(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Urges the Commission to consider a review of European competition policy beyond its current narrow focus on cost and price decreases; stresses that lowering prices for consumers shall not be achieved to the detriment of employment, environmental protection, quality and safety of goods and services;
Amendment 71 #
2013/2075(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Calls on the Commission to balance the competitive approach with alternative social and economic rationales; invites the Commission in this regard to foster co-operation within the EU;
Amendment 93 #
2013/2075(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Calls on the Commission to further require banks to move away from unsustainable business models based on excessive leverage and overreliance on short-term wholesale funding and encourage it to focus again on their core business as the Commission already stated in its Competition report for 2011; calls on the Commission, in this regard, to take due note of the opinion of the High-level Expert Group on reforming the structure of the EU banking sector as regards the proposed legal separation between trading activities and deposits;
Amendment 106 #
2013/2075(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Asks again the Commission to come forward with a proposal for the creation of a public rating agency which shall be meant to be the only agency allowed to assess sovereign debt inside European Union. As a non-market player, this public rating agency is expected to have a more rational and long term perspective in the assessment of public debt and financial stability of the Union in general;
Amendment 115 #
2013/2075(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 126 #
2013/2075(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to adopt a legislative proposal for a European Regulator that would act where national regulators do not exist or are inactivewhose task shall be to help achieving a single European railway area while promoting cooperation between national operators rather than competition only;
Amendment 130 #
2013/2075(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that the single market in the rail freight sector is affected by incorrect or incomplete transpositition provisions of EU law leading to liberalisation by Member States and by bottlenecks to cross- border mobility that harm competition and growth; calls on the Commission to verify whether technical or market barriers that differ from one Member States to another, such as track gauges, energy supply and signalling systems, can be considered infringements of competition rufurther tacklesd;
Amendment 148 #
2013/2075(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Asks the Commission to ensure that energy regulations and directives are transposed and applied correctly in all Member States; cCalls on the Commission to be particularly vigilant when energy prices reach above the EU-average, as high prices distort competition and harm consumers;
Amendment 9 #
2013/2047(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas privatisation and liberalisation of financial markets have had devastating consequences for the global economy as short-term profit maximisation has caused excessive risk taking leading to systemic instability; whereas this behaviour needs to be ultimately stopped; whereas the general public interest needs to be the main focus of financial service providers including both banks and non-bank financial institutions;
Amendment 10 #
2013/2047(INI)
Motion for a resolution
Recital B
Recital B
B. whereas while EMIR and CSDR aim to reduce systemic risk through well- regulated market infrastructure, there is a strong possibility of unintended consequencessignificantly more regulation for both banks and non-bank financial institutions is needed in order to ensure that financial markets no longer pose a threat to the society;
Amendment 14 #
2013/2047(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas multiple failures of CCP members will have devastating consequences not only for financial market participants but for societies as a whole;
Amendment 24 #
2013/2047(INI)
Motion for a resolution
Recital O a (new)
Recital O a (new)
Oa. whereas non-bank financial institutions that engage in bank-like activities such as channelling savings into investments or hedging risks should be covered by similar rules as banks;
Amendment 25 #
2013/2047(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission not only to prioritise recovery and resolution of CCPs and those CSDs which are exposed to credit risk, and when considering other financial institutions to differentiate appropriately between each typebut also to develop similar legislation for other financial institutions that are active on the financial markets and which have the potential to pose systemic risks to the economy;
Amendment 28 #
2013/2047(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Emphasises the importance of EU legislation following internationally agreed principles, as agreed in CPSS-IOSCO, FSB and IAIS and to go further when deemed necessary for financial and economic stability;
Amendment 44 #
2013/2047(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Demands that the Commission ensures CCPs act in the general public interest and adopt their business strategies accordingly in order to significantly reduce the likelihood of triggering recovery and resolution scenarios;
Amendment 45 #
2013/2047(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to recognise that while the aim of ring-fencing asset classes within a default fund of a CCP is to limit contagion, it is unclear whether this will be sufficient to prevent such contagion in practice; calls on the Commission to propose further measures in order to minimise this contagion risk;
Amendment 74 #
2013/2047(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that if the resolution authority had the ability to impose a stay on early termination rights, alongside the lifting of the clearing obligation which would pause the CCP for a maximum period of two days, this could allow the market to correctly re-price the contracts, thus allowing for a more orderly diffusion of risk whereby the lifting of a clearing obligation should be a means of last resort after it has at least been examined whether another CCP could provide the clearing in the short term or the respective products could be suspended from trading for a limited period of time;
Amendment 81 #
2013/2047(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Demands that the Commission ensures CCPs act in the general public interest and adopt their business strategies accordingly in order to significantly reduce the likelihood of triggering recovery and resolution scenarios;
Amendment 104 #
2013/2047(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission to assess whether anyich asset managers should be designated as systemically important due to their size or business model and would therefore require a recovery plan;
Amendment 108 #
2013/2047(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Believes that an effective securities law regime could mitigate manysome of the issues involved in case of failure of a large crossborder asset manager;
Amendment 4 #
2013/2042(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Insists that in a period of deep economic crisis and increased divergence in the EU it is necessary to provide an adequate level of resources in the EU budget with particular emphasis on the programmes and projects aimed at boosting growth and decent employment, eradicating poverty, investing in programmes aimed at smart, sustainable, green development; underlines that it is extremely important to increase support to Member States, especially those already facing economic recession;
Amendment 2 #
2013/2021(INI)
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
- having regard to the Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010
Amendment 4 #
2013/2021(INI)
Motion for a resolution
Citation 9
Citation 9
– having regard to the 2012 report of the Organisation for Economic Cooperation and Development (OECD) entitled ‘Implicit Guarantees for Bank Debt: Where Do We Stand?’2 ,and to the 2009 report of the OECD 'The Elephant in the Room: The Need to Deal with What Banks Do'[1]; [1] http://www.oecd.org/daf/fin/financial- markets/44357464.pdf
Amendment 10 #
2013/2021(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas these state financed bailouts lead to a massive increase of public indebtedness in the EU member states;
Amendment 39 #
2013/2021(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the current post-crisis weakness in the structure of EU banks demonstrates the need for reform in order to serve the wider needs of the economyespecially the socially desirable needs and to strengthen growth and employment enhancing investments of small and medium enterprises;
Amendment 57 #
2013/2021(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the pure separation of financial institutions to investment- and retail branches does not address the problem concerning SIFIs and the relation between the volume of the Recovery and Resolution Fund on the one hand and the balance of institutions systemically relevant for credit, payment and deposit on the other;
Amendment 113 #
2013/2021(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the HLEG's analysis and recommendations on banking reform and considers them a sound basis for the first steps initiating reforms;
Amendment 199 #
2013/2021(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers that an effective banking system must deliver a change in banking culture in order to reduce complexity, enhance fair and sustainable competition, limit interconnectedness between riskyinvestment and commercial activities to a minimum, improve corporate governance, create a responsible remuneration system, allow effective bank resolution and recovery, reinforce bank capital and deliver credit to the real economy;
Amendment 302 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – introductory part
Paragraph 12 – introductory part
12. Urges the Commission to ensure that separation at least results in:
Amendment 313 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – point a a (new)
Paragraph 12 – point a a (new)
(aa) rules to ensure that the executive and controlling bodies of these separate entities and their respective members act independently from each other and that members of the legal bodies of one entity cannot be members of the legal bodies of the other entity in the same group
Amendment 385 #
2013/2021(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Asks the Commission to develop rules limiting the size of groups and separate legal entities as well in the retail as in the commercial sphere. The size of the separated entities and the groups should be measured by the balance sheet and related to the GDP of the home member state and the funding of the to be established Recovery and Resolution Funds to prevent institutions form becoming too big or too interconnected to fail and to ensure that the respective means and measures are sufficient to recover failing institutes
Amendment 391 #
2013/2021(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Asks the Commission to require from banks with a balance sheet total above EUR 200 bn that at least 50% of their balance sheet be dedicated to lending to non financial entities and at least 33% to lending to GDP contributing activities and entities such as SMEs;
Amendment 392 #
2013/2021(INI)
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16c. Asks the Commission to assess the potential effects for lending to SMEs of a limitation of the size of banks by putting a cap on the size of assets that a bank can hold;
Amendment 450 #
Amendment 453 #
2013/2021(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Stresses that effective and fair and sustainable competition is necessary in order to ensure a well- functioning and efficient banking sector which funds the real economy by reducing the cost of banking services where inter alia supervisory rules should take into account the risk profile, the regional scope and the business model of the respective institutions;
Amendment 468 #
2013/2021(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Urges the Member States to ensure that their national supervisors have the clear objective of promoting effectivfair and sustainable competition in their banking sectors with the aim to efficiently allocate savings into productive investments to the benefit of the society as a whole; encourages the Member States and the Commission to examine options for more stakeholder involvement in the provision of financial services to private persons and to enterprises;
Amendment 477 #
2013/2021(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Asks the Commission to bring forward measures to ensure access to basic banking services to all consumers, to facilitate consumer switching between banks and assist in improving consumer choice in the banking sector by reducing the barriers to entry and exit and applying proportionate rules to new entrants to the market;
Amendment 2 #
2013/2010(BUD)
Motion for a resolution
Citation 7 (new)
Citation 7 (new)
– having regard to the Council conclusions of 29th of June 2012 and 19th October on the Compact for Growth and Jobs;
Amendment 3 #
2013/2010(BUD)
Motion for a resolution
Recital A
Recital A
A. whereas the Treaty of Lisbon confers significant new prerogatives on the European Union in fields such as external action, sport, space, climate change, energy, tourism and civil protection, external action, sport, space;
Amendment 11 #
2013/2010(BUD)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Insists that in a period of deep economic crisis and increased divergence in the EU it is necessary to provide a significant increase in the Community budget to ensure the adequate level of resources in next year's budget to secure the EU political priorities with particular emphasis on the programs and projects aimed at boosting growth and decent employment, eradicating poverty, investing in smart, sustainable, green development; reiterates that it is extremely important to increase support to Member States, especially those already facing economic recession, for investment in infrastructure, social facilities, research, innovation and development;
Amendment 19 #
2013/2010(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Insists ofn the opinion that budgeting a realisticneed to budget the adequate level of payments at the beginning of the budgetary cycle wouldto avoid unnecessary complications during the implementation of the budget, as witnessed in particular with the 2012 budsituations such as the one witnessed in particular in 2012 , during the implementation of the budget; emphasises that the EU Budget can have a crucial role to help some of its member states to recover from the crisis and come out stronger, through smart, sustainable and inclusive growth based on the five EU headline targets, namely promoting employment, improving the conditions for innovation, research and development, meeting our climate change and energy objectives, promoting high education standards and social policies, in particular social inclusion and poverty reduction; recalls that the Member States themselves have fully endorsed these five targets;
Amendment 32 #
2013/2010(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Attaches the greatestTakes note of the political importance tof the joint statements signed by Parliament, the Council and the Commission at their highest political level in December 2012, which are an integral part of the agreement between the two arms of the budgetary authority on the 2013 budget and according to which the necessary additional resources will be provided by Member States next year in order for the Union to be able to pay its bills and preserve its institutional credibility and solvability;
Amendment 35 #
2013/2010(BUD)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls that, in line with the provisions of the joint statement on payments 2012, the Commission shall present at an early stage in 2013 a draft amending budget devoted to the sole purpose of covering the suspended claims from 2012, amounting to at least EUR 2.9 billion, and other pending legal obligations, without prejudice to the proper implementation of the 2013 budget; recalls that in November and December 2012 additional payment requests under shared management for an overall amount of around EUR 16 billion were submitted to the Commission, which will need tomust be paid out in 2013; therefore urges the Commission to submit this draft amending budget already during the first trimester of 2013, in order to avoid any interference with the budget 2014 procedure;
Amendment 51 #
2013/2010(BUD)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Is deeply concerned about the high level of unused appropriations (RALs) accumulated at the end of the year 2012; proposes to organise once again this year inter- institutional meetings on the difference between commitment and payment appropriations, to establish a dialogue with the Commission in order to fully clarify the composition of RAL; insists that the Council refrain from deciding a priori the level of payments, without taking account of actual needs and legal obligations; notes further that accruing RAL actually undermines a transparent EU budget in which the relation between commitments and payments in any specific budgetary year is clearly visible;
Amendment 60 #
2013/2010(BUD)
13. Is of the opinionnsists that the 2013 budget negotiations have demonstrated once more that the system of financing the EU budget – with national contributions amounting to more than 75 % of EU revenue – is today on its last legsclearly insufficient; urges that the structure of Union revenue be reformed by introducing new and genuine own resources, namely the Financial Transaction Tax and recalls its support to the Commission proposal for reforming the own resources system;
Amendment 73 #
2013/2010(BUD)
Motion for a resolution
Paragraph 17
Paragraph 17
17. RecallInsists that all the macroeconomic financial stabilisation measures taken since 2008 have not yet brought an end to the economic and financial crisis; believes, therefore,insists, therefore, that the austerity measures taken both at EU and Member States level, comprised within the "Economic Governance", The Pact for the Euro and the Fiscal Compact, led to the deepening and aggravation of the economic and social crises, particularly in countries which already had a difficult economic and social situation; reiterates that in order to return to growth and generate employment in Europe, Member States should continue their efforts to unlock their potential for sustainable growth and that a well-targeted, robust and sufficient EU budget is needed to further help coordinate and enhance the national efforts;
Amendment 78 #
2013/2010(BUD)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls, therefore, on the Member States to consider synergies between the national consolidation effortMember States and the added value of a well- prioritised EU budget, allowing the implementation of the political commitments already made at the highest level; recallinsists that implementation of political commitments and priorities is much more effective when there is a synergy between national and EU budgets and underlines the importance of inter- parliamentary debatthe EU budget should give priority to policies of real convergence, social and territorial cohes ion the common economic and budgetary orientations of the Member States and of the Union, within the framework of European Parliamentary Week on the European Semester for Economic Policy Coordination, focused on job creation, social progress, solidarity, the sustainable use of natural resources and protection of the environment;
Amendment 87 #
2013/2010(BUD)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls, in this regard, that the EU 2020 strategy should be at the heart of the next MFF (2014-2020) and invites the Commission to clearly prioritise it already in 2014 and to place emphasis on spending for SMEson job creation, to eradication of poverty, the promotion of cooperation and solidarity towards a social and sustainable development, research, SMEs, development and innovation, renewable energy, sustainable development, and skills;
Amendment 101 #
2013/2010(BUD)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Reiterates that a budgetary shift away from military action and security- oriented policies to civil conflict prevention is a necessary alternative in order to reduce military expenditure;
Amendment 104 #
2013/2010(BUD)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes note of the letter dated 7 January 2013 from the Commissioner for Budgets and Financial Programming confirming that 2014 will be the second year in which the Commission will reduce its staffing levels by another 1 %, meaning that any new tasks will be met through available (and decreasing)rejects the proposed reduction of human ressources and by counting on the simplification of delivery modes, as proposed in the new generation programmes; takes note of the Commission’s call on all other institutions to introduce a nominal freeze at 2013 level of all non-salary related expenditure; intends to continue a close examination of the Commission’s intention of reducing by 2018 the staffing level in EU institutions and bodies by 5 % as compared with 2013, and recalls that this is to be seen as an overall goal; recalls that any change to the establishment plan has a direct impact on the budget and should in no way compromise the budgetary prerogatives of the Committee on Budgets and of the European Parliament; considers that any short-term or long-term reduction in staff should be based on a prior impact assessment and should take full account of, inter alia, the Union’s legal obliginsists in strongly enhancing efficiency and excellence through decent job creation and maintenance, increase the quality of working conditions, promote and implement organisationsal and the institutions’ new competences and increased tasks arising from the Treinfrastructural innovatieson;
Amendment 12 #
2013/0400(CNS)
Draft legislative resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers the principle of physical presence, the separate entity approach and the Arm's Length Principle not to be appropriate for a fair and just taxation of enterprises with economic activities in more than one country, therefore calls on the Council to prepare the introduction of a unitary taxation with formula based apportionment of taxes in order to prevent tax evasion in the Union by taking advantage of mismatching tax regimes of the Member States;
Amendment 13 #
2013/0400(CNS)
Draft legislative resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Is concerned about the aggressive tax planning of transnational corporations including companies with headquarters in Member States; many of these companies are evading a fair taxation not only in Member States but also in countries with weaker economies which, due to these tax losses, cannot afford to fight poverty or to pay for public services; therefore asks the Commission and the Member States to contribute to the effort done by the OECD on international taxation and the prevention of tax evasion; especially asks the Commission and the Member States to contribute to a swift introduction of a global system of unitary taxation and other suitable measures to prevent tax evasion inside the Union and globally;
Amendment 14 #
2013/0400(CNS)
Draft legislative resolution
Paragraph 2 c (new)
Paragraph 2 c (new)
2c. Asks the Commission to provide a report on how a unitary taxation of corporations providing business in more than one Member State can be introduced in the Union;
Amendment 15 #
2013/0400(CNS)
Draft legislative resolution
Paragraph 2 d (new)
Paragraph 2 d (new)
2d. Is aware of the fact that a huge part of tax evasion in the Union is a result of skilfully exploiting the mismatches of taxation in different Member States and their respective Double Tax Treaties for example regarding the treatment of permanent establishments; therefore asks the Member States to find a common approach to taxation of companies providing business in more than one Member State; in particular asks the Member States to coordinate their respective double tax treaties in order to tackle tax evasion and avoidance;
Amendment 16 #
2013/0400(CNS)
Draft legislative resolution
Paragraph 2 e (new)
Paragraph 2 e (new)
Amendment 20 #
2013/0400(CNS)
Proposal for a directive
Article 1 – point 2
Article 1 – point 2
Directive 2011/96/EU
Article 1 a – paragraph 2 – subparagraph 2
Article 1 a – paragraph 2 – subparagraph 2
In determining whether an arrangement or series of arrangements is artificial, Member States shall ascertain, in particular but not exclusively, whether they involve one or more of the following situations:
Amendment 21 #
2013/0400(CNS)
Proposal for a directive
Article 1 – point 2
Article 1 – point 2
Directive 2011/96/EU
Article 1 a – paragraph 2 – point e a (new)
Article 1 a – paragraph 2 – point e a (new)
(ea) the ratio between economic characteristics like payroll, number of employees, sales promotion on the one hand and turnover or profit on the other in one Member State is disproportionate to the respective ratio in one or several other Member States of enterprises which are part of a corporation with economic activity in more than one Member State.
Amendment 23 #
2013/0400(CNS)
Proposal for a directive
Article 1 – point 3
Article 1 – point 3
Directive 2011/96/EU
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
Amendment 25 #
2013/0400(CNS)
Proposal for a directive
Article 1 – point 3 a (new)
Article 1 – point 3 a (new)
Directive 2011/96/EU
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
Amendment 28 #
2013/0400(CNS)
Proposal for a directive
Article 1 – point 3 b (new)
Article 1 – point 3 b (new)
Directive 2011/96/EU
Article 5
Article 5
Amendment 47 #
2013/0265(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) For domestic transactions, a transition period ismay be necessary to provide payment services providers and schemes with time to adapt to the new requirements. Therefore, after a two yearsix months period following the entry into force of this Regulation and in order to provide for a completion of an internal market for card- based payments, the caps on interchange fees for consumer card transactions should be extended to cover all, cross-border and domestic payments.
Amendment 54 #
2013/0265(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) In order to facilitate cross border acquiring all (cross-border and domestic) ‘consumer’ debit card transactions and card based payment transaction should have a maximumnot apply any interchange fee of 0,20% and all (cross- border and domestic) consumer credit card transactions and card based payment transactions based on those should have a maximum interchange fee of 0.320%.
Amendment 65 #
2013/0265(COD)
Proposal for a regulation
Recital 22
Recital 22
Amendment 92 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 3 – introductory part
Article 1 – paragraph 3 – introductory part
3. Unless Member States establish otherwise, Chapter II does not apply to the following:
Amendment 100 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point c
Article 1 – paragraph 3 – point c
Amendment 106 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
Amendment 143 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
(13) ‘payment card scheme’ means a single set of rules, practices, standards and/or implementation guidelines for the execution of payment transactions across the Union and within Member States, and which is separated from any infrastructure or payment system that supports its operation;
Amendment 153 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25 a (new)
Article 2 – paragraph 1 – point 25 a (new)
(25a) 'Account servicing payment service provider' means a payment service provider providing and maintaining payment accounts for a payer.
Amendment 154 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25 b (new)
Article 2 – paragraph 1 – point 25 b (new)
(25b) 'Debit card payment scheme with minimum European geographical coverage' means a payment scheme for debit cards with a geographical coverage (i.e. effective acceptance) in at least four Member States.
Amendment 164 #
2013/0265(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. With effect from two months after the entry into force of this Regulation, payment services providers shall not offer or request for cross-border debit card transactions a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 % of the value of the transaction.
Amendment 185 #
2013/0265(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. With effect from two months after the entry into force of this Regulation, payment services providers shall not offer or request for cross-border credit card transactions a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,32 % of the value of the transaction.
Amendment 198 #
2013/0265(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. With effect from two yearsix months after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 % of the value of the transaction for any debit card based transactions.
Amendment 218 #
2013/0265(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. With effect from two yearsix months after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,32 % of the value of the transaction for any credit card based transactions.
Amendment 233 #
2013/0265(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the purposes of the application of the caps referred to in Article 3 and Article 4, any net compensation received by an issuing bank from a payment card scheme in relation to payment transactions or related activities shall be treated as part of the interchange fee.
Amendment 235 #
2013/0265(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
Competent authorities shall prevent any attempts by the payment service providers to circumvent the rules established by this Regulation, including non-EU issuance of payment cards.
Amendment 257 #
2013/0265(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. Any debit card issued by an account servicing payment service provider must be co-badged and contain at least two debit card payment schemes with minimum European geographical coverage. The account servicing payment service provider is obliged to add on the issued debit card at least one debit card payment scheme with minimum European geographical coverage requested by the cardholder, without any discrimination between the available schemes, and also open its ATM network to this debit card payment scheme with minimum European geographical coverage selected by the cardholder.
Amendment 270 #
2013/0265(COD)
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. Where a payment device offers the choice between different brands of payment instruments, the payer shall be allowed to determine the brand applied to the payment transaction at issue shall be determined by the payer at the point of sale.
Amendment 302 #
2013/0265(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Member States shall lay down rules on the sanctions applicable to infringements of this Regulation and shall take all measures necessary to ensure that they are applied. SuchThe European Banking Authority shall issue guidelines to ensure that sanctions shall bare effective, proportionate and dissuasive.
Amendment 305 #
2013/0265(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Member States shall establish adequate and effective out-of-court complaint and redress procedures for the settlement of disputes arising under this Regulation between payees and their payment service providers. For those purposes, Member States shall designate existing bodies, where appropriate, or establish new bodies. Payment service providers shall be required to adhere to at least one alternative dispute resolution body.
Amendment 314 #
2013/0265(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
Amendment 225 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point g – point vi
Article 3 – paragraph 1 – point g – point vi
Amendment 315 #
2013/0264(COD)
Proposal for a directive
Article 33 – paragraph 3
Article 33 – paragraph 3
3. Where the payment service provider may impose charges for information in accordance with paragraph 2, they shall be appropriatreasonable and in line with the payment service provider’s actual costs.
Amendment 317 #
2013/0264(COD)
Proposal for a directive
Article 33 – paragraph 3 a (new)
Article 33 – paragraph 3 a (new)
3a. Member States shall ensure that consumers, who switch their payment account, receive upon request and for a reasonable fee from the transferring payment service provider the transactions carried out on the former payment account recorded on a durable medium.
Amendment 339 #
2013/0264(COD)
Proposal for a directive
Article 48 – paragraph 2
Article 48 – paragraph 2
2. Termination of a framework contract concluded for a fixed period exceeding 12 months or for an indefinite period shall be free of charge for the payment service user after the expiry of 12 months. In all other cases charges for the termination shall be appropriate and in line with costs.
Amendment 342 #
2013/0264(COD)
Proposal for a directive
Article 50 – paragraph 2
Article 50 – paragraph 2
2. A framework contract mayshall include a condition that the information referred to in paragraph 1 is to be provided or made available periodically at least once a month, free of charge and in an agreed manner which allows the payer to store and reproduce information unchanged.
Amendment 345 #
2013/0264(COD)
Proposal for a directive
Article 51 – paragraph 1 – point a
Article 51 – paragraph 1 – point a
(a) the reference enabling the payee to identify the payment transaction and, where appropriate, the payer, and any information transferred with the payment transaction;
Amendment 349 #
2013/0264(COD)
Proposal for a directive
Article 53 – paragraph 1
Article 53 – paragraph 1
1. Where, for the use of a given payment instrument, the payee requests a charge or offers a reduction, the payee shall inform the payer thereof prior to the initiation of the payment transaction.
Amendment 352 #
2013/0264(COD)
Proposal for a directive
Article 53 – paragraph 2
Article 53 – paragraph 2
Amendment 354 #
2013/0264(COD)
Proposal for a directive
Article 53 – paragraph 2 a (new)
Article 53 – paragraph 2 a (new)
2a. Where a payment service provider is entitled to pass on third party costs to the payer, the payer is not obliged to pay for them unless their full amount was made known prior to the initiation of the payment transaction.
Amendment 358 #
2013/0264(COD)
Proposal for a directive
Article 55 – paragraph 1
Article 55 – paragraph 1
1. The payment service provider may not charge the payment service user for fulfilment of its information obligations or corrective and preventive measures under this Title, unless otherwise specified in Articles 70(1), 71(5) and 79(2). Those charges shall be agreed between the payment service user and the payment service provider and shall be appropriate and in line with the payment service provider’s actual costs. Upon request the actual costs have to be substantiated by the payment service provider.
Amendment 362 #
2013/0264(COD)
Proposal for a directive
Article 55 – paragraph 2 a (new)
Article 55 – paragraph 2 a (new)
2a. If a payment transaction involves a currency conversion into another EU currency, Member States shall require that the payee pays the charges levied by his payment service provider, and the payer pays the charges levied by his payment service provider and the necessary charges for currency conversion. If the payer issues a payment order in the target currency the receiving payment service provider shall be required in accordance to Art. 72 to credit the full amount of payment to the payee or indicate charges separately.
Amendment 364 #
2013/0264(COD)
Proposal for a directive
Article 55 – paragraph 3
Article 55 – paragraph 3
3. The payee shall not be authorised to request from the payer a charge for using any means of payment. The payment service provider shall not prevent the payee from requesting from the payer a charge, offering himoffering the payer a reduction or otherwise steering him towards the use of a given payment instrument. Any charges applied shall, however, not exceed the costs borne by the payee for the use the specific payment instrument provided it does not result in a reverse surcharge.
Amendment 371 #
2013/0264(COD)
Proposal for a directive
Article 55 – paragraph 4
Article 55 – paragraph 4
Amendment 410 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 a (new)
Article 58 – paragraph 2 a (new)
2a. Member States shall ensure that the personalised security features, used by the payment service user to access his online banking application, are not used to initiate payment orders through third party payment service providers. The account servicing payment service provider shall provide the payment service user with different personalised security features to be exclusively used for payment transactions initiated through third party payment service providers.
Amendment 450 #
2013/0264(COD)
Proposal for a directive
Article 64 – paragraph 2
Article 64 – paragraph 2
2. Where a payment service user denies having authorised an executed payment transaction, the use of a payment instrument recorded by the payment service provider, including the third party payment service provider as appropriate, shall in itself not necessarily be sufficient to prove either that the payment transaction was authorised by the payer or that the payer acted fraudulently or failed with intent or gross negligence to fulfil one or more of the obligations under Article 61. In such a case mere assumptions without further supporting evidence beyond the recorded use of the payment instrument shall not be considered eligible proof against the payment user.
Amendment 456 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 1
Article 65 – paragraph 1
1. Member States shall ensure that, wWithout prejudice to Article 63, in the case of an unauthorised payment transaction, the payer's payment service provider refunds to the payer immediately the amount of the unauthorised payment transaction on the same day it has been made aware of the transaction, and, where applicable, restores the debited payment account to the state in which it would have been had the unauthorised payment transaction not taken place. This shall also ensure that the credit value date for the payer's payment account shall be no later than the date the amount had been debited.
Amendment 465 #
2013/0264(COD)
Proposal for a directive
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
By way of derogation from Article 65 the payer may be obliged to bear the losses relating to any unauthorised payment transactions, up to a maximum of EUR 50, resulting from the use of a lost or stolen payment instrument or from the misappropriation of a payment instrument. This will not apply if the loss, theft or misappropriation of a payment instrument was not detectable to the payer prior to the enactment of a payment.
Amendment 473 #
2013/0264(COD)
Proposal for a directive
Article 66 – paragraph 2 a (new)
Article 66 – paragraph 2 a (new)
2a. The payer shall not bear any financial consequences resulting from use of a lost, stolen or misappropriated payment instrument if the resulting unauthorised payment was made possible by a method or a security breach, that had already been known and documented for more than two years and the payment service provider failed to enhance security schemes to effectively block further attacks of that kind, except where the payer himself has acted fraudulently.
Amendment 475 #
2013/0264(COD)
Proposal for a directive
Article 66 – paragraph 2 b (new)
Article 66 – paragraph 2 b (new)
2b. In cases where the payer has neither acted fraudulently nor with intent failed to fulfil his obligations under Article 61, Member States may reduce the liability referred to in paragraphs 1 and 2 of this Article, taking into account, in particular, the nature of the personalised security features of the payment instrument and the circumstances under which it was lost, stolen or misappropriated.
Amendment 477 #
2013/0264(COD)
Proposal for a directive
Article 66 a (new)
Article 66 a (new)
Article 66 a Payment transactions where the transaction amount is not known in advance 1. For payment transactions, where the transaction amount is not known at the moment of the purchase, Member States shall set the maximum amount of funds which may be blocked on the payer's payment account and maximum time limits for which the funds may be blocked by the payee. 2. The payee shall be required to inform the payer prior to the transaction if funds exceeding the amount of the purchase would be blocked on the payer's payment account. 3. If funds exceeding the amount of the purchase have been blocked on the payer's payment account, this information shall be provided to the payer by his payment services provider in the account statement.
Amendment 479 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 1 – introductory part
Article 67 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that a payer is entitled to a refund from the payment service provider of an authorised payment transaction initiated by or through a payee which has already been executed, if the following conditions are met:.
Amendment 482 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 1 – point a
Article 67 – paragraph 1 – subparagraph 1 – point a
Amendment 485 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 1 – point b
Article 67 – paragraph 1 – subparagraph 1 – point b
Amendment 488 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 2
Article 67 – paragraph 1 – subparagraph 2
Amendment 491 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 3
Article 67 – paragraph 1 – subparagraph 3
Amendment 498 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 4
Article 67 – paragraph 1 – subparagraph 4
For direct debits the payer has an unconditional right for refund within the time limits set in Article 68, except where the payee has already fulfilled the contractual obligations and the services have already been received or the goods have already been consumed by the payer. At the payment service provider's request, the payee shall bear the burden to prove that the conditions referred to in the third subparagraph.
Amendment 500 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 4 a (new)
Article 67 – paragraph 1 – subparagraph 4 a (new)
The refund shall consist of the full amount of the executed payment transaction. This includes that the credit value date for the payer's payment account is no later than the date the amount had been debited. Executing a refund of a payment itself shall not alter the underlying legal claim of the payee.
Amendment 504 #
2013/0264(COD)
Proposal for a directive
Article 68 – paragraph 2 – subparagraph 1
Article 68 – paragraph 2 – subparagraph 1
Amendment 505 #
2013/0264(COD)
Proposal for a directive
Article 68 – paragraph 2 – subparagraph 2
Article 68 – paragraph 2 – subparagraph 2
Amendment 508 #
2013/0264(COD)
Proposal for a directive
Article 69 – paragraph 1
Article 69 – paragraph 1
1. Member States shall ensure that the point in time of receipt is the time when the payment order initiated directly by the payer or on his behalf by a third party payment service provider or indirectly by or through a payee is received by the payer's payment service provider. The point in time of receipt cannot be later than the point in time of debiting the payer's account. If the point in time of receipt is not on a business day for the payer's payment service provider, the payment order shall be deemed to have been received on the following business day. The payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received shall be deemed to have been received on the following business day.
Amendment 518 #
2013/0264(COD)
Proposal for a directive
Article 79 – paragraph 5 a (new)
Article 79 – paragraph 5 a (new)
5a. Member States shall ensure that in case an attempt to recover the funds in accordance to paragraph 3 fails, the payment service provider of the wrongly addressed payee is obliged to provide all necessary information to the payer in order to contact the recipient of the funds and if necessary file a legal claim to re- collect them.
Amendment 545 #
2013/0264(COD)
Proposal for a directive
Article 85 – paragraph 4 a (new)
Article 85 – paragraph 4 a (new)
4a. Member States shall ensure that payment service providers regularly provide data on fraud related to different means of payment to national competent authorities and to EBA.
Amendment 569 #
2013/0264(COD)
Proposal for a directive
Article 89 – paragraph 3
Article 89 – paragraph 3
3. In the event of infringement or suspected infringement of the provisions of national law adopted pursuant to Titles III and IV, the competent authorities referred to in paragraph 1 of this Article shall be those of the homest Member State of the payment service provider, except for agents and branches conducted under the right of establishment where the competent authorities shall be those of the host Member State.
Amendment 574 #
2013/0264(COD)
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall ensure that adequate, independent and effective out- of-court complaint and redress procedures for the settlement of disputes between payment service users and payment service providers concerning the rights and obligations arising under this Directive are established according to the relevant national and Union legislation, using existing bodies where appropriate. Member States shall ensure that such procedures are applicable to payment service providers and that they also cover the activities of appointed representatives.
Amendment 576 #
2013/0264(COD)
Proposal for a directive
Article 91 – paragraph 1 a (new)
Article 91 – paragraph 1 a (new)
1a. Member States shall ensure that payment service providers adhere to one or more ADR bodies.
Amendment 582 #
2013/0264(COD)
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. A delegated act adopted pursuant to Article 93 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of twohree months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 11 #
2013/0248(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation 2012/2002
Article 2 – paragraph 3
Article 2 – paragraph 3
3. For the purposes of this Regulation, a ‘regional natural disaster’ shall mean any natural disaster resulting, in a region in direct damage in excess of 1% of GDP in a region at NUTS 2 level, or in several neighbouring NUTS 3 level regions that together constitute a territory corresponding to the minimum criteria for NUTS 2 level, of a Member State or a country involved in accession negotiations with the Union at NUTS 2 level,; in direct damage in excess of 1,5 % of the region's gross domestic product (GDP)certain cases the GDP criterion may be weighted by using an indicator that reflects the actual socio- economic situation of the territory affected before and after the disaster occurred, as envisaged in the Common Provisions Regulation. Where the disaster concerns several regions at NUTS 2 or NUTS 3 level, the threshold shall be applied to the weighted average GDP of those regions.
Amendment 12 #
2013/0248(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation 2012/2002
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. Particular attention shall be paid to the outermost regions as defined in Article 349 of the Treaty, which are more vulnerable to extreme weather events.
Amendment 30 #
2013/0185(COD)
Proposal for a directive
Recital 8
Recital 8
(8) It is therefore necessary to ensure a more level playing field for undertakings operating in the internal market and to improve the conditions for consumers to exercise the rights they derive from the internal market. It is also appropriate to increase legal certainty and to reduce the differences between the Member States as to the national rules governing actions for damages for infringements of European competition law and, when applied in parallel to the latter, national competition law. An approximation of these rules and an obligation for the Member States to introduce collective redress mechanisms based on defined common principles will also help to prevent the emergence of wider differences between the Member States' rules governing actions for damages in competition cases.
Amendment 32 #
2013/0185(COD)
Proposal for a directive
Recital 11
Recital 11
(11) This Directive reaffirms the acquis communautaire on the Union right to compensation for harm caused by infringements of Union competition law, particularly regarding standing and the definition of damage, as it has been stated in the case-law of the Court of Justice of the European Union, and does not pre-empt any further development thereof. Anyone who has suffered harm caused by an infringement can claim compensation for the actual loss (damnum emergens), for the gain of which he has been deprived (loss of profit or lucrum cessans) and payment of interest accruing from the time the harm occurred until compensation is paid. This right is recognised for any natural or legal person - consumers, undertakings and public authorities alike - irrespective of the existence of a direct contractual relationship with the infringing undertaking, and regardless of whether or not there has been a prior finding of an infringement by a competition authority. This Directive should not require Member States to introduce collective redress mechanisms for the enforcement of Articles 101 and 102 of the Treaty.
Amendment 55 #
2013/0185(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 3
Article 4 – paragraph 1 – point 3
3. ‘action for damages’ means an action under national law by which an injured party brings a claim for damages before a national court; it may also cover actions by which someone acting on behalf of one or more injured parties brings a claim for damages before a national court, where national law provides for this possibility;
Amendment 87 #
2013/0185(COD)
Proposal for a directive
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) leniency corporate statements at least of the first leniency applicant, excluding annexes; and
Amendment 92 #
2013/0185(COD)
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Disclosure of evidence in the file of a competition authority that doeis not fall into any of the categories listed incovered under paragraphs 1 or 2 of this Article may be ordered in actions for damages at any time, including evidence that exists irrespective of the proceedings of a competition authority.
Amendment 116 #
2013/0185(COD)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Member States shall ensure that an undertaking which has been granted immunity from fines by a competition authority under a leniency programme shall be liable to injured parties otwher than its direct or indirect purchasers or providers only whene such injured parties show that they are unable to obtain full compensation from the other undertakings that were involved in the same infringement of competition law.
Amendment 124 #
2013/0185(COD)
Proposal for a directive
Article 13 – paragraph 2 – subparagraph 1 – point a
Article 13 – paragraph 2 – subparagraph 1 – point a
(a) the defendant has inflicted, planned or committed an infringement of competition law;
Amendment 126 #
2013/0185(COD)
Proposal for a directive
Article 13 – paragraph 2 – subparagraph 1 – point b
Article 13 – paragraph 2 – subparagraph 1 – point b
(b) the infringement resulted in an overcharge for the directany purchaser of the defendant or in a distortion to any competitor; and
Amendment 127 #
2013/0185(COD)
Proposal for a directive
Article 13 – paragraph 2 – subparagraph 1 – point b
Article 13 – paragraph 2 – subparagraph 1 – point b
(b) the infringement resulted in an overcharge for the direct purchaser or in a distortion to any competitor of the defendant; and
Amendment 140 #
2013/0185(COD)
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
The Commission shall review this Directive and report to the European Parliament and the Council by [...] at the latest [to be calculated as 5 years after the date set as the deadline for transposition of this Directive.] The Report shall be accompanied by a coherent post-implementation assessment of the functioning of collective redress and collective ADR mechanisms within the competition sector, with particular evaluation of the essence of widening the application of such mechanisms in other sectors as well or establishing such a mechanism at EU level, to secure effective consumer protection and a balanced operation of the internal market.
Amendment 141 #
2013/0185(COD)
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [to be calculated as 2one years after the date of adoption of this Directive] at the latest. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 10 #
2013/0156(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The unprecedented global financial crisis and economic downturn have seriously increased social disparities in the Union and damaged economic growth and financial stability and, provokeding a strong deterioration in social, financial and economic conditions in several Member States. In particular, certain Member States are experiencing seriousdramatic difficulties or are threatened with such difficulties, notably with unemployment, poverty, social exclusion, income inequalities, problems in their sustainable economic growth and financial stability, and with a serious deterioration in their deficit and debt position, also as a result of the current Union policies and the international economic and financial environment.
Amendment 11 #
2013/0156(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Whilst important actiThe impact of the financial crisis ons to counterbalance the negative effects of the crisis have already been taken, including amendments of the legislative framework, the impact of the financial crisis on the real economy, the labour market and citizens is being widely felhe real economy, the labour market and citizens is being widely felt. A new strategy is needed to secure an adequate level of resources with particular emphasis on the programs and projects aimed at boosting growth and decent employment, eradicating poverty, investing in smart, sustainable green development. It is fundamental to increase support to Member States, especially those already facing economic recession, for investment in infrastructure, social facilities, research, innovation and development. Pressure on national financial resources is increasing and further steps should be taken to alleviate that pressure through the maximum and optimal use of the funding from the Structural Funds and the Cohesion Fund. In view of the persisting financial difficulties, it is necessary to extend the application of the measures adopted by amending Regulation (EU) No 1311/2011 of the European Parliament and of the Council. These measures were adopted pursuant to to Articles 122(2), 136 and 143 of the Treaty on the Functioning of the European Union (TFEU).
Amendment 180 #
2013/0139(COD)
Proposal for a directive
Recital 27
Recital 27
(27) Consumers who are legally resident in the Union and who do not holduse a payment account in a certain Member State should be in a position to open and use a payment account with basic features in that Member State. In order to ensure the widest possible access to such accounts, consumers should have access to them irrespective of their financial circumstances, such as unemployment or personal bankruptcy, and of their place of residence. Moreover, the right to access aAll provisions of this directive regarding transparency and comparability of fees and switching also apply to payment accounts with basic features in any. Member States should be granted in conformity with the requirements set out in Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the usfurther ensure that switching from and to a payment account with basic features should be possible for the consumer. In order to ensure the widest possible access to such accounts, consumers should have access to them irrespective of their financial system for the purpose of money laundering and terrorist financing, in particular with regard to customer due diligence procedurescircumstances, such as unemployment or personal bankruptcy, and of their place of residence.
Amendment 200 #
2013/0139(COD)
Proposal for a directive
Recital 30
Recital 30
(30) Consumers should be guaranteed access to a range of basic payment services, for which a minimum number of operations shall be determined by Member States in a way that should take into account both the needs of the consumers and the commercial practices in the Member State concerned. Beyond this list of minimum services, banks may apply their regular fees. Services linked to basic payment accounts should include the facility to depositplace and withdraw money via the different channels available. Consumers should be able to undertake essential payment transactions such as receiving income or benefits, paying bills or taxes and purchasing goods and services, including via direct debit, credit transfer and the use of a payment cardincluding standing orders and the use of a personalized payment instrument (e.g. payment card or software product). Such services should allow the purchase of goods and services online and should give consumers the opportunity to initiate payment orders via the payment service provider's online banking facility, where available. However, a payment account with basic features should not be restricted to online usage as this would create an obstacle for consumers without internet access. Consumers should not be given access to an overdraft facility with a payment account with basic features. However, Member States may allow payment services providers to offer buffering facilities for very small amounts in relation to payment accounts with basic features where the charges for such funds are separately disclosed to the consumer and at least as favourable as the provider's charges for overdrafts.
Amendment 509 #
2013/0139(COD)
Proposal for a directive
Article 12 – paragraph 1
Article 12 – paragraph 1
1. Member States shall ensure that any financial loss incurred by the consumer resulting from the non-compliance of a payment service provider involved in the switching process with its obligations under Article 10 is refunded by that payment service provider within the shortest possible delay.
Amendment 518 #
2013/0139(COD)
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
Member States shall ensure that consumers legally resident or residing in the Union are not discriminated against by reason of their nationality or place of residence when applying for or accessinghave the right to open and use a payment account with basic features. Such a right shall apply irrespective of the consumer's place of residence. Criteria such as the consumer's level of income, employment, credit history, level of indebtedness or expected turnover shall not be taken into account for the opening of a payment account within the Union basic features.
Amendment 543 #
2013/0139(COD)
Proposal for a directive
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
Amendment 692 #
2013/0139(COD)
Proposal for a directive
Article 19 – title
Article 19 – title
Amendment 698 #
2013/0139(COD)
Proposal for a directive
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. Member States shall ensure that payment service providers required to offer payment accounts with basic features publish, on an annual basis, data on the number of payment accounts with basic features applied for, rejected, opened, and closed during the relevant year. This data should be analysed and published by the following categories: income; employment status; ethnicity, age; gender, disability status. Where appropriate, the relevant data should be collected and published at three levels: (a) bank branch/ office level; (b) inclusion Assessment Area: this should be based on the appropriate and relevant assessment area agreed by Member States; (c) corporate level: data should be aggregated from branch and assessment area level to allow for an overall assessment of the bank's performance.
Amendment 699 #
2013/0139(COD)
Proposal for a directive
Article 19 – paragraph 2 b (new)
Article 19 – paragraph 2 b (new)
2b. Member States shall ensure that the competent authorities publish, including on their website, an audit of the performance of each bank in terms of its compliance with the right of access requirement. To this purpose, relevant payment providers shall be independently rated according to their performance in the provision of payment accounts with basic features and a rating of the top ten banks by market share shall be published at an annual basis. All relevant data shall be passed to the European Commission and to the European Banking Authority (EBA).
Amendment 6 #
2013/0045(CNS)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The initiative of the 11 Member States to proceed with the establishment of FTT under enhanced cooperation is the first ever attempt to establish FTT among several Member States. The successful implementation of FTT under enhanced cooperation will be the first step towards a Union-wide and ultimately a global FTT.
Amendment 7 #
2013/0045(CNS)
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) Tax avoidance should be made a high-cost and low-profit venture and in order to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle".
Amendment 8 #
2013/0045(CNS)
Proposal for a directive
Recital 21
Recital 21
(21) In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a timely and appropriate transmission of relevant documents to the European Parliament and the Council.
Amendment 15 #
2013/0045(CNS)
Proposal for a directive
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
3a. Notwithstanding paragraph 3, participating Member States may apply a higher rate to OTC financial transactions referred to in Articles 6 and 7.
Amendment 16 #
2013/0045(CNS)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Commission mayshall, in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States.
Amendment 17 #
2013/0045(CNS)
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 2
Article 11 – paragraph 5 – subparagraph 2
The Commission mayshall adopt implementing acts providing for uniform methods of collection of the FTT due. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).
Amendment 18 #
2013/0045(CNS)
Proposal for a directive
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
Amendment 40 #
2013/0045(CNS)
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) Member States are encouraged to use revenues from the FTT for mitigating the effects of the financial crisis, which has been caused by financial market actors, notably in the areas of social, education, research, health, employment, cultural, environmental and renewable-energy policies.
Amendment 53 #
2013/0045(CNS)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) Empirical data, collected for example by UNCTAD, has highlighted the problem of excessive speculation notably with regard to commodity derivatives. As a consequence food prices have drastically increased in some parts of the world hitting especially the most vulnerable people. Hence Member States shall be empowered to apply significantly higher tax rates for any type of trading activity with commodity contracts that goes beyond hedging of risks and that has the potential to cause distortions or unwarranted changes in the orderly price formation of commodities.
Amendment 94 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) 'Excessive speculation' for the purpose of this directive means positions held by any person, including any group or class of persons, which do not objectively reduce risks directly related to that person's commercial activities related to the commodity and in which the counterparty is not reducing risks directly related to its commercial activities.
Amendment 149 #
2013/0045(CNS)
Proposal for a directive
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
(3a) Notwithstanding paragraphs 2 and 3 Member States shall apply at least ten times higher rates for transactions that can be characterised as excessive speculation as defined in Article 2.
Amendment 41 #
2013/0025(COD)
Proposal for a directive
Recital 11
Recital 11
(11) The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. Member States should therefore ensure that companies retaindisclose information on their beneficial ownership and make this information available to competent authorities and obliged entitieem available to EU and third country authorities, international organizations, business partners and consumers via public centralized registers. In addition, trustees should declare their status to obliged entities.
Amendment 59 #
2013/0025(COD)
Proposal for a directive
Recital 32 a (new)
Recital 32 a (new)
(32a) It is of utmost importance that investment co-financed by the community budget fulfil the highest standards to prevent financial crimes including corruption and tax evasion. The European Investment Bank therefore has adopted in 2008 adopted an internal guideline entitled "Policy on preventing and deterring prohibited conduct in European Investment Bank activities" on the legal basis of Article 325 TFEU, Article 18 of the EIB Statute and of the Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002. Following the adoption of the policy the EIB shall report on suspicions or alleged cases of money laundering affecting EIB supported projects, operations and transactions to the Luxembourg Financial Intelligence Unit
Amendment 71 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. The European Investment Bank
Amendment 90 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 a (new)
Article 3 – paragraph 1 – point 4 a (new)
(4a) tax crimes related to direct taxes and indirect taxes;
Amendment 91 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 – point f
Article 3 – paragraph 1 – point 4 – point f
(f) all offences, including tax crimes related to direct taxes and indirect taxes, which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a minimum of more than six months;
Amendment 94 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 5 – point a – point i – paragraph 1
Article 3 – paragraph 1 – point 5 – point a – point i – paragraph 1
Amendment 108 #
2013/0025(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
The Member States may adopt or retain in force stricter provisions in the field covered by this Directive to prevent money laundering and terrorist financing providing that such provisions do not constitute an obstacle to the functioning of the Single Market or unduly prevent consumers from accessing financial services.
Amendment 119 #
2013/0025(COD)
Proposal for a directive
Recital 11
Recital 11
(11) The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. Member States should therefore ensure that companies retaindisclose information on their beneficial ownership and make this information available to competent authorities and obliged entitieem available to EU and third country authorities, international organizations, business partners and consumers via public centralized registers. In addition, trustees should declare their status to obliged entities.
Amendment 120 #
2013/0025(COD)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Commission shall make the opinion publicly available to assist Member States and obliged entities to identify, manage and mitigate the risk of money laundering and terrorist financing.
Amendment 141 #
2013/0025(COD)
Proposal for a directive
Article 8 – paragraph 4 – point a
Article 8 – paragraph 4 – point a
(a) the development of internal policies, procedures and controls, including customer due diligence, reporting, record keeping, internal control, compliance management (including, when appropriate to the size and nature of the business, the appointment of a compliance officer at management level) and employee screening. In any case, these measures shall not allow the obliged entities to ask consumers to provide more personal data than necessary or deny access to financial services to some categories of consumers both at national and cross-border level;
Amendment 154 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source. It shall however be strictly forbidden to require the customer to reside or to have proven links in the country where the business relationship is to be established or the transaction carried-out;
Amendment 157 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 1 – point d a (new)
Article 11 – paragraph 1 – point d a (new)
(da) EBA, EIOPA and ESMA shall issue guidelines addressed to competent authorities and the obliged entities referred to in Article 2(1)(1) and (2) on the types of documents, data and information that could be asked to the customer and the beneficial owner and which are strictly necessary to comply with this article. These guidelines shall be issued within 2 years of the date of entry into force of this Directive.
Amendment 158 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 5 a (new)
Article 11 – paragraph 5 a (new)
5a. The personal data collected shall be limited to what is strictly necessary for the purpose of complying with the requirements of this Directive. In particular, collecting personal data for commercial purposes shall be strictly prohibited.
Amendment 162 #
2013/0025(COD)
Proposal for a directive
Recital 32 a (new)
Recital 32 a (new)
(32a) It is of utmost importance that investment co-financed by the Community budget fulfils the highest standards to prevent financial crimes including corruption and tax evasion. The European Investment Bank therefore has adopted in 2008 an internal guideline entitled "Policy on preventing and deterring prohibited conduct in European Investment Bank activities" on the legal basis of Article 325 TFEU, Article 18 of the EIB Statute and of the Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002. Following the adoption of the policy the EIB shall report on suspicions or alleged cases of money laundering affecting EIB supported projects, operations and transactions to the Luxembourg Financial Intelligence Unit.
Amendment 165 #
2013/0025(COD)
Proposal for a directive
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Member States shall ensure that obliged entities carry out sufficient monitoring of the transaction or business relationship to enable the detection of unusual or suspicious transactions. Obliged entities must identify their customers and the beneficial owner(s) of their customers in accordance with Article 11(a) and (b) before identifying a business relationship as lower risk.
Amendment 172 #
2013/0025(COD)
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Member States shall require obliged entities to examine, as far as reasonably possible, the background and purpose of all complex, unusual large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose. In particular, they shall increase the degree and nature of monitoring of the business relationship, in order to determine whether those transactions or activities appear unusual or suspicious.
Amendment 175 #
2013/0025(COD)
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 1 (new)
Article 18 – paragraph 1 – subparagraph 1 (new)
In order to facilitate this, Member States shall set up national registers of politically exposed persons.
Amendment 186 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point d
Article 2 – paragraph 1 – point 3 – point d
(d) real estate agents, including letting agents if they are involved in financial transactions concerned with the sale or purchase of real estate;
Amendment 186 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. This information must include: a) the company name, company number, proof of incorporation, legal form and status, the address of the registered office (and the of the principle place of business if different from the registered office), the basic regulating powers (e.g. memorandum & articles of association), a list of directors (including their nationality and date of birth). b) a list of its shareholders or members, containing the names of the shareholders and members, and number of shares held by each shareholder, and categories of shares (including the nature of the associated voting rights). For shareholders who are natural persons the list shall include their name, date of birth and nationality. For shareholders who are corporate or legal entities, the list shall include their name, company number and jurisdiction of incorporation. c) If a company's beneficial owner is different from its shareholders, a list of the beneficial owner(s), including their name, date of birth, nationality and country of residence. If relevant, this list should include their proportion of shareholding or control.
Amendment 190 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Member States shall ensure that the information referred to in paragraph 1 of this Article can be accessed in a timely manner by competent authorities and by obliged entitiesis collected in centralised registers that are publicly available via the internet.
Amendment 204 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Member States shall ensure that trustees of any express trust governed under their law obtain and hold adequate, accurate and current information on beneficial ownership regarding the trust. This information shall include the identity of the settlor, of the trustee(s), of the protector (if relevant), of the beneficiaries or class of beneficiaries, and of any other natural person exercising effective control over the trust, including the name, nationality and date of birth all individuals.
Amendment 205 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Member States shall ensure that all trustees disclose their status to obliged entities when, as a trustee, the trustee forms a business relationship or carries out an occasional transaction above the ths governed under their law register the information listed in paragraph 1 of this Article in a registry of trusts that is online accessible for the public, and that this information is adequate, accurate and up-to-date. There should set out in points (b), (c) and (d) of Article 10be appropriate administrative sanctions for individuals who provide fraudulent information.
Amendment 207 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 – point f
Article 3 – paragraph 1 – point 4 – point f
(f) all offences, including tax crimes related to direct taxes and indirect taxes, which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or more, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a minimum of more than six months or more;
Amendment 207 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 3
Article 30 – paragraph 3
Amendment 211 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 5 – point a – point i – paragraph 1
Article 3 – paragraph 1 – point 5 – point a – point i – paragraph 1
Amendment 224 #
2013/0025(COD)
Proposal for a directive
Article 41 – paragraph 2 a (new)
Article 41 – paragraph 2 a (new)
2a. Data regarding the number of crossborder requests for information that were made by the FIU, received by the FIU, declined by the FIU and responded to in part or in full by the FIU.
Amendment 225 #
2013/0025(COD)
Proposal for a directive
Article 41 – paragraph 2 – point b
Article 41 – paragraph 2 – point b
(b) data measuring the reporting, investigation and judicial phases of the national anti-money laundering and terrorist financing regime, including the number of suspicious transaction reports made to the FIU, the follow-up given to these reports and, on an annual basis, the number of cases investigated, the number of persons prosecuted, the number of persons convicted for money laundering or terrorist financing offences and the value in euro of property that has been frozen, seized or confiscated. The collected data shall be disaggregated by type of criminal activity.
Amendment 237 #
2013/0025(COD)
Proposal for a directive
Article 54 – paragraph 1 – point a (new)
Article 54 – paragraph 1 – point a (new)
(a) The Commission shall ensure that any trade agreement with third countries includes the appropriate means to fight financial crimes and illicit capital flows from and to those countries. To this end, free trade agreements with third countries shall as a general rule include automatic data exchange including on capital flows and taxation, effective cooperation with the financial authorities and shall accordingly be re-negotiated if they do not include such measures.
Amendment 243 #
2013/0025(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 258 #
2013/0025(COD)
Proposal for a directive
Article 59 – paragraph 1
Article 59 – paragraph 1
Within four years after the date of entry into force of this Directive, the Commission shall draw up a report on the implementation of this Directive and submit it to the European Parliament and the Council. The report shall include an assessment on the effects of trade agreements between EU and third countries regarding the fight against financial crimes and recommendations for current and future trade agreements to effectively prevent financial crimes between
Amendment 262 #
2013/0025(COD)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Commission shall make the opinion publicly available to assist Member States and obliged entities to identify, manage and mitigate the risk of money laundering and terrorist financing.
Amendment 282 #
2013/0025(COD)
Proposal for a directive
Article 8 – paragraph 4 – point a
Article 8 – paragraph 4 – point a
(a) the development of internal policies, procedures and controls, including customer due diligence, reporting, record keeping, internal control, compliance management (including, when appropriate to the size and nature of the business, the appointment of a compliance officer at management level) and employee screening. In any case, these measures shall not allow these obliged entities to ask consumers to provide more personal data than necessary or deny access to financial services to some categories of consumers both at national and cross- border level.;
Amendment 304 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point f a (new)
Article 10 – paragraph 1 – point f a (new)
(fa) whenever a company is established.
Amendment 309 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source; it shall however be strictly forbidden to require the customer to reside or to have proven links in the country where the business relationship is to be established or the transaction carried-out;
Amendment 314 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 1 a
Article 11 – paragraph 1 a
1a. EBA, EIOPA and ESMA shall issue guidelines addressed to competent authorities and the obliged entities referred to in Article 2(1)(1) and (2) on the types of documents, data and information that could be asked to the customer and the beneficial owner and which are strictly necessary to comply with this article. These guidelines shall be issued within 2 years of the date of entry into force of this Directive;
Amendment 317 #
2013/0025(COD)
Proposal for a directive
Article 11 – paragraph 5 a (new)
Article 11 – paragraph 5 a (new)
5a. The personal data collected shall be limited to what is strictly necessary for the purpose of complying with the requirements of this Directive. In particular, collecting personal data for commercial purposes shall be strictly prohibited.
Amendment 330 #
2013/0025(COD)
Proposal for a directive
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. Obliged entities must identify their customers and the beneficial owner(s) of their customers in accordance with Article 11(a) and (b) before identifying a business relationship as lower risk.
Amendment 335 #
2013/0025(COD)
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Member States shall require obliged entities to examine, as far as reasonably possible, the background and purpose of all complex, unusual large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose. In particular, they shall increase the degree and nature of monitoring of the business relationship, in order to determine whether those transactions or activities appear unusual or suspicious.
Amendment 342 #
2013/0025(COD)
Proposal for a directive
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
In order to facilitate this, Member States shall set up national registers of politically exposed persons.
Amendment 364 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraph 2 c (new)
Article 29 – paragraph 2 c (new)
2c. The information referred to in paragraphs 1 and 1a of this Article shall include but not be limited to information on the beneficial owner's full name, date of birth, the means of exercising control over the company, contact details (for instance a business/service address) and information detailing the legal shareholders.
Amendment 382 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraph 2 b (new)
Article 29 – paragraph 2 b (new)
2b. Registers referred to in paragraph 1 of this Article shall be interconnected and accessible by competent authorities, obliged entities and members of the public from other Member States.
Amendment 394 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
2a. The information referred to in paragraphs 1 and 1a of this Article shall be accessible by competent authorities, obliged entities and members of the public in a timely manner. The information should be available online in an open data format.
Amendment 419 #
2013/0025(COD)
Proposal for a directive
Article 31 – paragraph 3
Article 31 – paragraph 3
3. The FIU shall be established as a central national unit. It shall be responsible for receiving (and to the extent permitted, requesting), analysing and disseminating to the competent authorities, disclosures of information which concern potential money laundering or associated predicate offences, including tax crimes, potential terrorist financing or are required by national legislation or regulation. The FIU shall be provided with adequate financial, technical and human resources in order to fulfil its tasks. Member States shall ensure that the FIU is free from undue interference.
Amendment 452 #
2013/0025(COD)
Proposal for a directive
Article 41 – paragraph 2 – point b
Article 41 – paragraph 2 – point b
(b) data measuring the reporting, investigation and judicial phases of the national anti-money laundering and terrorist financing regime, including the number of suspicious transaction reports made to the FIU, the follow-up given to these reports and, on an annual basis, the number of cases investigated, the number of persons prosecuted, the number of persons convicted for money laundering or terrorist financing offences and the value in euro of property that has been frozen, seized or confiscated. The collected data shall be disaggregated by type of criminal activity.
Amendment 461 #
2013/0025(COD)
Proposal for a directive
Article 43 – paragraph 3 a (new)
Article 43 – paragraph 3 a (new)
3a. Member States shall require that obliged entities appoint the member(s) of the management board who are responsible for the implementation of the laws, regulations and administrative provisions necessary to comply with this Directive.
Amendment 493 #
2013/0025(COD)
Proposal for a directive
Article 54 a (new)
Article 54 a (new)
Article 54a Trade agreements with third countries The Commission shall ensure that any trade agreement with third countries includes the appropriate means to fight financial crimes and illicit capital flows from and to those countries. To this end, free trade agreements with third countries shall as a general rule include automatic data exchange including on capital flows and taxation, effective cooperation with the financial authorities and shall accordingly be re-negotiated if they do not include such measures.
Amendment 521 #
2013/0025(COD)
Proposal for a directive
Article 59 – paragraph 1
Article 59 – paragraph 1
Within four years after the date of entry into force of this Directive, the Commission shall draw up a report on the implementation of this Directive and submit it to the European Parliament and the Council. The report shall include an assessment on the effects of trade agreements between EU and third countries regarding the fight against financial crimes and recommendations for current and future trade agreements to effectively prevent financial crimes.
Amendment 530 #
2013/0025(COD)
Proposal for a directive
Annex 2 – paragraph 1 – point 2 – point e a (new)
Annex 2 – paragraph 1 – point 2 – point e a (new)
(ea) long-term purpose-orientated savings agreements, serving for instance as a safeguard for retirement provision or for the acquisition of self-used real estate, and where the incoming payments are made from an account which is identified in accordance with Articles 11 and 12 of the Directive.
Amendment 2 #
2013/0000(BUD)
Motion for a resolution
Recital B
Recital B
B. whereas, in a context of a heavy burden of public debt and of restraintsocial, economical and financial constraints, even of recession in several Member States and in times of ongoing national budgetary consolidation efforts, the European Parliament, and all the EU institutions, should continue to exercise a strongly enhance investment to boost synergies whigch degree of budgetary responsibility, control and self-restraint 1 The Heading 5 ceiling includes the staff contribution to the retirement scheme. 2 The Heading 5 ceiling includes the staff contribution to the retirement scheme. 3 Article 24 of the Interinstitutional Agreement between the European Parliament, the Council and the Commissionensure efficiency and excellence through decent job creation and maintenance, increase the quality of working conditions, promote and implement organisational and infrastructural innovation within the highest degree onf budgetary discipline and sound financial management, OJ C 139, 14.6.2006, p.3 responsibility, assessment and liability.
Amendment 5 #
2013/0000(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. MaintainStresses that the institutions should continue toEU administrative spending is under x % of the EU annual Budget; underlines that insisting on the limitation or freeze theirof the EU institutions administrative budgets in solidarity with the difficult economic and budgetary conditions in the Member States, without prejudice towill most certainly jeopardise the quality of institutional operations and the quality of services, respect for legal obligations and the imperative of development investment; calls for the increase of smart, innovative and inclusive investment, in solidarity with the difficult economic and budgetary conditions in the Member States;
Amendment 12 #
2013/0000(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines the fact that institutional self- restraint has, considering the level of relevant inflation rates, resulted in reducing the EP budget in real terms; recalls that this was made possible mainly through strict budgetary planning and control, and through reorganisation in the form, for example, of cuts in travel-related budget lines, reduced length and number of missions, increased use of video- conferencing and optimisedrestriction of translation and interpretation services; recalls that savingthe cuts resulting from structural reforms have amounted to EUR XX million in recent years, even thoughdespite the increase of competences in addition to the costs of 18 additional Members resulting from the entry into force of the Lisbon Treaty and the preparation for Croatia’s accession had to be absorbed;
Amendment 14 #
2013/0000(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls that visibldespite some signs of self-restraint aresuch as the freeze on all of the Members’ allowances at the 2011 level until the end of the current parliamentary term and the fact that staff mission allowances have not been indexed since 2007; others, where made at the cost of jeopardizing working conditions, such as the reduction of translation and interpretation expenditure and ensuring that the increase of competences of the institutions would be accompanied by the due and adequate reinforcement of human resources;
Amendment 21 #
2013/0000(BUD)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Encourages the continuation of structural and organisational reforms, without sacrificing legislative excellence and the quality of working conditions, in accordance with the ILO Conventions, and supports organisational innovation to help improve Parliament’s efficiency and the Members’ quality of working conditions in 2014 and subsequent years, including, but not limited to, more efficient structuring of Parliament’s working rhythm, ‘demand- driven’ensuring the adequate translation and interpretation services (without endangering the principle of multilingualism), optimal logistical solutions for Members and their assistants, further upgrading of in-house research assistance, and developing a paperless Parliament and e-meetings;
Amendment 30 #
2013/0000(BUD)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes, more generally, Underlines the need for a further enhanced cooperation between the Committee on Budgets and the Bureau during the annual budget procedure, in particular ensuring the participation and representation, in all the meetings, of all political groups; stands ready to further strengthen the cooperation between the Secretary-General, the Bureau, and the Committee on Budgets throughout the year with a view to ensuring a smooth budgetary process and effective implementation of the budget; expects the Bureau to present prudentadequate needs-based draft estimates that take account of possible subsequent increases arising from legally binding obligations;
Amendment 125 #
2012/2870(RSP)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Reaffirms the fundamental role of the Turkish Grand National Assembly (TGNA) as the centre of Turkey’s democratic system and stresses the importance of support and commitment amongst all political parties forhighlights the need for its active commitment to the reform process, in particular to a valuable legal framework protecting and enhancing fundamental rights for all communities; commends the work of the Human Rights Inquiry Committee and asks for a more central role of the EU Harmonisation Committee to promote the alignment of new legislation with the acquis or with European standards during the legislative process;
Amendment 145 #
2012/2870(RSP)
Motion for a resolution
Paragraph 7a (new)
Paragraph 7a (new)
7a. Is deeply concerned about serious, constant and multi-fold political discriminations that pro-Kurdish opposition party BDP has been facing in 2012, including waivers of parliamentary immunity against several elected TGNA Members and threats of dissolution of the party; deeply regrets the damage done by the arrests of thousands of BDP and other activists and their retention in pre-trial detention for years and asks Turkish government to urgently change laws and regulate the judiciary in order to undo the damage done;
Amendment 172 #
2012/2870(RSP)
Motion for a resolution
Paragraph 9a (new)
Paragraph 9a (new)
9a. Recommends Turkish authorities to allow the free the use of Kurdish in all aspects of public life in Kurdish-speaking areas including in schools, municipalities, courts and business life; encourages the government of Turkey to work towards Kurdish to be part of bilingual education from kindergarten onward and starting a program of state support for teacher- training in Kurdish languages; underlines the importance of Prime Minister Erdoğan and his government to go further in convincing Turkish public opinion that reforms aiming at equal treatment are justified on the basis of justice, fairness and a common history as well as to convince Kurds that reforms will be fully implemented; recommends Turkish government to help inform public opinion about the international legitimacy of multi-lingualism in education, ethnic diversity and wider powers for local government;
Amendment 188 #
2012/2870(RSP)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the Law on the Ombudsman and the appointment of a first Head Ombudsman, who shall ensure the credibility of this institution through his decisions; stresses that the establishment of the Ombudsman ismust be an important step in safeguarding the rights of citizens and ensuring accountability of the public administration; calls on the board of the Ombudsman that the regulation on the internal decision-making process guarantees the independence of the institution;
Amendment 258 #
2012/2870(RSP)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Condemns firmly the assassination in Paris, on 9 January 2013, of three Kurdish female activists; calls on the French authorities to do everything possible to ensure that the perpetrators and those who ordered these killings are brought swiftly to justice and sentenced;
Amendment 260 #
2012/2870(RSP)
Motion for a resolution
Paragraph 18b (new)
Paragraph 18b (new)
18b. Welcomes the direct political dialogue that the Turkish government has recently opened with Abdullah Öcalan; deems that a perspective for negotiations has been opened which could lead to a historical agreement settling the Kurdish conflict in a peaceful and democratic way; therefore, encourages the conflict parties to transform talks into structured negotiations as soon as possible; underlines the importance of strong and positive support to the process that should be given by the EU Member States as well as the constructive role that political parties, media and civil society in Turkey must play for the peace process to succeed; further underlines the importance of the constitutional reform process for a lasting settlement of the Kurdish question;
Amendment 261 #
2012/2870(RSP)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Calls on the Turkish authorities to ensure that the circumstances of the massacre of Uludere / Sirnak on 28 December 2011, in which 34 innocent civilians lost their lives due to indiscriminate army shelling, are fully clarified and that the ongoing investigation is relaunched so that those responsible are brought to justice;
Amendment 384 #
2012/2870(RSP)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Reiterates its condemnation, in the strongest terms, of the continuing terrorist violence by the PKK, which is on the EU list of terrorist organisations, and expresses its full solidarity to Turkey and to the families of the many victims; calls on the Member States, in close coordination with the EU counter terrorism coordinator and Europol, to intensify cooperation with Turkey in the fight against terrorism and organised crime as a source of financing of terrorism; calls on TurkeyDeeply deplores the estimated number of 500 victims that fights and attacks related to the Kurdish conflict have caused in 2012; underlines that the Kurdish conflict is currently among the most violent conflicts happening in a European country; reiterates its condemnation, in the strongest terms, of the continuing terrorist violence by the PKK, which is on the EU list of terrorist organisations, and expresses its full solidarity to Turkey and to the families of the many victims; encourages Turkish government and mainstream media to resist the impulse to further call for anti- terrorist war and focus instead, together with Kurds, on long-term conflict resolution; encourages the Kurdish movement, including PKK leaders, to abjure on violence and publicly commit to realistic political goals; calls on Turkey's international partners, notably the U.S., Canada, UK, Ireland and Spain to engage with the Turkish government and opinion leaders to share experiences of defusing ethnic, linguistic, and regional tensions, including through travel programs for officials, politicians and opinion-makers from all relevant sides and parties in Turkey; calls on the Member States, in close coordination with the EU counter terrorism coordinator and Europol, to intensify cooperation with Turkey in the fight against terrorism including against violent extremist Turkish groups operating in Europe; calls on Turkey to review its definition of terrorism is in line with EU and other international norms as well as to adopt a data protection law and legislation on the financing of terrorism so that a cooperation agreement can be concluded with Europol and judicial cooperation with Eurojust and with the EU Member States can further develop; takes the view that the assignment of a police liaison officer to Europol would help improve bilateral cooperation;
Amendment 397 #
2012/2870(RSP)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Supports Turkey’s political commitment to democratic forces in Syria and the provision of humanitarian assistance to Syrians who fled the country; asks the Commission, the Member States and the international community to support Turkey’s efforts to cope with the growing humanitarian dimension of the Syrian crisis; underlines the importance of a common understanding between the EU and Turkey on how to deliver the available humanitarian assistance to the displaced Syrians currently on Turkish territory or waiting at its borders;
Amendment 398 #
2012/2870(RSP)
Motion for a resolution
Paragraph 28a (new)
Paragraph 28a (new)
28a. Calls on Turkey to use its influence in the region and in the Islamic world to bring about an early ceasefire in Syria as a precondition for ending the killing and achieving a political solution to Syria’s internal conflict, and to ensure that no form of military support for the parties to the Syrian conflict is provided on or via Turkish territory; emphasises in this regard the binding nature of the EU arms embargo against Syria;
Amendment 1 #
2012/2307(BUD)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
– having regard to Council Decision EUCO 76/12, on the 28th and 29th of June 2012 on the Compact for Growth and jobs, agreed by the Member States,
Amendment 4 #
2012/2307(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that the "draft package" agreed, afterwas object of difficult negotiations, by Parliament and Council during the Trilogue of 29 November 2012 and thatit consists of three elements: the Amending Budget No 6/2012 for EUR 6 billion, partially covering the shortage of payments in 2012, the Union Budget for the year 2013 set to a level of EUR 150 898,391 million and EUR 132 836,988 million, respectively in commitment and payment appropriations and three joint statements ensuring partially that the actual payment needs in 2012 and 2013 will be duly covered;
Amendment 8 #
2012/2307(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomNotes the overall level of commitments appropriations agreproposed, which represents an increase of EUR 1,1 billion compared to the original reading of the Council; is pleased that the biggestdeeply regrets that an essential part of its political priorities iswill not be adequately secured in next year's budget, with particular emphasis on the proper implementation of the EU commitment for growth and jobsgrams and projects aimed at boosting growth and decent employment, smart, sustainable, green development and eradicating, as identified in the Europe 2020 strategy;
Amendment 16 #
2012/2307(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. NoteDeeply regrets that, due to the intransigent position of the Council in the negotiations, the overall level of payments set is EUR 5 billion lower than the Commission's draft budget for 2013; is concerned that this level of appropriations will be insufficient to cover the actual payments needs of next year; is convinced, however, that the cost of a non agreement would imply much moredeeply concerned that this might imply serious consequences and a much morehave a negative impact on the implementation of the Union actions and programmes;
Amendment 23 #
2012/2307(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Reaffirms that the only way to come out from this impasse, which renders the budgetary negotiations each year more difficult, is to urgently and responsibly solve the issue of the Union's financing, through a genuine system of own resources, in particular a Financial Transaction Tax, to come into force as from the next Multiannual Financial Framework, removing once for all the division of the EU between net contributors and net beneficiariesactively contributing to reduce the imbalances in the regions and Member States within the EU by boosting social integration, environmental sustainability and territorial cohesion;
Amendment 1 #
2012/2281(BUD)
Motion for a resolution
Citation 5 a new
Citation 5 a new
– having regard to the European Council Decision EUCO 76/12 of 28 and 29 June 2012 on the Compact for Growth and jobs, agreed by the Member States,
Amendment 2 #
2012/2281(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Strongly reminds the Council and the Commission that the Joint statement on payment needs for 2012 must be understood as a political agreement regarding the need to come to an agreement at an early stage in 2013 on an amending budget devoted to the sole purpose of covering this EUR 2,9 billion, the additional remaining legitimate payment claims for 2012 as well as other eventual pending payment claims that have not yet been satisfied, and providing additional appropriations as compared to the payment appropriations adopted in the 2013 initial budget, without prejudice to the proper implementation of the 2013 budget;
Amendment 65 #
2012/2151(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the economic, financial and banking crisis has repeatedly demonstrated that public debt at national level and financforeign debt resulting pfroblems as well asm the disturbance of macroeconomic equilibriums between Member States quickly, directly and negatively affect the socio-economic development of the euro area and of the Union as a whole;
Amendment 77 #
2012/2151(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the combination of a lack of competitiveness and a low growth potential with high deficits and high debt and macro-economic imbalances between Member States not only causes harm in somedeficitary Member States, but also makes vulnerable the euro area as a whole;
Amendment 103 #
2012/2151(INI)
Motion for a resolution
Recital L
Recital L
L. whereas euro area membership implies a high degree of economic interdependence between the Member States concerned and therefore requires a much closer coordination of financial, fiscal, social and economic policies, linked to stricterincreased Union funds as well as to the necessary supervisory instruments and smart and effective enforcement;
Amendment 146 #
2012/2151(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the trend for a growing divide between core and peripheral countries in the Union should not become chronic in naturemust be urgently reversed and the political aim must be to close economic and social gaps at middle term; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedure;
Amendment 157 #
2012/2151(INI)
Motion for a resolution
Recital W
Recital W
W. whereas it is beyond doubt that the European integration is an irreversi sustainable and progressive process if Member States meticulously honour their European engagementcreating added value to Member States;
Amendment 162 #
2012/2151(INI)
Motion for a resolution
Recital X
Recital X
X. whereas from a democratic point of view it is incomprehensiletely unjustifiable that the President of the European Parliament, who represents more than 502 million European citizens, has not been involved in the drafting of the report of 26 June 2012 of the President of the European Council, in collaboration with the Presidents of the European Commission, the Eurogroup and the European Central Bank, entitled ‘Towards a Genuine Economic and Monetary Union’;
Amendment 178 #
2012/2151(INI)
Motion for a resolution
Recital AB
Recital AB
AB. whereas steady progress in the implementation of the long-term road map should not delay the urgently needed short- term measures;
Amendment 207 #
2012/2151(INI)
Motion for a resolution
Recital AG
Recital AG
AG. whereas the Treaty-based guaranteed independence of the ECB in the field of monetary policy remains a cornerstone for the credibility of EMU and the single currency which must be reinforced by making the ECB lender of last resort for Member States whose currency is the euro;
Amendment 217 #
2012/2151(INI)
AHa. whereas the strengthening of banking supervision at Union level constitutes a historical opportunity to bring the shadow banking sector under control; whereas a Union banking authority must enforce the same rules to shadow banks, including on capital requirements, transparency and risk management;
Amendment 239 #
2012/2151(INI)
Motion for a resolution
Recital AM
Recital AM
AM. whereas the Union would benefit from proposals that introduce a single European supervisory mechanism for financial institutions, a singlecoherent European deposit guarantee scheme and a singlecoherent European recovery and resolution scheme taking into account the diversity of banks' business models existing in the Union;
Amendment 257 #
2012/2151(INI)
Motion for a resolution
Recital AP
Recital AP
AP. whereas most of the banking supervisory powers in the Union today remain in the hands of national supervisors with the European Supervisory Authority (European Banking Authority) (EBA), established by Regulation (EU) No 1093/2010 in a coordinating role; whereas the current system of national supervision has proven to be too fragmented to facmust be reinforced and de-fragmented in order to solve current challenges;
Amendment 276 #
2012/2151(INI)
Motion for a resolution
Recital AT
Recital AT
AT. whereas improved financial market regulation and European supervision of financial institutions within the euro area is an absolute priority to take measures to tackle the crisis;
Amendment 284 #
2012/2151(INI)
Motion for a resolution
Recital AU
Recital AU
AU. whereas, for reasons of efficiency and quick action, it is recommended to confer European supervision to the ECB, given its widely recognisedan important role to the ECB which must provide its expertise, access to information resources and significant credibilitycredibility to the competent bodies;
Amendment 285 #
2012/2151(INI)
Motion for a resolution
Recital AU a (new)
Recital AU a (new)
AUa. whereas any major shift in supervision to other institutions has to be accompanied by an equal improvement of transparency, employee participation and accountability of the institutions implementing it, particularly through efficient democratic control, namely a greater role for the European Parliament in the designation of the presidency in both EBA and the ECB;
Amendment 365 #
2012/2151(INI)
Motion for a resolution
Recital BI
Recital BI
BI. whereas sufficient instruments, speed, access to quality information and credibility are essential in managing bank crises;
Amendment 366 #
2012/2151(INI)
Motion for a resolution
Recital BI a (new)
Recital BI a (new)
BIa. whereas the dismantling a banking group should be an option even at the initial stage both in order to decrease risk in the banking sector arising from the 'too big to fail' problem as well as in order to ensure that no private customer deposit or central bank liquidity support is used by universal banks for refinancing high-risk investments;
Amendment 416 #
2012/2151(INI)
Motion for a resolution
Recital BS a (new)
Recital BS a (new)
BSa. whereas the Union budget must play a crucial role in order to successfully reduce macroeconomic and social imbalances throughout the Union and thereby restoring the conditions for a sustainable monetary union;
Amendment 494 #
2012/2151(INI)
Motion for a resolution
Recital CC
Recital CC
CC. whereas the European Semester offers a good framework to coordinate economic policies implemented at national level in line with the country-specific recommendations adopted by the Council; considers that, in order to successfully reduce Europe-wide macro-economic imbalances, excessive current account surpluses must be tackled and respective recommendations must be clearly stated and enforced; whereas the Commission role of spill-over effects at all steps of the European Semester procedure must be pointed out in a clearer way;
Amendment 516 #
2012/2151(INI)
Motion for a resolution
Recital CF a (new)
Recital CF a (new)
CFa. whereas strong social welfare systems and social institutions such as collective bargaining can serve as automatic stabilisers and increase resiliency against economic crisis and detrimental effects on employment;
Amendment 616 #
2012/2151(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission, in addition to the measures which can and must be taken swiftly under the existing Treaties, to list the institutional developments which maywill prove necessary in order to establish a stronger EMU architecture, based on the need for a banking union, a fiscal union and an economic union, an economic union and a social union as well as further democratisation of the Union with the European Parliament gaining the right to propose a candidate for the Commission Presidency;
Amendment 623 #
2012/2151(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that the financial implications of the requested proposal should be covered by the industry as well as by appropriate budgetary allocations where needed;
Amendment 636 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 3
Annex – part 1 – point 1.1 – paragraph 3
Amendment 659 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
- supervise all financial institutions within the countries included in the systemMember States but with a clear division of operational responsibilities between the European and national supervisors depending on the size and nature of banks and the nature of the supervisory tasks;
Amendment 665 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 -
Annex – part 1 – point 1.1 – paragraph 9 -
– supervise those institutions which operate without a banking licence and have so far been exempt from any monitoring and supervision;
Amendment 666 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 -
Annex – part 1 – point 1.1 – paragraph 9 -
– take due account of the impact of its activities on competitprosperity, employment, social cohesion and innovation within the internal market, the Union's global competitiveness, financial inclusion, and the Union's strategy for jobs and growth;
Amendment 669 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 - indent 3
Annex – part 1 – point 1.1 – paragraph 9 - indent 3
– protect the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors; reduce the risk inherent in the financial system by introducing a maximum size for financial institutions and introducing a separated banking system;
Amendment 1 #
2012/2150(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Regrets the absence of a wide, credible and frank public debate on the European Semester process; believes that this absence is at odds with national practices, where economic policy orientations are openly and democratically debated; warns, in particular, against setting up the Annual Growth Survey as a bureaucratic act which lacks the approval of the European Parliament and underlines the need for a democratisation of the European Semester through stronger roles for both national parliaments and the European Parliament in all phases of the European Semester; recalls the EP’s proposal that the EU institutions agree on an interinstitutional agreement; recalls that Article 13 of the Treaty on ‘Stability, Coordination and Governance in the EMU’ provides for the organisation of a parliamentary conference of the relevant committees of the EP and representatives of national parliaments; emphasises that the EP Budget Committee is one of the above-mentioned relevant EP committees;
Amendment 2 #
2012/2150(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recalls that setting the public budget is one of the key responsibilities of the parliament in our democracies; considers that the loss of power of Member State parliaments over their budgets requires immediately perceptible democratic compensation, which must go hand in hand with a strengthening of Europe-wide debates; notes that the lack of transparency in decision-making and opinion forming processes, particularly in the European Council and the Council of Ministers, is undermining citizens’ trust in European integration and the democracies of the European Union and is hindering the exercise of active, constructive control by citizens; calls, therefore, for all consultations which take place during the European Semester to be held in public, in order to satisfy the requirement for transparent and democratic decision-making processes and improve citizens’ awareness of economic correlations in the economic and monetary union;
Amendment 3 #
2012/2150(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Urges the Commission to prepare the next Annual Growth Survey 2013 on the basis of solid heterodox expertise, sound, ambitious and unbiased economic data which reflect the actual macro-economic situation of Member States as well as the macroeconomic imbalances between them;
Amendment 3 #
2012/2150(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
- having regard to its Resolution of 12 December 2011 on the Scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design;
Amendment 4 #
2012/2150(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2.a Notes that, so far, rigorous fiscal consolidation efforts have not triggered the desired effects; asks the Commission, therefore, to fully assess the fiscal and economic effects of the completed Semester procedures; with a view to the 2013 Annual Growth Study, asks the Commission to review the current prioritization of fiscal consolidation, irrespective of the prevailing macroeconomic environment;
Amendment 5 #
2012/2150(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges the Commission, in its next AGS, to fully address and underline the role of the EU budget in the European Semester process by providing factual and concrete data on its triggering, catalytic, synergetic and complementary effects on overall public expenditure at local, regional and national levels; believes, moreover, that funding at EU level can generate savings for the Member States’ budgets and that this should be emphasised; considers that, in order to successfully reduce macroeconomic and social imbalances throughout the Union, the EU budget must play a vital role;
Amendment 11 #
2012/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomNotes the Commission’s country- specific recommendations for the euro area; expects these recommendations to, which will form the basis of the Spring Council’s recommendations;
Amendment 22 #
2012/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is confidenDeplores the fact that the measures proposed are conducive toin order to achieve sustainable public finances, increased competitiveness, higher growth and improved are based on the privatisation of public services, an increased tax burden and the undermining of labour laws. These priorities will not promote growth, investment or employment;
Amendment 28 #
2012/2150(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. warns, in particular, against the set-up of the Annual Growth Survey as a bureaucratic act and expresses its deepest concern to the fact that the democratic assessment of the functioning of this instrument is not guaranteed by the European Parliament at any time, not even at the level of consent;
Amendment 32 #
2012/2150(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. NotDeplores the Commission’s insistence on conducting growth-enhancing structural reforms to allow the EU to get to grips withwhich have failed to promote growth. Without growth and job creation, it will be impossible to overcome the crisis and for the EU to regain its preeminent role in the world economy; supports the Commission’s efforts to correctchoices and priorities have exacerbated stagnation, unemployment and the macroeconomic imbalances within the euro area;
Amendment 36 #
2012/2150(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Asks the Commission to better point out the role of spill-over effects at all steps of the European Semester procedure. Considers that, in order to successfully reduce Europe-wide macro-economic imbalances, excessive current account surpluses must be tackled and respective recommendations must be clearly stated and enforced;
Amendment 39 #
2012/2150(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that most of the structural reforms are concentrating on a small number of areas, such as labour marketincreasing the insecurity of labour relations, the taxation system, restructuring the banking sector, removing unjustified restrictions on regulated trades and professions, liberalising certain industries, improving the efficiency and quality of public expenditurereduction or privatisation of public services, avoiding unnecessary layers of government, combating tax evasion, and reforming mortgage and real estate markets;
Amendment 45 #
2012/2150(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Urges the Commission to be more explicit in its recommendations and to monitor recommendations made in the past, i.a.carefully monitor recommendations made in the past, i.a. by assessing the effects of implemented recommendations as well as by providing more detailed explanations and evaluations in those cases where the Commission thinks a country has only partially followed the recommendations; asks the Commission to review, before setting up 2013 Annual Growth Study, national and Europe-wide effects of the completed Semester procedures with a special view to the current prioritization of fiscal consolidation irrespective of prevailing macroeconomic environment;
Amendment 68 #
2012/2150(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages the Member States to strictly follow the rules set by the Stability and Growth Pact, as modified by the ‘six- pack’, in order to render public finances more resilient, ensure that the European economy becomes more sustainable and reduce pressure from the banking sector; expects the Commission and the Council to enforce these rules in a strict manner; firmlycarefully taking into account the macro-economic situation of the country as well as potentially harmful effects on growth and poverty induced by aggressive and frontloaded austerity policies; believes that fiscal discipline and fiscal institutions should be strengthened at both national and sub-national level and that government expenditure should be shifted towards long-term investment, which would foster sustainable growthinvestment in sustainable infrastructure and energy, education, health and employment;
Amendment 73 #
2012/2150(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Invites the Commission to complement the Scoreboard for the surveillance of macroeconomic imbalances with upper and lower thresholds as required in Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances;
Amendment 75 #
2012/2150(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Invites the Commission, when presenting complementary indicators and related thresholds for the financial sector by the end of 2012, to include further indicators, namely on R+D expenditure, private and public investment, inequality and energy efficiency;
Amendment 78 #
2012/2150(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the end of excessive deficit procedures for several Member States; hopes that more procedures can be brought to an end in the near future; and that the resolution of ongoing procedures can be based on the promotion of policies for growth, with a view to achieving sustainable public accounts in the medium term;
Amendment 83 #
2012/2150(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 89 #
2012/2150(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 93 #
2012/2150(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Highlights the important role the Union budget must play in order to successfully reduce macroeconomic and social imbalances throughout the Union and thereby restoring the conditions for a sustainable monetary union;
Amendment 99 #
2012/2150(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Lauds the economic dialogue held so far between Parliament and national representatives, and wishes to conduct further dialogues that must be an important element of reinforced Europe- wide debate on economic and social priorities and instruments;
Amendment 101 #
2012/2150(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Reminds that the setting the public budget is one of the key responsibilities of the parliament in our democracies. Considers that national parliaments' weakened control over budgetary planning requires perceptible democratic compensation which must go hand in hand with a strengthening of Europe-wide debates;
Amendment 103 #
2012/2150(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Notes that the lack of transparency in decision-making and opinion forming processes, particularly in the European Council and the Council of Ministers, is undermining citizens' trust in European integration and the democracies of the European Union and is hindering the exercise of active, constructive control by citizens. Asks therefore for all consultations which take place during the European Semester should be held in public in order to satisfy the requirement for transparent and democratic decision making processes and improve citizens' awareness of economic correlations in the economic and monetary union;
Amendment 19 #
2012/2134(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas amongst European SMEs a particular attention should be paid to the Social Economy sector, given its economic weight (20 million people i.e. 10% of the overall employment) and the significant resilience its model has shown since the beginning of the economic crisis while Social Economy organisations face comparable problems of access to finance as others SMEs;
Amendment 39 #
2012/2134(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines the responsibility of banks to invest wisely in the economy and more specifically in SMEs; notes that, in some Member States, SMEs do not have pand function of banks to serve society and real economy and to lend to non-financial entities giving a special importance to GDP contributing entities such as SMEs; notes that, in some Member States, public as well as regional cooperative banks play an important roblems in accessing creditthe credit supply of SMEs; points out that reducing investments to a minimum can lead to a credit crunch;
Amendment 44 #
2012/2134(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Reminds that European universal and significantly important financial institutions have continuously shifted their activities away from productive lending using a ever growing part of their balance sheet for risk enhancing activities and lending to financial entities;
Amendment 47 #
2012/2134(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Asks the Commission to require from banks with a balance sheet total above EUR 200 bn that at least 50% of their balance sheet be dedicated to lending to non financial entities and at least 33% to lending to GDP contributing activities and entities such as SMEs;
Amendment 48 #
2012/2134(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Asks the Commission to assess the potential effects for lending to SMEs of a limitation of the size of banks by putting a cap on the size of assets that a bank can hold;
Amendment 51 #
2012/2134(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Reminds the Commission that SMEs across Europe are very heterogeneous, ranging from very traditional, family-run businesses to innovative cooperative business models, fast-growing enterprises, high-tech firms and start-ups;
Amendment 55 #
2012/2134(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the Commission's Action Plan rightly places a lot of emphasis on venture capital as a possible mode of growth finance but underlines that this kind of funding is adequate only for a small number of SMEs;
Amendment 74 #
2012/2134(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that entrepreneurs' lack of knowledge about basic finance limits the quality of business plans and thus also the success of a credit application; therefore calls on the Commission and the Member States to provide professional training support to potential entrepreneurs as well as to redundant workers who aim at taking over their enterprise in the form of a cooperative after restructuring processes;
Amendment 83 #
2012/2134(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that a course of entrepreneurship encompassing the various entrepreneurial methods should be included in basic education systems; believes that a well-prepared business plan is the first step towards better access to finance; calls on the Commission and the Member States to include financial education in their education programmes without any delay;
Amendment 114 #
2012/2134(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Welcomes the focus put on Microfinance and Social Entrepreneurship; calls on the Commission and the EIB to further increase the Progress Microfinance Facility;
Amendment 117 #
2012/2134(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Stresses that, if some of the so-called "business angels" can contribute positively to the financing of SMEs, European public policies should rather foster ordinary fundings than "business angels"; believes that the existing SMEs' recourse to "business angels" can be seen to a large extent as a consequence of the lack of ordinary fundings; warns the Commission against creating undue windfall by encouraging the involvement of "business angels"; points out that to the SMEs external funding sources also belong hedge and other alternatives funds, which cannot be considered as funding sources to be fostered; enjoins the Commission accordingly to give a clear and exhaustive definition of "business angels";
Amendment 120 #
2012/2134(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Welcomes the Commission's intention of reviewing, by 2013, the General Block Exemption Regulation and several State aid guidelines; underlines that the General Block Exemption Regulation is an important instrument in order to promote SME creation, development and recovery, especially in the current crisis situation; stresses that the most appropriate State aid instruments which should be block exempted are grants, loans, repayable advances, fiscal measures, and guarantee schemes;
Amendment 121 #
2012/2134(INI)
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22b. Underlines the beneficial role of the financial support provided by cooperative federations and stresses the need for it to be backed by State guarantees in order to increase its efficiency;
Amendment 123 #
2012/2134(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the Commission to strengthen and optimise the risk-sharing instruments of the European Investment Bank; believes that the SME loan activity of the European Investment Bank, as a key European-wide instrument able to implement contracyclical measures, should not be subject to market conditions, as stated in the Commission's communication;
Amendment 131 #
2012/2134(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the Commissions to take initiatives in order that the European Investment Bank and the European Investment Fund get involved in the creation and strengthening of non- banking financial institutions for the development of worker and social cooperatives; believes accordingly that the European Investment Bank and the European Investment Fund should act as intermediaries between cooperatives networks on the one hand and financial markets, banks and institutional investors on the other hand by issuing dedicated financial instruments;
Amendment 135 #
2012/2134(INI)
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Calls on the Commission to take account of the Socially and Environmentally Responsible Investing principles as a means of reaching sustainable development goals through SMEs' funding;
Amendment 2 #
2012/2115(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
- having regard to the recommendations by the Issing Commission, Memo for the G-20 November 2011 Summit in Cannes, February 2012, http://www.bundesregierung.de/Content/ DE/StatischeSeiten/Breg/G8G20/Anlagen /bericht-issing- cannes.pdf?__blob=publicationFile
Amendment 14 #
2012/2115(INI)
Motion for a resolution
Recital C
Recital C
C. whereas despite certain potential positive effects, SB cangiven its limited positive potential, SB can significantly weaken the system, especially through regulatory arbitrage and increased systemic risk;
Amendment 15 #
2012/2115(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas empirical evidence shows that economic and sovereign debt crises have largely been the result of harmful banking activities, as financial actors are looking for excessive profit opportunities; whereas due to this unsustainable behaviour all types of financial activities need to be under strong public control and oversight;
Amendment 16 #
2012/2115(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas certain banking models notably those that are regionally focussed and which include stakeholder control have proven to be more stress resilient and should consequently be promoted in the future;
Amendment 21 #
2012/2115(INI)
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Points out that in the past European and international actors have advocated increasing deregulation and liberalisation of the financial industry which has led to excessive rent-seeking of financial actors; regrets that this has had limited positive effects for the real economy and for the people of Europe but has instead mainly served the financial industry;
Amendment 35 #
2012/2115(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that since the crisis some of the practices of SB have vanished; notes, however, that the innovativeprofit maximizing nature of the SB system may lead to new developments that may pose a source of systemic risk, which should be tackled; stresses, therefore, the need to collect more and better data on shadow banking transactions, market participants, financial flows and interconnections, in order to obtain a full overview of the sector;
Amendment 62 #
2012/2115(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. requests the COM to propose a legal act to monitor transactions between financial institutions settled in the EU and institutions which are legally based in jurisdictions which are characterised by imposing significantly less taxes (tax havens) or have lighter regulatory requirements (regulatory arbitrage);
Amendment 72 #
2012/2115(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Asks the COM to investigate how the proposals of the 'Issing Commission' presented during the G 20 Summit in November 2011 could be implemented in the EU, especially according to the demarcation rule by which banks only should be allowed to enter into business transactions with counterparties subjected to a minimum degree of regulatory oversight;
Amendment 86 #
2012/2115(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes further that the proposed extension of CRD IV to non-deposit-taking finance companies not covered by the definition in the Capital Requirements Regulation (CRR) is necessary unless an entity serves a social purpose and does not pose a systemic risk to the financial system;
Amendment 132 #
2012/2115(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the benefitsIs concerned about the risks and challenges related to Exchange Traded Funds (ETFs) provideespecially by giving retail investors access to a wider range of assets (such as commodities, in particular), but stresses the risks ETF carry in terms of complexity, counterparty risk, liquidity of products and possible regulatory arbitrage as well as their contribution to excessive speculation especially for agricultural products and other commodities; invites the Commission, therefore, to submit a legislative proposal at the beginning of 2013 to tackle these potential structural vulnerabilities; and to develop a clear and consistent distinction in the classification of Exchange Trades Products;
Amendment 135 #
2012/2115(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Invites the Commission to explore options with regard to ex-ante appraisal of new financial products; believes that competent authorities should have the power to ban products before they are marketed to a wider audience;
Amendment 3 #
2012/2092(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that its priorities for the 2013 budget, as detailed in its above-mentioned resolution of 4 July 2012 on the mandate for the trilogue and especially taking into account the current social, economic and financial dramatic constraints lived in several Member States, consist in enhancing support for employment, growth, and competitiveness and employment, particularly for SMEs and youth; points out once again that the Commission's draft budget (DB) reflects Parliament's priorities as regards the programmes and initiatives to be reinforced towards these objectives;
Amendment 12 #
2012/2092(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points outUnderlines that the EU budget is to be seen instead as a complementary instrument of support for the Member States' economies, capable of concentrating initiatives and investments in areas strategic for growth and, creation of jobs and of bringing an actual added value in sectors overcoming national boundaries; highlights that such a role is legitimised by the same Member States, who, together with Parliament, are responsible for the decisions from which most of the EU law stems;
Amendment 20 #
2012/2092(BUD)
Motion for a resolution
Paragraph 5
Paragraph 5
5. DStrongly deplores, therefore, the decision of the Council to proceed again this year with the usual approach of horizontal cuts to the DB, aimed at artificially reducing the level of the EU resources for 2013 all in all by EUR 1 155 million (-0,8%) in commitment appropriations (CA) and by EUR 5 228 million (- 3,8%) in payment appropriations (PA) as compared to the DB, leading thereby to a clearly insufficient and very modest increase compared to the 2012 budget both in commitments (+1,27% vs. 2% of the DB) and in payments (+2,79% vs. 6,8% of the DB);
Amendment 24 #
2012/2092(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is surprised that, in this exercise, the Council hasinsists on not takening into account the latest Commission's forecasts for programmes' implementation, based on estimates of the same Member States, which on the one hand clearly highlight areas of over- performances where reinforcements are needed already in 2012 and on the other hand warn about the severe risk of shortages of payments, in particular under Headings 1a, 1b and 2; recalls in this context the letter that President Barroso addressed to the 27 Member States in July 2012 expressing his concern about the cuts made to the DB by the Council's reading, as a result of which there is a risk that sufficient funds are not made available to enable the EU to honour its debts;
Amendment 37 #
2012/2092(BUD)
Motion for a resolution
Paragraph 13
Paragraph 13
13. RDeeply regrets that the Council departed substantially (all in all by EUR 2,15 billion), as regards commitments, from the financial programming figures, which result from a joint decision with Parliament at the beginning of the programming period, as well as that Council completely disregarded Parliament's priorities, as expressed in Parliament's mandate for the trilogue; recalls that Parliament's reading is based instead upon, and coherent with, these benchmarks;
Amendment 42 #
2012/2092(BUD)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is of the opinionUnderlines that the answer to the crisis must be more Europe and not less Europe, in order to restart investments, boost the creation of jobs and help rebuild confidence in the economy; having already criticised the proposed freezing in commitment appropriations at the level of the expected inflation rate in the DB, cannot accept Council's decision to reduce them further down to 1,27% compared to budget 2012; recalls that commitments reflect EU political priorities and should be set having in mind a long term perspective where the economic downturn might be over; therefore takes the view that, as a general principle, commitments should be restored at the DB level; intends, however, to increase commitment appropriations above the DB on a selected number of budget lines directly related to the delivery of the Europe 2020 prioritiesU objectives for growth and the creation of jobs, in line with the "decent employment programme" of the International Labour Organization and in line with traditional Parliament's priorities;
Amendment 45 #
2012/2092(BUD)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Deplores that, although this is the key heading for the delivery of the Europe 2020U objectives for smart, inclusive and sustainable growth, Heading 1a bears practically the totality of the Council's cuts in commitments (-2,9% compared to DB) in Heading 1 and is the most affected as regards decreases in payments (-EUR 1,9 billion or -14% compared to DB); decides to undo almost all cuts by Council and to reinforce above DB in commitment and payments only a selected number of lines directly linked to the objectives of the Europe 2020 Strategy and characterised by high levels of implementation and strong absorption capacity;
Amendment 49 #
2012/2092(BUD)
Motion for a resolution
Paragraph 17
Paragraph 17
17. In particular, highlights that the strong cuts affecting Seventh Framework Programme (FP7) and the Competitiveness and Innovation Framework Programme (CIP) programmes are in clear contradiction with the recent European Council's decision to create a «Compact for growth and employment» supporting, among others, research and development, innovation and employment; recallunderlines the very good performances of these programmes, for which Commission reports accelerated implementation in 2012 compared to last year;
Amendment 58 #
2012/2092(BUD)
Motion for a resolution
Paragraph 21
Paragraph 21
21. DStrongly deplores the substantial cuts in payments (-EUR 1,6 billion or -3,3 % as compared to DB) by the Council affecting the Regional Competitiveness and Employment objective (-12,9%), the European Territorial Cooperation objective (-18,7%) and the Cohesion Fund (-4,7%); notes instead that the Convergence objective is left practically untouched;
Amendment 63 #
2012/2092(BUD)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Recalls the doubts expressed in its mandate for the trilogue as to whether the level of payments proposed in the DB will be sufficient to reimburse the totality of the expected payment claims in the absence of an amending budget this year; recallunderlines that the same Commission's proposal is based on the assumption that all payment needs from previous years up to 2012 are covered;
Amendment 66 #
2012/2092(BUD)
Motion for a resolution
Paragraph 24
Paragraph 24
24. RStrongly rejects the cuts introduced by the Council on Heading 1b, which would lead to a much more serious shortage in payments than already expected and, would idefinitely hampeder the correct execution of projects during the last year of the programming period, with dramatic consequences specially for the Member States which are already under social, economical and financial constraints; points out again that this heading is responsible for two thirds of the current outstanding commitments and that cutting the level of payments for 2013 would also lead to a strong increase in the level of RAL by the end of next year;
Amendment 78 #
2012/2092(BUD)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Confirms its commitment to act in preventing and responding to crises in the fruit and vegetable sector, and therefore supports a commensurate level for producer groups for preliminary recognition; advocates a sufficient increase of the Union's contribution to the crisis fund within operational funds for producer organisations, especially those representing small and medium producers;
Amendment 90 #
2012/2092(BUD)
Motion for a resolution
Paragraph 38
Paragraph 38
38. RStrongly rejects the cuts performed by the Council in payment appropriations in the following areas: European Return Fund (- EUR 18 million), European Refugee Fund (-EUR 1,8 million), European Fund for the Integration of third-country nationals (- EUR 3,2 million) and Fundamental Rights and Citizenship (- EUR 1 million); decides, therefore, to restore the level of the DB on the corresponding lines;
Amendment 93 #
2012/2092(BUD)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Rejects the Council's unilateral decision to change the legal basis of the proposal on the «Schengen evaluation mechanism» from ordinary legislative procedure to Article 70 of the Treaty on the Functioning of the European Union; supports the Conference of Presidents' decision to block cooperation with the Council on the 2013 budget as regards internal security aspects; endorses, therefore, the position taken by its Committee on Civil Liberties, Justice and Home Affairs to put into the reserve some budgetary lines in Title 18 which relate to internal security (in commitment and payment appropriations) until a satisfactory outcome is achieved on the Schengen governance package; is of the opinion that this reserve should not be applied to the agencies working under Heading 3a in order not to jeopardise their work;
Amendment 96 #
2012/2092(BUD)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Stresses that measures aimed at combating gender violence must be sufficientadequately funded; emphasises the important role that the programme for preventing and combating all forms of violence (DAPHNE) has playeds in eliminating violence against women and girls in the ,EU, especially in the current context of social, economic and financial crisis and therefore increases its payment appropriations above the level of the DB;
Amendment 113 #
2012/2092(BUD)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Introduces separate budget lines for all CFSP missions and EU Special Representatives in the different geographical areas, as proposed in the reform of the Financial Regulation, which will provide and enable a more transparent and complete overview of missions conducted under this policy; underlines its commitment to a strictly peaceful resolution of conflicts, to eradicate poverty, to the promotion of cooperation and solidarity towards a social and sustainable development;
Amendment 1 #
2012/2055(INI)
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Commission Communication entitled 'Europe 2020: A strategy for smart, sustainable and inclusive growth' (COM(2010)2020),
Amendment 29 #
2012/2055(INI)
Motion for a resolution
Recital H
Recital H
H. whereas legislative approaches to ensure universal access to basic banking services have had satisfactory results in Belgium and France where the number of unbanked citizens has dropped by 75 % and 30 % respectively, as well as in Finland and Denmark where 100 % of households are covered by banking services; considering however that in those countries consumers still face practical difficulties in exercising their right and that the objective pursued must be to offer right of access to banking services to 100 % of households as is the case today in Finland and Denmark;
Amendment 33 #
2012/2055(INI)
Motion for a resolution
Recital I
Recital I
I. whereas Member States have not reactedtaken adequately to the Commission's above- mentioned Recommendation and in 15 action required by the Commission Recommendation on access to a basic payment account with 10 Member States not having sent any response to the Commission until March, 6th 2012. Whereas Italy and Ireland are the only Member States where concrete follow up measures have been taken. Whereas in a majority of Member States, there i political will to work for progress in financial inclusion and bank account penetration is clearly lacking and too many Member States still have no legal or voluntary requirement for banks to provide basic banking services;
Amendment 50 #
2012/2055(INI)
Motion for a resolution
Recital L
Recital L
L. whereas any initiativeover-indebtedness has become the most important "new social risk" across the Union with further aggravation to be expected as a consequence of the persistent social and economic crisis in the Union. Whereas in order to ensure access to basic banking services, any initiative must include protection against garnishment, to establish consumers' trust and prevent costs arising from unused accounts;
Amendment 88 #
2012/2055(INI)
Proposal for a recommendation
Annex –recommendation 1 – paragraph 3
Annex –recommendation 1 – paragraph 3
3. Member States should be permitted to exempt payment service providers from the obligation to provide a basic bank account if they fulfil at least one of the following:
Amendment 91 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 1 – paragraph 3 – point a
Annex – recommendation 1 – paragraph 3 – point a
a. Payment service providers operating on a cooperative business model, on a non- profit basis or requiring membership on defined criteria, such as profession.
Amendment 103 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. The legislation should ensure that any consumer, that is to say any natural person who is acting for purposes other than his trade, business, craft or profession, legally resident in the Union has the right to open and use a basic bank account with a payment service provider operating in a Member State provided that the consumer does not already hold a basic bank account fully meeting the requirements of Union legislation as specified in these Recommendations in the territory of that Member State. The right to open a basic bank account should not be limited if the consumer already holds additional bank accounts, including basic bank accounts, in another Member State.
Amendment 109 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
6. The legislation should ensure that it is not unduly burdensome for consumers to demonstrate that they do not already hold a basic bank account, in the same Member State, a basic bank account that fully meets the requirements of the legislation, and provide for a declaration by the consumer to that effect during the application process.
Amendment 131 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 11
Annex – recommendation 2 – paragraph 11
11. The legislation should oblige payment service providers to act transparently in relation to a decision to deny or close a basic bank account. In order to allow the consumer to question the payment service provider's decision, the payment service provider should inform the consumer in writing of the reason for the refusal to open or decision to close a basic bank account. The provider should also be obliged to inform the consumer about possibilities for alternative dispute resolution mechanisms. The provider may not charge the consumer for receiving such information, including in a written form.
Amendment 132 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 12
Annex – recommendation 2 – paragraph 12
12. The legislation should require the provider to act rapidly when verifying whether the consumer has right to access a basic bank account, whereby the provider must inform the consumer in writing, and stating the justification, about grounds for any delay longer than two weeks. Grounds for which the provider is responsible, such as an excessive workload, cannot justify such a delay. The provider may require consumers to be physically present in the nearest available branch to open the account.
Amendment 159 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 16
Annex – recommendation 3 – paragraph 16
16. Any default chargepenalty payments should be affordable and at least as favourable as the provider’s usual pricing policy. The legislation should ensure that the consumer does not bear any fee or penalty arising from circumstances independent of his/her will, such as insufficient funds in his account due to late payment of wages or social benefits.
Amendment 180 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section D
Annex – recommendation 3 – paragraph 17 – section D
Member States may require further functionalities to be included to the basic bank account. Payment service providers should be permitted to, at their own initiative, enlarge the range of functionalities, such as a facility for savings or international money remittances from and to States outside the Union. Access to a basic bank account should not be made conditional on the purchase of such additional services.
Amendment 186 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 18
Annex – recommendation 4 – paragraph 18
18. The legislation should aim to make consumers aware about the possibility of opening a basic bank account. Accordingly, it should be accompanied by an ambitious communication strategy both at Union and Member State level and include duties for payment service providers to actively provide clear information to consumers.
Amendment 191 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 19
Annex – recommendation 4 – paragraph 19
19. Communication campaigns should be developed in cooperation with consumer organisations or social advisory bodies. At Union level, they should, in particular, raise awareness about the Union-wide availability of basic banking services and cross-border rights for access. At Member State level, communication should aim at giving necessary and understandable information about basic bank accounts’ features, conditions and practical steps while addressing specific concerns, including those of unbanked citizens and migrant workers. Communication campaigns at Member State level should be multi-lingual, taking into account the most relevant mother tongues spoken by minority populations or migrants. Member States should oblige the financial service providers to share the financial burden of such information campaigns.
Amendment 210 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 26
Annex – recommendation 5 – paragraph 26
26. Member States should be obliged to specify principles for sanctions to be imposed on providers for non-compliance with the basic bank account framework, including obligations for service providers to provide information, which ensure the sanctions constitute a deterrent, and competent authorities should be required and enabled to impose such sanctions . Funds collected via sanctions should be used for the purpose of the legislation to be adopted, for example for financial education or compensatory payments.
Amendment 7 #
2012/2016(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recognises the persistent economic and budgetary constraints at national level, as well as the need for fiscal consolidation; reiterates, however, its conviction that the EU budget represents a common and effective instrument of investment and solidarity, which is needed particularly at the present time to trigger economic growth, competitiveness and job creationemployment and social progress in the 27 Member States; stresses that, despite its limited size that does not exceed 2% of total public spending in the Union, the EU budget has had a real economic impact and successfullyattempts to complemented so far Member States‘ recovery policies;
Amendment 11 #
2012/2016(BUD)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Emphasises that the EU Budget can have a crucial role to help some of its member states to recover from the crisis and come out stronger, through smart, sustainable and inclusive growth based on the five EU headline targets, namely promoting employment, improving the conditions for innovation, research and development, meeting our climate change and energy objectives, promoting high education standards and social policies, in particular social inclusion and poverty reduction; recalls that the Member States themselves have fully endorsed these five targets;
Amendment 12 #
2012/2016(BUD)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Rejects the "Economic Governance" and the Pact for the Euro which enshrine the austerity measures taken both at EU and Member States level; these led to the deepening and aggravation of the economic and social crises, particularly in countries which already had a difficult economic and social situation; reiterates that the EU budget should give priority to policies of real convergence, social and territorial cohesion, focused on job creation, social progress, solidarity, the sustainable use of natural resources and protection of the environment;
Amendment 17 #
2012/2016(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Intends, therefore, to strongly defend an adequate level of resources for next year's budget, as defined in the Draft Budget, and to oppose any attempt to cut down the resources especially for policies delivering growth and employment; believes that the EU budget, which cannot run a deficit, should not be the victim of unsuccessful economic policies at national level; not; underlines that in 2012 several Member States are increasing the size of their national budgets;
Amendment 34 #
2012/2016(BUD)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers the proposed increase of 6,8% in PA compared to 2012 as an initial response to Parliament's request for a responsible and realistic budgeting; notes that the increases in payments are concentrated in the areas of competitiveness and cohesionHeadings 1b and 2, due to a greater level of claims expected by running projects in these fields; fully endorses such increase that results not only from past commitments that need to be honoured but also from the actual implementation of programmes that is expected to reach at the last year of the current MFF a cruising speed;
Amendment 49 #
2012/2016(BUD)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note of the Commission's proposal for increasing commitments under this Heading by 4,1% (to EUR 16.032 million) as compared to Budget 2012; notes, that the proposal of CA below the Financial programming possibilities (i.e. TEN-T, EIT, Progress) leaves an increased margin of EUR 90,9 million compared to the EUR 47,7 million foreseen in the Financial programming; is pleased to see that the highest increases in CA are concentrated in Heading 1a, where most of the policies and programmes triggering growth, competitiveness and jobemployment and social progress are placed and that they reflect the priorities highlighted by Parliament for 2013;
Amendment 50 #
2012/2016(BUD)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Recalls the importance of the inclusion of payment appropriations for the European Globalisation Fund; reiterates that the use of a transfer for the EGF should mean a speedier process, and underlines the need for the further simplification of the practical modalities of the procedure, as mentioned on the report from the Commission to the European Parliament and Council on the functioning of the Interinstitutional Agreement on the Budgetary discipline and sound financial management of 27 April, 2010;
Amendment 54 #
2012/2016(BUD)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note of the rationale adopted by the Commission when proposing reductions as compared to the Financial programming, which has led, in the view of the Commission, to the identification of potential savings within under- implemented lines of –among others- FP7, TEN- T, Marco Polo, Progress, Statistical programme, Customs and Fiscalis; is determined to carefully analyse the performance under each of these programmes in order to check the appropriateness of the proposed cuts and exclude negative impacts on the programmes concerned;
Amendment 65 #
2012/2016(BUD)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recognises the fundamental role played by small and medium enterprises as drivers of the EU economy and creators of 85% of jobs in the last ten years; stresses the traditional difficulties faced by SMES to access capital markets for research and innovation projects, exacerbated by the current financial crisis; is firmly convinced that the EU budget should contribute to overcoming this market failure, by facilitating access to debt and equity financing for innovative SMEs; welcomnotes, in this context, that the Draft Budget includes already appropriations for the Project bond initiative as a way to increase payment capacity in this sector through the opening to the private market; supports as welltakes note of the proposed increase for the financial instruments under the CIP-EIP programme (by EUR 14,7 million), in line with their positive performance so far and their increased demand by SMEs;
Amendment 74 #
2012/2016(BUD)
Motion for a resolution
Paragraph 22
Paragraph 22
22. RDeeply regrets that the contribution to Youth on the Move Flagship Initiative is slightly reduced when compared to last year; highlights in this context the added value of the Lifelong Learning, Erasmus and Erasmus Mundus programmes which, against a modest financial dimension, have a great return in terms of effective implementation and positive image of the Union vis-à-vis its citizens; opposes therefore to the proposed reduction by EUR 10,2 million as compared to the Budget 2012 for Lifelong Learning and, in line with its established position in the last budgetary procedures and the excellent performance rates of this programme, intends to reinforce commitment appropriations for the corresponding budget line;
Amendment 76 #
2012/2016(BUD)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the TEN-T programme plays a central role in the attainment of the objectives of competitivenessgrowth and employment in the Europe 2020 Strategy by creating the missing infrastructure, removing bottlenecks and ensuring the future sustainability of the EU transport networks; welcomes the Commission's proposed increase by ca. EUR 85 million compared to the Budget 2012 but asks for further clarifications on the proposed reduction by EUR 118 million as compared to the Financial programming;
Amendment 80 #
2012/2016(BUD)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Deeply deplores the Commission's proposed decreases for the European Supervisory Authorities compared what originally foreseen in the Financial programming; considers the current level of appropriations insufficient to allow these agencies to cope efficiently with their tasks; strongly expresses therefore the intention to reinstatforce appropriations at least atbove the 2012 level for the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) as well as to further reinforce the European Securities and Markets Authority (ESMA) due to the new tasks entrusted to it;
Amendment 89 #
2012/2016(BUD)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Considers the Structural Funds a crucial instrument - both for their financial size and for the objectives pursued - to accelerate the EU economic recovery and to deliver the objectives of growth and , employment enshrinedand social progress in the Europe 2020 Strategy; welcomes therefore the Commission's initiative of re- programming EUR 82 billion of unallocated Structural funds in some Member States in favour of SMEs and youth employment, in line with EP's priorities for 2013; asks to be kept duly informed about implementation of this initiative at national level, its expected impact on growth and job, employment, social progress and its possible impact for the 2013 budget;
Amendment 100 #
2012/2016(BUD)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Points out that Heading 2 is instrumental in realising the EU 2020 strategy goals of growth and, employment, and social progress in particular through its rural development programmes; highlights the need to support SMEs in the rural areas, as main creators of jobs with a particular target on young people; welcomes in this respect the proposed increase of CA by 1,3% (to EUR 14.808 million) for rural development;
Amendment 120 #
2012/2016(BUD)
Motion for a resolution
Paragraph 41
Paragraph 41
41. AskCalls for a continuedthe reduction of the support forto FRONTEX,; as well as for the number of recently set-up agencies under this heading (ks to reinforce the support for the European Asylum Support Office, and large-scale IT systems recently set-up agency under this heading, in particular; notes the 8,9 % decrease (- EUR 7,3 million) for the contribution to the European Police Office (EUROPOL) compared to the Budget 2012 and expects the Commission to provide additional details on this proposed cut;
Amendment 122 #
2012/2016(BUD)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Appreciates theRegrets the modest increase, by EUR 9,8 million compared to the Budget 2012, proposed by the Commission for the European Refugee Fund, which is coherent with the line taken in the previous years; takes notes of; deeply regrets the 19% increase in the External Borders Fund's budget allocation up to EUR 415,5 million which is limited to half that foreseen by the Financial programming; recalls its strong request for an appropriate; regrets that the Commission's draft budget continues to focus on migration policies and on the monitoring and management of borders of the Union to the detriment of the promotion of justice and the protection and balenhanced answer to the challenges, withment of civil liberties; recalls that a that a vinew to the management of legal migration and slowing down of illegal migrationand broader strategic approach to development aid and the regulation of migratory flows is needed;
Amendment 128 #
2012/2016(BUD)
Motion for a resolution
Paragraph 47
Paragraph 47
47. Is criticalTakes note of the decreased volume of commitments for communication actions compared to the 2012 Budget at the moment when the gap between the European Union and its citizens is more evident than ever, as shown in ever- diminishing turnout in European elections; is convinced of the need for reinforced communication efforts and commensurate funding to ensure the visibility of the European Union institutions and showing their contribution to overcoming the economic and financial crisitakes note of the communication efforts to ensure the visibility of the European Union institutions;
Amendment 131 #
2012/2016(BUD)
Motion for a resolution
Paragraph 50 a (new)
Paragraph 50 a (new)
50a. Reiterates that a budgetary shift away from military action and security- oriented policies to civil conflict prevention is a necessary alternative in order to reduce military expenditure during a period of austerity;
Amendment 137 #
2012/2016(BUD)
Motion for a resolution
Paragraph 52
Paragraph 52
52. ConsiderReiterates that a sufficient level of EU financial assistance to the Palestinian Authority and UNRWA is still needed in order to adequately and comprehensively respond to the political and humanitarian situation in the Middle East and the Peace Process;
Amendment 140 #
2012/2016(BUD)
Motion for a resolution
Paragraph 54
Paragraph 54
54. Acknowledges the fact that with the accession of Croatia to the Union, a reduction of EUR 67,6 million will be made to IPA allocations; is nevertheless concerned that the Commission proposes a significant cut in support for institutional capacity building for candidate countries (- 29,14 million EUR compared to 2012), while the same line for potential candidates is reinforced (+10,5 million EUR compared to 2012); reminds that institutional capacity is of utmost importance for the rightful use of Union funding and is equally important for candidates and potential candidates; notwelcomes the proposed increase in CA for IPA rural development of 10,2% compared to Budget 2012;
Amendment 142 #
2012/2016(BUD)
Motion for a resolution
Paragraph 56
Paragraph 56
56. Recognizes the need for reaction to trans-regional threats of organised crime, trafficking, protection of critical infrastructure and threats to public health and fight against terrorism; however; calls on the Commission to provide evidence why an increase of 50% is needed for these measures in 2013;
Amendment 145 #
2012/2016(BUD)
Motion for a resolution
Paragraph 59
Paragraph 59
59. UnderstandRegrets that this was achieved through a reduction in the number of posts in its establishment plans by more than 1% already for 2013, notably in administrative support, budgetary management and anti- fraud, as well as through further cuts in other items of administrative expenditure; requires further explanation as to the actual need to proceed to such staff reductions to freeze administrative expenditure in real terms, when Commission managed to freeze its administrative expenditure in nominal terms in 2012 without resorting to any staff reduction;
Amendment 147 #
2012/2016(BUD)
Motion for a resolution
Paragraph 60
Paragraph 60
60. WelcomeRegrets this effort towards budget consolidationthe decrease in administrative expenditure, it goes against the objectives of job creation and employment in the EU 2020 strategy, specially at a time of economic and budgetary constraints at national level; is however concerned about the adverse impact such measures may have on the swift, regular and effective implementation of EU actions and programmes, especially at a time when EU competences keep increasing and new Member States join the Union; welcomes the presentation of those areas reinforced in staffing, such as European economic governance, Single Market, Security and Justice but requires similar information as to those policy areas and types of posts where cuts in staffing were made as compared to 2012;
Amendment 150 #
2012/2016(BUD)
Motion for a resolution
Paragraph 61
Paragraph 61
61. Reiterates against this background thatthat before considering any such staff reduction should be based on, a prior impact assessment has to be made and take full account of, inter alia, the Union's legal obligations, EU priorities, as well as the institutions‘ new competences and increased tasks arising from the treaties; stresses that within the EU 2020 growth, employment and social progress objectives, reassignment and job creation is to be prioritised; underlines that such assessment should also take carefully into account the effects for the different directorates-general and services, given their size and workload notably, as well as on the different types of posts concerned as presented in Commission's annual screening of human resources (policy making, programmes management, administrative support, budgetary management and antifraud, linguistic, etc.);
Amendment 156 #
2012/2016(BUD)
Motion for a resolution
Paragraph 63
Paragraph 63
63. Takes the viewReiterates that the European Schools shouldmust be adequately funded in the interests of addressing the specific situation of the children of agents of the EU institutions; underlines the need to enhance the support to multicultural pedagogical programmes and to reinforce intercultural projects; takes note of the proposed overall allocation of 180,7 million, which is a 6,8% increase as compared to 2012, and above the Financial programming amounts; will nonetheless carefully scrutinise each of the European Schools‘ budget lines, and make, during its reading, any modification it considers appropriate in this respect;
Amendment 162 #
2012/2016(BUD)
Motion for a resolution
Paragraph 69
Paragraph 69
69. Is however worried that for the first time the Commission cut the budgetary requests of almost all agencies, which were in line with Financial programming amounts overall, including of those agencies which belong to Parliament's priorities, for a total amount of some EUR 44 million; will carefully analyse the methodology, rationale and possible impact of such cuts; Underlines once more that EU agencies‘ budget allocations are far from consisting in administrative expenditure alone, but instead contribute to achieving the Europe 2020 goals and EU objectives in general, in particular job creation, employment and social progress as decided by the legislative authority;
Amendment 3 #
2012/2001(BUD)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas in a context of the ongoing economic crisis, and taking into account pro-cyclical performance of public authorities, expenditure cuts should be considered as risk to increase the economic crisis in the European Union;
Amendment 11 #
2012/2001(BUD)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Suggests the promotion of employment in all institutions as contribution to Europe's 2020 strategy of economic growth and employment;
Amendment 14 #
2012/2001(BUD)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Highlights the importance of funding the European authorities of financial market supervision established in 2010 to enable their entire and necessary commitment to prevent crisis;
Amendment 29 #
2012/2001(BUD)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a freeze on budget lines related to all travel in 2013 and no indexation of any of the Members' individual allowances until the end of the legislature;
Amendment 39 #
2012/2001(BUD)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages all institutions to look for further savings to maintain budgetary discipline and to freeze their budgets whilst bearing in mind legal obligations and new financial challenges such as the Croatian enlargement or the development of European financial market supervision authorities;
Amendment 2 #
2012/2000(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Acknowledges theRegrets the solely fiscal consolidation efforts undertaken by Member States with the aim of addressing the crisis, aggravated by the austerity policies, resulted in a serious drop of public and private investment; recalls that today's public debt in the Member States is caused partly by the financial and economic crisis; calls for this trend to be reversed and underlines that investments need to be made both at EU and national levels; underlines the fact that the EU will never be able to respond properly to the crisis without common instruments and the resources to make them work;
Amendment 31 #
2012/2000(BUD)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that in time of austerity, a budgetary shift from military action to civil conflict prevention and peace- building is a necessary alternative to regulate migratory flows into the EU and reduce expenses;
Amendment 76 #
2012/2000(BUD)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Highlights the importance of funding the European authorities of financial market supervision to enable their entire and necessary commitment to prevent crisis;
Amendment 19 #
2012/0344(NLE)
Draft legislative resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to Commission Regulation (EC) No 800/2008 of 6 August 2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty, hereafter "the current GBER",
Amendment 22 #
2012/0344(NLE)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) In order to select the best possible mode of subsidy, all forms of aid should as a general rule be permitted, including grants, interest subsidies, loans, repayable advances, guarantees, participations and combinations of different forms of aid.
Amendment 23 #
2012/0344(NLE)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) For certain measures or in exceptional economic circumstances, an aid intensity not exceeding 100% of the costs eligible for subsidy should be possible. During the period of the financial and economic crisis, it has emerged for example that the aid intensity was too low, particularly in the case of aid for consultancy. For the undertakings, the incentive provided by a 50% subsidy was in some cases too little to obtain the requisite advice, or they lacked the necessary funds of their own to help pay for it.
Amendment 26 #
2012/0344(NLE)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The programmes of the European Investment Bank are not subject to scrutiny in the light of the law on State aid, whereas the operations of development banks are subject to the State aid law of the Union. If EIB instruments and funding from public development banks are combined, this fact may run counter to the objectives of the Union instruments.
Amendment 27 #
2012/0344(NLE)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Aids granted to the social housing sector have a cohesive effect as they contribute to social inclusion, and act as an incentive towards related businesses especially regarding energy efficiency and the use of renewable energy.
Amendment 28 #
2012/0344(NLE)
Proposal for a regulation
Recital 4
Recital 4
(4) In the culture and heritage conservation sector, Member States are currently required to notify to the Commission all draft State aid measures. Regulation (EC) No 994/98 authorises the Commission to exempt aid granted to SMEs, but such an exemption would in the cultural sector be of limited use as recipients are often large companies. However, small culture and heritage conservation projects, even if carried out by larger companies, do not typically give rise to any significant distortion, and recent cases have shown that such aid has limited effects on trade. Aids granted to artistic creation should therefore be generally exempted.
Amendment 29 #
2012/0344(NLE)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) In the social integration sector, the definition of 'disadvantaged worker' as laid down in the current GBER1 has proven to be far too narrow. Regarding the employment status, restricting the definition of 'disadvantaged worker' to a person that "has not been in regular paid employment for the previous 6 months" (cf. Art. 2 (18) (a) of Commission Regulation (EC) No 800/2008) matches neither with the reality of unemployment nor with situation of people who are employed but within poor working conditions; therefore: - the definition of 'disadvantaged worker' should be completed by a –g- category that would stipulate 'any person in situation of social exclusion certified by the public social services', - the definition of 'severely disadvantaged worker' should be modified as follow: "a worker that cumulates at least two categories of the disadvantaged worker definition"; 'severely disadvantaged workers' and 'disabled workers' should be treated equally.
Amendment 30 #
2012/0344(NLE)
Article 2 (18) of Commission Regulation (EC) No 800/2008 of 6 August 2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty
(5b) Because of their strong economic relevance, measures to improve and maintain security of supply of forms of energy which are dependent on networks (electricity, gas and district heating) should be exempted in crises. Investment aid of up to €15 000 000 per power station project should be exempted in order to attain the strategic objectives of the Union in conjunction with the energy transition.
Amendment 31 #
2012/0344(NLE)
Proposal for a regulation
Recital 5 c (new)
Recital 5 c (new)
(5c) The economic and financial crisis has shown how important counter- cyclical subsidies are, and their granting should therefore not be prevented by excessively restrictive limits in the Block Exemption Regulation. In many Member States, public investment has made it possible to cushion the most adverse impact of the economic crisis: the ability of the public-sector economy to invest counter-cyclically must be preserved, and the Block Exemption Regulation can make an important contribution to this.
Amendment 42 #
2012/0344(NLE)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 994/98
Article 1 – paragraph 1 – point a – subpoint iii
Article 1 – paragraph 1 – point a – subpoint iii
(iii) environmental protection and nature conservation;
Amendment 43 #
2012/0344(NLE)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 994/98
Article 1 – paragraph 1 – point a – subpoint iiia (new)
Article 1 – paragraph 1 – point a – subpoint iiia (new)
(iiia) energy security, energy efficiency and the promotion of renewable energy;
Amendment 45 #
2012/0344(NLE)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 994/98
Article 1 – paragraph 1 – point a – subpoint iva (new)
Article 1 – paragraph 1 – point a – subpoint iva (new)
(iva) early childhood education and child care;
Amendment 46 #
2012/0344(NLE)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 994/98
Article 1 – paragraph 1 – point a – subpoint ivb (new)
Article 1 – paragraph 1 – point a – subpoint ivb (new)
(ivb) schooling and adult education;
Amendment 22 #
2012/0342(NLE)
Recital 3 a (new)
(3a) In order to balance these new investigating powers, the Commission shall be accountable towards the European Parliament. The Commission shall inform the Parliament on a regular basis about the investigation procedures being lead.
Amendment 14 #
2012/0336(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU, Euratom) No 966/2012
Article 204b – paragraph 1
Article 204b – paragraph 1
1. CThe contributions referred to in Article 204a(2) shall only be used to reimburse a percentage of the operating costs of European political parties that are directly linked to objectives of those parties. Contributions shall not be used to grant directly or indirectly any personal advantage, in cash or in kind, to any individual member or staff of a European political party.
Amendment 16 #
2012/0336(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU, Euratom) No 966/2012
Article 204 b – paragraph 3
Article 204 b – paragraph 3
3. Contributions shall be subject toin full compliance with the principles of transparency and equal treatment, in accordance with the criteria laid down in Regulation (EU) No [….]. Furthermore, all contributions regardless of their amount are to be registered.
Amendment 19 #
2012/0336(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU, Euratom) No 966/2012
Article 204g – paragraph 1 – point a
Article 204g – paragraph 1 – point a
(a) reimbursement of a percentage of the eligible expenditures actually incurred;
Amendment 21 #
2012/0336(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU, Euratom) No 966/2012
Article 204k – paragraph 3
Article 204k – paragraph 3
3. European political parties shall respect the maximum co-financing rate established in Regulation xx/xxxx. Remaining amounts of the previous two years' contributions mayshall not be used to finance the part which European political parties must provide from their own resources. Furthermore, services provided or paid by third parties within the context of joint events shall not be taken into account when calculating the European political parties' share of own resources.
Amendment 22 #
2012/0336(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU, Euratom) No 966/2012
Article 204l – paragraph 1
Article 204l – paragraph 1
The European political party shall, in accordance with the conditions and time limits laid down in the call for contributions, submit annually to the authorising officer for approval a final report on the use of the contribution and its accounts.
Amendment 1 #
2012/0298(APP)
Proposal for a recommendation
Recital D
Recital D
D. whereas it quickly became clear that some Member States had specific problems which made it impossible for them to acceptthe Commission's proposal was welcomed by civil society organisations which have been asking for the introduction of FTT for many years; whereas, on the other hand, a number of Member States' governments made it clear that they were not willing to negotiate on the basis of the proposed directive,
Amendment 2 #
2012/0298(APP)
Proposal for a recommendation
Recital E
Recital E
E. whereas several Member States indicated their readiness to consider the possibility of establishing a common system of FTT within the framework of enhanced cooperation in order to ensure that the financial sector contributes fairly and substantially to the costs of the financial crisis that it has caused and to reduce incentives for excessive risk-taking by actors in the financial sector,
Amendment 13 #
2012/0298(APP)
Proposal for a recommendation
Recital M a (new)
Recital M a (new)
Ma. whereas enhanced cooperation is also likely to set a positive example for the introduction of FTT at global level,
Amendment 15 #
2012/0298(APP)
Proposal for a recommendation
Recital N a (new)
Recital N a (new)
Na. whereas the design of FTT should be broad and should include as many financial instruments as possible in order to increase its effectiveness,
Amendment 12 #
2012/0295(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The Fund for European Aid to the Most Deprived (hereinafter the ‘Fund’) should strengthen social cohesion by contributing to the reduction of poverty in the Union by supporting, primarily through the provision of food supplies, national schemes that provide non-financial assistance to the most deprived persons to alleviate food deprivation, homelessness and material deprivation of children.
Amendment 15 #
2012/0295(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The Fund can not replace public policies undertaken by Member State governments to limit the need for emergency food aid and to develop sustainable targets and policies for the full eradication of hunger, poverty and social exclusion.
Amendment 19 #
2012/0295(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) Article 2 of the Treaty of the European Union underlines that the Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities.
Amendment 21 #
2012/0295(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) It is necessary to establish a maximum level of co-financing from the Fund to the operational programmes to provide for a multiplier effect of Union resoThe Member States most in need of the Fund are least likely to be able to afford to co-finance the measurces, while the situation of Member States facing temporary budget difficulties should be addressetherefore the Fund should be 100% funded by the Union in order to ensure the highest possible uptake of the Fund.
Amendment 21 #
2012/0295(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2 b) Article 6 of the Treaty of the European Union underlines that the Union recognises the rights, freedoms and principles set out in the Charter of Fundamental Rights of the European Union.
Amendment 23 #
2012/0295(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The Fund for European Aid to the Most Deprived (hereinafter the ‘Fund’) should strengthen social cohesion by contributing to the reduction of poverty in the Union by supporting, primarily through the provision of food supplies, national schemes that provide non-financial assistance to the most deprived persons to alleviate food deprivation, homelessness and material deprivation of children.
Amendment 26 #
2012/0295(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) The Fund cannot replace public policies undertaken by Member State governments to limit the need for emergency food aid and to develop sustainable targets and policies for the full eradication of hunger, poverty and social exclusion.
Amendment 31 #
2012/0295(COD)
Proposal for a regulation
Article 2 – subparagraph 1 – point 7
Article 2 – subparagraph 1 – point 7
(7) ‘end recipient’final beneficiary" means the most deprived persons receiving the food or goods and/or benefiting from the accompanying measures;
Amendment 35 #
2012/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. The Member States most in need of the Fund are least likely to be able to afford to co-finance the measures, therefore the Fund should be 100% funded by the Union in order to ensure the highest possible uptake of the Fund.
Amendment 37 #
2012/0295(COD)
Proposal for a regulation
Article 5 – point 12 a (new)
Article 5 – point 12 a (new)
Amendment 39 #
2012/0295(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) It is necessary to establish a maximum level of co-financing from the Fund to the operational programmes to provide for a multiplier effect of Union resoThe Member States most in need of the Fund are least likely to be able to afford to co-finance the measurces, while the situation of Member States facing temporary budget difficulties should be addressetherefore the Fund should be 100% funded by the Union in order to ensure the highest possible uptake of the Fund.
Amendment 41 #
2012/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The global resources available for budgetary commitment from the Fund for the period 2014-2020 shall be at least EUR 23 500 000 000 at 2011 prices, in accordance with the annual breakdown set out in Annex II.
Amendment 43 #
2012/0295(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) All citizens in the European Union should be treated equally and yet levels of deprivation differ across Member States. The Commission should produce a report showing what percentage the European funds make up of national budgets for aid programmes for most deprived persons.
Amendment 44 #
2012/0295(COD)
Proposal for a regulation
Recital 16 b (new)
Recital 16 b (new)
(16 b) Much of the work undertaken by associations working with the provision of food to Europe's most deprived is undertaken by volunteers. Therefore, the process for applying to be a beneficiary of the Fund must not be prohibitively complicated.
Amendment 47 #
2012/0295(COD)
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18 a) Member States and partner organisations should work actively with large and small scale companies throughout the food supply chain, in line with their corporate and social responsibility programmes, as well as economical incentives, to reduce food waste and to ensure this produce is made available to associations working with Europe's most deprived.
Amendment 51 #
2012/0295(COD)
Proposal for a regulation
Article 10 – subparagraph 1 a (new)
Article 10 – subparagraph 1 a (new)
This platform shall include encouraging an exchange between all those working on immediate material deprivation alleviation and organisations working for longer-term, sustainable social reintegration, and looking at how links could be developed between these different objectives.
Amendment 53 #
2012/0295(COD)
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
Amendment 61 #
2012/0295(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The co-financing rate at the level of the operational programme shall not be higher than 85be 100% of the public eligible expenditure.
Amendment 65 #
2012/0295(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The Commission decision adopting an operational programme shall fix the co- financing rate applicable to the operational programme and the maximum amount of support from the Fund.
Amendment 70 #
2012/0295(COD)
Proposal for a regulation
Article 21 – paragraph 3 – subparagraph 2
Article 21 – paragraph 3 – subparagraph 2
They may also be purchased by a public body and made available free of charge to the partner organisations. In that case, the food may be obtained from the use, processing or sale of the products in intervention stocks made available in accordance with Article 15 of the Regulation (EU) No [CMO], provided that this is economically the most favourable option and does not unduly delay the delivery of the food products to the partner organisations. Any amount derived from a transaction concerning those stocks shall be used for the benefit of the most deprived persons, and. It shall not be applied so as to diminish the obligation of the Member States, provided in Article 18 of this Regulation, to co-finance the programmein addition to the obligations and allocated budgets, of and for the Member States.
Amendment 75 #
2012/0295(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
The Fund shall be used to complement national strategies, not to replace or reduce national, long-term, sustainable poverty eradication and social inclusion programmes, which remain the responsibility of Member States.
Amendment 76 #
2012/0295(COD)
Proposal for a regulation
Article 35 – subparagraph 2 a (new)
Article 35 – subparagraph 2 a (new)
Any unused funds shall remain within the programme and shall be made available to other Member States using this programme or other beneficiaries as defined in Article 2.
Amendment 83 #
2012/0295(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Fund may support accompanying measures, primarily complementing the provision of food and goods, contributing to the social inclusion of the most deprived persons. It should also encourage collaboration with organisations which focus on the eradication of poverty and long-term social reintegration.
Amendment 99 #
2012/0295(COD)
Proposal for a regulation
Article 5 – paragraph 12 a (new)
Article 5 – paragraph 12 a (new)
(12 a) The Fund shall be used to complement national strategies, not to replace Member States' authorities' responsibilities, for eradicating poverty and social exclusion, notably through the provision of long-term, sustainable programmes aiming at social reintegration rather than alleviating immediate food deprivation and material needs.
Amendment 100 #
2012/0295(COD)
Proposal for a regulation
Article 5 – paragraph 12 b (new)
Article 5 – paragraph 12 b (new)
(12 b) Member States, and the bodies designated by them, shall build partnerships with companies throughout the food chain to create programmes allowing food companies to reduce waste and fulfil corporate and social responsability programmes, and for associations working with Europe's most deprived to gain access to food resources.
Amendment 105 #
2012/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The global resources available for budgetary commitment from the Fund for the period 2014-2020 shall be EUR 23 500 000 000 at 2011 prices, in accordance with the annual breakdown set out in Annex II.
Amendment 136 #
2012/0295(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
This platform shall include encouraging an exchange between those working on immediate material deprivation alleviation and organisations working for longer- term, sustainable social reintegration, and looking at how links could be developed between these different objectives.
Amendment 166 #
Amendment 169 #
2012/0295(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The co-financing rate at the level of the operational programme shall not be higher than 85be 100% of the public eligible expenditure.
Amendment 174 #
2012/0295(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 178 #
2012/0295(COD)
Proposal for a regulation
Article 19
Article 19
Amendment 93 #
2012/0244(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In order to provide for the single supervisory mechanism, Council Regulation (EU) No …/… [127(6) Regulation] confers for a transitional phase and until all legal aspects have been thoroughly examined specific tasks on the ECB concerning policies relating to the prudential supervision of certain credit institutions in the Member States whose currency is the euro. Other Member States may enter in a close cooperation with the ECB. Under that Regulation, the ECB is to coordinate and express the position of those Member States on the decisions to be taken by the Board of Supervisors of the European Banking Authority (EBA) falling withinHowever, with a view to reducing possible threats of financial markets for the European integration process, and to the extent that this is institutionally possible, a single supervisory mechanism needs to be established for the whole European Union in the close future. Under that Regulation, the ECB in close cooperation with national supervisory authorities is to ensure that systemically important financial institutions (SIFIs) posing particular threats to Europe's economies apply business models which serve the scpeople of the ECB taskEurope rather than their shareholders.
Amendment 99 #
2012/0244(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) At a later stage, after a thorough evaluation of the supervisory mechanism established in this transitional phase, the pan-European prudential supervision of all credit institutions should be fully entrusted to the EBA or to a new dedicated independent European body to be created with involvement of the national supervisory authorities as regards the harmonised implementation of the decisions taken by the European supervisory body. If necessary the legal status of the EBA should be changed accordingly.
Amendment 268 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8 d (new)
Article 1 – paragraph 1 – point 8 d (new)
Regulation (EU) No 1093/2010
Article 81 – paragraph 3
Article 81 – paragraph 3
8 d. In Article 81, paragraph 3 is replaced by the following: "3. Concerning the issue of direct supervision of institutions or infrastructures of pan-European reach and taking account of market developments, the stability of the internal market and the cohesion of the Union as a whole, the Commission shall draw up an annual assessment report on the appropriate timing for proposals entrusting the Authority or a new supervisory body to be created with full and pan-European supervisory responsibilities in this area while granting this supervisory body with an independent status subject to the control of the European Parliament and of the Council. Should the EBA take over the pan-European supervision responsibilities, the report shall determine whether Article 114 TFEU as legal basis of this Regulation establishing the Authority remains appropriate while granting the Authority with extended responsibilities and a new status and if necessary propose another legal basis."
Amendment 73 #
2012/0242(CNS)
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past decades, the Union has made considerable progress in creating an internal market for banking servicecontributed significantly to the deregulation of financial markets. Consequently, in many Member States, banking groups with their headquarters established in other Member States hold a significant market share, and credit institutions have geographically diversified their business, especially within the Euro area.
Amendment 76 #
2012/0242(CNS)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1 a) As a consequence of the deregulation of financial markets unsustainable profit-maximisation has taken place. Market actors have fuelled excessive speculation with different kinds of financial products, which often had only limited positive added value from a macro-economic perspective. This behaviour can be seen as one of the main reasons for the current financial and sovereign debt crisis. In a number of EU Member States supervisors have either failed to detect these problems or have not reacted appropriately.
Amendment 79 #
2012/0242(CNS)
Proposal for a regulation
Recital 2
Recital 2
(2) Maintaining and deepening the internal market for banking services isSound financial systems that serve the needs of the real economy are essential in order to foster economic recovery in the Union. However this proves increasingly challenging. Evidence shows that the integration of banking markets in the Union is coming to a halt.
Amendment 86 #
2012/0242(CNS)
Proposal for a regulation
Recital 3
Recital 3
(3) At the same time supervisors must step up their supervisory scrutiny to take account of the lessons of the financial crisis in recent years, and be able to oversee highly complex and potentially dangerous inter-connected markets and institutions.
Amendment 91 #
2012/0242(CNS)
Proposal for a regulation
Recital 4
Recital 4
(4) Competence for supervision of individual banks in the Union remains mostly at national level. This limits the effectiveness of supervision and the ability of supervisors to reach a common understanding of the soundness of the banking sector throughout the Union. In order to preserve and increase the positive effects of market integration on growth and welfare, integration of supervisory responsibilities should therefore be enhancedachieve the objectives of sustainable economic growth, increasing welfare and social justice integration of supervisory responsibilities should therefore be enhanced. The overall objective of this legislation is to improve supervision of the European financial markets.
Amendment 101 #
2012/0242(CNS)
Proposal for a regulation
Recital 5
Recital 5
(5) The solidity of credit institutions is in many instances still closely linked to the Member State in which they are established. Doubts about the sustainability of public debt, economic growth prospects, and the viability of credit institutions have been creating negative, mutually reinforcing market trends. This may lead to risks for the viability of some credit institutions as well as for the stability of the financial system, and may imposes a heavy burden for already strained public finances of the Member States concerned. The problem poses specific risks within the euro area where the single currency increases the likelihood that negative developments in one Member State can create risks for economic development and the stability of the Euro area as a whole.
Amendment 120 #
2012/0242(CNS)
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution frameworkTherefore a single rulebook for financial services for the Single Market as a whole should be established. In view of the close links and interactions between Member States participating in the common currency, the banking unionsingle supervisory mechanism should apply at least to all Euro area Member States. WHowever, with a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the participation of other Member Statesreducing possible threats of financial markets for the European integration process, and to the extent that this is institutionally possible, a single supervisory mechanism needs to be established for the whole European Union in the near future.
Amendment 137 #
2012/0242(CNS)
Proposal for a regulation
Recital 10
Recital 10
(10) As a first step towards the banking union, a single supervisory mechanism should ensure that the Union's policy relating to the prudential supervision of credit institutions is implemented in a coherent and effective way, that the single rulebook for financial services is applied equally to credit institutions in all Member States concerned, and that those credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations. A single supervisory mechanism iscould be the basis for the next steps towards the banking union. This reflects the principle that any introduction of common intervention mechanisms in case of crises should be preceded by common controls to reduce the likelihood that intervention mechanisms will have to be used.
Amendment 147 #
2012/0242(CNS)
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placedcould be one option to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. TFor a transitional phase and until all legal aspects have been thoroughly examined, the ECB should therefore be conferred specific tasks concerning policies relating to the supervision of certain credit institutions within the Euro area.
Amendment 163 #
2012/0242(CNS)
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also posystemically important financial institutions (SIFIs) pose particular threats to Europe's economies. The ECB shall in cooperation with national supervisory authorities ensure that these institutions apply business models which serve the people and the reat to financial stability. Therefore, the ECB should be able to exercise supervisory tasks in relation to all banks of participating Member Statl economy rather than their shareholders. For this reason the ECB should supervise these institutions in close cooperation with national supervisory authorities.
Amendment 220 #
2012/0242(CNS)
Proposal for a regulation
Recital 18
Recital 18
(18) Additional capital buffers, including a capital conservation buffer and, a countercyclical capital buffer and a SIFI buffer as agreed in CRD IV to ensure that credit institutions accumulate during periods of economic growth a sufficient capital base to absorb losses in stressed periods, are key prudential tools to ensure the availability of adequate loss absorbency. The ECB should have the task to impose such buffers and ensure credit institutions comply with them.
Amendment 280 #
2012/0242(CNS)
Proposal for a regulation
Recital 28
Recital 28
(28) National supervisors have important and long-established expertise in the supervision of credit institutions within their territory and their economic, organisational and cultural specificities. They have established a large body of dedicated and highly qualified staff for these purposes. In the past, however, some national supervisors have failed to detect risks in their financial systems. Therefore, in order to ensure high quality European supervision national supervisors should assist the ECB in the preparation and implementation of any acts relating to the exercise of the ECB supervisory tasks. This should include in particular the ongoing day-to- day assessment of a bank's situation and related on site verifications. until after a thorough legal analysis has been undertaken these tasks are transferred to an independent dedicated European body that is responsible for supervising all institutions in Europe.
Amendment 343 #
2012/0242(CNS)
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council and composed, in addition, of representatives from the ECB and from national authorities, EBA and Members of the European Parliament. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice-Chair, their term should not exceed five years and should not be renewable. It also should respect the gender balance. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 363 #
2012/0242(CNS)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to carry out its supervisory tasks effectively, the ECB should dispose of adequate resources. Those resources should be obtained in a way that ensures the ECB's independence from undue influences by national competent authorities and market participants, and separation between monetary policy and supervisory tasks. The costs of supervision should be primarily borne by the entities subject to it. Therefore, the exercise of supervisory tasks by the ECB should be financed at least partsolely by fees charged to credit institutions. In view of the transfer of significant supervisory tasks from national authorities to the ECB it is expected that any supervisory fees due at national level can be reduced as appropriate.
Amendment 381 #
2012/0242(CNS)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to ensure that credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations and that the negative mutually reinforcing impacts of market developments concerns banks and Member States is addressed in a timely and effective way, the ECB should start carrying out specific supervisory tasks as soon as possible. However, the transfer of supervisory tasks from national supervisors to the ECB requires a certain amount of preparation. Therefore, an appropriate phasing-in period should be provided for. The number of banks subject to the supervision of the ECB should increase progressively, taking into account the relevance of the supervision of those banks to ensure financial stability. As a first step the ECB should be able to apply its supervisory tasks to any banks, in particular to banks which have received or requested public financial assistance. As a second step, banks of European systemic importance as reflected in their total exposures and their cross- jurisdictional activities should be covered. Total exposures should be calculated in light of the methodologies defined in the Basel III accord of the Basel Committee on Banking Supervisors on the calculation of the leverage ratio and on the definition of common equity tier 1 capital. The phasing- in process should be completed within one year from the entry into force of this Regulation at the latest.
Amendment 423 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Article 2 – paragraph 1 – point 3 a (new)
(3a) "Systemically important financial institution (SIFIs)" means institutions as defined in CRD IV/CRR;
Amendment 467 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point c a (new)
Article 4 – paragraph 1 – point c a (new)
(ca) To assess business models of SIFIs and to ensure that they do not pose a systemic threat to the functioning of European economies;
Amendment 518 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. The ECB shall carry out the tasks under paragraph 1 for credit institutions, financial holding companies, mixed financial holding companies and financial conglomerates which: (a) have received public funds under a re- capitalisation programme or (b) are of systemic importance as defined in CRD IV.
Amendment 552 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB and, national competent authorities and EBA.
Amendment 596 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. National competent authorities shall continue to be responsible for supervision of institutions that fall outside the scope of Article 4(1a) until a single supervisory body has been set-up for the whole European Union.
Amendment 599 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4 b (new)
Article 5 – paragraph 4 b (new)
4b. The competent national authorities shall notify the ECB without delay where (a) there are well-founded concerns about the safety and/or creditworthiness of any credit institution falling outside the scope of Article 4(1a) (b) the stability of the financial system is endangered by the situation of any credit institution, individually or as part of a group of credit institutions, falling outside the scope of Article 4(1a) or (c) a credit institution ceases to fall within the scope of Article 4(1a).
Amendment 601 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4 c (new)
Article 5 – paragraph 4 c (new)
4c. Following a decision by the supervisory board the ECB may take on the task of supervising credit institutions which fall outside the scope of Article 4(1a) where (a) the competent national authorities are not carrying out their duties or are not doing so adequately, (b) there is evidence that credit institutions, individually or as part of a group of credit institutions, are jeopardising the proper operation and integrity of the European financial market and/or the stability of the financial system or are exacerbating an existing situation of this kind, or (c) a credit institution falls within the scope of Article 4(1a) or threatens to do so.
Amendment 603 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4 d (new)
Article 5 – paragraph 4 d (new)
4d. In the cases covered by Article 4(1a) and by Article 5(2), (3), (4b) and (4c) a conciliation committee shall be set up between the ECB and the competent national authority under the auspices of the EBA to settle disputes. Procedural rules shall be drawn up to determine the details of the committee’s operation.
Amendment 745 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. For the purpose of carrying out the tasks conferred upon it by this Regulation, where credit institutions, financial holding companies, or mixed financial holding companies, intentionally or negligibly, breach a requirement under directly applicable Union acts in relation to which administrative pecuniary sanctions shall be available to competent authorities under Union law, the ECB may impose administrative pecuniary sanctions of up to twice the amount of the profits gained or losses avoided because of the breach where those can be determined, or up to 120% of the total annual turnover of a legal person in the preceding business year.
Amendment 810 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State, two representatives of EBA and six members of the European Parliament (hereinafter ‘"supervisory board’"). The four ECB representatives shall neither be part of the Governing Council nor of the Executive Board of the ECB.
Amendment 827 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECB. Both positions shall be approved by the European Parliament after a hearing in the responsible committee.
Amendment 859 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Chair of the European Banking Authority and awo members of the European Commission may participate as observers in the meetings of the supervisory board.
Amendment 873 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 7 a (new)
Article 19 – paragraph 7 a (new)
7a. The supervisory board shall agree a set of minutes for every meeting. A comprehensive set of non-attributable minutes, together with a record of votes taken, shall be published on the ECB website within eight weeks of the meeting date.
Amendment 884 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. The ECB shall submit each yearmonth to the European Parliament, the Council, the Commission and the Eurogroup and upon request a report on the execution of the tasks conferred upon it by this Regulation.
Amendment 892 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The Chair of the supervisory board may, at the request of the European Parliament, be heard on the execution of itsEuropean Parliament shall set up a standing Committee on Banking Supervision. That committee may hear the Chair of the supervisory board, his or her deputy and any other ECB staff member responsible for carrying out supervisory tasks and representatives of national supervisory authorities and financial institutions which are subject to supervision. In addition, when considering issues connected with the performance of supervisory tasks by the competent committees of the European Parliamentstanding committee shall have monitoring and investigative rights and the right to inspect documents. The standing committee shall have budgetary control rights in respect of the supervisory fees collected.
Amendment 900 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. The ECB shall reply orally or in writing to questions put to it by the European Parliament or, by the Eurogroup or by national parliaments of a participating Member State.
Amendment 932 #
2012/0242(CNS)
Proposal for a regulation
Article 25 a (new)
Article 25 a (new)
Article 25a Conflict of interest 1. The ECB shall create a standing ethics committee to assess possible conflicts of interest resulting from post-office employment of ECB staff members engaged in supervisory duties. The committee shall be responsible for elaborating comprehensive and formal procedures for assessment. The results of such assessments shall be publicly disclosed. 2. Former ECB staff members who have been engaged in supervisory duties, and who intend to engage in an occupation during the two years after they have ceased to hold office, shall inform the ethics committee in good time. The committee shall make a decision on the compatibility of the employment offer with the need to ensure the integrity and independence of staff. 3. Members of the supervisory board shall be prohibited from taking paid work in private sector institutions for which the ECB has supervisory responsibility during the two years after they have ceased to hold office.
Amendment 935 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – introductory part
Article 26 – paragraph 1 – introductory part
By 31 December 20153, the Commission shall publish a report on the application of this Regulation. That report shall evaluatcomprise, inter alia:
Amendment 938 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – point -a a (new)
Article 26 – paragraph 1 – point -a a (new)
(-aa) a detailed legal analysis how a single supervisory mechanism can be implemented for the EU as a whole;
Amendment 939 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – point -a b (new)
Article 26 – paragraph 1 – point -a b (new)
(-ab) if for this single supervisory mechanism a new body needs to be created or if existing institutions or agencies can fulfil the tasks currently assigned to the ECB under Article 4;
Amendment 956 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
The report shall be forwarded to the European Parliament and to the Council. The Commission shall make accompanying proposals, as appropriatOn the basis of this analysis the Commission shall make until 1 July 2014 a legislative proposal on a single supervisory mechanism for the EU as a whole.
Amendment 141 #
2012/0150(COD)
Proposal for a directive
Recital 1
Recital 1
(1) The financial crisis that started in 2008 has shown that there is a significant lack of adequate tools at Union level to effectively deal with unsound or failing credit institutions. Such tools are, in particular, needed to prevent insolvency or, when insolvency occurs, to minimize negative repercussions by preserving the systemically important functions of the institution concerned. During the crisis, those challenges were a major factor that forced Member States to save credit institutions using public funds. This has fuelled a vicious cycle which is one of the main causes for the sovereign debt crisis the Member States are confronted with.
Amendment 144 #
2012/0150(COD)
Proposal for a directive
Recital 2
Recital 2
(2) Union financial markets are highly integrated and interconnected with many credit institutions operating extensively beyond national borders. The failure of a cross-border credit institution is likely to affect the stability of financial marketeconomic structures in the different Member States in which it operates. The inability of Member States to seize control of a failing credit institution and to resolve it in a way that effectively prevents broader systemic damage can undermine Member States’ mutual trust and the credibility of the internal market in the field of financial services. The stability of financial markets is, therefore, an essential condition for the establishment and functioning of the internal markethave significant negative socio-economic consequences for the Member States.
Amendment 145 #
2012/0150(COD)
Proposal for a directive
Recital 3
Recital 3
(3) There is currently no harmonisation of the procedures for resolving credit institutions at Union level. Some Member States apply to credit institutions the same procedures that they apply to other insolvent enterprises, which in certain cases have been adapted for credit institutions. There are considerable substantial and procedural differences between the laws, regulations and administrative provisions which govern credit institutions’ insolvency in the Member States. In addition, the financial crisis has exposed that general corporate insolvency procedures may not always be appropriate for credit institutions as they may not always ensure sufficient speed of intervention, the continuation of the essential functions of credit institutions and the preservation of financial stability. This has had devastating effects on public budgets.
Amendment 147 #
2012/0150(COD)
Proposal for a directive
Recital 4
Recital 4
(4) A regime is, therefore, needed to provide authorities with the tools to intervene sufficiently early and quickly in an unsound or failing credit institution so as to ensure the continuity of the credit institution’s essential financial and economic functions, while minimizing the impact of an institution’s failure on the financial systemeconomy and ensuring that shareholders and creditors bear appropriate losses. New powers should enable authorities to maintain uninterrupted access to deposits and payment transactions, sell viable portions of the firm where appropriate, and apportion losses in a manner that is fair and predictable. Those objectives should help avoid destabilizing financial markets and minimize the costs for taxpayers.
Amendment 148 #
2012/0150(COD)
Proposal for a directive
Recital 5
Recital 5
(5) Some Member States have already enacted legislative changes that introduce mechanisms to resolve failing credit institutions; others have indicated their intention to introduce such mechanisms if they are not adopted at Union level. National differences in the conditions, powers and processes for the resolution of credit institutions are likely to constitute barriers to the smooth operation of the internal market and hinder cooperation between national authorities when dealing with failing cross-border banking groups. This is particularly true where different approaches mean that national authorities do not have the same level of control or the same ability to resolve credit institutions. Those differences in resolution regimes may also affect bank funding costs differently across Member States and potentially create competitive distortions between banksAny form of regulatory arbitrage needs to be avoided. Effective resolution regimes in all Member States are also necessary to ensure that institutions cannot be restricted in the exercise of the single market rights of establishment by the financial capacity of their home Member State to manage their failure.
Amendment 149 #
2012/0150(COD)
Proposal for a directive
Recital 6
Recital 6
(6) Those obstacles should be eliminated and rules should be adopted in order to ensure that the internal market provisions are not underminedfinancial institutions can no longer endanger socio-economic structures of Member States. To that end, rules governing the resolution of institutions should be made subject to common minimum harmonisation rules.
Amendment 154 #
2012/0150(COD)
Proposal for a directive
Recital 10
Recital 10
(10) National Authorities should take into account the risk, size, legal status, nature, scope and complexity of business activity, and interconnectedness of an institution in the context of recovery and resolution plans and when using the different tools at their disposal, making sure that the regime is applied in an appropriate way.
Amendment 162 #
2012/0150(COD)
Proposal for a directive
Recital 12
Recital 12
(12) In light of the consequences that the failure of a credit institution or an investment firm may have on the financial system and the economy of a Member State as well as the possible need to use public funds to resolve a crisis, the Ministries of Finance or other relevant ministries and other stakeholders in the Member States should be closely involved, at an early stage, in the process of crisis management and resolution.
Amendment 172 #
2012/0150(COD)
Proposal for a directive
Recital 17
Recital 17
(17) Where an institution does not present an adequate recovery plan, supervisors should be empowered to require that institution to take any measure necessary to redress the deficiencies of the plan, including making changes to its business model or to its funding strategy. That requirement may affect the freedom to conduct a business as guaranteed by Article 16 of the Charter of Fundamental Rights. The limitation of that fundamental right is however necessary to meet the objectives of financial stability and for protecting depositors and creditorssocially balanced and inclusive economic development in the EU. More specifically, such a limitation is necessary in order to strengthen the business of institutions and avoid that institutions grow excessively or take excessive risks without being able to tackle setbacks and losses and to restore their capital base. The limitation is also proportionate as only preventative action can ensure that adequate precautions are taken and therefore complies with Article 52 of the Charter of Fundamental Rights of the European Union.
Amendment 239 #
2012/0150(COD)
Proposal for a directive
Recital 68
Recital 68
(68) There are circumstances when the effectiveness of the resolution tools applied may depend on the availability of short- term funding for the institution or a bridge institution, the provision of guarantees to potential purchasers, or the provision of capital to the bridge institution. Notwithstanding the role of central banks in providing liquidity to the financial system even in times of stress, it is important that Member States set up financing arrangements to avoid that the funds needed for such purposes come from the national budgets. It should be the financial industry, as a whole, that finances the stabilisation of the financial system, according to the different risk profiles, the stabilisation of the financial system. Systemically important institutions should consequently make a higher contribution than institutions that are of limited systemic relevance.
Amendment 259 #
2012/0150(COD)
Proposal for a directive
Recital 83
Recital 83
(83) The European Parliament and the Council should have twohree months from the date of notification to object to a delegated act. It should be possible for the European Parliament and the Council to inform the other institutions of their intention not to raise objections.
Amendment 304 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 83 a (new)
Article 2 – paragraph 1 – point 83 a (new)
(83a) ‘Excessive speculation’ means positions held by any person, including any group or class of persons, which do not objectively reduce risks directly related to that person’s commercial activities and in which the counterparty is not reducing risks directly related to its commercial activities.
Amendment 306 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 83 b (new)
Article 2 – paragraph 1 – point 83 b (new)
(83b) ‘Early intervention’ means any action taken by a competent authority, or any preventive and supportive measures taken by the IPS in consultation with a competent authority before a resolution phase is formally declared.
Amendment 347 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 8 a (new)
Article 3 – paragraph 8 a (new)
8a. Any decision of the designated authority pursuant to this Directive shall be taken in consultation with the European Banking Authority.
Amendment 542 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 4 – point i
Article 9 – paragraph 4 – point i
(i) an explanation by the resolution authority as to how the resolution options could be financed without the assumption of any extraordinary public financial support;
Amendment 581 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 – point e
Article 11 – paragraph 3 – point e
(e) identify how the group resolution actions could be financed and, where appropriate, set out principles for sharing responsibility for that financing between sources of funding in different Member States. The plan shall not assume extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. Those principles shall be set out on the basis of equitable and balanced criteria and shall take into account, in particular, the economic impact of the resolution in the Member States affected and the distribution of the supervisory powers between the different competent authorities.
Amendment 595 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 1
Article 12 – paragraph 4 – subparagraph 1
The group resolution plan shall take the form of a joint decision of the group level resolution authority, the EBA and the other relevant resolution authorities. The resolution authorities shall make a joint decision within a period of four months from the date of the transmission by the group level resolution authority of the information referred to in the second subparagraph of paragraph 1.
Amendment 606 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 3
Article 12 – paragraph 4 – subparagraph 3
EBA may on its own initiativewill assist the competent authorities in reaching an agreement in accordance with Article 19 of Regulation (EU) No 1093/2010.
Amendment 623 #
2012/0150(COD)
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shall ensure that resolution authorities, in consultation with competent authorities and the EBA, assess the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. An institution or group shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying the different resolution tools and powers to the institution and group without giving rise to significant adverse consequences for the financial systems, including in circumstances of broader financial instability or system wide events, of the Member State in which the institution is situated, having regard to the economy or financial stability in that same or other Member State or the Union and with a view to ensure the continuity of critical functions carried out by the institution or group either because they can be easily separated in a timely manner or by other means.
Amendment 693 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and the resolution authorities of the subsidiaries, in consultation with the relevant competent authorities and the EBA, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 704 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The group level resolution authority shall communicate any measure proposed by the parent undertakings or institution subject to consolidated supervision to the consolidating supervisor, EBA and the resolution authorities of the subsidiaries. The group level resolution authorities and the resolution authorities of the subsidiaries, in consultation with the competent authorities and the EBA, shall do everything within their power to reach a joint decision within the resolution college regarding the identification of the material impediments, and if necessary, the assessment of the measures proposed by the parent undertakings or institution subject to consolidated supervision and the measures required by the authorities in order to address or remove the impediments.
Amendment 709 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 5 – subparagraph 2
Article 15 – paragraph 5 – subparagraph 2
EBA may on its own initiativewill assist the resolution authorities in reaching an agreement in accordance with Article 19 of Regulation (EU) No 1093/2010.
Amendment 856 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 4
Article 24 – paragraph 4
4. Competent authorities may set limits to the action of a special manager or require that certain acts of the special manager be subject to the competent authority's prior consent. The competent authorities may remove the special manager at any time.
Amendment 859 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 7
Article 24 – paragraph 7
Amendment 869 #
2012/0150(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 2
Article 25 – paragraph 2 – subparagraph 2
The assessment shall take the form of a joint decision of the consolidating supervisor, the EBA and the other relevant competent authorities. The joint decision shall be reached within five days from the date of the notification referred to in paragraph 1. The joint decision shall be reasoned and set out in a document, which shall be provided by the consolidating supervisor to the parent undertaking or institution that is subject to consolidated supervision.
Amendment 873 #
2012/0150(COD)
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
3. EBA may on its own initiativewill assist the competent authorities in reaching an agreement in accordance with Article 19 of Regulation (EU) No 1093/2010.
Amendment 880 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – introductory part
Article 26 – paragraph 2 – introductory part
2. The resolution objectives referred to in paragraph 1 are the following, with decreasing significance:
Amendment 882 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) to ensure the continuity of critical functionsavoid significant adverse effects on financial stability, including by preventing contagion, and maintaining market discipline;
Amendment 887 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) to avoid significant adverse effects on financial stability, including by preventing contagion, and maintaining market disciplineprotect public funds by eliminating reliance on extraordinary public financial support;
Amendment 889 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point c
Article 26 – paragraph 2 – point c
(c) to protect public funds by minimising reliance on extraordinary public financial supportdepositors covered by Directive 94/19/EC;
Amendment 891 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point d
Article 26 – paragraph 2 – point d
(d) to avoid unnecessary destruction of value and to seek to minimise the cost of resoluensure the continuity of critical functions;
Amendment 894 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point e
Article 26 – paragraph 2 – point e
(e) to protect depositors covered by Directive 94/19/EC and investors covered by Directive 97/9/ECavoid unnecessary destruction of value and to seek to minimise the cost of resolution;
Amendment 895 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point e a (new)
Article 26 – paragraph 2 – point e a (new)
(ea) to protect investors covered by Directive 97/9/EC;
Amendment 897 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point f a (new)
Article 26 – paragraph 2 – point f a (new)
(fa) to prevent excessive speculation as defined in Article 2;
Amendment 899 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 3
Article 26 – paragraph 3
3. Subject to different provisions of this Directive, the resolution objectives are of equal significance, and resolution authorities shall balance them as appropriate to the nature and circumstances of each case.
Amendment 905 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. By derogation from paragraph 1 resolution authorities may take action in cases where the institution has: (a) engaged in excessive speculation as defined in Article 2; (b) acted against the general public interest.
Amendment 946 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point a a (new)
Article 29 – paragraph 1 – point a a (new)
(aa) senior managers of the institution under resolution bear losses, both as shareholders and creditors;
Amendment 950 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point b
Article 29 – paragraph 1 – point b
(b) creditors of the institution under resolution bear losses only after complethe shareholder value loss in accordance with the order of priority of their claims pursuant to this Directive;
Amendment 955 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
Amendment 958 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point f
Article 29 – paragraph 1 – point f
(f) no creditor incurs greater losses than those that would be incurred if the institution would have been wound down under normal insolvency proceedings.
Amendment 971 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 3 a (new)
Article 29 – paragraph 3 a (new)
3a. Extraordinary public financial support will not be considered before the tools referred to in Paragraph 1 are implemented to their full extent.
Amendment 982 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Without prejudice to the Union State aid framework, where applicable, the valuation required by paragraph 1 shall be based on prudent and realistic assumptions, including as to rates of default and severity of losses, and its objective shall be to assess the market value of the assets and liabilities of the institution that is failing or is likely to fail so that any losses that could be derived are recognised at the moment the resolution tools are exercised. However, wWhere the market for a specific asset or liability is not functioning properly the valuation may reflect the long term economic value of those assets or liabilities. Valuation shall not assume the provision of extraordinary public support to the institution, regardless of whether it is actually provided.
Amendment 998 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 7 – subparagraph 1 – point c
Article 30 – paragraph 7 – subparagraph 1 – point c
(c) the methodology for assessing the market value of the assets and liabilities of the institution that is failing or likely fail;
Amendment 1026 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 3
Article 34 – paragraph 3
3. When applying the bridge institution tool, a resolution authority shall ensure that the total value of liabilities transferred to the bridge institution does not exceed 80% of a prudent assessment of the total value of the rights and assets transferred from the institution under resolution or provided by other sources.
Amendment 1027 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 5 – point c
Article 34 – paragraph 5 – point c
(c) transfer rights, assets or liabilities from the bridge institution to a third party, without prejudice to the criteria established in paragraph 3.
Amendment 1028 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 6 – subparagraph 1 – point b a (new)
Article 34 – paragraph 6 – subparagraph 1 – point b a (new)
(b a) After such a transfer, the total value of liabilities remaining in the bridge institution will not exceed 80% of a prudent assessment of the total value of its remaining rights and assets.
Amendment 1033 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 9
Article 34 – paragraph 9
9. Shareholders or creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred to the bridge institution shall not have any rights over or in relation to the bridge institution or its property.
Amendment 1046 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 7 – subparagraph 2
Article 35 – paragraph 7 – subparagraph 2
Any proceeds generated as a result of the termination of the operation of the bridge institutions as specified in paragraph 3 shall benefit the institution under resolution. If by virtue of unexpected events, the operation of the bridge institutions should result in losses those should be borne by the institution under resolution.
Amendment 1051 #
2012/0150(COD)
Proposal for a directive
Article 36 – paragraph 9
Article 36 – paragraph 9
9. Shareholders and creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred to the asset management vehicle shall not have any rights over or in relation to the asset management vehicle, it property or its managers.
Amendment 1084 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b
Article 38 – paragraph 2 – subparagraph 1 – point b
Amendment 1091 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
(b a) liabilities that are guaranteed by an institutional protection scheme meeting the requirement of Art. 80(8) of Directive 2006/48/EC;
Amendment 1097 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
Amendment 1116 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e – point iii
Article 38 – paragraph 2 – subparagraph 1 – point e – point iii
(iii) tax and social security authorities, provided that those liabilities are preferred under the applicable insolvency law.
Amendment 1121 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 2
Article 38 – paragraph 2 – subparagraph 2
Points (a) and (b) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any part of a secured liability or a liability for which collateral has been pledged that exceeds the value of the assets, pledge, lien or collateral against which it is secured. Member States may exempt from this provision covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
Amendment 1122 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 2 a (new)
Article 38 – paragraph 2 – subparagraph 2 a (new)
Point (ba) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any amount of a liability that exceeds the coverage of the IPS.
Amendment 1123 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 2 a (new)
Article 38 – paragraph 2 – subparagraph 2 a (new)
Point (ba) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any amount of a liability that exceeds the coverage of the IPS.
Amendment 1130 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1139 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1212 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 1 – introductory part
Article 42 – paragraph 1 – introductory part
1. Member States shall ensure that, when applying the bail-in tool, resolution authorities take in respect of shareholders one or both of the following actions:will cancel existing shares;
Amendment 1214 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 1 – point a
Article 42 – paragraph 1 – point a
Amendment 1215 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 1 – point b
Article 42 – paragraph 1 – point b
Amendment 1216 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 2 – introductory part
Article 42 – paragraph 2 – introductory part
2. The actions provided for in paragraph 1 shall apply in respect of shareholders where the shares in question were issued or conferred in the following circumstances:
Amendment 1217 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 3
Article 42 – paragraph 3
Amendment 1219 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 4
Article 42 – paragraph 4
Amendment 1220 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 5
Article 42 – paragraph 5
Amendment 1222 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 6
Article 42 – paragraph 6
Amendment 1312 #
2012/0150(COD)
Proposal for a directive
Article 65 – paragraph 1 – point a
Article 65 – paragraph 1 – point a
(a) where resolution authorities transfer only parts of the rights, assets and liabilities of the institution, the shareholders and the creditors whose claims have not been transferred, receive in payment of their claims at least as much as what they would have received if the institution had been wound up under normal insolvency proceedings immediately before the transfer,
Amendment 1313 #
2012/0150(COD)
Proposal for a directive
Article 65 – paragraph 1 – point b
Article 65 – paragraph 1 – point b
(b) where resolution authorities apply the bail-in tool, the shareholders and creditors whose claims have been written down or converted to equity receive in payment of their claims at least as much as what they would have received if the institution had been wound up under normal insolvency proceedings immediately before the writing down or conversion.
Amendment 1316 #
2012/0150(COD)
Proposal for a directive
Article 66 – paragraph 2 – point a
Article 66 – paragraph 2 – point a
(a) the treatment that shareholders and creditors would have received if the institution in connection to which the partial transfer, write down or conversion has been made, had entered normal insolvency proceedings immediately before the transfer, write down or conversion was effected;
Amendment 1317 #
2012/0150(COD)
Proposal for a directive
Article 66 – paragraph 2 – point b
Article 66 – paragraph 2 – point b
(b) the actual treatment that shareholders and creditors have received, are receiving or are likely to receive in the winding up of the institution;
Amendment 1321 #
Amendment 1433 #
2012/0150(COD)
Proposal for a directive
Article 91 – paragraph 3 a (new)
Article 91 – paragraph 3 a (new)
3 a. Member States may exclude publicly owned entities that have explicit guarantee arrangements or comparable liability instruments provided by regional or central governments and that fulfil specific tasks of public interest, from the contribution to the resolution fund.
Amendment 1447 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 2
Article 92 – paragraph 2
2. Member States shall ensure that any losses, costs or other expenses incurred in connection with the use of the resolution tools shall be first borne by the shareholders and, if resources from the shareholders are exhausted, the creditors of the institution under resolution. Only if the resources from shareholders and creditors are exhausted, the losses, costs or other expenses incurred in connection with the use of the resolution tools shall be borne by the financing arrangements.
Amendment 1454 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 105 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1% of the amount of deposittotal liabilities of all the credit institutions authorised in their territory which are, excluding own funds and deposits guaranteed under Ddirective 94/19/EC.
Amendment 1461 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 2 – subparagraph 2
Article 93 – paragraph 2 – subparagraph 2
Member States may extend the initial period of time for a maximum of four years in case the financing arrangements make cumulated disbursements superior to 0.5% of covered deposits. Member States may ad hoc levy additional contributions if they deem necessary for the stability of the financial system.
Amendment 1466 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 3 a (new)
Article 93 – paragraph 3 a (new)
Amendment 1475 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
(a) if a Member State has availed itself of the option provided for in Article 99(5) of this Directive to use the funds of Deposit Guarantee Scheme for the purposes of Article 92 of this Directive, the contribution from each institution shall be pro-rata to the total amount of its liabilities, excluding own funds and deposits guaranteed under the Directive 94/19/EC, with respect to the total liabilities, excluding own funds and deposits guaranteed under the Directive 94/19/EC, of all the institutions authorised in the territory of the Member State.
Amendment 1492 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
Amendment 1544 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 1 a (new)
Article 97 – paragraph 1 a (new)
1 a. These loans should be made from all other financing arrangements within the union, in proportion to the total liabilities, excluding own funds and deposits guaranteed under Directive 94/19/EC, of all the credit institutions authorised in the corresponding territory.
Amendment 1551 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are obliged to lend to other financing arrangements within the Union in the circumstances specified under paragraph 1 and in the conditions specified in paragraph 1a.
Amendment 1561 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Subject to the first subparagraph, national financing arrangements shall not be obliged to lend to another national financing arrangement in those circonstances when the resolution authority of the Member State of the financing arrangement considers that it would not have sufficient funds to finance any foreseeable resolution in the near future. In any case they should not be obliged to lend more than half of the funds that the national financing arrangement has available at the moment when the borrowing request is formalised.
Amendment 1597 #
Amendment 130 #
2012/0029(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) One of the key lessons of the financial crisis is that capital markets have been insufficiently regulated and they have not been able to allocate savings efficiently into productive investments. Instead excessive speculation with potentially dangerous financial products has taken place. For this reason the over- reliance of capital markets for funding the real economy should be reduced and more traditional financing models supported. Capital market actors should therefore act in a way that serves society as a whole rather than a few financial speculators. Any post-trade infrastructure should integrate and apply these core principles.
Amendment 347 #
2012/0029(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point d
Article 18 – paragraph 1 – point d
(d) where the CSD has seriously and systematically infringed the requirements set out in this Regulation.
Amendment 355 #
2012/0029(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the risks to which the CSD is, or might be, exposed or associated with. The competent authority shall be entitled to collect all the relevant information necessary for its evaluation.
Amendment 361 #
2012/0029(COD)
Proposal for a regulation
Article 20 – paragraph 4
Article 20 – paragraph 4
4. When performing the review and evaluation referred to in paragraph 1, the competent authority shall consult at an early stagelosely cooperate with the relevant authorities referred to in Article 11 at an early stage concerning the functioning of the securities settlement systems operated by the CSD.
Amendment 406 #
2012/0029(COD)
Proposal for a regulation
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
5 a. A third country CSD shall submit a request to ESMA where it wishes to extend its activities to one or more of the following: (a) ancillary services not explicitly set out in Section B of the Annex; (b) the operation of another securities settlement system; (c) the settlement of all or part of the cash leg of its securities settlement system in the books of another central bank; (d) setting up an interoperable CSD link.
Amendment 411 #
2012/0029(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The senior management of a CSD shall be of sufficiently good repute and experience so as to ensure the sound and, prudent and risk-averse management of the CSD.
Amendment 426 #
2012/0029(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. A CSD shall be designed to meet the needs of its participants and the markets it serves. It shall contribute to the efficient allocation of financial resources into productive investments to the benefit of the needs of the real economy.
Amendment 546 #
2012/0029(COD)
Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 2
Article 52 – paragraph 2 – subparagraph 2
Following a detailed impact assessment, a consultation of the undertakingsCSD concerned and after taking into account the opinions of the EBA, the ESMA and the EC, the ECB, and the supervisory authorities and the assessment of the ESRB, the Commission shall adopt an implementing decision in accordance with the procedure referred to in Article 66. The Commission shall give reasons for its implementing decision.
Amendment 601 #
2012/0029(COD)
Proposal for a regulation
Article 55 – paragraph 1 – point d
Article 55 – paragraph 1 – point d
(d) where the CSD and the designated credit institution have seriously and systematically infringed the requirements set out in this Regulation.
Amendment 8 #
2011/2298(REG)
Parliament's Rules of Procedure
Rule 70 – paragraph 2
Rule 70 – paragraph 2
2. BeforeWhere the committee responsible considers it appropriate to entering into such negotiations, the committee after the adoption of a responsible should, in principle, take a decision by a majority of its members and adopt a mandate, orientations or prioritiesrt for first reading, it shall take a decision on the opening of negotiations by a majority of its members and on a case-by-case basis for every legislative procedure concerned. That decision shall as a general rule include a mandate and shall specify the composition of the negotiating team, which shall be composed of at least the Chair, rapporteur and shadow rapporteurs. The coordinators may also be included in the negotiating team if they so decide. The mandate shall, as a general rule, consist of the report adopted in committee.
Amendment 14 #
2011/2298(REG)
Parliament's Rules of Procedure
Rule 70 – paragraph 2 a (new)
Rule 70 – paragraph 2 a (new)
2 a. The negotiating team, whose composition is provided for in paragraph 2, shall be led by the Chair of the committee responsible. Where the Chair is unable to attend, or is also the rapporteur or shadow rapporteur, the team shall be led by a vice-Chair. The leader of the negotiating team shall represent not the position of his or her political group but that of the committee. All documents, including written drafts and non-papers, shall be circulated to the whole negotiating team. Documents for discussion in trilogues shall be provided at least 24 hours in advance of each meeting. The negotiating team shall report to the next committee meeting after each meeting with the Council and the Commission (trilogue) on the progress and outcome of the negotiations. All written drafts and non-papers considered at the trilogue shall be made available to the committee, which may be via the groups as appropriate. Where it proves not to be feasible to convene a meeting of the committee in a timely manner, the negotiating team shall report back to the coordinators of the committee.
Amendment 30 #
2011/2286(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 56 #
2011/2286(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls that the Association Agreements arif correctly focused taking into account asymmetries may be a powerful incentive in regional integration; argues that the lack of coherence between policies jeopardises this process;
Amendment 119 #
2011/2286(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the EU, by means of the Association Agreements and its development aid, continues to provide significant support for the development and stabilisation process in the region; whereas the possibility that it may no longer do so when the results of this process are consolidated is a cause for serious concern;with Central America and through its Trade agreements with Colombia and Peru is not dealing adequately with the asymmetries of those economies and that of the EU, and is increasing the dependence of those regions on mining and agro exportation.
Amendment 3 #
2011/2274(INI)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
- having regard to its resolution of 12 December 2011 on the Scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design,
Amendment 8 #
2011/2274(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the economic, financial and banking crisis has not abated and has demonstrated that public finances issuescontinues to negatively affect socio- economic development, public finances and political stability;
Amendment 23 #
2011/2274(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the Commission should better point out the role of spill-over effects at all steps of the European Semester procedure; whereas, in order to successfully reduce Europe-wide macro- economic imbalances, excessive current account surpluses must be tackled and respective recommendations must be clearly stated and enforced;
Amendment 28 #
2011/2274(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas effects on growth and poverty induced by exaggerated and badly timed fiscal consolidation efforts must be duly taken into account and prevented as far as possible;
Amendment 63 #
2011/2274(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Highlights the important role the Union budget must play in order to successfully reduce macroeconomic and social imbalances throughout the Union and thereby restoring the conditions for a sustainable monetary union;
Amendment 87 #
2011/2274(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to focus consolidation efforts on the expenditure side while at the same time safeguarding growth-enhancing items such as R&D and educationincome side in order to further develop growth-enhancing investment in R&D, education, health and energy efficiency; considers that particular attention should also be paid to maintaining or reinforcing the coverage and effectiveness of employment services and active labour market policies such as training schemes for unemployed people;
Amendment 98 #
2011/2274(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages the Member States to implement consolidation procedures on the revenue side to avoid outright tax hikes, and to focus on improving tax compliance and its management; considers that, if this is not sufficient, a broadening of the tax base should be considered, also in view of the reduction of economic distortions; asks the Commission to come forward with proposals for the harmonization of income and corporative taxes;
Amendment 13 #
2011/2271(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the current economic and financial crisis with its origin in market deregulation has led to a significant rise in public debt in Europe; whereas speculation on public debt has further aggravated the crisis in Europe;
Amendment 15 #
2011/2271(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas effective taxation is of fundamental importance for public authorities, especially in Europe, to fulfil their tasks and obligations as well as citizens' expectations; whereas it is also an instrument for wealth distribution and the eradication of poverty;
Amendment 17 #
2011/2271(INI)
Motion for a resolution
Recital D
Recital D
D. whereas comprehensive and sustainesound fiscal consolidation is necessary to restore fiscal credibility, and the reduction of debt requires both expenditure restraint and tax increases, while growth-oriented tax changes must be given priorityeach time, social impact must be duly considered and consumers must be protected from further decreases of purchasing power, also with a view to protect demand and employment;
Amendment 20 #
2011/2271(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas off-shore centres and tax havens facilitate an annual illicit capital flight of US$1 trillion; whereas these illicit monetary outflows are roughly ten times the amount of aid money going into developing countries for poverty alleviation and economic development; Whereas tax havens that offer secrecy rules and fictional domiciles combined with ‘zero tax’ regimes in order to attract capital and revenues that should have been taxed in other countries generate harmful tax competition;
Amendment 25 #
2011/2271(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas globalization has led to increasing difficulties in combating fiscal fraud at an international level;
Amendment 26 #
Amendment 40 #
2011/2271(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Recalls that direct taxation is better adapted to mitigate negative social impact and contribute instead to a fairer and more equitable society via a progressive redistribution of wealth; underlines that progressive and fair taxation can be an effective tool to increase citizens' trust in public authorities and democracy as such; notes that it is not tolerable for a modern and developed society that the strongest and most wealthiest are not forced to contribute to the funding of the State's tasks in a way that corresponds to their capacities;
Amendment 46 #
2011/2271(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Reminds that sufficiently high taxation of assets can contribute to bridging the rising gap between rich and poor in our societies as well as encourage real economy investment, employment creation and contribute to more stability in the financial sector;
Amendment 52 #
2011/2271(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that MS with high deficits will have to explore carefully and the roots of their deficits and increase tax revenues through higher taxes, pursue expenditure reductions and increase public savings taking due consideration to social and economic effects of any such measures; notes that solidarity among EU MS can also be necessary in order to overcome serious budgetary and interlinked economic problems;
Amendment 62 #
2011/2271(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Introducing the FTT, the Commission should find still more precise measures to prevent tax evasion, for example by expanding the residence principle as already used as a basis for the application of the FTT in COM 2011/594. The transaction should not only be taxable in the EU in the case that one of the counterparties is settled in the EU, but also in the case that the orderer is settled in the EU, whereas double taxation has to be prevented;
Amendment 67 #
2011/2271(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Ask the Commission and Member States to move forward the introduction of a FTT at worldwide level whereas income should be used to reach the Millennium Development Goals;
Amendment 81 #
2011/2271(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Emphasizes that the Directive on administrative cooperation in the field of taxation recognizes that the mandatory automatic exchange of information without preconditions is the most effective means of enhancing the correct assessment of taxes in cross-border situations and of fighting fraud. Urges the EU to defend within the G20 and OECD a system of information by automatic exchange on tax matters to ensure aspects of transparency and to fight against fiscal fraud;
Amendment 83 #
2011/2271(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. The European Parliament defines a Tax Haven as any place which fulfils the following criteria: (a) a country or jurisdiction imposes no or only nominal taxes (generally or in special circumstances) and offers itself, or is perceived to offer itself, as a place to be used by non-residents to escape tax in their country of residence; (b) a country lacks transparency in tax matters; (c) a country's legislation or administrative practices prevent the effective exchange of information for tax purposes with other governments on taxpayers benefiting from the no or nominal taxation; (d) a country or jurisdiction does not require substantial activity for corporations registered on its territory;
Amendment 85 #
2011/2271(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Asks the Commission to elaborate an inclusive strategy on the fight against international tax evasion and tax heavens; considers that the elaboration of an annual list of tax heavens and effective prosecution of European companies and citizens making use of tax heavens must be core elements of such a strategy;
Amendment 87 #
2011/2271(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5d. Welcomes the Commission's proposal for the introduction of an EU Financial Transaction Tax. Asks the Commission to carry on its efforts for establishing the Financial Transaction Tax as proposed in COM 2011/594. Asks the Council to make quick and constructive negotiations on the implementation of a European FTT possible. Calls for the introduction of a European FTT until 2013 whereas may Euro area countries be required to go ahead. Considers though that the implementation of an EU 27 FTT must remain a core objective of European taxation policies. Underlines that the FTT must be an instrument to replace the current trend to austerity policies in the EU and serve the fight against poverty and the preservation of high quality public services;
Amendment 89 #
2011/2271(INI)
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5e. Asks the Commission to consider rising the tax rate from 0.01 % on financial products as defined in article 6 of COM 2011/594 to 0.05 % and from 0.1 to 0.3 % on financial products as defined in article 5 of COM 2011/594, whereby a considerable part of the additional revenue should be used to reach the Millennium Development Goals. The Member States on the other hand should not reduce their own effort in reaching the MDG;
Amendment 135 #
2011/2271(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Notes that the lack of coordination of tax policies for businesses in the EU is leading to a bottom race in tax rates eroding tax revenues;
Amendment 140 #
2011/2271(INI)
Motion for a resolution
Paragraph 28 – point 1 a (new)
Paragraph 28 – point 1 a (new)
introduce wealth taxes or levies in order to make society as a whole contribute to the damages caused by the financial crisis in Europe;
Amendment 158 #
2011/2271(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Ask the Commission to promote minimum rates for the taxation of corporations;
Amendment 2 #
2011/2186(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Points out that the EIB Group1 should continue reporting annually to Parliament on its lending activities within the EU, with regard to the promotion of Union's objectives and the Europe 2020 Strategytargets, and outside the EU, with regard to its mandate and the overall policy coherence of the EU's external action; takes the view that the EIB and the EBRD should also focus on strengthening their cooperation in third countries, in order to enhance their respective comparative advantages and avoid overlaps in their work2; considers that the EIB should start submitting trimestrial reports from 2013 on;
Amendment 7 #
2011/2186(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that the EIB should implement mechanisms to guarantee that in all its financial operations the EU's environmental, social, human rights, transparency and procurement standards are strictly respected; calls on EIB to further enhance transparency in its lending through financial intermediaries and to prevent the use of tax havens, transfer pricing and tax avoidance;
Amendment 8 #
2011/2186(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Recommends the EIB to adopt a moratorium on mining projects it finances as long as strong binding standards are not in place in order to guarantee the application of regulations that will prevent cases like Mopani to happen again;
Amendment 10 #
2011/2186(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls on the EIB Group to continue implementing best prudential banking practices in order to maintain its very strong capital position and contribute to the growth of the real economy; callasks, therefore, for the EIB to unconsidergo a stress test to ensure that it keeps its AAA ratinglightly less strong capital positions and to accept an AA rating in order to increase the money available for investments projects by the EIB; asks the EIB to find the equilibrium between best possible rating and highest available investment;
Amendment 13 #
2011/2186(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on the EIB Group to make available on its website, where appropriate, relevant information on the beneficiaries of long- term loans and guarantees, on its financial intermediaries, project eligibility criteria and, in particular, venture-capital loans to SMEs; on environmental, social and macroeconomic impact of supported projects according to independent evaluations;
Amendment 19 #
2011/2186(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the EIB to clarify its stance on the so-called Project Bonds, Eurobonds or other innovative financial instruments based on co-financing between the EU and EIB budgets; considers that the same strict requirements regarding environmental, social, civil rights and transparency standards need to be respected in all innovative financing instruments;
Amendment 25 #
2011/2186(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the EIB to step upreview its activities in its southern Mediterranean countries of operation with a view to promote investment in economic development and support the democratic process in those countriese region; calls on the EIB to stall new loans to any of the southern Mediterranean countries where a democratic government and the rule of law is not established;
Amendment 31 #
2011/2186(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the EIB to enhance its activities in EU countries with large and persisting current account deficits with a view to fostering social and economic convergence and increase financial and political sustainability of the monetary union;
Amendment 5 #
2011/2156(INI)
Motion for a resolution
Recital A
Recital A
A. whereas in 2010 the euro area recovered withwith a overall GDP growth of 1.7% did not recover the slump in 2009 of -4.2% growth and is expected to stagnate at a similar level throughout 2011, after the slump in 2009 of -4.2% growth,
Amendment 10 #
2011/2156(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas rises in actual consumer prices are induced by many factors, among them market structures in real economy, shortages in natural resources and speculative and irrational tendencies in markets;
Amendment 27 #
2011/2156(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the fact that so far, the ECB has been remarkably successful in maintaining HICP inflation at close to 2% despite a number ofits target rate of 2% while inflationary pressures have been generated in particular by macro-financial shocks and volatile commodity prices while average GDP growth has been low in the Union;
Amendment 43 #
2011/2156(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability whereas it shall also support the general economic policies and objectives in the Union; notes that de facto financial stability is becoming a second objective; also notes the work of the ESRB under the auspices of the ECB on financial stability;
Amendment 54 #
2011/2156(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses that the ECB henceforth should not only concentrate on stability of consumer prices and financial stability, but also on asset prices, sustainable growth and employment
Amendment 60 #
2011/2156(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes that, despite unitary monetary policy,Recalls that the persistent and even growing lack of economic convergence continues to be a structural problem for unitary monetary policy in the Euro area; underlines that monetary conditions diverge considerably in the euro area; in countries experiencing turbulence, banks are tightening the availability of credit, with the opposite happening in other countries with a current account surplus; this asymmetry is likely to become even more pronounced if the ECB keeps increasing rates, given the prevalence of loans indexed to short-term interest rates in the former group of countries; calls therefore on the Commission to put forward a proposal for a European Clearing Union aimed at balancing macroeconomic imbalances within Euro area countries, siphoning off countriestrade surpluses of Member States at least partially to redistribute these gains to countries with a trade balance deficit;
Amendment 63 #
2011/2156(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Deplores the current approach to the Euro area crisis that links necessary assistance granted by Member States, IMF and ECB to unsustainable austerity measures to countries in need of liquidity; points to the problem that, as a consequence, recessionary effects also further destabilize financial market confidence and have not contributed to lowering interest rates for government bonds;
Amendment 69 #
2011/2156(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to set up a European credit rating foundation and to evaluate the pros and cons of temporarily suspending credit ratings for countries following an EU/IMF adjustment programmethat shall restrict its activity to the private sector while credit ratings for countries shall henceforth not be taken into account by EU institutions; the Commission shall evaluate the feasibility of prohibiting credit ratings for countries in the Union; in addition to that, market access to credit rating agencies in the Union shall only be granted to entities fulfilling high transparency criteria as well as certain professional and ethical standards;
Amendment 89 #
2011/2156(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Deplores the fact that hesitation in the management of the crisis by the Commission and the Member States, particularly in those lacking reforms, has triggered the ECB's position against restructuring of Greece's debtpolitical reaction to the crisis, particularly by the most wealthiest Member States, has not been sufficient to prevent the dramatic rise in interest rates for a number of Member States’ sovereign debt bonds;
Amendment 96 #
2011/2156(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that, while deleveraging is continuing in parts of the private sector and most Member States (MS), leveraging is still very widespread in the public sector, not least to absorb the outcome of the financial crisis;
Amendment 128 #
2011/2156(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges the necessity of non- standard monetary policy measures, but calls for a phasing-out of those programmes as soon as possible to be replaced by a more sophisticated and balanced policy of the ECB working with a broader perspective for the economy as a whole;
Amendment 129 #
2011/2156(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Points to the fact that countries that are backed by a central bank with a mandate and the political will to act as a „lender of last resort“ are faced by much lower interest rates to finance their debt via financial markets; reminds in this context that the rise of public debt and deficit in the US, Japan and the UK did not have any considerable effect on the cost of their newly issued bonds in 2010 while in 2011 US and Japanese long term interest rates are even falling to record lows of 1-2 %;
Amendment 130 #
2011/2156(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Believes that only a strong and credible message to the markets will protect Member States from sudden liquidity stops on the financial markets; believes that the liquidity and lending framework of the ECB can be used effectively and without financial risk to assist Member States facing financial market liquidity shortages; asks therefore the Member States to enable the ECB to act as a lender of last resort or to set up a European Bank for Sovereign Debt linked to the ECB;
Amendment 136 #
2011/2156(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ECB to put in place in the Security Markets Program a discount rate mechanism that can be adjusted, taking into account whether a certain security is further downgraded by most credit rating agencies and ensuring that the ECB does not end up with too many risky assets; in addition, believes that the ECB should use at least two credit rating qualifications before accepting a security as collateral, as a general rule, accept government bonds issued by a Member State as collateral, irrespective of the decisions of rating agencies or rating foundations;
Amendment 168 #
2011/2156(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for a single European minister of Finance in order to coordinate a basic common fiscal policy that could enhance the effectiveness of the euroimplement the effective harmonization of taxation policies that could enhance the effectiveness of the euro, prevent further competition in tax matters and so contribute to the reduction of public deficits while the implementation of an EU financial transaction tax will also contribute to improved stability in financial markets; believes that the implementation of a minimum corporation tax and minimum taxes on income and property will also contribute to the ability of Member States to invest in education, research and in sustainable infrastructures; believes that the democratic legitimacy of such a proposal must adequately be addressed; notes in this sense that in a monetary union, fiscal policy does not only concern the Member States and that the present crisis has shown the limits of 100% decentralised fiscal policies;
Amendment 172 #
2011/2156(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstances;
Amendment 190 #
2011/2156(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Points to the costs of exchange-rate fluctuations for undertakings and States; calls on the Council to work towards a global monetary order that meets the requirements of monetary stability and corresponds to the reality of a multipolar world;
Amendment 193 #
2011/2156(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of jointly guaranteed eurosecurities may constitute the necessary political signal and fiscal quantum-leap and forward that the Union needs at this juncture; welcomes the rapid implementation of the feasibility report promised by the Commission in its declaration XXX;
Amendment 220 #
2011/2156(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Asks the Council to give special weight to ethical criteria in future selection procedures for the Central Bank’s Executive Board; believes that with a view to the democratic legitimacy and credibility of the monetary union, there should be no doubt about future candidates’ loyalty to the Euro area as a whole;
Amendment 1 #
2011/2152(ACI)
Draft opinion
Paragraph 1
Paragraph 1
1. WelcomeRejects the political agreement reached on 27 June 2013 at the highest political level between Parliament, the Irish Presidency and the Commission on the Multiannual Financial Framework (MFF) 2014-2020 package (MFF Regulation and IIA), as the maximum achievable under the current circumstances and procedures; Is determined to make full use, is agreement, does not reflect any of the priorities and concerns that could contribute to a turn- around in the current social, economic and financial crisis that could obviate the current social emergency situation existing in so many EU Member States; underlines, that this agreement, which will bind the course of forthcoming budgetary procedures, of the new instruments established, notably as regards flexibilityUnion for the next seven years, and the measures of the European Council, the European Commission, the European Central bank and the International Monetary Fund to fight the social, economic and financial crisis will only bring about a dramatic increase in unemployment, deep wage cuts, a higher pension age, lower public spending in areas such as research, innovation, education and health;
Amendment 7 #
2011/2152(ACI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Deeply regrets that this agreement was achieved and deeply rejects the secretive, undemocratic procedure which lead to the political agreement, without prior consultation with all political groups in the European Parliament; regrets the European Council disregard for the Parliament’s role and competences as set out in the Treaty of Lisbon;
Amendment 8 #
2011/2152(ACI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Underlines the failure of the negotiations with the Council on all provisions of the MFF Regulation and the Interinstitutional Agreement, which were supposed to ensure that the Union would be provided with a modern, forward- looking, flexible and transparent EU budget that would deliver growth and decent jobs and bridge the gap between the EU’s political commitments and budgetary means;
Amendment 14 #
2011/2152(ACI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Reiterates the need to increase transparency and to ensure a democratic procedure which enables and guarantees the presence of representatives of all political groups of the EP in all stages of negotiation; insists that it must have all relevant information at the disposal of the Commission on the level of agreed national allocations under cohesion and agricultural policies, including the derogations and specific allocations to each Member State; also requests all relevant information on the impact per Member State of the decisions taken on the revenue side of the MFF;
Amendment 16 #
2011/2146(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas access to SGI should also be guaranteed from the point of view of human rights; whereas for this reason too the supply of SGI should be geared primarily to individual and social needs and only secondarily to profitability,
Amendment 31 #
2011/2146(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Supports the concept of thresholds for exemption from the requirement to give notification of state compensatory payments for SGEI, with the associated lessening of the administrative burden; suggests, on the basis of the consultations carried out, that the thresholds which determine the application of the SGEI Decision should be raised and that the existing exemption without thresholds for hospital and social housing should be reconducted;
Amendment 45 #
2011/2146(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asserts emphatically that public services must be of a high quality and accessible to all sections of the population; views with concern, in this regard, the restrictive stance taken by the Commission and certain Member States which, in relation to state aid for social housing associations, classify the services provided by such associations as social services of general interest (SSGI) only if they are reserved for socially disadvantaged persons or groups, this restrictive interpretation being at odds with the higher goal of fostering an appropriate social mix; asks the Commission to take on board the diversity of the missions entrusted to social housing providers by Member States' authorities in order to ensure the individual right of access to decent housing and to guarantee social cohesion in mixed urban structures;
Amendment 52 #
2011/2146(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to include long term investment costs for infrastructure necessary to the functioning of SGEI within the costs that compensatory payments may cover and to take on board in the methodology of the calculation of compensations, compensations as public support to long term investments needed to operate the SGEIs, including energy renovation investments programmes of buildings necessary to operate the SGEI such as hospitals, social housing, schools or elderly homes;
Amendment 54 #
2011/2146(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission, when negotiating bilateral trade agreements, to accept the public sector provision of SGEIs and SSGIs in partner countries; rejects the ‘negative list’ approach currently being taken in the CETA negotiations with Canada;
Amendment 67 #
2011/2146(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission, as part of the promised simplification of state aid rules, to introduce greater flexibility in the monitoring of over-compensation, as this would result in significant time and cost savings for both service providers and the public authorities; suggests, to this end, that, in the case of multiannual contracts, checks for over-compensation should be carried out only at the end of the contractual period; and to take on board any initiatives of prevention of overcompensations by the Member States such as the regulation of undertakings entrusted with the operation of SGEI in terms of obligation to reinvest any benefit in the financing of new SGEIs in deduction of new compensations;
Amendment 92 #
2011/2146(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the Commission’s assertion that it wishes to exempt in principle further categories of SSGI from the requirement that aid to them be the subject of notification; calls for an assessment as to whethertakes the view that such an exemption should extend to care facilities for elderly people or people with disabilities, or to healthcare facilities and to child and youth welfare; calls on the Commission to assess whether the exemption should also extend to other areas;
Amendment 15 #
2011/2082(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Urges the Commission to develop a coordinated strategy to improve the fight against fiscal fraud as VAT fraud affects the financial interests of the Community;
Amendment 64 #
2011/2082(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers that the business community requires clear VAT rules that increase legal certainty and the likelihood of uniform interpretation by Member States; considers also that since Council Directives give discretionary powers to the Member States and contain unclear provisions that increase the possibility of multiple interpretations, the resulting complex VAT system hinders cross-border activities and leads to unnecessary administrative burdens; considers that VAT rules should be consistent with EU policies in other areas, such as sustainability and climate change;
Amendment 7 #
2011/2071(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the crisis and the increasing disparities in competitiveness since the introduction of the euro have highlighted the need for the Union to coordinate economic policies more closely and improve budgetary surveillanceeuro area crisis has highlighted the untenable nature of current macro-economic imbalances since the introduction of the euro; whereas the political achievement that monetary union represents is threatened in the medium term by the diverging trade balances of its national economies,
Amendment 15 #
2011/2071(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the increase in public debt in certain euro area countries during the euro crisis is merely a symptom of the crisis of the monetary union which is explained by both the deterioration of terms of financing and the lack of growth impulses in the Union; whereas, in this context, major national economies have particular responsibilities in terms of the development of growth and the value of money across Europe;
Amendment 18 #
2011/2071(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas there is a clear correlation between the increase in the trade balance deficits of most members of the monetary union and the accumulation of excessive trade balance surpluses by some members of the monetary union,
Amendment 19 #
2011/2071(INI)
Motion for a resolution
Recital B
Recital B
B. whereas parliamentary approval ofsetting the public budgets is one of the foundations ofkey responsibilities of the parliament in our democracyies,
Amendment 20 #
2011/2071(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the Member State parliaments now share their legislative role with the EU institutions and often only have limited control over the actions of their respective governments at European level,
Amendment 21 #
2011/2071(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the amended and complex legislative processes of the European Union are insufficiently familiar to most Union citizens; whereas the lack of transparency in decision-making and opinion forming processes, particularly in the European Council and the Council of Ministers, is undermining citizens’ trust in European integration and the democracies of the European Union and is hindering the exercise of active, constructive control by citizens,
Amendment 22 #
2011/2071(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
Bc. whereas social protest movements against austerity measures in various EU Member States also express increasing dissatisfaction with the democratic quality of European integration; whereas the democratic credibility of European integration has suffered enormously from the manner in which the euro crisis has been dealt with to date,
Amendment 30 #
2011/2071(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the European Semester is prompting a review of the mechanisms for parliamentary scrutiny of the Commission and the Council; whereas the gradual loss of power by Member State parliaments – reinforced by the European Semester – requires immediately perceptible democratic compensation which must go hand in hand with a strengthening of Europe-wide debates,
Amendment 33 #
2011/2071(INI)
Motion for a resolution
Recital E
Recital E
E. whereas a puremainly intergovernmental coordination system would be inadequatenot meet the social requirements for transparency and democratic oversight and would be politically ineffective and inadequate, particularly in those areas requiring coordinated action by the Union,
Amendment 43 #
2011/2071(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the Commission has not detailed its vision for the European Semester, and to date has not taken on board the need to confer democratic legitimacy on this new process, inter alia by involving Parliament more fuladequately,
Amendment 50 #
2011/2071(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Believes that the economic pillar of Economic and Monetary Union must be strengthened in the light of the current crisis, and that the European Semester should play a part in this; , in response to the crisis of the Economic and Monetary Union, all relevant stakeholders and EU institutions must show willingness to question current paradigms of economic, monetary, trade and employment policy;
Amendment 54 #
2011/2071(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Believes that the economic goals, paradigms and instruments of the Union should be discussed and defined in an open, transparent and democratic process which European citizens can follow, involving the European Parliament, national parliaments and social partners; considers that the European Semester should be developed further in this direction in order to fully meet these criteria;
Amendment 56 #
2011/2071(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Considers that, by means of a comprehensive dialogue and common study, sufficient trust can be created to put an end to damaging competitive dumping; considers that the current tax and salary competition in the Union is curbing its economic and social development; calls on the European Commission to increasingly take and support initiatives which rely on shared interests and cooperation; assumes that unhealthy economic competition is, if nothing else, an obstacle to further political integration in Europe;
Amendment 57 #
2011/2071(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Maintains that Parliament has a crucial role to play in establishing the necessary democratic legitimacy; draws attention to its powers as regards the adoptionconsiders that the creation, in the form of the European Semester, of a Europe-wide dialogue ofn the necessary legislative texts to establish the objectives of the European Semesterspill-over effects of national economic and budgetary decisions should be disconnected from legally binding guidance mechanisms enforced by means of sanctions;
Amendment 61 #
2011/2071(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the European Semester is now the annual framework for the implementation and assessment of the Europe 2020U’s current economic strategy, the broad economic policy guidelines and the employment guidelines; emphasises, however, that it must not replace these instruments, which are enshrined in the Treaty, or diminish their importance; calls on the Commission to clarify and expladevelop proposals establishing how these different instruments are differentiated and fit together;
Amendment 67 #
2011/2071(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that the Euro Plus Pact in its current form is not relevant to the European Semester; stresses that consultations are planned to determine the economic priorities of the Union, which played no role in formulating the Euro Plus Pact;
Amendment 87 #
2011/2071(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
Amendment 97 #
2011/2071(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 101 #
2011/2071(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission clearly to identify, in the Annual Growth Survey, the initiatives taken by the Union and the Member States to support long-term investment, achievement of the Europe 2020 targetstargets laid down in the Treaties and current economic strategy, and the reduction of macroeconomic imbalances;
Amendment 115 #
2011/2071(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers that all consultations which take place during the European Semester, but at least those meetings at which recommendations, decisions or reports are agreed, should be held in public in order to satisfy the requirement for transparent and democratic decision- making processes and improve citizens’ awareness of economic correlations in the economic and monetary union; considers that the public nature of consultations should be sufficiently publicised and that all available forms of multimedia broadcasting should be used;
Amendment 135 #
2011/2071(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Is concerned that draft recommendations to member states under the European Semester contained to undermine the specific regulation of holidays and Sundays; asks the Commission and the Council to respect and support these achievements, especially for the work-family balance;
Amendment 159 #
2011/2071(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Intends to conduct an audit of the Union’s macroeconomic situation in the autumn, having recourse to a heterodox and international panel made up of various economic institutes, in order to foster debate and obtain a second opinion on economic issues in preparation for its discussions with the Commission prior to the drafting of the Annual Growth Survey;
Amendment 160 #
2011/2071(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls on the Council to report to it in the first few weeks of each year on the implementation of the previous European Semesterdevelopments and successes of the previous European Semester; calls on the Council, when drawing up this report, to ask Member States, national parliaments and social partners for their views on the quality of actual economic coordination during the European Semester, on cooperation between the various institutions and social stakeholders, on the quality of country-specific recommendations and on necessary legislative initiatives at European level;
Amendment 7 #
2011/2043(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the need for further efforts in the field of research infrastructure, benefitting also SMEs and industry, especially in the new Member States;
Amendment 13 #
2011/2043(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Welcomes the simplifications concerning the acceptability of personnel costs and asks the Commission to explore further simplification measures; reaffirms its commitment to further simplifying the rules applicable to the implementation of the EU budget and to research spending in particular; asks the Commission to put exchange and cooperation between the different programmes and member states as well as transparency on top of its agenda;
Amendment 16 #
2011/2043(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Urges the Commission to further align FP7 with the Europe 2020 targets especially with specific targets such as combating poverty, improve health, fight climate change and protect the environment, while maintaining the overall level of funding for FP7;
Amendment 2 #
2011/2042(BUD)
Motion for a resolution
Title before paragraph 1
Title before paragraph 1
A 2012 budget under the auspices of enhanced European economic governance, the European Semester mechanism and the Europe 2020an objectives to boost employment, peace- building, sustainable development and ecological conversion
Amendment 5 #
2011/2042(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes the view that the Europe 2020 strategy strategy should help European Union should help its countries recover from the crisis and come out stronger, through smart, sustainable and inclusive growth based on the five EU headline targets, namely promoting employment, improving the conditions for innovation, research and development, meeting our climate change and energy objectives, improvmoting education to high standard levels and promoting social inclusionpolicies, in particular through thesocial inclusion and reduction of poverty; recalls that the Member States themselves have fully endorsed these five targets;
Amendment 14 #
2011/2042(BUD)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is of the opinion that the EU budget brings added value to national public expenditure by initiating, supporting and complementing investments in those policies which are at the core of Europe 2020; believes, moreover, that the EU budget has an instrumental role to play in helping the EU to exit the current economic and financial crisis through its capacity as a catalyst to boost investment, growth and jobs in Europe; takes the view that the EU budget could at least mitigate the effects of current restrictive national budgetary policies; stresses also that, given its redistributive nature, any attempt to limit the level of the EU budget will be detrimental to European solidarity and to the pace of economic development in most Member States; takes the view that the ‘ net contributor’ /’ net beneficiary’ approach has no economic rationale, since it disregards spill-over effects between EU countries and therefore undermines common EU policy goals;
Amendment 17 #
2011/2042(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recalls that delivering on the Europe 2020 strategy’ s seven flagshipnew emerging European initiatives will require a huge amount of future- oriented investment in the short, medium and longer term; stresses that the main objective of the new Europe 2020an strategy – namely, to promote jobs and high-quality employment for all Europeans – will be achieved only if the necessary investments in education, promotion of a knowledge society, research and development, innovation, SMEs and green technologies are made now and not delayed any longer; calls for a renewed political compromise combining the reduction of public deficits and debt with the promotion of such investments; expresses its willingness to improve and widen existing instruments enhancing the synergy between the EU budget and EIB actions, in order to support long- term investments;
Amendment 23 #
2011/2042(BUD)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Strongly opposes, therefore, any attempt to limit budget appropriations in those sectors linked to the delivery of the Europe 2020 strategy’ s headline targets and seven flagship initiativetargets where the EU wants to put emphasis; notes that such an attempt would be counter-productive, most likely resulting in thea failure ofor Europe 2020, as was the case for the Lisbon Strategy; takes the view that the Europe 2020 strategyan project project can be credible only if adequately funded, and recalls that the EP has on numerous occasions raised this serious political concern;
Amendment 27 #
2011/2042(BUD)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Takes the view that the budget 2012 should be able to react on unexpected incidents, such as the current incidents in the South Mediterranean and in the Arab world; a broader strategic approach of development aid is needed as well as the regulation of migratory flows;
Amendment 30 #
2011/2042(BUD)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes the view, moreover, that 2012 budget appropriations, including in those areas not directly linked to the achievement of the Europe 2020 strategy, need to be kept at an appropriate level to ensure the continuation of EU policies and the achievement of EU objectives well beyond the duration of the current economic crisis;
Amendment 36 #
2011/2042(BUD)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Commits to peace-building; points out that a budgetary shift from military action to conflict prevention is a useful alternative to reduce military expenses in time of austerity;
Amendment 37 #
2011/2042(BUD)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Underlines the necessity to enhance sustainability and the urgency of promoting an ecological conversion to create new jobs;
Amendment 45 #
2011/2042(BUD)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Underlines that these figures constitute a yearly breakdown of multiannual global amounts agreed upon by both Parliament and the Council when these programmes and actions were adopted; stresses that the annual amounts programmed represent appropriations to be budgeted as a matter of political consistency and with a view to achieving EU objectives and priorities, notably in the context of Europe 2020; acknowledges, however, that some room for manoeuvre may appear under certain headings of the MFF, given the very provisional indicative figures (in particular under Heading 2) put forward by the Commission at that point in the year;
Amendment 46 #
2011/2042(BUD)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Points out that, in times of economic difficulties, mediocre growth rate and divergences between the EU countries, the ceilings laid down by the MFF have to be reached in order to maximize the effects of the European public investment;
Amendment 61 #
2011/2042(BUD)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses, in this connection, that keeping commitment appropriations under strict control would require not only significant redeployments and reprioritisation, but also the joint identification of possible negative priorities by the institutions; highlights, however, the fact that, to this end, greater budgetary flexibility (mainly between the headings of the current MFF) would be needed in order to align budgetary resources with evolving circumstances and priorities; underlines that full transparency must be guaranteed;
Amendment 77 #
2011/2042(BUD)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Is aware that the level of payments finally implemented every year sometimes entails a significant so-called ‘surplus’ compared to the level of payments originally agreed by the budget authority, meaning that Member States’ national contributions to the EU budget are therefore decreased accordingly and their fiscal positions improved; does not consider the Council’s concerns as to the level and timing of this ‘return’ relevant in addressing the sensitive underlying political issue of the financing of the EU budget; strongly urges the Commission, therefore, to make proposals for the establishment of new and genuine own resources so as to provide the EU with real and autonomous financial resources; asks the Council to cooperate constructively to implement fair new own resources for the EU;
Amendment 33 #
2011/2035(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the partial failure of the Lisbon Strategy is due not to the inadequate implementation of cohesion policy but rather to the effects of the financial crisis, imperfect implementation of the single market, slack budgetary discipline and inadequate macroeconomic framets focus on "competitiveness", cost- cutting, dismantling of the welfare state, ever more flexible labour markets, liberalisation of markets, liberalisation of markets in general and its fuelling of a "beggar thy neighbour" policy of Members States; whereas the failure of the Lisbon Strategy is also due to working methods that allow ineffective implementation of this strategy by the Member States, and to weaknesses in the internal market, the lack of fiscal harmonisation, high inflation which continues to depress household budgets when salaries are not in step, and the lack of political will by the Member States and the Commission to pursue the goal of better labour rights and working conditions in individual Member Stoutside Europe and to strive for higher employment rates,
Amendment 52 #
2011/2035(INI)
Motion for a resolution
Recital H
Recital H
H. whereas a comprehensive European cohesion policy in all regions continues to be essential, given the significant imbalances between regional economies and in social terms, as well as specific structural problems and geographical disadvantages, and it is also a requirement under the Lisbon Treaty; stresses in this respect that the contribution of cohesion policy to implementing the Europe 2020 strategy must reflect the objectives set out in Article 174 of the Treaty on the Functioning of the European Union and the cross-cutting objective of economic, social and territorial cohesion laid down in Article 3 of the Treaty on European Union by the Treaty of Lisbon,
Amendment 61 #
2011/2035(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for cohesion and structural policy programmes to place more emphasis on European added value; deems such added value to be achieved where EU projects bring about a lasustaing and measurable improvement in the economic, infrastructural, social and/or environmental status of a disadvantaged region and such improvement would not have been achievable without the European stimulus,;
Amendment 65 #
2011/2035(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. 1. a) (new) Stresses that the European added value of cohesion policy is uncontested, as this policy sustainable growth as well as demonstrating European solidarity, aiming at reducing disparities between the levels of development of European regions, it constitutes a well-established mechanism of delivering growth and jobs and has been one of the Union’s most significant, visible, and successful policies for decades; points out, however, that a modern cohesion policy must undertake a number of reforms, in particular the simplification of policy implementation, and promote synergies with other policies and instruments on the ground;
Amendment 77 #
2011/2035(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Sees the achievement of European objectives in accordance with the principle of multi-level governance and shared management as one of the major advantages of cohesion policy and thus as a form of added value in itself; calls for thisaffirms that the partnership principle to be further streand, hence, the involvement of the economic and social partners and other regional and local stakeholders in all phases of Structural Fund support have proved successful in boosting acceptance of the measures and ensuring thened; y are properly targeted; calls for this partnership principle to be mandatory;
Amendment 109 #
2011/2035(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Emphasises that the Union will be able to hold its own in the face of global competition only if its cohesion policy can tap the development potential of all the regions in response to the challenges of the EU 2020 strategy; takes the view that cohesion policy is not subordinated to the EU 2020 Strategy, whereas it contributes to a great extent to the achievement of the EU 2020 strategy objectives. Believes that a sound autonomous cohesion policy is the prerequisite for successful joint action by the EU as it contributes to reducing disparities at regional and local level and allows for a consolidation of strategic goals and local needs with potential on the ground; stresses that the cohesion policy with its horizontal character is contributing to all EU 2020 objectives;
Amendment 190 #
2011/2035(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Emphasises that support from the Cohesion Fund and the Structural Ffundsing must be more strongly oriented towards the educational and socio-political challenges of the EU 2020 strategy; takes the view, however, that across-the-board ‘Europeanisation’ of the relevant policy areas would be a doomed endeavour purely on financial grounds; calls, therefore, for the further development of approachal policies; emphasises that the role of the ESF in improving workers’ education, ensuring workers' lifelong training and skill enhancement must be strengthened; calls on the Commission to consider all possible policy options for boosting the contribution of the ESF in the context of the future architecture of the structural funds, in order to enhance the social model of the European Union; believes that could stherve as models, while retaining existing national and regional competencre considerable advantages in maintaining the ESF under the basic regulation on general provisions on the funds, but with its own rules;
Amendment 214 #
2011/2035(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls, in the light of increasing tasks in the field of social inclusion, i.e. the Four Employment Guidelines, the support of the Decent and Good Work principles (as projected by the ILO), the fight against precarious and undeclared work, combating poverty, achieving gender equality and appropriate conditions for the reconciliation of work and private life, for cohesion policy to make a greater contribution to these challenges;
Amendment 234 #
2011/2035(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 246 #
2011/2035(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes the view that GDP must be retained as the key criterion in the definition of areas eligible for maximum support (those with GDP/PE below 75% of the EU average) and, where appropriate, cohesion countries (GDP/PE below 90% of the EU average); points out that supplementary indicators relevant for measuring social cohesion ( like unemployment rates, poverty, etc.) and territorial cohesion and continuity, as well as environmental indicators should applied; points out that the competent national authorities must continue to have scope for the use of additional indicators at the relevant decision-making levels;
Amendment 263 #
2011/2035(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls for a dependable and, appropriate, consolidated, reformed and while needed longer phasing-out arrangement for areas formerly eligible for maximum support under the Convergence objective (convergence regions) which ensures that former convergence regions do not face a drastic reduction structural funds' payments that could prejudice their previous efforts for development; thus calls on the Commission to propose a new phasing out arrangement framed with a strategy that would aim in helping former convergence regions to genuinely and successfully mainstream their changeover from "objective 1" to "objective 2", and so to pursue fruitfully their efforts for development;
Amendment 274 #
2011/2035(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls for maintaining of Objective 2 (Regional Competitiveness and Employment), whic through its based on a cross-cutting approach, to be upgradedhorizontal nature; stresses that the proven system of innovation clusters and competition for funding needs to be developed further;
Amendment 285 #
2011/2035(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes the view that a general new funding category based on GDP/PE between the 75% and 90% rates would be at odds with the tried and tested principles of EU cohesion policy (to support the weakest and pool the inherent potential of the wealthier regions, taking a cross- cutting approach), and therefore rejects this intermediate category; nevertheless recalls the necessity to establish a dependable, appropriate, consolidated, reformed, and while needed longer phasing-out arrangement framed with a strategy for areas formerly eligible for maximum support under the convergence objective;
Amendment 305 #
2011/2035(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Takes the view that new issue-oriented funds (for climate, energy and transport) would undermine the tried and tested principle of multi-level governance and jeopardise the regions' contribution to the achievement of the EU 2020cohesion's policy objectives;
Amendment 309 #
2011/2035(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. CNotes that the ESF plays a key role in social inclusion, labour-market and employment policy; calls for the ESF, as a component of cohesion policy, to continue to fosterreinforce social integration, economic growth and employment; regards the ESF as the Union's most important labour-maclusion, to improve employment and job opportunities, to promote the formation of worketrs and employment-policy tool; attaches particular importance to developing skillthe adaptation of workers' skill to the demand of the labour market in a way workers cand mobility, enhancing equality of opportunity between the sexes, be better integrated in the labour market, to promote gender equality, to integratinge people who are disadvantaged and to supporting the development of the social economy as well as of SMEs;
Amendment 349 #
2011/2035(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the objectives of the development and investment partnership contracts between the EU and the Member States, which the Commission is proposing in place of the strategic framework plans previously prepared for individual Member States; calls for investment priorities geared to the implementation of the EU 2020 strategy and the achievementStresses that it is important to involve regional and local authorities, social partners and NGOs to the greatest extent when determining priorities for cohesion policy; stresses the fact that multi-level governance is one of the key principles of Cohesion Policy and is fundamental to ensuring the quality of other cohesion policy and structural policy objectives to be set at this stage decision making process, strategic planning and implementing the objectives; considers that the allocation of responsibilities between the various levels involved needs to be clarified, and calls for national and/or regional competences to be retaistrengthened in accordance with the principle of subsidiarity;
Amendment 355 #
2011/2035(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Supports retention of the operational programmes as the most important tool for implementation of the strategy papers in terms of concrete investment priorities; calls for clear and measurable objectives to be set in this respectcohesion policy;
Amendment 366 #
2011/2035(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Supports the system of thematic priorities that the Commission is proposing; points out that the lower the level of development in a Member State or region, the more wide-ranging the list of priorities there needs to be, taking into account specificgeneral principle of a Community "menu" of broad thematic priorities to replace the current system whereby the Structural Funds are channelled towards restrictive expenditure categories; opposes, however, any excessive restriction of the number of priorities to be chosen in the context of the new national Development and Investment Partnership Contracts and operational programmes, so that local and regional authorities have sufficient leeway to implement the Europe 2020 objectives at regional dlevelopment needs;
Amendment 394 #
2011/2035(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Calls for the funding under investment partnerships to be made conditional on the implementation of reforms by the Member States, in order to ensure that it is used efficiently in areas directly related to cohesion policy; considers it fair for such conditions to include, in particular, full implementation of existing EU legislation (e.g. on price regulation, tendering procedures, transport, the environment and health) in order to prevent irregularities and ensure effectiveness; rejects, however, the imposition of conditions requiring Member States to undertake fundamental social and economic reformStrongly encourages regional and local authorities to ensure the highest performance of their administrative and institutional capacity as well as to develop appropriate financial and human resources to cope with the complexity of EU funded projects, mainly in terms of administrative burden; stresses the need for appropriate levels of financing to be ensured in order to properly enable regional and local authorities to take part in major projects financed through Structural Funds;
Amendment 410 #
2011/2035(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. WelcomeSupports the Commission's proposal for a stronger focus on results, to be achieved through the ex-ante establishment of appropriate objectives and indicators; stresses that such indicators must be few in number, that they must all be clearly defined, measurable and related directly to the impact of the funding, and that they should be established by agreement with the regions/Member Stateto move towards a more results-oriented approach by using clear and measurable targets and outcome indicators agreed in advance in line with the specific objectives of each region, rejects an assessment of performance solely in terms of progress towards Europe 2020 targets; underlines that progress has been made here in the 2007-2013 programming period with the inclusion of ex-ante, ongoing and ex-post evaluations;
Amendment 417 #
2011/2035(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Calls for the indicators to concentrate Endorses the use of a limited number of common indicators, linked to the economic, social and territorial cohesion tareas of impact with European added value (increases in productivity, research, transport services, regional growth and relevant environmental improvements); calls for quantitative targets to be eschewed when measuring progress in areas where responsibility rests largely with national authorities (i.e. on educational standards, poverty thresholds and integratgets, such as employment, social inclusion, reduction of richness disparities, research, innovation, SSGI quality and universality, transport services, regional growth, improvement in terms of environmental management, as well as the objectives of the EU 2020 strategy, to enable the Commission to conduct a comprehensive and continuous evaluation throughout the programming period, whereas most of indicators should be established at regional level taking into account the specific nature of each region) and for assessment, instead, of projects' potential as models and ofthe priorities set; the indicators must reflect how necessary any proposed approach is for the dregree of innovation they displayion's development;
Amendment 424 #
2011/2035(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Regards co-financing as one of the basic principles of cohesion policy; calls for a reviewmaintenance of the percentage ceiling for EU funding – which should take more account of regional development levels, European added value and the types of measure funded and should be raised or lowered accordingly;
Amendment 430 #
2011/2035(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. Considers that the maximum level of suppalls fort must not exceed 75%, otherwise applications will be driven less by the case for the projects than by the prospect of the funding they can attract; calls for it to be made easier for regions to use private co- financing and market-oriented credit options to cover their share of project financingaintaining the current maximum level of support;
Amendment 456 #
2011/2035(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Recognises the leverage effect of new financial instruments and their potential to mobilise investment, supports increased financing from credit in principle, and calls for the use of revolving financial instruments to be extended to more areas eligible for funding (including research and infrastructure); calls for procedures to be simplified to that end and for a greater degree of legal certainty throughout the entire funding period; takes the view that at the end of a funding period, at the latest, responsibility for how the funds are spent should transfer to national level or project level;
Amendment 488 #
2011/2035(INI)
Motion for a resolution
Paragraph 50
Paragraph 50
50. Regards post-2013 cohesion and structural policy as the decisive policy arena for cross-sectoral implementation of the EU 2020 strategy and therefore calls for it to be treated at least as generously in budgetary terms it has beenfor achieving economic, social and territorial cohesion; therefore calls for it to receive higher budget appropriations as in the current planning period;
Amendment 497 #
2011/2035(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Calls, in respect of Member States that are falling significantly short of the EU stability criteria requirements and also have a poor record on the use of monies from the Structural Funds, for a proposal for the automatic application of more stringent rules in order to monitor the use of such monies in accordance with the law and the relevant objectives; Rejects the provisions on macroeconomic conditionality i.e. withholding Structural Funds available to regions and cities for errors and shortcomings of their national governments or if their national governments do not respect the stability and growth pact; underlines that there is a danger that financial sanctions and incentives linked to the Stability and Growth Pact, aimed at ensuring compliance with macroeconomic conditions, will primarily penalise local and regional authorities that are not responsible for the failure of Member States to fulfil their obligations in this area;
Amendment 562 #
2011/2035(INI)
Motion for a resolution
Paragraph 60
Paragraph 60
Amendment 14 #
2011/2019(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the promotion of jobs and high-quality employment by delivering on the Europe 2020 strategy’s seven flagship initiatives is a jointly endorsed goal of the 27 EU Member States; recalls that the implementation of this strategy will require a huge amount of future-oriented investment up to 2020, estimated at no less than EUR 1 800 billion by the Commission in its communication entitled ‘The EU Budget Review’3 ; underlines, therefore, that necessary investment in education at all levels, fostering a knowledge society, research and grounded on the overall EU scientific and technological capacity, the budget devoted to research, development, innovation, and support to SMEs, and green and new technologiess well as the reinforcement of the funding in domains fostering a sustainable and inclusive growth model must be made now and delayed no longer;
Amendment 20 #
2011/2019(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned, against this background, by the alarming drop in public investment in the Member States in some of these areas and firmly believes that this trend must be reversed if the EU as a whole is to deliver on the EU 2020 strategy; is of the opinion that the EU budget has an role to play as a leverage tool for Member States’ recovery policies by triggering and supporting national investment to reinforce growth and employment and to reduce poverty and social exclusion; emphasises that this is fully in line with the dynamics of the European Semester, which, as a new mechanism for enhanced European economic governance, aims at increasing consistency, synergies and complementarities between the EU and the national budgets in delivering on the jointly agreed Europe 2020 goals;
Amendment 82 #
2011/2019(BUD)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Stresses that the European Supervisory Authorities have a crucial role to play in safeguarding market stability and that they need to be adequately funded in order for regulatory reforms to be effective; reiterates that one single supervisory authority would be more cost-efficient; welcomes the budget increases proposed for all three authorities as important steps in their build-up procedures, while calling for additional resources for the joint committee; emphasises that any additional tasks entrusted to these authorities must be swiftly accompanied by the corresponding allocation of supplementary resources; underlines, inter alia, that the new responsibilities planned for the European Securities and Markets Authority (ESMA) in the areas of short-selling and derivatives must be promptly reflected in the 2012 budget procedure as soon as the legal bases are in place;
Amendment 85 #
2011/2019(BUD)
Motion for a resolution
Paragraph 22
Paragraph 22
22. RDeeply regrets that with the limited increase foreseen for the PROGRESS programme in the DB 2012 as compared to Budget 2011, the Commission will not be able to reinstate the amount of EUR 20 million for the period 2011-2013 to which it had committed itself in 2010 in order to compensate partially for the redeployment of PROGRESS in favour of the Microfinance Facility; recalls that the PROGRESS programme is an essential pillar of the Europe 2020 strategy, owing in particular to its contribution to the two social flagship initiatives ‘European Platform against Poverty’ and ‘Youth on the Move’;
Amendment 90 #
2011/2019(BUD)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Stresses the European added value of investments in cross-border transport, particularly the TEN-T programme, which improve trans-border and intermodal connections, thus promoting economic development and employment; recalling the traditional under-funding of TEN-T, urges that increased resources be made available for this purpose, including through recourse to alternative sources of financing such as Public Private Partnerships (PPP) and other forms of financial instrument;
Amendment 96 #
2011/2019(BUD)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Is concerned about the proposed reduction in appropriations for the Union Statistical Programme and the very limited – below the rate of inflation – increase in staff expenditure in the ‘Statistics’ policy area; emphasises that there is a strong need to continuously make sure that the resources of Eurostat match the expanding workload and the enhanced quality demands in the key area of economic and financial statistics;
Amendment 101 #
2011/2019(BUD)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Notes that the crisis has clearly highlighted the importance for the strength of government finances of having effective and fraud-proof tax collection systems; stresses that the fight against tax fraud and evasion must be highly prioritised and that the appropriations for Fiscalis must enable the programme to respond to this ambition;
Amendment 119 #
2011/2019(BUD)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Asks the Commission to keep on working closely with those Member States with a low absorption rate in order to further improve absorption on the ground; calls, therefore, for the further promotion of mutual learning, exchange of best practices and reinforcimprovement of administrative capacities in certain Member States;
Amendment 150 #
2011/2019(BUD)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Notes that these increases are mostly linked to three of the four Solidarity and Management of Immigration programmes: External Borders Fund (+38%), European Return Fund (+43%) and European Fund for the Integration of Third-Country Nationals (+24%); emphasises, however,underlines that the increases foreseen under this heading for 2012 are simply the result of the yearly breakdown of multiannual global amounts agreed upon by both Parliament and Council when these programmes and actions were adopted; are much more remarkable in those programmes oriented to prevent the arrival and to repatriate immigrants than other programmes which aim is their integration; highlights that this fact is paradoxical confronted with the challenges arisen by the processes of transition to democracy in the Southern Mediterranean;
Amendment 156 #
2011/2019(BUD)
Motion for a resolution
Paragraph 45
Paragraph 45
45. Takes note of the repeated calls by the European Council to strengthen the operational capacity and role of FRONTEX; aAsks the Commission to present the full budgetary implications for 2012 of the ongoing revision of FRONTEX and to provide a clearer picture of the Member States’ financial participation in its functioning;
Amendment 162 #
2011/2019(BUD)
Motion for a resolution
Paragraph 49
Paragraph 49
49. Takes the view that programmes and actions under this heading play an important role in achieving headline targets and flagships initiatives of the Europe 2020an strategy; reiterates that education, training and culture carry economic value since they contribute notably to economic growth and quality job creation and support the development of active citizenship;
Amendment 163 #
2011/2019(BUD)
Motion for a resolution
Paragraph 50
Paragraph 50
50. Underlines the fact thatDisagrees with the very small margin available that will allow limited room for manoeuvre when proposing new actions or taking decisions on stepping up the funding of priorities directly relevant to citizens;
Amendment 173 #
2011/2019(BUD)
Motion for a resolution
Paragraph 53
Paragraph 53
53. Is astonished that the Commission has not proposed in its Draft Budget 2012 any specific programme in favour of sport, although this is now a fully-fledged competence of the Union deriving from the Treaty of Lisbon; finds this attitude all the more surprisingdeplorable since some funding – though of limited magnitude – was available in Budgets 2009, 2010 and 2011;
Amendment 3 #
2011/2018(BUD)
Motion for a resolution
Recital A
Recital A
A. whereas the current financial, economic and social situation of the EU obliges the institutions to respond with the quality and efficiency that is required and to employ strict management procedures so that savings may be achieved; considers that such savings should involve budget lines related with the Members of the European Parliament;
Amendment 6 #
2011/2018(BUD)
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 11 #
2011/2018(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. While fully aware of the challenges ahead, takes the view that the growth rate and final level of the budget need to be adjusted in these Draft Estimates; decides that at this stage, the overall level of the budget is EUR X, which represents a rate of increase of X % and is around the inflation ratesignificantly below the inflation rate forecasted for 2012; this represents a percentage share of X of heading 5;
Amendment 24 #
2011/2018(BUD)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is of the opinion that the European Parliament and the other institutions should show budgetary responsibility and self- restraint in the context of economic crisis and the heavy burden of public debt and restraint in times of ongoing national budgetary consolidation efforts without undermining the goal of legislative excellence; is therefore ready to accept a revision of the ceiling of heading 5 of the MFF according to point 23 of the Inter- Institutional Agreement (IIA); this revision should be an offsetting with a reduction of the ceiling of heading 5 (administration) by EUR 100 million and a corresponding increase of other headings, "in favour of youth"which should be object of a later decision;
Amendment 29 #
2011/2018(BUD)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Decides that the item on the General Expenditure Allowance (article 1006), which covers expenses incurred for parliamentary work of members, should not be updated in 2012;
Amendment 36 #
2011/2018(BUD)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Keeps the funding for European Political Foundations at the level of 2011, while allowing for an adjustment according to the inflation rate;
Amendment 43 #
2011/2018(BUD)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers that all expenses related to publications, information and participation, organization of seminars and symposiums as well as cultural activities (articles 3141, 3242, 3243 and 3245) should not be updated in 2012;
Amendment 45 #
2011/2018(BUD)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Considers that expenditure on Acquisition of expertise (article 320) can be reduced up to 2010 levels, streamlining the criteria for conducting studies and consultations, without prejudice to the transparency and openness in procurement;
Amendment 47 #
2011/2018(BUD)
Motion for a resolution
Paragraph 13 a
Paragraph 13 a
13a. Decides that the budget line on salaries and allowances of MEPs (article 100) should not be updated in 2012; considers that savings in the European Parliament should start by their own members;
Amendment 50 #
2011/2018(BUD)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Decides that the Bureau of Parliament should amend its rules relating to travel expenses (article 1400) included in its own decision PE 422.536/BUR in order to establish as a rule the purchase of airplane tickets in economy class for flights of less than 4 hours and this new way of applying the Statute for Members can make exceptions with regard to the age of the MEP and his health conditions state;
Amendment 32 #
2011/2011(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas unemployment is the most pressing social and economic problem of our time, not least because, especially in developing countries, it is closely related to poverty,
Amendment 69 #
2011/2011(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Warns of the potentially destabilizing effects of global volatility in raw material prices and underlines the urgent need to minimize speculation with raw materials, especially with food and energy commodities;
Amendment 70 #
2011/2011(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. States that there will be greater scope for central banks to pursue an investment-friendly monetary policy when disruptions in the financial sector and currency volatility and misalignment through speculative international capital flows are minimized;
Amendment 74 #
2011/2011(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. States that a fully inclusive multilateral trading regime must have sufficient flexibility to reflect the interests and needs of all its members; for this purpose, developed countries need to agree to a new framework for special and differential treatment in the WTO, without receiving concessions in return; underlines that a proliferation of bilateral trade agreements would run the risk of leading to disciplines that may well go beyond the scope desired by developing countries;
Amendment 106 #
2011/2011(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. States that the global economy needs to have multilateral rules that can hold in check self-centred national economic policies that allow influential countries to harm the economies of other countries
Amendment 117 #
2011/2011(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that global imbalances need to be dealt with within an internationally coordinated macroeconomic approach, such as within a multilateral financial system that implies symmetric obligations for countries with current account surplus and countries with deficits as well as effective multilateral arrangements for exchange-rate management;
Amendment 10 #
2011/0455(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The potential advantages for officials and other servants of the European Union of the application of the method should be balanced by the continuation of the system of special levy, to be renamed as 'solidarity levy'. This levy should therefore be collected and assigned in accordance with real solidarity principles. While the rate of the special levy in force during the period from 2004 to 2012 increased gradually over time and averaged at 4.23 %, it seems appropriate in the present circumstances to increase the solidarity levy at the uniform rate of 6%to an overall equivalent rate of 6%, to be applied progressively according to the position of the official concerned in the salary scale, so as to take account of a difficult social and economic context and its ramifications for public finances throughout the European Unionthroughout the European Union. The amounts levied should be applied to increase the appropriations allocated to Progress 1. Such a solidarity levy should apply to all officials and other servants of the European Union for the same period as the 'method' itself. ------------------------------- 1 See Decision No. 1672/2006/EC of the European Parliament and of the Council of 24 October 2006 establishing a Community Programme for Employment and Social Solidarity – Progress (OJ L 315, 15.11.2006, p. 1).
Amendment 15 #
2011/0455(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Working hours applied in the institutions should be aligned to those in force in certain of the Member States of the European Union to compensate for the reduction of staff in the institutions. The introduction of a minimum number of weekly working hours will ensure that the staff employed by the institutions is able to carry out the work- load resulting from the European Union's policy objectives while, at the same time, harmonising working conditions in the institutions, in the interest of solidarity throughout the European Union's civil service.
Amendment 24 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 21 – point d
Article 1 – point 21 – point d
Staff Regulations of Officials of the European Communities
Article 55 – paragraph 4
Article 55 – paragraph 4
4. The appointing authority of each institution mayshall introduce flexible working- time arrangements. Officials to whom the provisions of the second paragraph of Article 44 apply shall manage their working-time without resorting to such arrangements.
Amendment 27 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 32 – point a
Article 1 – point 32 – point a
Staff Regulations of Officials of the European Communities
Article 66a
Article 66a
'1. By way of derogation from Article 3(1) of Council Regulation (EEC, Euratom, ECSC) No 260/68 and in order to take account of the application of the method for updating the remuneration and pensions of officials and the difficult social and economic context throughout the Union, a temporary measure regarding remuneration paid by the Union to staff in active employment, to be known as the ‘solidarity levy’, shall be applied from 1 January 2013 to 31 December 2022. 2. The rate of this solidarity levy, which shall apply to the base defined in paragraph 3, shall be 6 %.';applied in a progressive manner according to the position of the official concerned in the salary scale, with an aggregate total effect equivalent to 6 %. 2a. The amounts levied shall be applied to increase the appropriations allocated to Progress 1.' -------------------------------------------- 1 See Decision No. 1672/2006/EC of the European Parliament and of the Council of 24 October 2006 establishing a Community Programme for Employment and Social Solidarity – Progress (OJ L 315, 15.11.2006, p. 1).
Amendment 36 #
2011/0418(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Increasingly, as investors also pursue social goals and are not only seeking financial returns, a social investment market has been emerging in the Union, comprised in part by investment funds targeting social undertakings. Such investment funds provide funding tohelp fund social undertakings which are acting as drivers of social change by offering innovative solutions to social problems and making a valuable contribution to meeting the objectives of the Europe 2020 Strategy.
Amendment 37 #
2011/0418(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1 a) The responsibility for funding social undertakings which carry out public functions lies - regardless of private contributions via funds - with the public sector. Funding via funds should not lead to social undertakings downgrading their social objectives in favour of other objectives. Social undertakings financially supported by European Social Entrepreneurship Funds (EuSEFs) should therefore not be allowed to distribute profits.
Amendment 49 #
2011/0418(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure effective supervision of the uniform requirements contained in this Regulation, the competent authority of the home Member State should supervise compliance of the EuSEF manager with the uniform requirements set out in this Regulation. To this effect, the EuSEF manager who wishes to market his funds under the designation "European Social Entrepreneurship Fund" should inform the competent authority of his home Member State of this intention. The competent authority should registerlicense the fund manager if all necessary information has been provided and if there are suitable arrangements to comply with the requirements of this Regulation are in place. This registration should be valid across the entire Union.licence should be valid across the entire Union. The Commission should be empowered to adopt, under Article 290 of the Treaty on the Functioning of the European Union, legislation regarding the establishment of criteria for licensing. (The first part of this amendment applies throughout the text; the adoption of the amendment will render necessary adjustments throughout the text.)
Amendment 71 #
2011/0418(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d – point ii
Article 3 – paragraph 1 – point d – point ii
ii) uses its profits wholly to achieve its primarysocial objective or objectives, instead of distributing profits and has in place predefined procedures and rules for any circumstances in which profits are distributed to shareholders and owners;
Amendment 36 #
2011/0406(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) The European Union is strongly committed to gender equality as a human right, a question of social justice and a core value of the Union development policy; gender equality is central in achieving all MDGs; the Council has adopted the EU Plan of Action on Gender equality and Women's Empowerment in Development (2010-2015).
Amendment 73 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point b – point iii
Annex 5 – part A – paragraph 4 – point b – point iii
(iii) strengthening social inclusion and gender equality with cooperation on equitable access to basic services, employment for all, empowerment and respect of rights of specific groups, notably youth, persons with disabilities, women and minority groups to let all population participate and benefit from wealth creation and cultural diversity.
Amendment 74 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point c – point i
Annex 5 – part A – paragraph 4 – point c – point i
(i) Supporting local, regional and country level programmes to promote women's economic and social empowerment and political participation;
Amendment 75 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point c – point ii
Annex 5 – part A – paragraph 4 – point c – point ii
(ii) supporting nationlocal, regional, national and global programmes and initiatives, to promote the integration of this issue inand implement gender equality, women and girls' empowerment, namely through micro-credit assistance, and the aid effectiveness agenda.
Amendment 76 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point c – point ii a (new)
Annex 5 – part A – paragraph 4 – point c – point ii a (new)
(ii a) promoting, providing and expanding essential services and psychological support for victims of gender-based violence.
Amendment 77 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point d – point i
Annex 5 – part A – paragraph 4 – point d – point i
(i) Improvn line with the priorities set out in the European Consensus for Development, supporting the health and well-being of people in developing countries through increasing access to, and equitable provision of, good quality essential public health services and more specifically:
Amendment 78 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point d – point ii
Annex 5 – part A – paragraph 4 – point d – point ii
(ii) supporting and shaping the policy agenda of global initiatives of direct significant benefit to partner countries, in the context of poverty eradication and in the areas of health and basic education, considering result orientation, aid effectiveness and effects on health systems, including supporting partner countries to better engage with these initiatives;
Amendment 79 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point d – point iii
Annex 5 – part A – paragraph 4 – point d – point iii
(iii) supporting specific initiatives especially atat local, regional and global levels, which strengthen health systems and help countries develop and implement sound, evidence-based national health policies, and in priority areas (e.g., child and maternal health, and sexual and reproductive health and rights, access to family planning; global public goods and response to global health threats, such as HIV/AIDS, TB and Malaria and other poverty related and neglected diseases).
Amendment 80 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point d – point iii a (new)
Annex 5 – part A – paragraph 4 – point d – point iii a (new)
(iii a) promoting, providing and expanding essential services and psychological support for victims of violence, especially children.
Amendment 81 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point e – point iii
Annex 5 – part A – paragraph 4 – point e – point iii
(iii) improvenhancing equal access and quality of education, including fowith particular emphasis on women, girls and other vulnerable groups, women and girls, and countries furthest from achieving global targets.
Amendment 82 #
2011/0406(COD)
Proposal for a regulation
Annex 5 – part A – paragraph 4 – point e a (new)
Annex 5 – part A – paragraph 4 – point e a (new)
(e a) Children and youth: (i) promotion of policies taking into consideration children's and youth's particular vulnerability, protection of their rights, education, health and livelihoods, starting with participation and empowerment; (ii) promoting and helping on the implementation and development of policies, projects and programmes benefiting children and youth and enhancing the role of children and youth as actors for development; (iii) promoting and helping on the implementation and development of policies, projects and programmes to eradicate child labour, trafficking of children and violence against children.
Amendment 33 #
2011/0404(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) A European State which has applied to join the Union can become a member only when it has been confirmed that it meets the membership criteria agreed at the Copenhagen European Council in June 1993 and provided that the accession does not overstretch the capacity of the Union to integrate the new member. These criteria relate to the stability of institutions guaranteeing democracy, the rule of law, respect of human rights and respect for, and protection of, minorities, the development of the economy that must be sufficient to withstand the competitive pressure in the internal marketeffects of adapting to new challenges and promoting good governance and social progress, in particular in the fields of employment, decent work, education, environment, the fight against poverty, and the ability to assume not only the rights but also the obligations under the Treaties.
Amendment 34 #
2011/0404(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Assistance under this Regulation should be provided in accordance with the enlargement policy framework defined by the Union for each beneficiary country reflected in the annual enlargement package of the Commission, which includes the Progress Reports and the Enlargement Strategy, in the Stabilisation and Association agreements and in the European or Accession Partnerships. Assistance should mainly focus on a limited number of policy areas that will help beneficiary countries strengthen democratic institutions and the rule of law, reform the judiciary and public administration, respect fundamental rights and promote gender equality and non- discriminati, promote and protect fundamental rights, promote and mainstream gender equality, the effective implementation of the principles of non- discrimination on grounds of sex, racial or ethnic origin, religion or belief, disability, age or sexual orientation, including equality between women and men and the rights of all persons, including persons with disabilities and the elderly, contribute to ensuring a high level of protection of personal data, enhance respect of the rights of the child, and combat violence and harassment against women, children, minorities and other vulnerable persons. It should also enhance their economic and social development, underpinning a smart, sustainable and inclusive growth agenda, and should in particular increase its support for the fight against social exclusion and poverty in line with the Europe 2020 strategy and to align progressively with the Copenhagen criteria. The coherence between the financial assistance and the overall progress made in the implementation of the pre-accession strategy should be strengthened.
Amendment 37 #
2011/0404(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Candidate countries and potential candidates need to be better prepared to withstand global challenges, such as sustainable development and climate change, and align with the Union's efforts to address these issues. Union assistance under this Regulation should also contribute to mainstreaming achievement of the Europe 2020 goals, democracy, the rule of law, entrepreneurship, human rights, workers' rights, social progress, environmental protection and the goal of raising the climate-related proportion of the Union budget to at least 20 %.
Amendment 40 #
2011/0404(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The Commission and the Member States should ensure the compliance, coherence, and complementarity of their assistance, in particular through regular consultations and frequent exchanges of information during the different phases of the assistance cycle. Furthermore, coherence between the assistance provided by the Commission, Member States, the European Investment Bank and other social partners, non- governmental organisations, and international, local and regional aid providers should be guaranteed.
Amendment 49 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a – point i
Article 2 – paragraph 1 – point a – point i
(i). strengthening of democratic institutions and the rule of law, including its implementation; involving social partners, non-governmental organisations, and local and regional authorities in the preparation, implementation, monitoring and evaluation of this process;
Amendment 50 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a – point ii
Article 2 – paragraph 1 – point a – point ii
(ii) promotion and protection of human rights and fundamental freedoms, enhanced respect for minority rights, promotion and mainstreaming of gender equality, non-discrimination and freedom of the press, and promotion ofeffective implementation of the principles of non-discrimination on grounds of sex, racial or ethnic origin, religion or belief, disability, age or sexual orientation, including equality between women and men and the rights of all persons, including persons with disabilities and the elderly; contributing to ensuring a high level of protection of personal data; enhancing respect of the rights of the child; combatting violence and harassment against women, children, minorities and other vulnerable persons; promotion of freedom of the press and good neighbourly relations;
Amendment 51 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a – point v
Article 2 – paragraph 1 – point a – point v
(v) the development of civil society and social dialogue, including core and operational funding for organisations whose activities are linked to the implementation of the objectives of the Programme; networking among specialised bodies and organisations and national, regional and local authorities;
Amendment 52 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b – introductory wording
Article 2 – paragraph 1 – point b – introductory wording
(b) Support for economic, and social development and territorial developmentcohesion, with a view to a smart, sustainable and inclusive growth, inter alia through:
Amendment 53 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b – point i
Article 2 – paragraph 1 – point b – point i
(i) the achievement of Union standards in the economy and economic governance, including stable public finances;
Amendment 54 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b – point ii
Article 2 – paragraph 1 – point b – point ii
(ii) economic reforms necessary to cope with competitive pressure and market forces within the Unionsupport to social partners, non- governmental organisations and local and regional authorities, with a view to facilitating their adaptation to new challenges and the promotion of good governance and social progress, while pursuing economic, social and environmental goals;
Amendment 55 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b – point iii
Article 2 – paragraph 1 – point b – point iii
(iii) fostering employment and developing human capital;opportunities, promoting education and life-long learning, developing active inclusion policies and combating poverty and social exclusion in accordance with the Commission communication of 16 December 2010 entitled "The European Platform against Poverty and Social Exclusion: A European framework for social and territorial cohesion2010"1; __________ 1 COM(2010)0758.
Amendment 56 #
2011/0404(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – indent 2
Article 2 – paragraph 2 – subparagraph 1 – indent 2
– Progress in economic reforms and reduction of regional disparities; the soundness and effectiveness of social and economic development strategies, progress towards smart, sustainable and inclusive growth, including through public investments supported by IPA;
Amendment 70 #
2011/0404(COD)
Proposal for a regulation
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
3a. Support for social partners, non- governmental organisations, local and regional authorities; support, including core and operational funding, for the promotion, mainstreaming and effective implementation of human rights, freedom of speech, social partners, non- governmental organisations, international, local and regional authorities whose activities are linked to the implementation of the objectives of democracy, good governance, combating poverty and social exclusion, social progress and sustainable environmental development; networking among specialised bodies and organisations and national, regional and local authorities at European level shall be promoted.
Amendment 48 #
Amendment 47 #
Amendment 76 #
2011/0385(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 94 #
2011/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The application of this Regulation shall fully respect Article 152 TFEU and the recommendations issued under this Regulation shall respect national practices and institutions for wage formation. It shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and accordingly shall not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Amendment 119 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph -1 (new)
Article 3 – paragraph -1 (new)
-1. The Commission shall, before the Member State adopts the measures, consult the social partners and enter into an intense dialogue with them, with the aim of contributing to a balanced and realistic set of recommendations.
Amendment 165 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures. The adjustment programme shall strictly respect the diversity of wage formation and industrial relation systems in the Union and shall not encroach upon the domain of private or public sector wage formation.
Amendment 16 #
2011/0371(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The Council of the European Union called on 12 May 2009 for a strategic framework for European cooperation in education and training (ET 2020) setting up four strategic objectives with a view to responding to the challenges that remain in creating a knowledge-based Europe and making lifelong learning a reality for all. These objectives will only be attained if the adequate level of funding is made available.
Amendment 17 #
2011/0371(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To support mobility, equity and study excellence, the Union should establish a robust European loan guarantee facilitysystem of grants to enable students, regardless of their economical and social background, to take their Masters degree in another participating country. This facility should be available toalso take into account the particular economical and financial iconstitutions which agree to offer loans for Masters' studies in other participating countries on favourable terms for the studentraints in several EU member states which have lead to a huge drop in all financial supports available for students in these countries.
Amendment 18 #
2011/0371(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) transnational mobility of higher education and vocational training students as well as of young people involved in non-formal activities between the participating countries as referred in Article 18. This mobility may take the form of studying at a partner institution, traineeships abroad or participating in youth activities, notably volunteering. Degree mobility at Masters level shall also be supported throughpreferably through a system of grants rather than the student loan guarantee facility as referred to in Article 14 (3).
Amendment 10 #
2011/0369(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Whereas the Drug prevention and information programme was based on a public health legal basis and therefore covered health considerations, notably the reduction of health harms associated with drug use,; the Justice programme should approach prevention and anti-drugs policy via the angle of crime prevention. Illicitand recidivism prevention. Public awareness and prevention of drug trafficking and other illegal activities related to drugs should be the main focus of drug-related funding under the new programme.
Amendment 11 #
2011/0369(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In the field of drugs, demand and supplyNational and transnational crime, namely trafficking of human beings, particularly women and children, smuggling of arms and ammunition, traffic in drugs and nuclear material, fraud, money laundering and corruption create a real threat that Member States cannot tackle sustainably on their own. Union intervention under this Regulation should support Member States actions to prevent and reduce drug demand and supplyorganised crime, notably by supporting cross- border cooperation on enforcement.
Amendment 12 #
2011/0369(COD)
(9a) The aim of this regulation is to prevent and reduce national and transnational crime, namely trafficking of human beings, particularly women and children, smuggling of arms and ammunition, traffic in drugs and nuclear material, fraud, money laundering and corruption.
Amendment 13 #
2011/0369(COD)
Proposal for a regulation
Article 5 – subparagraph 1 – point b – introductory part
Article 5 – subparagraph 1 – point b – introductory part
(b) to facilitate access to justiceguarantee access to justice and to court, right to free legal aid, right to an independent trial within a reasonable time, without discrimination and regardless of administrative, economic, social, cultural and linguistic aspects.
Amendment 14 #
2011/0369(COD)
Proposal for a regulation
Article 5 – subparagraph 1 – point c – introductory part
Article 5 – subparagraph 1 – point c – introductory part
(c) to prevent and reduce drug demand and supply. national and transnational organised crime, namely traffic in human beings, particularly women and children, smuggling of arms and ammunition, traffic in illegal drugs and nuclear material, fraud, money laundering and corruption.
Amendment 15 #
2011/0369(COD)
Proposal for a regulation
Article 5 – subparagraph 2
Article 5 – subparagraph 2
The Programme shall aim to promote equality between women and men and combat discrimination based on sex, racial or ethnic origin, religion or belief, disability, age or, sexual orientation as well as discrimination based on social inequalities in all its activities.
Amendment 16 #
2011/0369(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) enhancing public awareness and knowledge of Union law and policies, policies and access to justice;
Amendment 17 #
2011/0369(COD)
(d) improving the knowledge and understanding of potential issues affecting the smooth functioning of a European area of justice with a view to ensuring evidence- based policy making and, legislation and access to justice.
Amendment 18 #
2011/0369(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point d
Article 6 – paragraph 2 – point d
(d) support for main actors, such as support for Member States when implementing Union law and policies; support for key European level networks, national, regional and local level networks, social partners, non- governmental organisations, whose activities are linked to the implementation of the objectives of the Programme; networking among specialised bodies and organisations, national, regional and local authorities at European level; funding of experts' networks; funding of European level observatories.
Amendment 19 #
2011/0369(COD)
2. Public and/or private bodies and, social partners, non-governmental organisations, local, regional and national entities legally established in other third countries, notably countries where the European Neighbourhood Policy applies, may be associated to actions of the Programme, if this serves the purpose of these actions.
Amendment 23 #
2011/0369(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Commission shall take appropriate measures ensuring that, when actions financed under this Regulation are implemented, the financial interests of the Union are protected by the application of preventive measures against fraud, corruption and any other illegal and/or irregular activities, by effective checks and, if irregularities are detected, by the recovery of the amounts wrongly paid and, where appropriate, by effective, proportionate and deterrent penalties.
Amendment 24 #
2011/0369(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. The Commission or its representatives and the Court of Auditors shawill have the power of audit, on the basis of documents and on-the-spot, over all grant beneficiaries, contractors and subcontractors who have received Union funds under the Programme.
Amendment 25 #
2011/0369(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
The European Anti-fraud Office (OLAF) maywill carry out on-the-spot checks and inspections on economic operators concerned directly or indirectly by such funding in accordance with the procedures laid down in Regulation (Euratom, EC) No 2185/96 with a view to establishing whether there has been fraud, corruption or any other illegal or irregular activity affecting the financial interests of the Union in connection with a grant agreement or grant decision or a contract concerning Union funding.
Amendment 26 #
2011/0369(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The Commission shall monitor the Programme regularly in order to follow the implementation of actions carried out under it in the areas of actions referred to in Article 6 (1) and the achievement of the specific objectives referred to in Article 5. The monitoring will also provide a means of assessing the way in which gender equality and anti-discrimination issues have been addressed across the programme's activities. Where relevant, indicators should be disaggregated by sex, age and disabi, disability and social inequality.
Amendment 27 #
2011/0369(COD)
Proposal for a regulation
Article 13 – paragraph 2 – point aa (new)
Article 13 – paragraph 2 – point aa (new)
(aa) annual evaluation reports;
Amendment 28 #
2011/0369(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. The annual and interim evaluation shall report on the achievement of the Programme's objectives, the efficiency of the use of resources and the Programme's European added value with a view to determining whether funding in areas covered by the Programme shall be renewed, modified or suspended after 2020. It shall also address the scope for any simplification of the Programme, its internal and external coherence, as well as the continued relevance of all objectives and actions. It shall take into account the results of the ex- post evaluations of the programmes mentioned in Article 14.
Amendment 104 #
2011/0361(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Above and beyond the principle of rotation, and to enable credit rating agencies to perform services to issuers as independently as possible, contracts between a given credit rating agency and a given issuer should not be renewable, even when the contractual relationship has not run to its maximum duration. In addition, clauses should be prohibited if they serve in any way to link the ratings issued to the remuneration of the credit rating agency or the possibility of terminating the contract. The object is, as far as possible, to curtail attempts to make the work of credit rating agencies subject to conditions, whether under contractual provisions or by means an implicit threat not to renew a contract.
Amendment 111 #
2011/0361(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) One of the specificities of sovereign ratings is that the issuer-pays model generally does not apply. Instead, the majority of ratings are produced as unsolicited ratings, providing the basis for both solicited and unsolicited ratings of the financial institutions of the country concerned. It is therefore not necessary to require the rotation of credit rating agencies issuing sovereign ratingsGiven the role played by the issue of sovereign ratings in triggering and exacerbating the current sovereign debt crisis, measures should be taken to safeguard the stability and integrity of the euro area and its member countries. Furthermore, as far as sovereign debt is concerned, investors have reliable background documents enabling them to assess the debt, not least the reports produced by the Commission, the European Central Bank, and the International Monetary Fund. Credit rating agencies should therefore be prohibited from carrying out analyses or issuing ratings or rating outlooks on any sovereign debt securities, whether concerning a single Member State or a group of Member States. If a credit rating agency fails to comply with that ban, its registration should be suspended. This measure is intended to allow for the present circumstances of the euro area and should be reviewed at the end of 2015.
Amendment 133 #
2011/0361(COD)
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) To support the rotation mechanism and reduce rating market concentration, every issuer should be subject to a limit of 50% of the notional sum rated by each credit rating agency. The aim is to encourage issuers to work with several credit rating agencies. So as not to penalise those issuers which voluntarily, or are legally obliged to, obtain more than one rating for a given security, or which have issued only one security, the notional sums corresponding to securities rated by more than one credit rating agency should, for the purposes of this limit, be apportioned among the credit rating agencies issuing the ratings.
Amendment 149 #
2011/0361(COD)
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The ratings issued by credit rating agencies should be directly related to credit risk. This is the only way to ensure comparability, whether in terms of the systems used by individual credit rating agencies or in terms of the types of financial instruments rated. It is unacceptable that investors and regulators should have no specific, objective criterion, verifiable at least a posteriori, enabling them to compare the different agency ratings and the agencies’ risk assessment performance. Furthermore, no credit rating system can be credible if financial instruments are rated equally when the probability of default is not the same. That being the case, ESMA should draw up a harmonised rating scale making the probability of default the decisive criterion for ratings issued.
Amendment 207 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 1 a (new)
Article 1 – point 1 a (new)
Regulation (EC) No 1060/2009
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
(1a) In Article 1 the following paragraph is inserted: “Lastly, this Regulation applies to ratings concerning Member States and their sovereign debt.”
Amendment 208 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 3 – point -a (new)
Article 1 – point 3 – point -a (new)
Regulation (EC) No 1060/2009
Article 3 – paragraph 1 – point (a)
Article 3 – paragraph 1 – point (a)
(-a) Point (a) is amended as follows: (a) “credit rating” means a service provided to investors and consumers in the form of an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories and subject to liability arrangements;
Amendment 221 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5 b – paragraph 2
Article 5 b – paragraph 2
The European Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (***) shall not refer to credit ratings in its warnings and recommendations where such references have the potential to trigger mechanistic reliance on credit ratings.
Amendment 234 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 a – paragraph 1 – introductory part
Article 6 a – paragraph 1 – introductory part
1. A shareholder or a member of a credit rating agency holding at least 5% of stake in the capital or the voting rights in that agency shall not
Amendment 237 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 a – paragraph1 – point a
Article 6 a – paragraph1 – point a
(a) hold 5% or more of the capital ofin any other credit rating agency. This prohibition does not apply to holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in diversified collective investment schemes do not put him or her in a position to exercise significant influence on the business activities of those schemes;
Amendment 240 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 a – paragraph 1 – point b
Article 6 a – paragraph 1 – point b
(b) have the right or the power to exercise 5% or more of the voting rights in any other credit rating agency;
Amendment 259 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 b – paragraph 2 – point c a (new)
Article 6 b – paragraph 2 – point c a (new)
(ca) irrespective of its duration, a contract may not be renewed, nor may it contain clauses linking the remuneration of the credit rating agency to the ratings issued.
Amendment 267 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 b a (new)
Article 6 b a (new)
Amendment 273 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point b
Article 1 – point 10 – point b
Regulation (EC) No 1060/2009
Article 8 – paragraph 5
Article 8 – paragraph 5
Amendment 317 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 12 e (new)
Article 1 – point 12 e (new)
Regulation (EC) No 1060/2009
Article 10 a (new)
Article 10 a (new)
(12e) The following article is inserted after Article 10: ‘Article 10a Issue of sovereign ratings 1. Credit rating agencies shall be expressly prohibited from carrying out any assessment, whether solicited or unsolicited, or issuing ratings or rating outlooks on sovereign debt instruments. 2. Paragraph 1 shall apply both to the sovereign debt of single Member States and to assessments concerning groups of Member States.’
Amendment 332 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 18 – point b
Article 1 – point 18 – point b
Regulation (EC) No 1060/2009
Article 21 – paragraph 4 a – point a
Article 21 – paragraph 4 a – point a
(a) a harmonised standard rating scale to be used, in accordance with Article 11a, by registered and certified credit rating agencies, which will be based upon the metric to measure credit risk and the number of rating categories and cut off values for each rating category, determined according to the likelihood of default;
Amendment 367 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 21 – point b a (new)
Article 1 – point 21 – point b a (new)
Regulation (EC) No 1060/2009
Article 36 a – paragraph 2 – point i a (new)
Article 36 a – paragraph 2 – point i a (new)
(ba) In Article 36a(2) the following point is added: (ia) Where a credit rating agency fails to comply with Article 10a, its registration shall be suspended for five years.
Amendment 371 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 – point a
Article 1 – point 24 – point a
Regulation (EC) No 1060/2009
Article 39 – paragraph 1
Article 39 – paragraph 1
‘1. By 7 December 20123, the Commission shall make an assessment of the application of this Regulation, including an assessment of the reliance on credit ratings in the Union, the impact on the level of concentration in the credit rating market, the cost and benefits of impacts of the Regulation and of the appropriateness of the remuneration of the credit rating agency by the rated entity (issuer-pays model), and submit a report thereon to the European Parliament and the Council’;
Amendment 378 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 – point b
Article 1 – point 24 – point b
Regulation (EC) No 1060/2009
Article 39 – paragraph 4
Article 39 – paragraph 4
Amendment 389 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point b – point ii
Annex I – point 1 – point b – point ii
Regulation (EC) No 1060/2009
Annex I – Section B – point 3 – paragraph 1 – point a a
Annex I – Section B – point 3 – paragraph 1 – point a a
‘(aa) a shareholder or member of a credit rating agency holding, directly or indirectly, 10% or more of either the capital or the voting rights ofin that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, directly or indirectly owns financial instruments of the rated entity or a related third party or has any other direct or indirect ownership interest in that entity or party, other than holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, which do not put him in a position to exercise significant influence on the business activities of the scheme;’;
Amendment 394 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point b – point iii
Annex I – point 1 – point b – point iii
Regulation (EC) No 1060/2009
Annex I – Section B – point 3 – paragraph 1 – point b a
Annex I – Section B – point 3 – paragraph 1 – point b a
‘(ba) the credit rating is issued with respect to a rated entity or a related third party which, either directly or indirectly holds 10% or more of either the, is a holder of capital or the voting rights ofin that credit rating agency;’;
Amendment 397 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point b – point iv
Annex I – point 1 – point b – point iv
Regulation (EC) No 1060/2009
Annex I – Section B – point 3 – paragraph 1 – point c a
Annex I – Section B – point 3 – paragraph 1 – point c a
‘(ca) a shareholder or member of a credit rating agency holding, directly or indirectly, 10% or more of either the capital or the voting rights ofin that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, is a member of the administrative or supervisory board of the rated entity or a related third party;’;
Amendment 399 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point b – point v
Annex I – point 1 – point b – point v
Regulation (EC) No 1060/2009
Annex I – Section B – point 3 – second paragraph
Annex I – Section B – point 3 – second paragraph
‘A credit rating agency shall also immediately assess, taking into account the limits laid down in the first subparagraph, whether there are grounds for re-rating or withdrawing the existing credit rating or credit outlook.’;
Amendment 404 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point d
Annex I – point 1 – point d
Regulation (EC) No 1060/2009
Annex I – Section B – point 4 – subparagraph 1
Annex I – Section B – point 4 – subparagraph 1
‘4. Neither a credit rating agency nor any person holding, directly or indirectly, at least 5% of the capital or voting rights of the credit rating agency or otherwise in a position to significantly influence the business activities of the credit rating agency shall provide consultancy or advisory services to the rated entity or a related third party regarding the corporate or legal structure, assets, liabilities or activities of that rated entity or related third party.’;
Amendment 8 #
2011/0314(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Persistent and considerable public deficits are closely linked to the current social, economic and financial crisis. At the same time, tax competition among Member States is an important factor impeding the sustainable consolidation of national budgets. Therefore the Commission should bring forward the timely introduction of a minimum rate for corporative taxes which should be set at 25 %. Such a minimum rate would decrease tax competition and therefore strengthen the freedom of Member States to tax corporations. Thus, the principle of subsidiarity would not be negatively affected.
Amendment 9 #
2011/0314(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) In an internal market having the characteristics of a domestic market, transactions between companies of different Member States should not be subject to less favourable tax conditions than those applicable to the same transactions carried out between companies of the same Member State. Nevertheless, the existence of 27 different corporate tax systems offers companies that operate across borders considerable scope for tax avoidance and tax evasion. This state of affairs is imposing a substantial burden on state budgets.
Amendment 10 #
2011/0314(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) The abolitionreplacement of all forms of taxation on interest and royalty payments in the Member State where they arise, whether collected by deduction at source or by assessment, by harmonised taxation at European level is the most appropriate means of eliminating the aforementioned formalities and problems and of ensuring the equality of tax treatment as between national and cross- border transactions; it is particularly necessary to abolishput a harmonised tax regime in place of such taxes in respect of such payments made between associated companies of different Member States as well as between permanent establishments of such companies.
Amendment 11 #
2011/0314(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) It is moreover necessary not to preclude Member States from taking appropriate measures to combat fraud or abuseto take appropriate measures to combat fraud, abuse, tax avoidance and tax evasion at both European and Member States' levels.
Amendment 45 #
2011/0308(COD)
Proposal for a directive
Recital 33
Recital 33
(33) The reports should serve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction. The report should incorporate disclosures on a country and project basis, where a project is a contract, licence, lease or other legal agreement under which an issuer operates and which gives rise to specific revenue liabilities, it is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports, such as a concession, geographical basin, etc and where payments have been attributed to such projects. In the light of the overall objective of promoting good governance in these countries, the materiality of payments to be reported should be assessed in relation to the recipient government. Various criteria on materiality could be envisaged such as payments of an absolute amount, or a percentage threshold (such as payments in excess of a percentage of a country’s GDP) and these can be defined through a delegated act. The reporting regime should be subject to a review and a report by the Commission within five years of the entry into force of the Directive. The review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security. The review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details, such as bank account information.
Amendment 95 #
2011/0308(COD)
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Member States shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basito prepare and make public a report on payments made to governments and certain contextual information as defined in Article 38 on an annual basis. The report shall include activities of subsidiaries, associates, joint ventures, permanent establishments and other trading arrangements to the extent that they are consolidated in the annual financial statements of the undertaking or entity in question. The report shall be part of the notes to the financial statements.
Amendment 109 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c
Article 38 – paragraph 1 – point c
(c) for undertakings active in the extractive industry and the logging of primary forests, where those payments have been attributed to a specific project, the amount per type of payment, including payments in kind, made for each such project within a financial year, and the total amount of payments for each such project.
Amendment 114 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c a (new)
Article 38 – paragraph 1 – point c a (new)
(ca) net turnover broken down by categories of activity;
Amendment 116 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c b (new)
Article 38 – paragraph 1 – point c b (new)
(cb) production volumes broken down by categories of activity;
Amendment 118 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c c (new)
Article 38 – paragraph 1 – point c c (new)
(cc) production cost with its associated employee count and aggregate remuneration;
Amendment 120 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c d (new)
Article 38 – paragraph 1 – point c d (new)
(cd) total cash cost of operations;
Amendment 122 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c e (new)
Article 38 – paragraph 1 – point c e (new)
(ce) fixed production assets at year-end with associated accumulated depreciation;
Amendment 124 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c f (new)
Article 38 – paragraph 1 – point c f (new)
(cf) net profit and loss before tax with associated cash and deferred tax on an accrual basis;
Amendment 125 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c g (new)
Article 38 – paragraph 1 – point c g (new)
(cg) The information above shall be disclosed on a country-by-country basis expect for subparagraph c, where information shall be disclosed on a project-by-project basis;
Amendment 133 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 2 – point b
Article 38 – paragraph 2 – point b
(b) taxes on profits and the effective tax rate applied;
Amendment 147 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 2 – point g a (new)
Article 38 – paragraph 2 – point g a (new)
(ga) payments to state security forces for security services;
Amendment 172 #
2011/0308(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A Member State shall require any large undertaking or any public interest entity active in the extractive industry or the logging of primary forests and governed by its national law to draw up a consolidated report on payments to governments in accordance with Articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in Article 23(1) to 23(6) of this Directive.
Amendment 16 #
2011/0307(COD)
Proposal for a directive
Recital 7
Recital 7
(7) In order to provide for enhanced transparency of payments made to governments, issuers wshose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industriuld disclose as part of their annual financial statements payments made to governments in the countries in which they operate. Disclosures should disclosbe made ion a separate report on an annual basis payments made to governments in the countries in which they operate. Tcountry- by-country basis. For companies having activities in the extractive sector or logging forest industries, the report should include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI) and provide civil society with information to hold governments of resource-rich countries to account for their receipts from the exploitation of natural resources. The report should be made on a country-by- country and project-by-project basis, where a project means a contract, licence, lease or other legal agreement under which an issuer operates and which gives rise to specific revenue liabilities. For all issuers, disclosures should include turnover (including third party and intra- group turnover) of the constituent entities of the undertaking that might give rise to payments and, on a country-by-country basis, quantities produced, profit before tax, effective tax rates, total number of people employed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period. The initiative is also complementary to the EU FLEGT Action Plan (Forest Law Enforcement, Governance and Trade) and the Timber Regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the EU market. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 20 #
2011/0307(COD)
Proposal for a directive
Recital 14
Recital 14
(14) In order to improve compliance with the requirements of Directive 2004/109/EC and following the Communication from the Commission of 9 December 2010 entitled ‘Reinforcing sanctioning regimes in the financial sector’, the sanctioning powers of competent authorities should be enhanced and should satisfy certain essential requirements. In particular, competent authorities should be able to suspend the exercise of voting rights for holders of shares and financial instruments who do not comply with the notification requirements and to impose pecuniary sanctions which are sufficiently high to be dissuasive. To ensure sanctions have a dissuasive effect on the public at large, sanctions should normally be published, except in certain well-defined circumstances.
Amendment 39 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2004/109/CE
Article 6
Article 6
Member States shall require all issuers active in the extractive or logging of primary forest industries, as defined in […] to prepare, in accordance withto prepare, as part of their annual financial statements, a report on payments made to governments in the countries in which they operate as if Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council (*), a report on payments made to governments on an annual basispplied. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years. Payments to governments shall be reported at consolidated level. The report should incorporate disclosures on a country-by-country basis. For issuers engaged in activities related to extractive or forest industries, disclosures should include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI) and should be on a country-by-country and project-by-project basis, where a project means a contract, licence, lease or other legal agreement under which an issuer operates, and from which its specific revenue liabilities arise. For all issuers, disclosures should include turnover (including third party and intra- group turnover) of the constituent entities of the undertaking that might give rise to payments and, on a per-country basis, quantities produced, profit before tax, effective tax rates, total number of people employed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period.
Amendment 419 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Requirements which institutions and persons as referred to in paragraph 1 of this Article cannot be excepted from, include, but are not limited to: – reporting obligations; – prohibitions; – position limits; – consumer protection; and – licensing requirements.
Amendment 421 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
Amendment 424 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission shall adopt delegated acts in accordance with Article 94 concerning measures in respect of exemptions (c), (d) and (i), to clarifying when an activity is to be considered as ancillary to the main business on a group level as well as for determining when an activity is provided in an incidental manner.
Amendment 443 #
Amendment 457 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 3 a (new)
Article 4 – paragraph 2 – point 3 a (new)
Amendment 492 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Excessive speculation' means positions held by any person, including any group or class of persons, which do not objectively reduce risks directly related to that person's commercial activities related to the commodity and in which the counterparty is not reducing risks directly related to its commercial activities.
Amendment 501 #
2011/0298(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Each Member State shall require that the performance of investment services or activities as a regular occupation or business on a professional basis be subject to prior authorisation in accordance with the provisions of this Chapter and Article 31 of the Regulation (EU) No …/… [MiFIR]. Such authorisation shall be granted by the home Member State competent authority designated in accordance with Article 69.
Amendment 505 #
2011/0298(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The home Member State shall ensure that the authorisation specifies the investment services or activities which the investment firm is authorised to provide. The authorisation may cover one or more of the ancillary services set out in Section B of Annex I. Authorisation shall in no case be granted solely for the provision of ancillary services. ESMA shall review the authorisation on suspicion of infringements against the provisions of this Directive and in case of a complaint by interested third parties within an appropriate period of time and may cancel the authorisation to ensure the stability of the financial market.
Amendment 509 #
2011/0298(COD)
Proposal for a directive
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
The competent authority or ESMA may withdraw the authorisation issued to an investment firm where such an investment firm:
Amendment 528 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall require investment firms to take into account diversity as one of the criteria for selection of members of the management body as well as to introduce a women's quota of 40 % in their management bodies by 1 January 2015 at the latest. In particular, taking into account the size of their management body, investment firms shall put in place a policy promoting gender, age, educational, professional and geographical diversity on the management body and disclose this strategy at least once a year.
Amendment 548 #
2011/0298(COD)
Proposal for a directive
Article 12 – paragraph 5
Article 12 – paragraph 5
5. If the competent authorities do not oppose the proposed acquisition within the assessment period in writing, it shall be deemed to be approvedecide in favour of an authorisation, they shall inform the interested acquisitor by notification after the expiry of the assessment period at the latest.
Amendment 556 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 7 – subparagraph 1
Article 16 – paragraph 7 – subparagraph 1
Records shall include the recording of telephone conversations or electronic communications involving, at least, transactions concluded when dealing on own account and client orders when investment advice is given to clients or the services of reception and transmission of orders and execution of orders on behalf of clients are provided.
Amendment 577 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. An investment firm that engages in algorithmic trading must be subject to a separate authorisation procedure. Thereby it has to show in a clear and understandable manner, which benefits for the economy as a whole result from its activities, and that no negative effects such as increased volatility, putting the stability of the financial market at risk, or distortion of prices derives from its activities. If this is not proven in a clear and understandable manner, the authorisation of such an investment firm must be prohibited. The European Commission shall prepare a proposal for a list of possible macroeconomic positive and negative effects through algorithmic trading.
Amendment 579 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 1 b (new)
Article 17 – paragraph 1 b (new)
1b. High-frequency trading is prohibited.
Amendment 673 #
2011/0298(COD)
Proposal for a directive
Article 23 – paragraph 2
Article 23 – paragraph 2
2. Where organisational or administrative arrangements made by the investment firm in accordance with Article 16(3) to manageavoid conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, the investment firm shall clearly disclose the general nature and/or sources of conflicts of interest to the client before undertaking business on its behalf.
Amendment 684 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. In particular, Member States should ensure that investment firms assess a general consistency of the financial instruments distributed (especially when directly designed), with due regard to their characteristics against the characteristics and needs of the potential target group of clients to whom these instruments are being addressed. This assessment shall take into account the full customer protection offered by an issuer which is member of an institutional protection scheme as defined in Article 80(8) of Directive 2006/48/EC. Moreover, Member States shall require that investment firms take reasonable steps to ensure that the sale and distribution policy is consistent with the suitability and appropriateness assessment rules.
Amendment 736 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point i
Article 24 – paragraph 5 – point i
(i) shall assess a sufficiently large number of financial instruments available on the marketcarry out a comprehensive and fair analysis of the relevant market and provide advice which is unbiased and unrestricted. The financial instruments should be diversified with regard to their type and issuers or product providers and should not be limited to financial instruments issued or provided by entities having close links with the investment firm,
Amendment 748 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point ii
Article 24 – paragraph 5 – point ii
(ii) shall not accept or receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients. The investment firms are neither authorised to offer services remunerated by fees, commissions or any benefits paid or provided by a financial institution or a person action on behalf of a financial institution that issues investment products they advise.
Amendment 779 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 7 – subparagraph 1
Article 24 – paragraph 7 – subparagraph 1
When an investment service is offered together with another service or product as part of a package or as a condition for the same agreement or package, the investment firm shall inform the client whether it is possible to buy the different components separately and shall provide for a separate evidence of the costs and charges of each component. A product combining investment and savings products may not be offered to retail investors.
Amendment 836 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 6 a (new)
Article 25 – paragraph 6 a (new)
6 a. When investment advise is given to a client and related to this advice any kind of inducement is provided to the advisor, the advisor shall inform each client regularly, but at least once a year, of the kind and volume of inducement he received for the investment advice and the respective orders related to the respective client.
Amendment 874 #
2011/0298(COD)
Proposal for a directive
Article 30 – paragraph 2 – subparagraph 1
Article 30 – paragraph 2 – subparagraph 1
Member States shall recognise as eligible counterparties for the purposes of this Article investment firms, credit institutions, insurance companies, UCITS and their management companies, pension funds and their management companies, other financial institutions authorised or regulated under Union legislation or the national law of a Member State, undertakings exempted from the application of this Directive under Article 2(1)(k) , national governments and their corresponding offices including public bodies that deal with public debt at national level , central banks and supranational organisations. However, municipal authorities and regional administrative bodies are exempt.
Amendment 882 #
2011/0298(COD)
Proposal for a directive
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
1 a. Member States shall ensure that investment firms and market operators, operating a trading venue, record their transaction to ensure identification of the client ("trade marking").
Amendment 902 #
2011/0298(COD)
Proposal for a directive
Article 35 – paragraph 3 – point a a (new)
Article 35 – paragraph 3 – point a a (new)
(aa) the majority of financial products traded on the market are products which are directly funding small and medium sized enterprises, not including financial institutions.
Amendment 991 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 1 a (new)
Article 51 – paragraph 1 a (new)
1a. Member States require any trading venue to have effective systems, procedures and arrangements in place to ensure that all orders entered into the system by a member or participant are valid for a minimum of 1 second.
Amendment 1023 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 4 a (new)
Article 51 – paragraph 4 a (new)
4 a. Member States shall require that every trading venue maintains orders in the order book for at least 24 hours.
Amendment 1058 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 a (new)
Article 51 – paragraph 7 a (new)
7a. Member States require that any bid placed on the trading venue regarding the purchase or sale of a product is binding and has to be executed.
Amendment 1100 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensurequire that regulated markets, operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants, or a class of market members or participants, can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 1105 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point a
Article 59 – paragraph 1 – subparagraph 1 – point a
(a) support liquidity required for hedging risk directly and objectively related to commercial activities related to the underlying commodity;
Amendment 1109 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
(c a) protect the price discovery function for the underlying commodity;
Amendment 1112 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
(c b) prevent, mitigate or eliminate excessive speculation and volatility of the underlying commodity.
Amendment 1118 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits orand arrangements shall be transparent and non-discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. In particular, they shall differentiate between positions which objectively reduce risks directly related to commercial activities related to the commodity, and other positions. They shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market. Limits shall also be applied to the net positions of market members or participants across regulated markets, MTFs, OTFs and any positions in equivalent contracts traded outside of these venues. The limits shall be defined for each month a respective financial product is held. The limits shall be reported to ESMA and shall be controlled by it. ESMA shall set for members or market participants operating on different trading venues within the EU an overall limit which applies throughout the EU.
Amendment 1143 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 4 – subparagraph 1
Article 59 – paragraph 4 – subparagraph 1
Competent authorities shall not impose limits or alternative arrangemenare generally permitted to impose limits which are more restrictive than those adopted pursuant to paragraph 3 except in exceptional cases wherto achieve they are objectively justified and proportionate taking into account the liquidity of the specific market and the orderly functioning of the marketims referred to under paragraph 1. ESMA has to be informed accordingly. The restrictions shall be valid for an initial period not exceeding six months from the date of its publication on the website of the relevant competent authority. Such a restriction may be renewed for further periods not exceeding six months at a time if the grounds for the restriction continue to be applicable. If the restriction is not renewed after that six-month period, it shall automatically expire.
Amendment 1145 #
2011/0298(COD)
Proposal for a directive
Article 59 a (new)
Article 59 a (new)
Article 59 a The classes of market participants as referred to in Article 59 differentiate between undertakings hedging commercial risks and others. The class of undertakings not hedging commercial risks may not keep positions exceeding 20 % of the respective open interest. EMSA shall develop draft technical standards limiting positions of single market participants to prevent any participant to corner the respective market.
Amendment 1148 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 – subparagraph 1 – point a
Article 60 – paragraph 1 – subparagraph 1 – point a
(a) make public a weekdaily report with the aggregate positions held by the different categories of traders for the different financial instruments traded on their platforms in accordance with paragraph 3;
Amendment 1155 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 – subparagraph 1 – point b
Article 60 – paragraph 1 – subparagraph 1 – point b
(b) provide ESMA and the competent authority with a complete breakdown of the positions of any or all market members or participants, including any positions held on behalf of their clients, upoin requestal-time.
Amendment 1156 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 – subparagraph 2
Article 60 – paragraph 1 – subparagraph 2
Amendment 1159 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 – subparagraph 2 a (new)
Article 60 – paragraph 1 – subparagraph 2 a (new)
ESMA shall ensure that the information received is aggregated for each market participant and for each category of trader in accordance with paragraph 3 and any additional class of market participant in accordance with Article 59 of this Directive and Article 35 of Regulation (EU) No .../... [MiFIR]. This information shall be published by ESMA in a daily report for the purpose of the implementation of limits on the position of individual market participants and any class or category of market participants.
Amendment 1166 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 2 – subparagraph 1 a (new)
Article 60 – paragraph 2 – subparagraph 1 a (new)
Member States shall ensure that investment firms which trade in commodity derivatives or emission allowances or derivatives thereof outside of a regulated market, MTF or OTF provide ESMA and the competent authority with a complete breakdown of their positions in real-time.
Amendment 1167 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 2 – subparagraph 1 b (new)
Article 60 – paragraph 2 – subparagraph 1 b (new)
Amendment 1172 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 3 – subparagraph 2
Article 60 – paragraph 3 – subparagraph 2
The reports mentioned in point (a) of paragraph 1 should specify the number of long and short positions by category of trader, changes thereto since the previous report, percent of total open interest represented by each category, and the number of traders in each category. They shall also distinguish between positions which objectively reduce risks directly related to commercial activities and other positions.
Amendment 1183 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 5 – subparagraph 2
Article 60 – paragraph 5 – subparagraph 2
Amendment 1185 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 5 a (new)
Article 60 – paragraph 5 a (new)
5a. ESMA shall develop draft implementing technical standards to specify the measures to require all reports mentioned in point (a) of paragraph 1 to be sent to ESMA at a specified daily time, for their centralised publication by the latter. These technical standards shall allow public reporting in an easily accessible way that allows the identification of trends and risks in commodity derivative trading on trading venues, OTC and in underlying commodity markets. ESMA shall submit those draft implementing technical standards to the Commission by […]*. Power is conferred on the Commission to adopt the implementing technical standards based on the draft technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. ______________ * OJ please insert date: 12 months after entry into force of this Directive.
Amendment 97 #
2011/0296(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The recent financial crisis has exposed weaknesses in the transparency of financial marketsonce more proven that markets are by no means efficient. Rather the opposite is true. Under-regulated markets tend to become intransparent which leads to excessive speculation and the creation of economic bubbles with devastating socio- economic effects. The objective of this review is to end harmful speculation and to support channelling savings into productive investment. Strengthening transparency is therefore one of the shared principles to strengthen the financial system as confirmed by the G20 declaration in London on 2 April 2009. In order to strengthen the transparency and improve the functioning of the internal market for financial instruments, a new framework establishing uniform requirements for the transparency of transactions in markets for financial instruments should be put in place. The framework should establish comprehensive rules for a broad range of financial instruments. It should complement requirements for the transparency of orders and transactions in respect of shares established in Directive 2004/39/EC of the European Parliament and the Council of 21 April 2004.
Amendment 210 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ‘'systematic internaliser’' means an investment firm which, on an organiszed, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF or an OTF; and whose activity meets the following criteria: (a) the activity has a material commercial role for the firm, and is carried on in accordance with non-discretionary rules and procedures; the qualitative and quantitative criteria for assessing the materiality of the commercial role are to be defined by ESMA (b) the activity is carried on by personnel, or by means of an automated technical system, assigned to that purpose, irrespective of whether those personnel or that system are used exclusively for that purpose; (c) the activity is available to clients on a regular or continuous basis.
Amendment 229 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7 a) 'Over the counter (OTC) trading' means trading which is ad-hoc and irregular and carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size.
Amendment 433 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1when the quoted size is at or below a size specific to the instrument available to other clients of the investment firm in an objective non- discriminatory way on the basis of their commercial policy.
Amendment 681 #
2011/0296(COD)
Proposal for a regulation
Article 30 a (new)
Article 30 a (new)
Amendment 682 #
Amendment 698 #
2011/0296(COD)
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31 a Any financial product shall be investigated, registered and admitted by ESMA in order to be marketed, distributed or traded inside the Union. Products existing before entry into force of this regulation are grandfathered as defined in Article 31 -1 of this Regulation. ESMA shall develop draft regulatory technical standards to specify the criteria which have to be investigated before a financial product could be registered. The criteria which should be investigated are including, but not limited to: - low risks for the economy and the society as a whole - transparency of the financial product for the public, the market participants and the relevant authorities - serving the needs of the real economy - possible causation or enhancement of price volatility in any market. - possible distortion of price formation - possible enhancement of excessive speculation To register a financial product in the Union, the issuer shall pay a fee to ESMA. The fee shall be related to the complexity of the respective product. The fees shall be set by ESMA and cover at least two thirds of the costs arising from the initial investigation for registering the respective financial product.
Amendment 700 #
2011/0296(COD)
Proposal for a regulation
Article 31 b (new)
Article 31 b (new)
Article 31b Financial products and funds which are related to commodity price development and products including such elements shall be prohibited from being marketed, distributed or sold in the Union.
Amendment 730 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – introductory part
Article 35 – paragraph 1 – introductory part
1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA shalltakes, where all conditions in paragraph 2 are satisfied, take(...) one or more of the following measures:
Amendment 732 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – point a
Article 35 – paragraph 1 – point a
(a) request from any person, class of persons or investment firm(s) information including all relevant documentation regarding the size and purpose of a position or exposure entered into via a derivative];
Amendment 734 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – point b
Article 35 – paragraph 1 – point b
(b) after analysing the information obtained, require any such person, class of persons or investment firm(s) to take steps to reduce the size of the position or exposure;
Amendment 736 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – point c
Article 35 – paragraph 1 – point c
(c) limit the ability of a person, class of persons or investment firm(s) from entering into a commodity derivative.
Amendment 740 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – point c a (new)
Article 35 – paragraph 1 – point c a (new)
(ca) apply limits on the number of commodity derivative contracts a person, class of persons or investment firm(s) can enter into over a specific period of time.
Amendment 743 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
Article 35 – paragraph 2 – subparagraph 1 – introductory part
ESMA shall only take a decision under paragraph 1 if all of the following conditions are fulfilled:
Amendment 745 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – point a
Article 35 – paragraph 2 – subparagraph 1 – point a
(a) the measures listed in points (a) to (c) of paragraph 1 prevent market abuse, reduce or eliminate excessive speculation, address a threat to the orderly functioning and integrity of financial markets and orderly pricing including in relation to delivery arrangements for physical commodities and price discovery for the underlying commodity market, or the stability of the whole or part of the financial system in the Union;
Amendment 748 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 3 – point a
Article 35 – paragraph 3 – point a
(a) does significantly prevent market abuse, reduce or eliminate excessive speculation, address the threat to the orderly pricing, orderly functioning and integrity of financial markets or of delivery arrangements for physical commodities and price discovery for the underlying commodity market, or the stability of the whole or part of the financial system in the Union or significantly improve the ability of competent authorities to monitor the threat;
Amendment 750 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 3 – point c
Article 35 – paragraph 3 – point c
(c) does not have a detrimental effect on the efficiency of financial markets, including reducing liquidity and underlying commodity markets, including distorting those markets or creating uncertainty for market participantseir price discovery function, that is disproportionate to the benefits of the measure.
Amendment 756 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 8
Article 35 – paragraph 8
8. ESMA shall review its measures referred to in subparagraph (c) of paragraph 1 at appropriate intervals and at least every three months. If a measure is not renewed after that three month period, it shall automatically expire. Paragraphs 2 to 8 shall apply to a renewal of measures.
Amendment 451 #
2011/0281(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) This Regulation should provide for the possibility of disposal of products bought in public intervention. Such measures should be taken in a way that avoids market disturbances and that, ensures equal access to goods and equal treatment of purchasers and enables produce to be made available for the scheme for food distribution to the most deprived in the Union.
Amendment 456 #
2011/0281(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) In order to ensure that private storage has the desired effect on the market, the power to adopt certain acts in accordance with Article 290 of the Treaty should be delegated to the Commission in respect of measures for reducing the amount of aid to be paid where the quantity stored is lower than the contracted quantity; and conditions for granting of an advance payment and conditions for re-marketing and disposal of products including making them available for the scheme for food distribution to the most deprived in the Union.
Amendment 459 #
2011/0281(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The existing scheme for food distribution to the most deprived in the Union adopted under the common agricultural policy should be the subject of a separshould continue, under the appropriate rlegulation adoptedal base to reflect its social cohesion objectives and to enable it to contribute to the Europe 2020 target to reduce poverty in the Union. Provision should nevertheless be made in this Regulation to allow for disposal of products held in public intervention and private storage by making them available for use in the scheme.
Amendment 733 #
2011/0281(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
Products may be disposed of by making them available for the scheme for food distribution to the most deprived in the Union set out in Regulation (EU) No […] if that scheme so provides. In that case, the accounting value of such products shall be at the level of the relevant fixed public intervention price referred to in Article 14(2).
Amendment 877 #
2011/0281(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point i
Article 19 – paragraph 1 – point i
(i) the conditions according to which it may be decided that products covered by private storage contracts may be re- marketed or disposed of, disposed of or made available for the scheme for food distribution to the most deprived in the Union set out in Regulation (EU) No [...];
Amendment 32 #
2011/0276(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) A performance framework should be defined for each programme with a view to monitoring progress towards the objectives and targets set for each programme over the course of the programming period. The Commission should undertake a performance review in cooperation with the Member States in 2017 and 2019. A performance reserve should be foreseen and allocated in 2019 where milestones set in the performance framework have been attained. Due to their diversity and multi-country character, there should be no performance reserve for ‘European Territorial Cooperation’ programmes. In cases where the shortfall in the achievement of milestones or targets is significant, the Commission should be able to suspend payments to the programme or, at the end of the programming period, apply financial corrections, in order to ensure that the Union budget is not used in a wasteful or inefficient way.
Amendment 33 #
2011/0276(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) Establishing a closer link between social and territorial cohesion policy and the economic governance of theEuropean Union will ensure that the effectiveness of expenditure under the CSF Funds is underpinned by sound economic policies and that the CSF Funds can, if necessary, be redirected to addressing the economic problems a country is facing. This process has tocan be gradual, starting with amendments to the Partnership Contract and to the programmes in support of Council recommendations to address macroeconomic imbalances and social and economic difficulties. Where, despite the enhanced use of CSF Funds, a Member State fails to take effective action in the context of the economic governance process, the Commission should have the right to suspend all or part of the payments and commitments. Decisions on suspensions should be proportionate and effective, taking into account the impact of the individual programmes for addressing the economic and social situation in the relevant Member State and previous amendments to the Partnership Contract. When deciding on suspensions, the Commission should also respect equality of treatment between Member States, taking into account in particular the impact of the suspension on the economy of the Member State concerned. The suspensions should be lifted and funds be made available again to the Member State concerned as soon as the Member State takes the necessary actionto address social and economic difficulties.
Amendment 38 #
2011/0276(COD)
Proposal for a regulation
Recital 58
Recital 58
Amendment 39 #
2011/0276(COD)
Proposal for a regulation
Recital 59
Recital 59
(59) As regards the Funds and with a viewdespite trying to ensuringe an appropriate allocation to each category of regions, resources should cannot be transferred betweenfrom less developed, transition and more developed regions except in duly justified circumstances linked to the delivery of one or more thematic objectives and for no more than 2 % of the total appropriation for that category of and transition to more developed regions.
Amendment 52 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 12 – paragraph 1
Part 2 – article 12 – paragraph 1
Amendment 56 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 14 – paragraph 1 a (new)
Part 2 – article 14 – paragraph 1 a (new)
Amendment 60 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 18
Part 2 – article 18
Amendment 61 #
Amendment 62 #
Amendment 14 #
2011/0275(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The ERDF should contribute to the Europe 2020 strategyeconomic, social and territorial cohesion, thus ensuring greater concentration of ERDF support on the priorities of the Union. According to the category of regions supported, the support from the ERDF should be concentrated on research and innovation, small and medium-sized enterprises and climate change mitigation. The degree of concentration should take into account the level of development of the region as well as the specific needs of regions whose GDP per capita for the 2007-13 period was less than 75% of the average GDP of the EU-25 for the reference perioda number of priorities. The cohesion policy contributes to a great extent to the achievement of the EU 2020 strategy objectives. As Article 176 of the Treaty on the Functioning of the European Union points out the aim of the ERDF is to help to overcome regional imbalances in the Union, taking into account regional and local development needs.
Amendment 18 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point a
Article 3 – paragraph 1 – subparagraph 1 – point a
(a) productive investment, which contributes to creating and safeguarding sustainable jobs, primarily through direct aid to investment in small and medium- sized enterprises (SMEs) and social economy;
Amendment 20 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point c
Article 3 – paragraph 1 – subparagraph 1 – point c
(c) investments in social, health and educational infrastructure as well as housing, childcare and cultural heritage;
Amendment 22 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point d – point ii
Article 3 – paragraph 1 – subparagraph 1 – point d – point ii
(ii) support for and services to enterprises, in particular SMEs and social economy;
Amendment 24 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point d – point iv
Article 3 – paragraph 1 – subparagraph 1 – point d – point iv
(iv) networking, cooperation and exchange of experience between regions, towns, and relevant social, economic and enviro, environmental and non-governmental actors;
Amendment 26 #
2011/0275(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a – point i
Article 4 – paragraph 1 – point a – point i
Amendment 35 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 4 – point c
Article 5 – paragraph 1 – point 4 – point c
(c) supporting energy efficiency and renewable energy use in public infrastructures and in the housing sector with targeted support for poor households, ensuring efficiency measures contribute to reducing energy poverty;
Amendment 40 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 10
Article 5 – paragraph 1 – point 10
(10) investing in childcare, education, skills and lifelong learning by developing education and training infrastructure;
Amendment 41 #
2011/0275(COD)
Proposal for a regulation
Article 6 – title
Article 6 – title
Indicators for the Investment for growth and jobs goal, employment and social progress
Amendment 43 #
2011/0275(COD)
Proposal for a regulation
Annex 1 – table title 1 – introductory part
Annex 1 – table title 1 – introductory part
Common indicators for ERDF support under the Investment for growth and jobs goal, employment and social progress (Article 6)
Amendment 69 #
2011/0275(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The ERDF should contribute to the Europe 2020 strategyeconomic, social and territorial cohesion, thus ensuring greater concentration of ERDF support on the priorities of the Union. According to the category of regions supported, the support from the ERDF should be concentrated on research and innovation, small and medium-sized enterprises and climate change mitigation. The degree of concentration should take into account the level of development of the region as well as the specific needs of regions whose GDP per capita for the 2007-13 period was less than 75% of the average GDP of the EU-25 for the reference perioda number of priorities. The cohesion policy contributes to a great extent to the achievement of the EU 2020 strategy objectives. As Article 176 of the Treaty on the Functioning of the European Union points out the aim of the ERDF is to help to redress the main regional imbalances in the Union, taking into account regional and local development needs.
Amendment 131 #
2011/0275(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Amendment 138 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point a
Article 3 – paragraph 1 – subparagraph 1 – point a
(a) productive investment, which contributes to creating and safeguarding sustainable jobs, primarily through direct aid to investment in small and medium- sized enterprises (SMEs) and social economy;
Amendment 163 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point c
Article 3 – paragraph 1 – subparagraph 1 – point c
(c) investments in affordable social, health, housing, childcare, cultural heritage and educational infrastructure;
Amendment 182 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point d – point ii
Article 3 – paragraph 1 – subparagraph 1 – point d – point ii
(ii) support for and services to enterprises, in particular SMEs and social economy;
Amendment 191 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point d – point iv
Article 3 – paragraph 1 – subparagraph 1 – point d – point iv
(iv) networking, cooperation, and exchange of experience between regions, towns, and relevant social, economic and environmental actorlocal and regional authorities, relevant social, economic, environmental and research and innovation actors and non-governmental organisations;
Amendment 250 #
2011/0275(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a – point i
Article 4 – paragraph 1 – point a – point i
Amendment 277 #
2011/0275(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point b – point i
Article 4 – paragraph 1 – point b – point i
Amendment 383 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 2 – point c a (new)
Article 5 – paragraph 1 – point 2 – point c a (new)
(c a) promoting the accessibility of ICT products and services for disadvantaged groups of people.
Amendment 456 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 4 – point c
Article 5 – paragraph 1 – point 4 – point c
(c) supporting energy efficiency and renewable energy use in public infrastructures and in the housing sector; with targeted support for poor households, ensuring efficiency measures contribute to reducing energy poverty.
Amendment 599 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 8 – introductory part
Article 5 – paragraph 1 – point 8 – introductory part
(8) promoting quality employment and supporting voluntary labour mobility:
Amendment 664 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 10
Article 5 – paragraph 1 – point 10
(10) investing in quality, affordable childcare, education, skills and lifelong learning by developing education and training infrastructure;
Amendment 24 #
2011/0268(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The ESF should improve employment opportunities, promote education and life- long learning and, develop active inclusion policies in accordanceand fight poverty and social exclusion in accordance with Article 9 of the Treaty and with the tasks entrusted to the ESF by Article 162 of the Treaty, and thereby contribute to economic, social and territorial cohesion in accordance with Article 174 of the Treaty. In accordance with Article 9 of the Treaty, the ESF should take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against poverty and social exclusion, and a high level of education, training and protection of human health.
Amendment 34 #
2011/0268(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The Member States and the Commission should ensure that the implementation of the priorities financed by the ESF contribute to the promotion of equality between women and men in accordance with Article 8 of the Treaty. Evaluations have shown the importance of taking the gender aspect into account in all dimensions of programmes including their preparation, implementation, monitoring and evaluation in a timely and consistent manner, while ensuring that specific actions are taken to promote gender equality.
Amendment 34 #
2011/0268(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The ESF should improve employment opportunities, promote education and life- long learning and, develop active inclusion policies in accordance withand fight poverty and social exclusion in accordance with Article 9 of the Treaty and the tasks entrusted to the ESF by Article 162 of the Treaty, and thereby contribute to economic, social and territorial cohesion in accordance with Article 174 of the Treaty. In accordance with Article 9 of the Treaty, the ESF should take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against poverty and social exclusion, and a high level of education, training and protection of human health.
Amendment 37 #
2011/0268(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The European Council of 17 June 2010 called for all common policies, including cohesion policy, to support the Europe 2020 Strategy for smart, sustainable and inclusive growth‘'12. In order to ensure the full alignment of the ESF with the objectives of this strategy, particularly as regards employment, education, and the fight against poverty and social exclusion, the ESF should support Member States in implementing the Council recommendations on broad guidelines for economic policies of the Member States and the Union and the Council decisions on guidelines for the employment policies of the Member States adopted in accordance with Articles 121 and 148(4) of the Treatytheir efforts to achieve those objectives. It should also contribute tosupport the implementation of the flagship initiatives, with special regard to the ’'Agenda for New Skills and Jobs‘'13, ’'Youth on the Move‘'14, and the ’'European Platform against Poverty and Social Exclusion‘'15. It will also support the activities in the ’'Digital Agenda‘'16 and the ’'Innovation Union‘'17 initiatives.
Amendment 41 #
2011/0268(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The Member States and regions should be encouraged to leverage the ESF through financial instruments in order to support for example students, job creation, mobility of workers, social inclusion and social entrepreneurship. The provision of subsidies should always be retained as an option and it should be the responsibility of those involved on the ground to use the funding mix best suited to regional needs.
Amendment 41 #
2011/0268(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The European Union is confronted with structural challenges arising from economic globalisation, technological change and, demographic change, an increasingly ageing workforce, and growing skills and labour shortages in some sectors and regions. They have been compounded by the recent economic and financial crisis, which has resulted in increased levels of unemployment, hitting in particular young people and other vulnerable groups, such as migrants. The ESF should aim to promote employment and support labour mobilitygood work, high quality employment and support the phasing out of precarious employment, invest in education, skills and life-long learning, promote social inclusion and combat poverty. In promoting the better functioning of labour markets by enhancing theinclusive labour markets by facilitating the voluntary transnational geographical mobility of workers, the ESF should, in particular, support European Employment Services (EURES activities) in relation to recruitment and the related information, advice and guidance services at national and cross-border level.
Amendment 44 #
2011/0268(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. It shall do so by supporting Member States in pursuing the priorities andat least the headline targets of the Europe 2020 strategy for smart, sustainable and inclusive growth. The ESF shall support the design and implementation of policies and actions, taking account of the integrated guidelines for the economic and employment policies of Member States and the Council Recommendations on the National Reform Programmesconcept of 'good work' and ensuring that activities supported by the ESF contribute to implementing the UN and ILO Decent Work Agenda in all its aspects. All policies and actions supported by the ESF shall strictly respect International Labour Standards and ILO Conventions, and in particular the commitment to promote full, productive and freely chosen employment as laid down by ILO Convention No. 122.
Amendment 54 #
2011/0268(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that the strategy and actions set out in the Operational Programmes are consistent and focused on addressing the challenges identifiposed inby the National Reform Programmes and the relevant Council Recommendations made under Article 148(4) of the Treatytransition towards environmental and socially sustainable development, in order to contribute to achieving at least the headline targets of the Europe 2020 strategy on employment, education and poverty reduction.
Amendment 56 #
2011/0268(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The ESF should contribute to the Europe 2020 Strategy, ensuring greater concentration of support on the priorities of the European Union. The ESF should in particular increase its support for the fight against social exclusion and poverty, through a minimum ring-fenced allocation. According to the level of development of the supported regions, the choice and number of investment priorities for ESF support should also be limitedin particular increase its support for the fight against social exclusion and poverty, through a minimum ring-fenced allocation.
Amendment 58 #
2011/0268(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. At least 230 % of the total ESF resources in each Member State shall be allocated to the thematic objective ‘promoting social inclusion and combating poverty’ set out in Article 9(9) of Regulation (EU) No […].
Amendment 60 #
2011/0268(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Efficient and effective implementation of actions supported by the ESF depends on good governance and partnership between all relevant territorial and socio- economic actors, in particular the social partners and non-governmental organisations. It is therefore necessary that Member States encourage the involve social partners, non-governmental organisations, local and regional authorities in the preparaticipation of social partners and non- governmental organisations in the implementation ofon, implementation, monitoring and evaluation of the ESF in a timely and consistent manner. High-quality partnerships should be forged at all political levels. The partnership principle should be strengthened and extended as the guiding principle to all actions supported by the ESF.
Amendment 66 #
2011/0268(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The Member States and the Commission shouldall ensure that the implementation of the priorities financed by the ESF contribute to the promotion of equality between women and men in accordance with Article 8 of the Treaty. Evaluations have shown the importance of taking the gender aspect into account in all dimensions of programmesand in the preparation, implementation, monitoring and evaluation of programmes in a timely and consistent manner, while ensuring that specific actions are taken to promote gender equality.
Amendment 67 #
2011/0268(COD)
Proposal for a regulation
Recital 12
Recital 12
Amendment 68 #
2011/0268(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Specific provisions on conditionalities For the purposes of this Regulation: (a) by way of derogation from Article 17(5) of Regulation (EU) No [...] , ex ante conditionalities shall not apply to the suspension of payments from the ESF; (b) by way of derogation from Article 21 of Regulation (EU) No [...], conditionality linked to the coordination of Member States' economic policies shall not apply to the suspension of payments from the ESF.
Amendment 72 #
2011/0268(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The Member States and regions should be encouraged to leverage the ESF through financial instruments in order to support for example students, job creation, voluntary mobility of workers, social inclusion and the social entrepreneurshipconomy. The provision of grants should always be retained as an option to use the funding mix best suited to regional and local needs.
Amendment 80 #
2011/0268(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The ESF shall promote high levels of employment and job quality, support the voluntary geographical and occupational mobility of workers, facilitate their adaptation to change anticipation and development of new skills and competencies needed for a transition towards environmental and social sustainable development, encourage a high level of education and training, promote gender equality, equal opportunities and non- discrimination, enhance social inclusion and combat poverty, thereby contributing to the priorities of the European Union as regards strengthening economic, social and territorial cohesion.
Amendment 85 #
2011/0268(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. It shall do so by supporting Member States in pursuing the priorities andat least the headline targets of the Europe 2020 strategy for smart, sustainable and inclusive growth. The ESF shall support the design and implementation of policies and actions, taking account of the integrated guidelines for the economic and employment policies of Member States19 and the Council Recommendations on the National Reform Programmesconcept of 'good work' and ensuring that activities supported by the ESF contribute to implementing the UN and ILO Decent Work Agenda in all its aspects. All policies and actions supported by the ESF shall strictly respect International Labour Standards and ILO Conventions, and in particular the commitment to promote full, productive and freely chosen employment as laid down by ILO Convention No. 122.
Amendment 88 #
2011/0268(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The ESF shall benefit people, including disadvantaged groups such as the long- term unemployed, people with disabilities, migrants, asylum seekers, refugees, ethnic minorities, marginalised communities and people facing social exclusion, homeless people and other groups of people at risk of poverty and social exclusion, including children and young people. The ESF shall also provide support to enterprises, systems and structures with a view to facilitating their adaptation to new challenges and promoting good governance and the implementation of reformsocial progress, in particular in the fields of employment, education and social policies.
Amendment 96 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a – introductory part
Article 3 – paragraph 1 – point a – introductory part
(a) Promoting employment and supporting labour mobilityhigh quality employment, good and decent work through:
Amendment 99 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a – point i
Article 3 – paragraph 1 – point a – point i
(i) Access to high quality employment for job-seekers and inactive people with a targeted support for long-term unemployed, including local employment initiatives and support for voluntary labour mobility;
Amendment 115 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a – point v
Article 3 – paragraph 1 – point a – point v
(v) Adaptation of workers, enterprises and entrepreneurs to change; related to the transition towards environmental and social sustainable development
Amendment 123 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a – point vii
Article 3 – paragraph 1 – point a – point vii
(vii) Modernisation and strengthening of labour market institutions, including actions to enhance transnational labour mobility;Phasing out precarious forms of employment and providing stepping stones for upward social mobility into stable and secure regular employment
Amendment 140 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c – point i
Article 3 – paragraph 1 – point c – point i
(i) Active inclusion;: - Integrated active inclusion approaches for working age people which support holistic, personalised pathways to inclusion, quality work and social participation (with social, community integration and re-integration measures), contributing to ensure adequate minimum income, access to quality services and inclusive labour markets; - Mainstreaming of a life-cycle approach to ensure the provision of integrated support to reduce poverty and social exclusion of children and older people.
Amendment 146 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c – point v
Article 3 – paragraph 1 – point c – point v
(v) Promoting the social economy and social enterprisservices of general interest including public services;
Amendment 150 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c – point vi a (new)
Article 3 – paragraph 1 – point c – point vi a (new)
(vi a) Measures aimed at breaking the poverty cycle such as family support, access to high-quality services and promoting children's participation in society;
Amendment 159 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d – point ii
Article 3 – paragraph 1 – point d – point ii
(ii) Capacity building for stakeholders delivering employment, education and social policies and sectoral and territorial pacts to mobilise for reformimprovements and social progress at national, regional and local level.
Amendment 169 #
2011/0268(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point d
Article 3 – paragraph 2 – point d
(d) Enhancing the competitivenessntribution of small and medium-sized enterprises to achieve environmental and social sustainable development, through promoting the adaptability of enterprises and workers and increased investment in humnew skills and capitalompetencies.
Amendment 174 #
2011/0268(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that the strategy and actions set out in the Operational Programmes are consistent and focused on addressing the challenges identifiposed inby the National Reform Programmes and the relevant Countransition towards environmental and social Recommendations made under Article 148(4) of the Treatysustainable development, in order to contribute to achieving at least the headline targets of the Europe 2020 strategy on employment, education and poverty reduction.
Amendment 178 #
2011/0268(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. At least 20 % of the total ESF resources in each Member State shall be allocated to the thematic objective ‘'promoting social inclusion and combating poverty’' set out in Article 9(9) of Regulation (EU) No […]...]. The investment priority "Active Inclusion" shall be included in all Operational Programmes. Prior to the drafting of partnership contracts and Operational Programmes, the Commission shall provide guidelines on how the ESF should deliver on the poverty reduction target through integrated and socially inclusive approaches.
Amendment 180 #
2011/0268(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 211 #
2011/0268(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The involvement of the local and regional authorities, social partners and other stakeholders, in particular non- governmental organisations, in the implementdesign, in the implementation and the evaluation of operational programmes, as referred to in Article 5 of Regulation (EU) No […...], may take the form of global grants as defined in Article 113(7) of Regulation (EU) No […]. In such a case, the operational programme shall identify the part of the programme concerned by the global grant, including an indicative financial allocation from each priority axis to it...] and may take the form of technical assistance as defined in Articles 108 and 109 of Regulation (EU) No [...]. Member States shall make accessible global grants schemes for small NGOs in all ESF Operational Programmes. In such a case, the operational programme shall identify the part of the programme concerned by the global grant, including an indicative financial allocation from each priority axis to it. Technical Assistance resources shall be made available in all ESF Operational Programmes with a particular support for NGOs and small local and regional authorities - driven technical assistances services at EU and regional level.
Amendment 227 #
2011/0268(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The Member States and the Commission shall promote equality between women and women through mainstreaming as referred to in Article 7 of Regulation (EU) No […]...] integrating gender perspective to actions under all thematic priorities and to all stages of planning and implementation of programmes. The Member States shall allocate funding for and specific targeted actions as referred to in Article 3(1)(a)(iv), in particular with the aim of increasing the sustainable participation and progress of women in employment, reduceliminating gender-based segregation in the labour market, combating gender stereotypes in education and training and promotddressing the feminisation of poverty, promoting equal sharing of care responsibilities between women and men and enforcing reconciliation of work and personal life for women and women.
Amendment 231 #
2011/0268(COD)
Proposal for a regulation
Article 9
Article 9
Amendment 243 #
2011/0268(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Member States may select themes for transnational co-operation from a list proposed by the Commission and after a consultation with civil society organisations and local and regional authorities and endorsed by the ESF Committee.
Amendment 253 #
2011/0268(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. By way of derogation from Article 87(1) of Regulation (EU) No […...], operational programmes may set out priority axes for the implementation of social innovation and transnational cooperation as referred to in Articles 9 and 10.
Amendment 258 #
2011/0268(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. By way of derogation from Article 110(3) of Regulation (EU) No […...], the maximum co-financing rate for a priority axis shall be increased by ten percentage points, but not exceeding 100%, where the whole of a priority axis is dedicated to social innovation or to transnational cooperation, or a combination of both.
Amendment 259 #
2011/0268(COD)
Proposal for a regulation
Article 11 – paragraph 3 – point b
Article 11 – paragraph 3 – point b
(b) to social innovation and transnational cooperation, as referred to in Articles 9 and 10, where they are not covered by a dedicated priority axis.
Amendment 281 #
2011/0268(COD)
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15 a Specific provisions on conditionalities Article 15 a (new) 1. Article 17.5 of Regulation (EU) No [...] on ex ante conditionalities shall not be applicable with regard to suspending payments from the ESF. 2. Article 21 of Regulation (EU) No [...] on conditionality linked to the coordination of Member States' economic policies shall not be applicable with regard to suspending payments from the ESF.
Amendment 294 #
2011/0268(COD)
Proposal for a regulation
Annex 1 – point 1 – paragraph 1 – point 11
Annex 1 – point 1 – paragraph 1 – point 11
· migrants, asylum seekers, refugees, people with a foreign background, minorities (including marginalised communities such as the Roma)**
Amendment 301 #
2011/0268(COD)
Proposal for a regulation
Annex 1 – point 1 – paragraph 1 – point 13 a (new)
Annex 1 – point 1 – paragraph 1 – point 13 a (new)
• People at risk of poverty • People suffering from severe material deprivation • Lone parents • Homeless people • People from poorest districts
Amendment 324 #
2011/0268(COD)
Proposal for a regulation
Annex 1 – point 4 – point 1
Annex 1 – point 4 – point 1
· participants in full-time, part time and self-employment 6 months after leaving• participants with an improved labour market situation 6 months after leaving (nature of employment – full or part time, wages compared to minimum or national level, nature of contracts)• participants are actively involved in community and social networks•participants in full-time, part-time and in self-employment 1 year after leaving•participants with an improved labour market situation 1 year after leaving•Participants lifted above the relative poverty line living above the relative poverty 1 year after leaving•Participants lifted out of severe material deprivation remaining out of severe material deprivation 1 year after leaving
Amendment 4 #
2011/0261(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) The recent financial crisis has led to debates at all levels about a possible additional tax on the financial sector and in particular a financial transactions tax (FTT). This debate stems from the desire to ensure the financial sector contribute to covering the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future; to dis-incentivise excessively risky activities by financial institutions; to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposthe European Union budget, above all in order to promote employment, social and environment policies.
Amendment 7 #
2011/0261(CNS)
Proposal for a directive
Recital 13
Recital 13
(13) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of thein accordance with an issuance principle, supplemented by a residence principle.
Amendment 8 #
2011/0261(CNS)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Bearing in mind the Commission proposal on the multiannual financial framework for the period 2014-2020 and, in particular, the provisions on the own- resources of the Union laid down in the Treaties, the revenue accruing from the FTT should be administered at Union level, as an own resource, and should be linked to specific Union policies or public goods, in particular action to combat poverty at world and European level, action to combat unemployment and the fight against climate change.
Amendment 9 #
2011/0261(CNS)
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1a. The FTT shall constitute a financial resource of the Union, and the revenue accruing from its application shall be added to the Union budget.
Amendment 11 #
2011/0261(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
(2a) Issuance 1. For the purposes of this Directive a financial instrument is deemed to be issued within the territory of a Member State or the Union where it is issued by a legal entity that is registered in a Member State. 2. In the case of a derivative, the condition of issuance within the territory of a Member State or the Union is fulfilled where the reference or underlying instrument is issued by a legal entity that is registered in a Member State. 3. In the case of a structured instrument, the condition of issuance within the territory of a Member State or the Union is fulfilled when the structured instrument is based on or backed by a greater than 20% proportion of assets or financial instruments and derivatives with reference to financial instruments issued by a legal entity that is registered in a Member State.
Amendment 12 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
The minimum rates shall be fixed by each Member State as a percentage of the taxable amount not lower than 0.1%.
Amendment 13 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Amendment 14 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Member States shall apply the same rate to all financial transactions that fall under the same category pursuThe Commission shall define an increment system relating to the minimum rate, whereby categories of instruments shall be defined by level of complexity and maturity intervals. These increments shall increase the tax on the most complex instruments antd to paragraph 2 (a) and (b)hose with the shortest maturities.
Amendment 19 #
2011/0261(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) The recent financial crisis has led to debates at all levels about a possible additional tax on the financial sector and in particular a financial transactions tax (FTT). This debate stems from the desire to ensure the financial sector contribute to covering the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future; to dis-incentivise excessively risky activities by financial institutions; to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposthe European Union budget, above all in order to promote employment, social and environment policies.
Amendment 37 #
2011/0261(CNS)
Proposal for a directive
Recital 3
Recital 3
(3) For the internal market to function properly, FTT should apply to trade in a wide range of financial instruments, including structured products, both in the organised markets and "over-the-counter", as well as to the conclusion and modification of all derivative contracts, penalising the most complex and least transparent instruments and those based on short-term financing considerations. For the same reason, it should apply to a broadly determined range of financial institutions.
Amendment 52 #
2011/0261(CNS)
Proposal for a directive
Recital 13
Recital 13
(13) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of thein accordance with an issuance principle, supplemented by a residence principle.
Amendment 60 #
2011/0261(CNS)
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) Bearing in mind the Commission proposal on the multiannual financial framework for the period 2014-2020 and, in particular, the provisions on the own- resources of the Union laid down in the Treaties, the revenue accruing from the FTT should be administered at Union level, as an own resource, and should be linked to specific Union policies or public goods, in particular action to combat poverty at world and European level, action to combat unemployment and the fight against climate change.
Amendment 74 #
2011/0261(CNS)
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The FTT shall constitute a financial resource of the Union, and the revenue accruing from its application shall be added to the Union budget.
Amendment 119 #
2011/0261(CNS)
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3a Issuance 1. For the purposes of this Directive a financial instrument is deemed to be issued within the territory of a Member State or the Union where it is issued by a legal entity that is registered in a Member State. 2. In the case of a derivative, the condition of issuance within the territory of a Member State or the Union is fulfilled where the reference or underlying instrument is issued by a legal entity that is registered in a Member State. 3. In the case of a structured instrument, the condition of issuance within the territory of a Member State or the Union is fulfilled when the structured instrument is based on or backed by a greater than 20% proportion of assets or financial instruments and derivatives with reference to financial instruments issued by a legal entity that is registered in a Member State.
Amendment 127 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
The minimum rates shall be fixed by each Member State as a percentage of the taxable amount not lower than 0.1%.
Amendment 128 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
Amendment 136 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Member States shall apply the same rate to all financial transactions that fall under the same category pursuThe Commission shall define an increment system relating to the minimum rate, whereby categories of instruments shall be defined by level of complexity and maturity intervals. These increments shall increase the tax on the most complex instruments antd to paragraph 2 (a) and (b)hose with the shortest maturities.
Amendment 77 #
2011/0203(COD)
Proposal for a directive
Recital 63 a (new)
Recital 63 a (new)
(63a) When drafting technical standards according to this Directive EBA and the Commission have to ensure that those standards and their requirements can be applied by all different institutions concerned in a way that is proportionate to the scale and complexity of the institutions and their activities.
Amendment 154 #
2011/0203(COD)
Proposal for a directive
Article 64 – point j a (new)
Article 64 – point j a (new)
(ja) to remove one or more members of the management body, where they do not fulfil the requirements imposed under Article 87.
Amendment 209 #
2011/0203(COD)
Proposal for a directive
Article 75 – paragraph 5 – subparagraph 2
Article 75 – paragraph 5 – subparagraph 2
The risk management function shall be responsible for identifying, measuring, and reporting on risk exposures. The risk management function shall be actively involved in elaborating institution's risk strategy and in all material risk management decisions. The riskable to report directly to the management body in its supervisory function when necessary, independent from senior management and to raise concerns and warn this body, where appropriate, in case of specific risk developments that affect or may affect the institution, without prejudice to the responsibilities of the management body in both its supervisory and/or managementrial function shall be able to dels pursuant to this Directiver a complete view on the whole range of risks of the institutionnd Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms].
Amendment 303 #
2011/0203(COD)
Proposal for a directive
Article 87 – paragraph 1 – point b
Article 87 – paragraph 1 – point b
(b) The management body shall possess adequate collectivindividually and collectively adequate knowledge, skills and experience to be able to understand the institution's activities, including the main risks.
Amendment 323 #
2011/0203(COD)
Proposal for a directive
Article 87 – paragraph 5 – subparagraph 1 – point b
Article 87 – paragraph 5 – subparagraph 1 – point b
(b) the notion of adequate individual and collective knowledge, skills and experience of the management body as referred to in paragraph 1(b);
Amendment 522 #
2011/0203(COD)
Proposal for a directive
Article 132 – paragraph 1
Article 132 – paragraph 1
1. Where an institution fails to meet its Combined Buffer Requirement, it shall prepare a capital conservation plan and submit it to the competent authority no later than 5 working days after it identified that it was failing to meet that requirement, unless the competent authority authorises a longer delay. Competent authorities shall only grant such authorisations based on the individual situation of a credit institution and taking into account the scale and complexity of the institution's activities.
Amendment 150 #
2011/0202(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) This Regulation does not prevent Member States from imposingMember States are encouraged to impose, where appropriate, equivalent requirements on undertakings that do not fall within itsthe scope of this Regulation.
Amendment 151 #
2011/0202(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) This Regulation should not affect the ability of competent authorities to impose Competent authorities in the Member States are encouraged to impose, where appropriate, specific requirements under the supervisory review and evaluation process set out in Directive [inserted by OP.../.../EU of the European Parliament and of the Council of ... [on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms] that should be tailored to the specific risk profile of credit institutions and investment firms.
Amendment 157 #
2011/0202(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) Considering the devastating effects of the latest financial crisis the overall objectives of this regulation are to encourage economically useful banking activities that shall serve the general interest and to discourage unsustainable financial speculation without a real added value. This implies a comprehensive reform of the ways savings are channelled into productive investments. In order to safeguard a sustainable and diverse banking environment in Europe, competent authorities should be empowered to impose significantly higher capital requirements for systemically important institutions that are able, due to their business activities, to pose a threat to the global economy.
Amendment 158 #
2011/0202(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Since credit institutions and investment firms in the internal market are engaged in direct competition, monitoring requirements should be equivalent throughout the Union taking into account the different risk profiles of the institutions.
Amendment 164 #
2011/0202(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The capital requirements should be proportionate to the risks addressed. Low- risk institutions, with a particular focus on public and cooperative banks, should be treated differently than high-risk institutions. The latter should be obliged to fulfil higher capital requirements than the former. In particular the reduction in risk levels deriving from having a large number of relatively small exposures should be reflected in the requirements.
Amendment 171 #
2011/0202(COD)
Proposal for a regulation
Recital 43
Recital 43
Amendment 185 #
2011/0202(COD)
Proposal for a regulation
Recital 68
Recital 68
(68) A leverage ratio is a new regulatory and supervisory tool for the Union. In line with international agreements, it should be introduced first as an additional feature that can be applied on individual institutions at the discretion of supervisory authorities. Reporting obligations for institutions would allow appropriate review and calibration, with a view to migrating to a binding measure inin order to ensure the compulsory application of the leverage ratio from 20186.
Amendment 205 #
2011/0202(COD)
Proposal for a regulation
Recital 76 a (new)
Recital 76 a (new)
(76a) For the continuous provision of financial services to households and firms a stable funding structure is necessary. Therefore specific provisions requiring institutions to maintain stable funding should be introduced from 01.01.2018. As soon as the Basel Committee's proposals are finalised on liquid reserves and on limits to unstable funding, the Commission should propose legislation to define specific standards within a year of each specific recommendation.
Amendment 213 #
2011/0202(COD)
Proposal for a regulation
Recital 87
Recital 87
(87) TAfter recommendation of the ESRB and the EBA the Commission should also be empowered to adopt, by means of an urgency procedure, a temporary increase in the level of own funds, risk weights, liquidity and leverage requirements or any prudential requirements that is necessary to respond to market developments. Such provisions should be applicable for a period not exceeding 6 month2 years, unless the European Parliament or the Council has objected to the delegated act within a period of six weeks. The Commission should state the reasons for the use of the urgency procedure.
Amendment 220 #
2011/0202(COD)
Proposal for a regulation
Recital 89 a (new)
Recital 89 a (new)
(89a) When drafting technical standards according to this Directive, the European Banking Authority and the Commission have to ensure that those standards and their requirements can be applied by all different institutions concerned in a way that is proportionate to the scale and complexity of the institutions and their activities.
Amendment 221 #
2011/0202(COD)
Proposal for a regulation
Recital 90 a (new)
Recital 90 a (new)
(90a) Regarding the fact, that also social and environmental risks can increase the risk of default as for instance was the case of palm oil producers in Indonesia being criticised for environmental destruction, the Commission is asked to launch a study considering the possibility to include environmental and social criteria into the risk assessment to internalize such external effects.
Amendment 240 #
2011/0202(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point 1
Article 4 – paragraph 1 – point 1
(1) ‘credit institution’ means an undertaking the business of which is to receive deposits or other repayable funds from the public and, to grant credits for its own account and to offer payment services;
Amendment 253 #
2011/0202(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point 23 – point c
Article 4 – paragraph 1 – point 23 – point c
(c) Tier 2 capital that is equal to or less than 250 % of own funds;
Amendment 517 #
2011/0202(COD)
Proposal for a regulation
Article 78 – paragraph 1 – subparagraph 1 – point d a (new)
Article 78 – paragraph 1 – subparagraph 1 – point d a (new)
(da) in case the special purpose entity is settled outside the EU it provides publicly accessible information about the jurisdiction in which it is based, its annual accounts and the amount of taxes paid.
Amendment 583 #
2011/0202(COD)
Proposal for a regulation
Article 87 a (new)
Article 87 a (new)
Article 87a Own funds requirements for systemically important institutions 1. By way of derogation of Article 87 (1) competent authorities shall be empowered to apply (a) a Common Equity Tier 1 capital ratio of 10 %; (b) a Tier 1 capital ratio of 12 %; (c) a total capital ratio of 18 %; for systemically important institutions. 2. EBA shall define in close cooperation with national supervisors until 31.12.2013 what constitutes a systemically important institution, taking into account the following elements: a) exposure classes; b) complexity of business activities; c) deposit to loan ratio; d) share of KMU funding; e) trading on own account; f) share of public customers; g) funding of services of general interest; h) social and environmental impact of the project portfolio; i) respect of ethical and social standards; j) internal incentive structures; k) on and off balance sheet items; l) interconnectedness and systemic relevance leading to the too-big-to-fail problem.
Amendment 619 #
2011/0202(COD)
Proposal for a regulation
Article 111 – paragraph 4
Article 111 – paragraph 4
4. Exposures to public-sector entities may be treated as exposures to the central government, regional governments or local authority in whose jurisdiction they are established where there is no difference in risk between such exposures because of the existence of an appropriate guarantee by the central government, regional government or local authority.
Amendment 629 #
2011/0202(COD)
Proposal for a regulation
Article 115 – paragraph 3 a (new)
Article 115 – paragraph 3 a (new)
Amendment 646 #
2011/0202(COD)
Proposal for a regulation
Article 118 – paragraph 1 – introductory part
Article 118 – paragraph 1 – introductory part
Exposures that comply with the following criteria shall be assigned a risk weight of 75 % * 0.7619:
Amendment 736 #
2011/0202(COD)
Proposal for a regulation
Article 145 – paragraph 1 – subparagraph 1 – point d – introductory part
Article 145 – paragraph 1 – subparagraph 1 – point d – introductory part
(d) exposures to central governments of the Member States and their regional governments, local authorities and administrative bodies in a Member State provided:
Amendment 794 #
2011/0202(COD)
Proposal for a regulation
Article 238 – paragraph 1 – introductory part
Article 238 – paragraph 1 – introductory part
1. The originator institution of a traditional securitisation may exclude 75% of the securitised exposures from the calculation of risk- weighted exposure amounts and expected loss amounts if either of the following conditions is fulfilled:
Amendment 797 #
2011/0202(COD)
Proposal for a regulation
Article 240 – paragraph 1 – point a
Article 240 – paragraph 1 – point a
(a) in the case of a traditional securitisation, exclude from its calculation of risk-weighted exposure amounts, and, as relevant, expected loss amounts, 75% of the exposures which it has securitised;
Amendment 799 #
2011/0202(COD)
Proposal for a regulation
Article 244 – paragraph 1
Article 244 – paragraph 1
In calculating risk-weighted exposure amounts for the securitised exposures, where the conditions in Article 239 are met, the originator institution of a synthetic securitisation shall, subject to Article 245, use the relevant calculation methodologies set out in this Section and not those set out in Chapter 2. For institutions calculating risk-weighted exposure amounts and expected loss amounts under Chapter 3, the expected loss amount in respect of such exposures shall be zero25% of the expected loss amount if the exposure has not been transferred.
Amendment 893 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 1
Article 394 – paragraph 1 – subparagraph 1
An institution, other than when acting as an originator, a sponsor or original lender, shall be exposed to the credit risk of a securitisation position in its trading book or non-trading book only if the originator, sponsor or original lender has explicitly disclosed to the institution that it will retain, on an ongoing basis, a material net economic interest which, in any event, shall not be less than 25 %.
Amendment 894 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 2 – introductory part
Article 394 – paragraph 1 – subparagraph 2 – introductory part
Only any of the following qualifies as retention of a material net economic interest of not less than 25%:
Amendment 895 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 2 – point a
Article 394 – paragraph 1 – subparagraph 2 – point a
(a) retention of no less than 25 % of the nominal value of each of the tranches sold or transferred to the investors;
Amendment 896 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 2 – point b
Article 394 – paragraph 1 – subparagraph 2 – point b
(b) in the case of securitisations of revolving exposures, retention of the originator's interest of no less than 25 % of the nominal value of the securitised exposures;
Amendment 897 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 2 – point c
Article 394 – paragraph 1 – subparagraph 2 – point c
(c) retention of randomly selected exposures, equivalent to no less than 25 % of the nominal amount of the securitised exposures, where such exposures would otherwise have been securitised in the securitisation, provided that the number of potentially securitised exposures is no less than 100 at origination;
Amendment 898 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 1 – subparagraph 2 – point d
Article 394 – paragraph 1 – subparagraph 2 – point d
(d) retention of the first loss tranche and, if necessary, other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, so that the retention equals in total no less than 25 % of the nominal value of the securitised exposures.
Amendment 900 #
2011/0202(COD)
Proposal for a regulation
Article 394 – paragraph 4 – point b a (new)
Article 394 – paragraph 4 – point b a (new)
(ba) German covered bonds
Amendment 915 #
2011/0202(COD)
Proposal for a regulation
Article 400 – paragraph 1 – point 2
Article 400 – paragraph 1 – point 2
(2) ‘Retail deposit’ means a liability to a natural person or to a small and medium sized enterprise where the aggregate liability to such clients or group of connected clients is less than 1 million EUR. Deposits of corporates' can be considered as retail deposits when their annual turnover is less than 50 Mio. Euro.
Amendment 930 #
2011/0202(COD)
Proposal for a regulation
Article 402 – paragraph 1
Article 402 – paragraph 1
Where a credit institution does not meet, or is expected not to meet the requirement set out in Article 401(1), it shall immediately notify the competent authorities and shall submit without undue delay to the competent authority a plan for the timely restoration of compliance with Article 401. Until such compliance has been restored, the credit institution shall report the items daily by the end of each business day unless the competent authority authorises a lower frequency and a longer delay. Competent authorities shall only grant such authorisations based on the individual situation of a credit institution and taking into account the scale and complexity of the institution's activities. They shall monitor the implementation of the restoration plan and shall require a more timely restoration if appropriate.
Amendment 1011 #
2011/0202(COD)
Proposal for a regulation
Article 404 – paragraph 2 – point a – point iii a (new)
Article 404 – paragraph 2 – point a – point iii a (new)
(iii a) the issuer of transferable assets and the investing institution are both part of the same institutional protection scheme referred to in 108(7)(b), provided that they meet all the conditions laid down in Article 108(7).
Amendment 1280 #
2011/0202(COD)
Proposal for a regulation
Article 416 – paragraph 6 – subparagraph 1
Article 416 – paragraph 6 – subparagraph 1
Institutions shall determine the exposure value of items listed in Annex II and of credit derivatives in accordance with either the Mark-to-Market Method set out in Article 269 or the Original Exposure Method set out in Article 270 without taking into account derivatives netting agreements. Institutions may use the Original Exposure Method to determine the exposure value of items listed in Annex II and of credit derivatives only if they also use this method for determining the exposure value of these items for the purposes of meeting the own funds requirements set out in Article 87.
Amendment 1281 #
2011/0202(COD)
Proposal for a regulation
Article 416 – paragraph 6 – subparagraph 2
Article 416 – paragraph 6 – subparagraph 2
Amendment 1294 #
2011/0202(COD)
Proposal for a regulation
Article 417 – paragraph 1 – subparagraph 1 a (new)
Article 417 – paragraph 1 – subparagraph 1 a (new)
Competent authorities shall publicly disclose the leverage ratio of supervised institutions on a quarterly basis as of 1 January 2014.
Amendment 1383 #
2011/0202(COD)
Proposal for a regulation
Article 443 a (new)
Article 443 a (new)
Article 443a Application of stricter prudential requirements by national authorities 1. National authorities, either on their own initiative or based on an ESRB recommendation pursuant to Regulation (EU) No 1092/2010, may impose stricter prudential requirements on institutions where macro-prudential risks are identified as posing a threat to financial stability at national level in the following areas: (a) the level of own funds laid, down in Article 87(1) and Article 87a (new); (b) the requirements for large exposures, laid down in Article 381 and Articles 384 to 392; (c) the liquidity requirements and the leverage ratio. 2. At least five working days before the introduction of stricter prudential requirements national authorities shall notify the ESRB in accordance with paragraph 1(a) to (c) in view of the identified macroprudential risks to financial stability. In accordance with Regulation (EU) No 1092/2010 and taking into account confidentiality requirements, the ESRB shall play a coordination role by assessing, upon request of the Commission or of at least three Member States, the financial stability concerns and possible unintended consequences and spill over effects on other Member States that could result from the imposition of the stricter requirements. 3. The ESRB shall inform the national authorities of other Member States about the initiative of the Member State that is planning to introduce stricter prudential requirements. 4. Where the ESRB determines that the identified macro-prudential risks to financial stability, as assessed in accordance with paragraph 2, that led to stricter prudential requirements cease to exist, the national authorities may repeal the stricter requirements and the original provisions of this Regulation shall apply. 4. The ESRB may, in accordance with Regulation (EU) No 1092/2010, recommend the extension of the list of prudential requirements specified in paragraph 1.'
Amendment 1423 #
2011/0202(COD)
Proposal for a regulation
Article 448 a (new)
Article 448 a (new)
Article 448 a Own funds requirements for systemically important institutions 1. By way of derogation from points (a) and (b) of Article 87a (1) (new), systemically important institutions shall satisfy the following own funds requirements: (a) at all times during the period from 1 January 2013 to 31 December 2013: (i) a Common Equity Tier 1 capital ratio of a level that falls within a range with a lowest value of 3.5% and a highest value of 10%; (ii) a Tier 1 capital ratio of a level that falls within a range with a lowest value of 4.5% and a highest value of 12%; (b) at all times during the period from 1 January 2014 to 31 December 2014: (i) a Common Equity Tier 1 capital ratio of a level that falls within a range of 6 % to 10 %; (ii) a Tier 1 capital ratio of a level that falls within a range of 8 % to 12%. (c) at all times during the period from 1 January 2015 to 31 December 2015: (i) a Common Equity Tier 1 capital ratio of a level that falls within a range of 8% to 10%; (ii) a Tier 1 capital ratio of a level that falls within a range of 10% to 12%. 2. In the event that systemically important institutions are unable to fulfil the recapitalisation requirements on their own, national governments shall provide support. In this case national governments shall ensure that the institutions are able to meet the requirements defined in Art 87. 3. Competent authorities shall: (a) determine the levels of the Common Equity Tier 1 and Tier 1 capital ratios in the ranges specified in points (a) and (b) of paragraph 1 that institutions shall satisfy; (b) publish the determination made in accordance with point (a).
Amendment 1550 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 3 – subparagraph 1
Article 481 – paragraph 3 – subparagraph 1
By 31 December 2015, EBA shall report to the Commission on whether and how it would be appropriate to ensure that institutions use stable sources of funding, including an assessment of the impact on the business and risk profile of Union institutions or on financial markets or the economy and bank lending, with a particular focus on lending to small and medium enterprises and on trade financing, including lending under official export credit insurance schemes.
Amendment 1553 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 3 – subparagraph 2
Article 481 – paragraph 3 – subparagraph 2
By 31 December 2016, the Commission shall, on the basis of these reports, submit a report, and if appropriate a legislative proposal to the European Parliament and Council.
Amendment 1567 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 1
Article 482 – paragraph 1
1. TIn line with Recital 68 the Commission shall submit by 31 December 2016 a report on the impact and effectiveness of the leverage ratio to the European Parliament and the Council. Where appropriate, the report shall be accompanied byto the European Parliament and the Council by 31 December 2014 a legislative proposal on the introduction of one or more levels for the leverage ratio for on and off-balance sheet items that institutions would be required to meet, suggesting an adequate calibration for those levels and any appropriate adjustments to the capital measure and the total exposure measure as defined in Article 416.
Amendment 1570 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 2 – introductory part
Article 482 – paragraph 2 – introductory part
2. For the purposes of paragraph 1, the EBA shall report to the Commission and the European Parliament by 31 October 20164 on at least the following:
Amendment 1579 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 2 – point g
Article 482 – paragraph 2 – point g
(g) whether 35% would be an appropriate level for the leverage ratio based on Tier 1 capital and, if not, what level would be the appropriate one;
Amendment 1583 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 2 – point g a (new)
Article 482 – paragraph 2 – point g a (new)
(g a) whether there is scope for introducing a differentiated leverage cap for different business activities;
Amendment 1584 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 2 – point g b (new)
Article 482 – paragraph 2 – point g b (new)
(g b) whether it is justified that public development institutions can operate under a higher leverage compared to for- profit institutions;
Amendment 1585 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 2 – point g c (new)
Article 482 – paragraph 2 – point g c (new)
(g c) whether it can be justified to exempt exposures in the calculation of the leverage ratio which have an assigned risk weight of 5% or less.
Amendment 1591 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 3 – introductory part
Article 482 – paragraph 3 – introductory part
3. The report referred to in paragraph 2 shall cover at least the period from 1 January 2013 until 30 June 20164 and shall take account of at least the following:
Amendment 19 #
2011/0177(APP)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is fully aware that the negotiations on the MFF 2014-2020 are taking place in a very difficult economicsocial, economic and financial context, in which Member States are engaging in considerable efforts and constraints to make fiscal adjustments to their national budgets, with a view to the stability of the banking sector and the single currency; insists that the Union should cannot be seen as adding an extra fiscal burden on taxpayers; is,recalls however, convinced that the EU budget ishould be a part of the solution to enable Europe to emerge from the current crisis by helping Member States tackle, collectively and in concerted fashion, the present social, economical and financial structural challenges, in particular loss of competitiveness, rising unemployment and poverty;,
Amendment 22 #
2011/0177(APP)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the European Council has, on numerous occasions, insisted on the need for a strengthened European economic governance and has endorsed the objectives set out in the EU 2020 strategy for smart, sustainable and inclusive growth, namely promoting and creating employment, improving the conditions for –and public spending on– innovation, research and development, meeting our climate change and energy objectives, improving education levels and promoting social inclusion, in particular through and the reduction of poverty;
Amendment 25 #
2011/0177(APP)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recalls that all the macroeconomic financial stabilisation measures taken since 2008 have not yet proved sufficproved to be insufficient and absolutely inconvenient to overcome the economic and financial crisis; believes, therefore, that in order to return to growth and generate employment in Europe, a well- targeted and sufficient EU budget is needed to further help coordinate and enhance the national efforts;
Amendment 36 #
2011/0177(APP)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that the EU budget is an investment budget and that 94 % of its total returns are invested in the Member States themselves or for external priorities of the Union; emphasises that, for the regions and Member States, public investment would be minimised or impossible without the contribution of the EU budget; believes that any decrease of the EU budget would inevitably hamper the growth and competitive strength of the entire Union econom, aggravate imbalances and heavily compromise cohesion in the entire Union economy, namely increasing unemployment and poverty;
Amendment 43 #
2011/0177(APP)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that delivering on the Europe 2020 strategy’s seven flagship initiatives willould require a huge amount of future- oriented investment, estimated at no less than EUR 1 800 billion up to 2020 ; stresses that one of the main objectives of the Europe 2020 strategy, namely, to promote and create jobs and high-quality employment for all Europeans, will only be achieved if the necessary investment in education, in favour of a knowledge society, and in research and innovation, SMEs, and green and new technologies is made now and not delayed any longer; favours combining the reduction of public deficits and debt with the promotion of such investments;
Amendment 49 #
2011/0177(APP)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers that the alarming youth- related problems, includingsituation of the youth in Europe, namely an unprecedentedly high unemployment rate, increasing poverty and educational challenges, existing across the EU require a particular effort to keep the new generations bound to the EU values of social justice, peace, democracy and, human rights, and economic prosperity and social justice, among others, through EU programmes with an increased and adequate budgetary support;
Amendment 54 #
2011/0177(APP)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Strongly supports the Commission’s proposal to mainstream measures to combat climate change across the whole EU budget; believerecalls that the EU budget willmust be able to mobilise investment for a sustainable and prosperous low-carbon economy, provide adequate support for achieving the EU 2020Union's targets for climate, energy and biodiversity, and benefit the EU’s citizens by ensuring a more healthy environment;
Amendment 59 #
2011/0177(APP)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that since 1988 national budgets have grown on average more rapidly than the EU budget; notes that even since the start of the crisis in 2008 total government expenditure in the Member States has risen at an annual nominal rate of 2 %; draws the conclusion that this shrinkage of the EU budget with respect to the national budgets is in flagrant contradiction with the extension of competences and tasks conferred on the Union by the Treaty and with major political decisions taken by the European Council itself, notably the development of a strengthened European economic governanceGrowth and Employment Compact within a cohesive European Union;
Amendment 62 #
2011/0177(APP)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Considers that the Commission proposal, which represents a freeze of the MFF 2014- 2020 ceilings at the level of the 2013 ceilings, will not be sufficient to finance existing policy priorities linked to the Europe 2020's strategy for smart, sustainable and inclusive growth, the new tasks provided for by the Treaty of Lisbon, or unforeseen events, not to mention the political objectives and commitments set by the European Council itself;
Amendment 63 #
2011/0177(APP)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Strongly rejects, therefore, any attempt by the CouncilWarns the Council against any attempt to reduce further the level of EU expenditure as proposed by the Commission as it is determined not to grant consent to any proposal fixing the MFF ceilings until 2020 below the 2013 level; firmly opposes, in particular, any plead for linear, across-the-board cuts that would jeopardise the implementation and effectiveness of all EU policies, irrespective of their European added value, political weight or performance; instead, challenges the Council, in case it proposes cuts, to clearly and publicly identify which of its political priorities or projects should be dropped altogether ;
Amendment 69 #
2011/0177(APP)
19. Reaffirms, in this context, its position in favour of a significant increase - notably through the Connecting Europe Facility - in the funding available for the Union programmes in the fields of competiveness, SMEs and infrastructures, which arethat in view of the long lifetime of major infrastructure projects - notably through the Connecting Europe Facility and financial instruments such as Project Bonds - that it is a priority to ensure that these make a measurable contribution, by 2050, to the achievement of the goals of the Europe 2020 strategy, the "20-20-20" energy and climate targets, as well ats the heart of the Europe 2020 strategCommission's road map for moving to a low-carbon economy; strongly believereaffirms that further cuts with respect to the Commission proposal will seriously jeopardise the EU’s credibility and its political commitment in favour of growth and jobs;
Amendment 86 #
2011/0177(APP)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that EU cohesion policy is a strategic tool for smart investment, growth and competitivenesssustainable growth and to boost the creation of employment, with an undisputed EU added value; insists that, in order to effectively reduce macroeconomic imbalances within the EU and contribute to social, economic, social and territorial cohesion, it should be able to rely on a stable, solid and sustainable financial framework; reaffirms its position that cohesion policy funding should be maintained at least at the level of the 2007-2013 period;
Amendment 104 #
2011/0177(APP)
Motion for a resolution
Paragraph 23
Paragraph 23
23.Recognis Underlines the serious challengedifficulties and in some cases, even dramatic constraints that young people in the EU face with the economic crisis; considers that employment, education, non-formal education, training, mobility and the social inclusion of young Europeans are issues of strategic importance for the development of the EU and European society; insists on mainstreaming and prioritising these issues in all relevant policies financed from the EU budget, alongside with the due increase financing of the concrete youth- related instruments proposed by the Commission;
Amendment 113 #
2011/0177(APP)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Recalls that the EU’s education, non- formal education, youth, media and culture programmes are close to the citizens, enjoy extraordinary high implementation rates, produce noticeable leverage and spillover effects including significant economic results, and generate clear and proven European added value by pooling resources, encouraging mobility and enhancing cooperation among different sectors and stakeholders;
Amendment 152 #
2011/0177(APP)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Agrees withTakes note of the Commission’s view on the need to rationalisincrease efficiency, effectiveness and synergies to improve administrative expenditure; stresses, however, that it is vital to strike a balance between making further savings and ensuring that the institutions can perform their tasks and duties in accordance with their obligations and powers under the Treaties,, the enlargement to new Member States, powers under the Treaties and the new assumed commitments (Banking Union), while taking into account of the difficult challenges posed by the current economic crisis;
Amendment 171 #
2011/0177(APP)
Motion for a resolution
Paragraph 50
Paragraph 50
50. AgreUnderlines withs strong support to the Commission proposal that the Emergency Aid Reserve, the European Union Solidarity Fund, the European Globalisation Adjustment Fund and the reserve for crises in the agriculture sector, given their non-programmablespecific nature, should be entered in the budget over and above the ceilings for the relevant headings;
Amendment 21 #
2011/0058(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) On the other hand, the existence of 27 different corporate tax systems offers companies that operate across borders considerable scope for tax avoidance and tax evasion. This state of affairs is imposing a substantial burden on state budgets. It also runs counter to the priorities set in the Commission Communication of 3 March 2010 entitled 'Europe 2020 – A strategy for smart, sustainable and inclusive growth' and cannot be reconciled with the requirements of a social market economy.
Amendment 24 #
2011/0058(CNS)
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) National budgets are facing the ever more serious consequences of the ruinous tax competition among the EU Member States. Excessive state indebtedness is one of the main causes of the current economic and financial crisis. For that reason, the introduction of a lower limit of 25 % for corporation tax is both objectively justified and appropriate. Since the Member States' freedom to set taxes would not otherwise be affected, such a step would be consistent with the subsidiarity principle.
Amendment 34 #
2011/0058(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) A system allowingunder which companies to treat the Union as a single market for the purpose of corporate tax would facilitate cross-border activity for companies resident in the Union and would promote the objective of making the Union a more competitive location for investment internationally. Such a system would best be achieved by enablrequiring groups of companies with a taxable presence in more than one Member State to settle their tax affairs in the Union according to a single set of rules for calculation of the tax base and to deal with a single tax administration ('one-stop-shop'). These rules should also be made available to entities subject to corporate tax in the Union which do not form part of a group.
Amendment 40 #
2011/0058(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) Since differences in rates of taxation do not give rise to the same obstacles, the system (the Common Consolidated Corporate Tax Base (CCCTB)) need not fundamentally affect the discretion of Member States regarding their national rate(s) of company taxation, provided that the minimum rates of taxation set in the Union are not undercut.
Amendment 56 #
2011/0058(CNS)
Proposal for a directive
Recital 8
Recital 8
(8) Since such a system is primarily designed to serve the needs of companies that operate across borders, it should be an optional scheme, accompany and to prevent tax evasion and tax avoidance more effectively, it should be a mandatory scheme, replacing the existing national corporate tax systems for the companies in question.
Amendment 63 #
2011/0058(CNS)
Proposal for a directive
Recital 11
Recital 11
Amendment 65 #
2011/0058(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) Income consisting in interest and royalty payments should be taxable, with credit for withholding tax paid on such payments. Contrary to the case of dividends, there is no difficulty in computing such a credit, dividends, proceeds from the sale of shares in a company not belonging to the group and profits generated by plants located abroad should be taxable, with credit for withholding tax paid on such payments.
Amendment 67 #
2011/0058(CNS)
Proposal for a directive
Recital 13
Recital 13
(13) Taxable revenues should be reduced by business expenses and certain other items. Deductible business expenses should normally include all costs relating to sales and expenses linked to the production, maintenance and securing of income. Deductibility should be extended to costs of research and development, provided that the money saved is used to procure or manufacture economic goods, and costs incurred in raising equity or debt for the purposes of the business. There should also be a list of non-deductible expenses.
Amendment 68 #
2011/0058(CNS)
Proposal for a directive
Recital 15
Recital 15
(15) Taxpayers should be allowed to carry losses forward indefinitelyfor a maximum of seven years, but no loss carry-back should be allowed. The deductibility of losses carried forward should be limited to a set percentage of annual income. Since carry- forward of losses is intended to ensure that a taxpayer pays tax on its real income, there is nbut also to make state income from corporation tax more consistent and calculable and to prevent tax evasion to place a time limit on carry forwand fraud in connection with the setting-off against tax of revenue from plants and subsidiaries in third countries, a time limit and a minimum rate of taxation are necessardy. Loss carry back is relatively rare in the practice of the Member States, and leads to excessive complexity.
Amendment 72 #
2011/0058(CNS)
Proposal for a directive
Recital 16
Recital 16
(16) Eligibility for consolidation (group membership) should be determined in accordance with a two-part test based on (i) control (more than 520% of voting rights) and (ii) ownership (more than 725% of equity) or rights to profits (more than 725% of rights giving entitlement to profit). Such a test ensures a highsufficient level of economic integration between group members, as indicated by a relation of control and a highcorresponding level of participation. The two thresholds should be met throughout the tax year; otherwise, the company should leave the group immediately. There should also be a nine- month minimum requirement for group membership.
Amendment 76 #
2011/0058(CNS)
Proposal for a directive
Recital 18
Recital 18
(18) When withholding taxes are charged on interest, dividends and royalty payments made by taxpayers, the proceeds of such taxes should be shared according to the formula of that tax year. When withholding taxes are charged on dividends distributed by taxpayers, the proceeds of such taxes should not be shared since, contrary to interest and royalties, dividends have not led to a previous deduction borne by all group companies.
Amendment 77 #
2011/0058(CNS)
Proposal for a directive
Recital 20
Recital 20
(20) The system should include a general anti-abuse rule, supplemented by measures designed to curb specific types of abusive practices. These measures should include limitationsa ban on the deductibility of interest paid to associated enterprises resident for tax purposes in a low-tax country outside the Union which does not exchange information with the Member State of the payer based on an agreement comparable to Council Directive 2011/16/EU concerning mutual assistance by the competent authorities of the Member States in the field of direct taxation and taxation of insurance premiums and rules on controlled foreign companies.
Amendment 79 #
2011/0058(CNS)
Proposal for a directive
Recital 21
Recital 21
(21) The formula for apportioning the consolidated tax base should comprise three equally weighted factors (labour, assets and sales). The labour factor should be computed on the basis of payroll and the number of employees (each item counting for half). The asset factor should consist of all fixed tangible assets. Intangibles and financial assets should be excluded from the formula due to their mobile nature and the risks of circumventing the system. The use of these factors is designed to gives appropriate weight to the interests of the Member State of origin. Finally, sales should be taken into account in order to ensure fair participation of the Member State of destination. TEvery three years those factors and weightings should be assessed in order to determine whether they ensure that profits are taxed where they are earned. As an exception to the general principle, where the outcome of the apportionment does not fairly represent the extent of business activity, a safeguard clause provides for an alternative method.
Amendment 83 #
2011/0058(CNS)
Proposal for a directive
Recital 23
Recital 23
(23) Groups of companies should be able to deal with a single tax administration ('principal tax authority'), which should be that of the Member State in which the parent company of the group ('principal taxpayer') is resident for tax purposes. The activities of the Member States' tax authorities should be coordinated, supported and assessed by a European Tax Authority. This Directive should also lay down procedural rules for the administration of the system. It should also provide for an advance ruling mechanism. Audits should be initiated and coordinated by the principal tax authority but the authorities of any Member State in which a group member is subject to tax may requestinsist on the initiation of an audit. TDisputes between the competent authority of the Member State in which a group member is resident or established may challenge a decision ofand the principal tax authority concerning the notice to opt or an amended assessment before the courts of the Member State of the principal tax authorityshall be dealt with by the European Tax Authority, which is competent to hear appeals at first instance. Disputes between taxpayers and tax authorities should be dealt with by an administrative body which is competent to hear appeals at first instance according to the law of the Member State of the principal tax authority.
Amendment 94 #
2011/0058(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
This Directive establishes a system for a common base for the taxation of certain companies and groups of companies and a minimum European rate of corporation tax and lays down rules relating to the calculation and use of that base.
Amendment 119 #
2011/0058(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point 15
Article 4 – paragraph 1 – point 15
(15) 'financial assets' means shares in affiliated undertakings, loans to affiliated undertakings, participating interests, loans to undertakings with which the company is linked by virtue of participating interests, investments held as fixed assets, other loans, and own shares to the extent that national law permitsuniform Union rules authorise their being shown in the balance sheet;
Amendment 125 #
2011/0058(CNS)
Proposal for a directive
Chapter 3 – title
Chapter 3 – title
Amendment 128 #
Amendment 137 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. A company to which this Directive applies which is not resident for tax purposes in a Member State may opt foshall be a taxpayer under the system provided for by this Directive under the conditions laid down therein in respect of a permanent establishment maintained by it in a Member State.
Amendment 145 #
2011/0058(CNS)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
Where a company qualifies and opts for the system provided for by this Directive and is therefore a taxpayer it shall cease to be subject to the national corporate tax arrangements in respect of all matters regulated by this Directive unless otherwise stated.
Amendment 146 #
2011/0058(CNS)
Proposal for a directive
Article 10a (new)
Article 10a (new)
Minimum rate of taxation A minimum rate of taxation of corporations shall apply on the territory of the European Union. The nominal rate must not, however, be less than 25 %. Member States shall otherwise be free to set rates.
Amendment 147 #
2011/0058(CNS)
Proposal for a directive
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
Amendment 150 #
2011/0058(CNS)
Proposal for a directive
Article 11 – paragraph 1 – point d
Article 11 – paragraph 1 – point d
d) proceeds from a disposal of shares;eleted
Amendment 152 #
2011/0058(CNS)
Proposal for a directive
Article 11 – paragraph 1 – point e
Article 11 – paragraph 1 – point e
Amendment 160 #
2011/0058(CNS)
Proposal for a directive
Article 43 – paragraph 1
Article 43 – paragraph 1
1. A loss incurred by a taxpayer or a permanent establishment of a non-resident taxpayer in a fiscal year may be deducted in the seven subsequent tax years, unless otherwise provided by this Directive. Above a threshold figure of EUR 1 million, the loss carried forward shall be limited to 60% of annual income in excess of EUR 1 million.
Amendment 165 #
2011/0058(CNS)
Proposal for a directive
Article 44 – paragraph 1
Article 44 – paragraph 1
When a taxpayer opts to applis covered by the system provided for by this Directive, all assets and liabilities shall be recognised at their value as calculated according to national tax rules immediately prior to the date on which it begins to apply the system, unless otherwise stated in this Directive.
Amendment 168 #
2011/0058(CNS)
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
Revenues and expenses which pursuant to Article 24(2) and (3) are considered to have accrued or been incurred before the taxpayer opted intowas covered by the system provided for by this Directive but were not yet included in the tax base under the national corporate tax law previously applicable to the taxpayer shall be added to or deducted from the tax base, as the case may be, in accordance with the timing rules of national law.
Amendment 172 #
2011/0058(CNS)
Proposal for a directive
Article 46 – paragraph 2
Article 46 – paragraph 2
Revenues which were taxed under national corporate tax law before the taxpayer opted intowas covered by the system in an amount higher than that which would have been included in the tax base under Article 24(2) shall be deducted from the tax base.
Amendment 173 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
1. Provisions, pension provisions and bad- debt deductions provided for in Articles 25, 26 and 27 shall be deductible only to the extent that they arise from activities or transactions carried out after the taxpayer opted intowas covered by the system provided for by this Directive.
Amendment 176 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
2. Expenses incurred in relation to activities or transactions carried out before the taxpayer opted intowas covered by the system but for which no deduction had been made shall be deductible.
Amendment 181 #
2011/0058(CNS)
Proposal for a directive
Article 48 – paragraph 1
Article 48 – paragraph 1
Where a taxpayer incurred losses before opting into the system provided for by this Directive applied to it which could be carried forward under the applicable national law but had not yet been set off against taxable profits, those losses may be deducted from the tax base to the extent provided for under that national law.
Amendment 188 #
2011/0058(CNS)
Proposal for a directive
Article 49 – paragraph 1
Article 49 – paragraph 1
When a taxpayer leavesthe legal form of an undertaking changes so that it is no longer covered by the provisions of the system provided for by this Directive, its assets and liabilities shall be recognised at their value as calculated according to the rules of the system, unless otherwise stated in this Directive.
Amendment 194 #
2011/0058(CNS)
Proposal for a directive
Article 50 – paragraph 1
Article 50 – paragraph 1
When a taxpayer leavesthe legal form of an undertaking changes so that it is no longer covered by the provisions of the system provided for by this Directive, its asset pool under the system provided for by this Directive shall be recognised, for the purpose of the national tax rules subsequently applicable, as one asset pool which shall be depreciated on the declining balance method at an annual rate of 25%.
Amendment 199 #
2011/0058(CNS)
Proposal for a directive
Article 51 – paragraph 1
Article 51 – paragraph 1
Amendment 203 #
2011/0058(CNS)
Proposal for a directive
Article 52 – paragraph 1
Article 52 – paragraph 1
Amendment 212 #
2011/0058(CNS)
Proposal for a directive
Article 54 – paragraph 1 – point a
Article 54 – paragraph 1 – point a
(a) a right to exercise more than 520% of the voting rights;
Amendment 214 #
2011/0058(CNS)
Proposal for a directive
Article 54 – paragraph 1 – point b
Article 54 – paragraph 1 – point b
(b) an ownership right amounting to more than 725% of the company’s capital or more than 725% of the rights giving entitlement to profit.
Amendment 217 #
2011/0058(CNS)
Proposal for a directive
Article 54 – paragraph 2 – point b
Article 54 – paragraph 2 – point b
(b) entitlement to profit and ownership of capital shall be calculated by multiplying the interests held in intermediate subsidiaries at each tier. Ownership rights amounting to 725% or less held directly or indirectly by the parent company, including rights in companies resident in a third country, shall also be taken into account in the calculation.
Amendment 252 #
2011/0058(CNS)
Proposal for a directive
Article 73
Article 73
Amendment 271 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 1 – point a
Article 81 – paragraph 1 – point a
(a) a tax on profits is provided for, under the general regime in the third country, at a statutory corporate tax rate lower than 40% of the average statutory corporate tax rate applicable in the Member Statesthe minimum corporate tax rate provided for by this Directive;
Amendment 275 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3 – introductory part
Article 81 – paragraph 3 – introductory part
3. Notwithstanding paragraph 1, iInterest paid to an entity resident in a third country with which there is no agreement on the exchange of information comparable to the exchange of information on request provided for in Directive 2011/16/EU shall be deductible, in an amount not exceeding that which would be stipulated between independent enterprises, where one of the following conditions is met:not be deductible.
Amendment 276 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3 – point a
Article 81 – paragraph 3 – point a
Amendment 277 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3 – point b
Article 81 – paragraph 3 – point b
Amendment 278 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3 – point c
Article 81 – paragraph 3 – point c
Amendment 279 #
2011/0058(CNS)
Proposal for a directive
Article 82 – paragraph 1 – introductory part
Article 82 – paragraph 1 – introductory part
1. The tax base shall, proportionately, include the non- distributed income of an entity resident in a third country where the following conditions are met:
Amendment 280 #
2011/0058(CNS)
Proposal for a directive
Article 82 – paragraph 1 – point a
Article 82 – paragraph 1 – point a
(a) the taxpayer by itself, or together with its associated enterprises, holds a direct or indirect participation of more than 520% of the voting rights, or owns more than 520% of capital or is entitled to receive more than 520% of the profits of that entity;
Amendment 281 #
2011/0058(CNS)
Proposal for a directive
Article 82 – paragraph 1 – point b
Article 82 – paragraph 1 – point b
(b) under the general regime in the third country, profits are taxable at a statutory corporate tax rate lower than 40% of the averagthe statutory minimum corporate tax rate applicable in the Member States, or the entity is subject to a special regime that allows for a substantially lower level of taxation than that of the general regime;
Amendment 298 #
2011/0058(CNS)
Proposal for a directive
Article 90 – paragraph 3
Article 90 – paragraph 3
3. The definition of an employee shall be determined by the national law of the Member State where the employment is exercisedat EU level.
Amendment 307 #
2011/0058(CNS)
Proposal for a directive
Article 94 – paragraph 1
Article 94 – paragraph 1
1. Land and other non-depreciable fixed tangible assets shall be valued at their original costcurrent market value.
Amendment 325 #
2011/0058(CNS)
Proposal for a directive
Article 104 – title
Article 104 – title
Notice to optconcerning the applicability of the system
Amendment 327 #
2011/0058(CNS)
Proposal for a directive
Article 104 – paragraph 1 – subparagraph 1
Article 104 – paragraph 1 – subparagraph 1
A single taxpayer shall opt forbe subject to the system provided for by this Directive by giving notice toas a result of a notification to that effect by the competent authority of the Member State in which it is resident or, in respect of a permanent establishment of a non-resident taxpayer, that establishment is situated. In the case of a group, the principal taxpayer authority shall give notice, on behalf of the group, to the principal tax authoritythe notification.
Amendment 329 #
2011/0058(CNS)
Proposal for a directive
Article 104 – paragraph 1 – subparagraph 2
Article 104 – paragraph 1 – subparagraph 2
Such notice shall be given at least three months before the beginning of the tax year in which the taxpayer or the group wishes required to begin applying the system.
Amendment 331 #
2011/0058(CNS)
Proposal for a directive
Article 104 – paragraph 2
Article 104 – paragraph 2
2. The notice to opt shall cover all group members. However, shipping companies subject to a special taxation regime may be excluded from the group.
Amendment 333 #
2011/0058(CNS)
Proposal for a directive
Article 104 – paragraph 3
Article 104 – paragraph 3
3. The principal tax authority shall transmit the notice to opt immediately to the competent authorities of all Member States in which group members are resident or established. Those authorities may submit to the principal tax authority, within one month of the transmission, their views and any relevant information on the validity and scope of the notice to opt.
Amendment 339 #
2011/0058(CNS)
Proposal for a directive
Article 105 – paragraph 1
Article 105 – paragraph 1
1. When the notice to opt has been acceptdelivered, a single taxpayer or a group, as the case may be, shall apply the system provided for by this Directive for five tax years. Following the expiry of that initial term, the single taxpayer or the group shall continue to apply the system for successive terms of three tax years unless the tax authority gives notice of termination. A notice of termination may be given by a taxpayer to its competentthe tax authority or, in the case of a group, by the principal taxpayer to the principal tax authority in the three months preceding the end of the initial term or of a subsequent term.
Amendment 343 #
2011/0058(CNS)
Proposal for a directive
Article 105 – paragraph 2
Article 105 – paragraph 2
2. Where a taxpayer or a non-taxpayer joins a group, the term of the group shallDoes not be affected. Where a group joins another group or two or more groups merge, the enlarged group shall continue to apply the system until the later of the expiry dates of the terms of the groups, unless exceptional circumstances make it more appropriate to apply a shorter period the English version.
Amendment 349 #
Amendment 351 #
2011/0058(CNS)
Proposal for a directive
Article 106 – paragraph 1 – introductory part
Article 106 – paragraph 1 – introductory part
The following information shall be included in the notice to opt:
Amendment 358 #
2011/0058(CNS)
Proposal for a directive
Article 106 – paragraph 2
Article 106 – paragraph 2
The Commission mayshall adopt an act establishing a standard form of the notice to opt. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 131(2).
Amendment 363 #
Amendment 365 #
2011/0058(CNS)
Proposal for a directive
Article 107 – paragraph 1
Article 107 – paragraph 1
1. The competent authority to which the notice to opt is validly submitted shall examine whether, on the basis of the information contained in the notice, the group fulfils the requirements of this Directive. Unless the notice is rejected within three months of its receipt, it shall be deemed to have been accepted.
Amendment 367 #
2011/0058(CNS)
Proposal for a directive
Article 107 – paragraph 2
Article 107 – paragraph 2
2. Provided that the taxpayer has fully disclosed all relevant information in accordance with Article 106, any subsequent determination that the disclosed list of group members is incorrect shall not invalidate the notice to opt. The notice shall be corrected, and all other necessary measures shall be taken, from the beginning of the tax year when the discovery is made. Where there has not been full disclosure, the principal tax authority, in agreement with the other competent authorities concerned, may invalidate the original notice to opt.
Amendment 369 #
2011/0058(CNS)
Proposal for a directive
Article 108 – paragraph 2
Article 108 – paragraph 2
2. In the year in which it joins an existing group, a taxpayer shall bring its tax year into line with that of the group. The apportioned share of the taxpayer for that tax year shall be calculated proportionately having regard to the number of calendar months during which the company belonged to the groupDoes not affect the English version.
Amendment 370 #
2011/0058(CNS)
Proposal for a directive
Article 108 – paragraph 4
Article 108 – paragraph 4
4. Where a single taxpayer joins a group, it shall be treated as though its tax year terminated on the day before joiningDoes not affect the English version.
Amendment 379 #
2011/0058(CNS)
Proposal for a directive
Article 115 – title
Article 115 – title
Central authority for the coordination and management of a central data base
Amendment 380 #
2011/0058(CNS)
Proposal for a directive
Article 115 – paragraph -1 (new)
Article 115 – paragraph -1 (new)
A central tax authority for the European Union shall be established. It shall coordinate the activities of the tax authorities of the Member States in accordance with this Directive and shall manage a central data base.
Amendment 381 #
2011/0058(CNS)
Proposal for a directive
Article 115 – paragraph 1
Article 115 – paragraph 1
The consolidated tax return and supporting documents filed by the principal taxpayer shall be stored on athis central data base, to which all the competent authorities shall have access. The central data base shall be regularly updated with all further information and documents and all decisions and notices issued by the principal tax authority.
Amendment 383 #
2011/0058(CNS)
Proposal for a directive
Article 116 – paragraph 2
Article 116 – paragraph 2
In exceptional circumstances the competent tax authorities of the Member States in which the members of a group are resident or in which they have a permanent establishment may, within six months of the notice to opt or within six months of a reorganisation involving the principal taxpayer, decide by common agreement that a taxpayer other than the taxpayer designated by the group shall be the principal taxpayer.
Amendment 390 #
2011/0058(CNS)
Article 122 – paragraph 1 – subparagraph 1
The principal tax authority may initiate and coordinate audits of group members. They shall be coordinated by the European tax authority. An audit may also be initiated on the request of a competent authority or the European tax authority.
Amendment 391 #
2011/0058(CNS)
Proposal for a directive
Article 122 – paragraph 3
Article 122 – paragraph 3
3. The principalEuropean tax authority shall compile the results of all audits.
Amendment 393 #
2011/0058(CNS)
Proposal for a directive
Article 123 – paragraph 1
Article 123 – paragraph 1
1. Where the competent authority of the Member State in which a group member is resident or established disagrees with a decision of the principal tax authority made pursuant to Articles 107 or Article 114 paragraphs (3), (5) or (6) second subparagraph, it may challenge that decision before the courts of the Member State of the principal tax authority within a period of three monthsin the first instance before the European tax authority and thereafter before the Court of Justice of the European Union.
Amendment 394 #
2011/0058(CNS)
Proposal for a directive
Article 123 – paragraph 2
Article 123 – paragraph 2
Amendment 398 #
2011/0058(CNS)
Proposal for a directive
Article 124 – paragraph 1 – subparagraph 1 – point a
Article 124 – paragraph 1 – subparagraph 1 – point a
(a) a decision rejecting a notice to opt;
Amendment 403 #
2011/0058(CNS)
Proposal for a directive
Article 127 – paragraph 2
Article 127 – paragraph 2
2. As soon as the Commission adopts a delegated act, it shall notify it to the European Parliament and the Council.
Amendment 404 #
2011/0058(CNS)
Proposal for a directive
Article 128 – paragraph 1
Article 128 – paragraph 1
1. The delegation of powers referred to in Articles 2, 14, 34 and 42 may be revoked at any time by the European Parliament or by the Council.
Amendment 405 #
2011/0058(CNS)
Proposal for a directive
Article 129 – paragraph 1
Article 129 – paragraph 1
1. The European Parliament and the Council may object to a delegated act within a period of three months from the date of notification.
Amendment 406 #
2011/0058(CNS)
Proposal for a directive
Article 129 – paragraph 2 – subparagraph 1
Article 129 – paragraph 2 – subparagraph 1
If, on the expiry of this period, neither the European Parliament nor the Council has not objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.
Amendment 407 #
2011/0058(CNS)
Proposal for a directive
Article 129 – paragraph 2 – subparagraph 2
Article 129 – paragraph 2 – subparagraph 2
The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council hasve informed the Commission of itstheir intention not to raise objections.
Amendment 408 #
2011/0058(CNS)
Proposal for a directive
Article 130
Article 130
Amendment 414 #
2011/0058(CNS)
Proposal for a directive
Article 133 – paragraph 1
Article 133 – paragraph 1
The Commission shall, fivthree years after the entry into force of this Directive, review its application and report to the European Parliament and the Council on the operation of this Directive. The report shall in particular include an analysis of the impact of the mechanism set up in Chapter XVI of this Directive on the distribution of the tax bases between the Member States and of the consolidation provisions.
Amendment 1 #
2011/0014(COD)
Proposal for a decision
Recital 5 a (new)
Recital 5 a (new)
(5a) Article 8 of the Agreement establishing the EBRD provides that its resources are to be used exclusively to implement its purpose and carry out its functions, in accordance with Articles 1 and 2 of the Agreement, in Central and Eastern European countries. If the recipient countries of the EBRD's support is extended, the Agreement, which was approved by the Board of Governors, would have to be amended.
Amendment 1 #
Amendment 2 #
2011/0014(COD)
Proposal for a decision
Article 1
Article 1
The European Union shall subscribe 27 013 additional callable shares of EUR 10 000 each in the EBRD under the terms and conditions of Resolution 128 of the Board of Governors, the text of which is attached to this Decision. The Board and the President of the EBRD shall be accountable to the European Parliament for the use of the allocated funds in accordance with Article 21 of the Treaty on European Union and shall guarantee full transparency concerning financial intermediary lending for small and medium enterprises.
Amendment 2 #
2011/0014(COD)
Proposal for a decision
Citation 1 a (new)
Citation 1 a (new)
Having regard to the Treaty on European Union, and in particular Article 21 thereof,
Amendment 3 #
2011/0014(COD)
Proposal for a decision
Recital 6 a (new)
Recital 6 a (new)
(6a) The Agreement establishing the EBRD provides that its resources are to be used exclusively to implement its purpose and carry out its functions in Central and Eastern European countries. If the number of recipient countries of the EBRD's support is extended, the Agreement, which was approved by the Board of Governors, should be amended accordingly.
Amendment 4 #
2011/0014(COD)
Proposal for a decision
Recital 6 b (new)
Recital 6 b (new)
(6b) The use of the allocated funds should be in accordance with Article 21 of the Treaty on European Union and guarantee full transparency concerning financial intermediary lending operations.
Amendment 5 #
2011/0014(COD)
Proposal for a decision
Recital 6 c (new)
Recital 6 c (new)
(6c) The EBRD should be accountable to the European Parliament.
Amendment 6 #
2011/0014(COD)
Proposal for a decision
Recital 6 d (new)
Recital 6 d (new)
(6d) The actions of the EBRD should be guided by the fulfilment of the Millennium Development Goals.
Amendment 7 #
2011/0014(COD)
Proposal for a decision
Pecital 6 e (new)
Pecital 6 e (new)
(6e) The Commission and the Council should work towards dissolving the EBRD by 2015 and integrate its value added operations into the EIB. The Commission should report yearly to the Parliament and the Council on progress made towards dissolving the EBRD.
Amendment 7 #
2010/2302(INI)
Motion for a resolution
Recital C
Recital C
C. whereas CRAs virtually fulfil sovereign duties having been, in recent legislation, CRAs have been assigned another role which can be classified as one of ‘certification’, reflecting the fact that ratings are increasingly embedded in regulatory capital requirements,
Amendment 13 #
2010/2302(INI)
Motion for a resolution
Recital D
Recital D
D. whereas, at present, CRAs rate three different sectors, the public sector, companies and structured finance instruments, and whereas CRAs played a significant role in the build-up to the financial crisis through the assignment of faulty ratings to structured finance instruments, which had to be downgraded on average three to four notches during the crisis,
Amendment 30 #
2010/2302(INI)
Motion for a resolution
Recital H
Recital H
H. whereas there seems to be a lack of qualitative comparability in some of the present three sectors of ratings,
Amendment 41 #
2010/2302(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. Whereas rating of sovereign debt by commercial CRAs violates democratic principles as these debts are affirmed by democratically legitimized bodies,
Amendment 42 #
2010/2302(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. whereas the "issuer pays" model and the inherent conflict of interest is likely to be one reason for the faulty ratings as discovered during the financial crisis,
Amendment 72 #
2010/2302(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the global nature of the credit rating industry and urges the Commission and Member States to work onadvocate a global approachregulation in order to preserve a level playing field and prevent regulatory arbitrage while keeping markets open; nevertheless, sees the need to find a strong and effective European regulation of the credit rating industry, especially in case that a satisfactory global agreement will not be found;
Amendment 88 #
2010/2302(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishment of a fully independent European Credit Rating Foundation (ECRaF) which would expanddeliver its expertise into all threthe sectors of ratingenterprise ratings and ratings on structured finance products;
Amendment 129 #
2010/2302(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that the Commission should considermake the use of two obligatory ratings for structured finance instruments if an external credit rating is used for regulatory purposesobligatory ;
Amendment 155 #
2010/2302(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that, as almost all information on sovereigns is available in the public domain, larger and more sophistic and given the specific fact that public budget are affirmed by democratic institutions, privated market players should use internal models to assesslike CRAs should be prohibited to rate sovereign credit risk;
Amendment 160 #
2010/2302(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Asks the Commission to come forward with a proposal for the creation of a public rating agency which shall be meant to be the only agency allowed to asses sovereign debt inside European Union. As a non market player, this public rating agency is excepted to have a more rational and long term perspective in the assessment of public debt and financial stability of the Union in general;
Amendment 3 #
2010/2300(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Recalls that clearly defined, widely supported and closely monitored indicators are essential in order to demonstrate the concrete effects of budget support in third countries, and that the relevant budgetary authorities should be updated regularly on the indicators and guidelines that shape the decision-making process in relation to budget support; underlines that these indicators must be better tailored to the specific needs of partner countries in order to avoid the ‘one size fits all’ approach taken by the Commission, which is potentially counter-productive; underlines that indicators must be focused particularly on combating poverty and the fulfilling of the Millenuium Development Goals (using the MDGs indicators) including crosscutting themes as gender equity and access to universal energy and potable water; stresses the added value for Europe of a successful development aid which might have as a result important savings of EU funds when migration flows are reduced at the place of origin; emphasizes therefore that EU developement funds should first of all finance small local and regional projects as economic and infrastructure developments that support people directly;
Amendment 6 #
2010/2300(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Takes the view that financing decisions on budget support must be driven not only by expected benefits but also by the short- and long-term risks, as for example, the possibility of political changes or consequences of climate change, incurred in both donor and partner countries; notes that the Court of Auditors, in its Special Report1 , is in full agreement with this assessment by highlighting that a sound risk management framework is still to be developed and implemented;
Amendment 10 #
2010/2300(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Considers effective mutual accountability to be a cornerstone of budget support and a prerequisite for its sustainability: not only should governments in both donor and partner countries be fully accountable domestically, but it is equally important that governments, parliamentarians and citizens on both sides are accountable to their respective counterparts, whether the latter be donors or recipients; takes the view, in this connection, that further efforts should be made to enhance public awareness in donor and partner countries of the scope and results of budget support; and proposes therefore to install open and transparent mechanisms to ensure that every citizen, NSA or LA is able to monitor the budget during its realization;
Amendment 12 #
2010/2300(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Is firmly convinced that a thorough analysis of the future of EU budget support to third countries must address the issue of budgetisation of the European Development Fund; is aware of the historical and institutional background to the current situation, but believes that the time has come for the Council, the Member States and the ACP countries to acknowledge that this state of affairs is detrimental to the efficiency, transparency and accountability of EU budget support; underlines the necessity of full transparency in order to ensure that EU development funds finance the intended programmes and to avoid that EU funds are turned aside; rejects fully that EU development funds are derived to support military actions;
Amendment 15 #
2010/2300(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Member States and the Commission, in line with the practice established in other policy fields, to improve the coordination of their respective budget support to third countries in order to avoid potential or existing overlaps, inconsistencies and incoherencies, which are all the more unacceptable in a context of scarce funding; maintains that a focus on specific areas offering the greatest added value should drive EU budget support throughout all phases of preparation and delivery; asks for a sound cooperation between the EP Committees to enhance the coordination of their policies concerning third countries to avoid inconsistencies as for example between trade restrictions, agricultural agreements and development aid; maintains that a focus on specific areas offering the greatest added value should drive EU budget support throughout all phases of preparation and delivery to create the personal, technological, infrastructural and financial capacity to eradicate poverty and start their (beneficiaries') independent sustainable development as soon as possible;;
Amendment 3 #
2010/2248(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the changes brought about by the Lisbon Treaty, allowing more flexibility in EIB financing, including: equity participations as a complement to the ordinary activities of the Bank; the possibility to establish subsidiaries and other entities, to regulate the so-called special activities and to provide wider technical assistance services; and the strengthening of the Audit Committee;
Amendment 4 #
2010/2248(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recalls the changes brought about by the Lisbon Treaty, clarifying EIB’s objectives of financing in the third countries, which must support the overarching principles for EU interaction with the wider world as stated in TEU Article 3(5) and under the guarantee must support the aims of EU external actions set out in TEU Article 21;
Amendment 7 #
2010/2248(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is aware of the request by some Member States for the EIB to take on more risk in its financing operations, but at the same time recognises the importancdraws the attention on the fact that it could be at the expense of the EIB's AAA rating;
Amendment 11 #
2010/2248(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the increase in the amounts lent to SMEs between 2008 and 2011, to an annual average of EUR 7.5 billion, as well as the setting-up of the European Progress Microfinance Facility in March 2010 with EUR 200 million of funding from the Commission and the Bank; calls, however, for more qualitative measures in order to increase the value added by EIB intervention in this field. Expresses its concerns about the lack of transparency regarding the way “global loans” are monitored, the way they are used and reported to EIB by financial intermediary. Calls on the EIB to further enhance transparency in its lending through financial intermediaries and to establish clear financing conditions for financial intermediaries and lending effectiveness criteria. Calls on the EIB furthermore to report annually on its lending to SMEs, including an evaluation of the accessibility and effectiveness thereof. Calls on the EIB to ensure that the benefits derived from EIB funding are passed on to SMEs;
Amendment 14 #
2010/2248(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes the view that in all its financial operations, EIB should implement EU’s environmental, social, transparency and procurement standards. Calls on EIB to enhance monitoring of projects in that respect and to ensure that all projects strictly adhere to these standards;
Amendment 19 #
2010/2248(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages the EIB to provide regions covered by the Convergence Objective with the technical assistance and co- financing that they need in order to be able to take up a larger portion of the funds available to them, especially for projects in priority sectors, such as the transport infrastructure sector, and other growth- and employment-enhancing projects in accordance with high social, transparency and environmental standards;
Amendment 24 #
2010/2248(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Calls on the EIB to guarantee privileged financing for projects with a high social and environmental value and with transparency standards;
Amendment 39 #
2010/2248(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Believes that there is a clear need for additional support by the EIB in the following areas: SMEs, midcaps and infrastructure and other key growth- and employment-enhancing projects as part of the Europe 2020 Strategy in accordance with high transparency, social and environmental standards;
Amendment 45 #
2010/2248(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the EIB to invest in the Nabucco gas pipeline and other important TEN-E projects that will allow future EU energy demand to be met, diversifying Europe's pool of supplier countries, improving the EU's policy mix andcentre on energy efficiency measures and unlock energy savings potential by setting clear and adequate targets and pursuing the reform of its policy in order to helping to meet the Union's environmental commitments;
Amendment 48 #
2010/2248(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Takes the view that, as part of its activities in the accession countries, the EIB should increase its focus on TENs, TEN-Es, and PPPs in accordance with high social, transparency and environmental standards;
Amendment 50 #
2010/2248(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the conclusion of the Steering Committee of Wise-Persons (SCWP) that thought should be given to developing an ‘EU Platform for External Cooperation and Development’, based onhowever urges the EIB and optimal blending of resources and mutual reliance between participating financial institutionsther European institutions to carefully address the feasibility of this new approach and its implications in the long-run for the effectiveness of the overall EU external action to avoid that overall development policies and objectives are diluted by setting up instruments with no preliminary assessment on the goals and priorities they will serve;
Amendment 52 #
2010/2248(INI)
Motion for a resolution
Paragraph 21 – point a
Paragraph 21 – point a
(a) the allocation of a greater number of dedicated and specialist staff with expertise in development issues and developing countries, environmental due diligence, monitoring and ex-post evaluation of projects; as well as an increase in the local presence of staff in third countries,
Amendment 54 #
2010/2248(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Is of opinion that EIB’s due diligence and monitoring mechanisms of operations need to be improved, regarding EU environmental and social and human rights standards;
Amendment 55 #
2010/2248(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Is of opinion that EIB should improve its transparency standards, especially in active disclosure of environmental and financial information on projects before it approves its operations; Underlines that monitoring mechanisms of the EIB's lending operations to all projects still need to be improved, especially regarding EU environmental and social standards; stresses that individual projects financed by the EIB in third countries should be subject to independent Sustainability Impact Assessments to identify the economic, social and environmental effects of the project; insists that such projects be made available to the public at least 60 days prior to any loan decision by the Bank and that residents in the area concerned receive adequate and timely information so that they have the possibility of playing a full part in the decision making process;
Amendment 59 #
2010/2248(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Is of the opinion that the EIB must not participate in any operation implemented through a non-cooperative jurisdiction, as identified by the OECD, the FATF and other relevant international organisations (such as the Tax Justice Network);
Amendment 5 #
2010/2203(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Acknowledges that bilateral investment treaties (BITs) now fall under the exclusive competence of the EU, which, being an important economic bloc, carries very considerable weight in negotiations and therefore, with a view to concluding more balanced agreements, should if possible encourage investment agreements with economic and trading areas;
Amendment 7 #
2010/2203(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the need for a coordinated European framework, one that is focusdesigned ton providing certainty, ande certainty and makes it possible to respect the principles and objectives of the European Union’s external action in general, including promoting the rule of law, human rights and sustainable development; notes the positive intended move from Member State - third country BITs to EU - third country BITs and that a transitional system needs to be put into place during such a shift towards a European investment framework;
Amendment 9 #
2010/2203(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Notes that Member States are resolute in accepting the replacement of existing BITs, on the condition that the new BITs are based on equal or superior term if the new BITs are based on equal or superior terms and are compatible with the other policies of the Union and its Member States, including policies on environmental protection, decent work, occupational health and safety, consumer protection, cultural diversity, development, competition and tax regimes;
Amendment 4 #
2010/2137(INI)
Motion for a resolution
Recital D
Recital D
D. whereas competition policy is an essential tool in enabling the EU to be competitive on the global stageat the service of European consumers in ensuring a socially and economically healthy internal market and in combating abusive practices by certain economic operators,
Amendment 10 #
2010/2137(INI)
Motion for a resolution
Recital F
Recital F
F. whereas Member States’ governments, as a response to the financial crisis, have granted a sizconsiderable amount of State aid in the form, for example, of guarantee schemes, recapitalisation schemes and complementary forms of liquidity support on bank funding, without requiring any real and binding contributions matching this aid; whereas these measures have provided banks with a significant source of funding and insurance against the risks usually faced by the financial sector,
Amendment 23 #
2010/2137(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Underlines that it has supported the Commission’s request for more resources to be allocated to Commission staff in the area of competition in the 2011 budget; asks to be informed about how the additional resources have been used; in the light of the policy of the Commission and its Directorate-General for Competition aiming to decentralise some of the powers it had previously held to the competent national authorities, wonders to what extent the economic, social and financial crisis and its consequences call for the Directorate-General for Competition to be endowed with greater human resources than those released by this decentralisation policy; recalls its request to the Commission to ensure that its Directorate-General for Competition has appropriate staff numbers to deal with its rising workload;
Amendment 55 #
2010/2137(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers it essential, when assessing whether State aid is compatible with the Treaty, to find the right balance between the negative effects of State aid on competition and public finances and its positive effects ion terms of common interesthe social and economic fabric of the EU in permitting the survival of jobs and undertakings;
Amendment 79 #
2010/2137(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Regrets that energy consumers in the EU continue to suffer from a distorted energy and mobile telephony market;
Amendment 92 #
2010/2137(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Urges the Commission to look in greater detail at competition in the agro- industrial and wholesale distribution sectors in terms of transparency and consumer price evolution, because of the high degree of concentration in these sectors in certain Member States;
Amendment 31 #
2010/2105(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the serious budget constraints resulting from the recent crisis come at a time when the EU has entered into highly important commitments at global level, mainly relating to climate-change targets, the Millennium Development Goals and development aid, in particular for climate change adaptation and mitigation for developing countries, and as an essential element in the further development of European social policy,
Amendment 69 #
2010/2105(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that the introduction of an EU FTT could help to tackle the growing and highly damaging trading patterns in financial markets, such as short-termism and automated HFT, and curb speculation; stresses that an FTT would thus improve market efficiency, reduce excessive price volatility and create incentives for the financial sector to make long-term investments with added value for the real economy;
Amendment 83 #
2010/2105(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Should no international agreement be reached within the next few months, urges the EUCommission to move ahead with legislative proposals on the introduction of an EU FTT; stresses that a low rate between 0.01 and 0.05% would prevent major shifts in activity towards other, lower-taxed jurisdictions;
Amendment 161 #
2010/2105(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Considers that in the long term a permanent EU institution competent to issue Eurobonds both to safeguard national bond market stability and to facilitate investment in EU-level projects will have a significant added value; believes that this should be fully investigated in the framework of the current debate omust imperatively be one element in enhanced economic governance;
Amendment 3 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 1 a (new)
Paragraph 1 – point 1 a (new)
1a. Points out that good governance in tax matters cannot be exported or imposed from outside, and that it is up to each of the countries to decide its own tax policy. In that context, calls on the Commission and the national governments not to hamper, and to cooperate with, any countries which opt, consistently and fairly, for an increase in taxation that affects foreign undertakings present on their territory, particularly those operating in the fields of extraction of primary resources, which are an important source of wealth in developing countries.
Amendment 4 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 1 b (new)
Paragraph 1 – point 1 b (new)
1b. Points out that the decline in customs resources brought about in particular by Economic Partnership Agreements with the European Union is having a negative impact on the financial resources immediately available to developing countries. In that context, and to compensate for those losses, calls on the Commission to encourage developing countries, as part of any assistance given to improve their national tax systems, to give priority to progressive direct taxes over indirect taxes, particularly those levied on consumption, which, by nature, hit low-income population groups harder.
Amendment 11 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 3 a (new)
Paragraph 1 – point 3 a (new)
3a. Recognises that the qualitative and quantitative improvement in developing countries’ domestic revenue mobilisation will bear fruit over the long term. Calls on the European Union to maintain its offer of assistance in all its forms for as long as the developing countries consider it necessary for the financing of their own development.
Amendment 104 #
2010/2100(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Urges the Commission and the Member States to take concrete action at EU and international level to effectively tackle financial speculation on grain and foodagricultural commodities, in particular grain and food, and to permit only as many commodities futures as are necessary for price hedging;
Amendment 107 #
2010/2100(INI)
Motion for a resolution
Paragraph 13 – subparagraph 1 (new)
Paragraph 13 – subparagraph 1 (new)
13(1) Calls on the Commission and the Member States to commit themselves at EU and international level to setting up medium-term price corridors which will make forward contracts for price hedging unnecessary;
Amendment 111 #
2010/2100(INI)
Motion for a resolution
Paragraph 14 – subparagraph 1 (new)
Paragraph 14 – subparagraph 1 (new)
14(1) Calls on the EU to commit itself to regulation of the agricultural markets and the relevant financial markets by means of: – standardising derivative contracts, – introducing position limits for individual traders and limiting the overall number of contracts for each raw material (aggregate position limits) and limits for the physical acquisition and possession of agricultural commodities by non-state firms or private individuals; – setting up monitoring bodies and disclosure obligations, including real-time reporting obligations; – introducing a minor tax on commodities futures in order to make speculating on serious price fluctuations unattractive and guarantee the balanced development of raw materials markets;
Amendment 112 #
2010/2100(INI)
Motion for a resolution
Paragraph 14 – subparagraph 2 (new)
Paragraph 14 – subparagraph 2 (new)
Amendment 113 #
2010/2100(INI)
Motion for a resolution
Paragraph 14 – subparagraph 3 (new)
Paragraph 14 – subparagraph 3 (new)
14(3) Calls on the Commission and the Member States to introduce a traders register with compulsory registration for all players dealing in agricultural commodity derivatives; registration should only be possible for players involved in production, processing and distribution, whilst index funds should not be entered in the register;
Amendment 12 #
2010/2099(INI)
Motion for a resolution
Recital B
Recital B
B. whereas economic coordination and surveillance needs to be strengthened at Union level, while recognising the principle of subsidiarity and taking into account the particular requirements of the euro area and the lessons that need to be drawn from the recent economic crisis,,
Amendment 33 #
2010/2099(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. in der Erwägung, dass das gegenwärtige Inflationsziel von knapp unter 2 % wenig Anreize für privatwirtschaftliche Investitionen bietet,
Amendment 34 #
2010/2099(INI)
Motion for a resolution
Recital E
Recital E
E. whereas economic growth is a preconditionin der Erwägung, dass nachhaltiges und stetiges Wirtschaftswachstum eine Voraussetzung foür economic awirtschaftliche und soczial se Stabilityät und langfristig erfolgreiche Haushaltskonsolidierung ist,
Amendment 83 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – point i (new)
Annex 1 – heading 1 – paragraph 1 – point i (new)
i. Sicherstellung eines partnerschaftlichen Dialogs zwischen Kommission und nationalen Parlamenten durch Teilnahme der Kommission an parlamentarischen Debatten zu SKP und NRP.
Amendment 88 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 2
Annex 1 – heading 1 – paragraph 1 – indent 2
Amendment 98 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 4
Annex 1 – heading 1 – paragraph 1 – indent 4
Amendment 126 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 16
Annex 1 – heading 1 – paragraph 1 – indent 16
– Establish a requirement for Member States to inform each other and thinführung einer Anforderung an die Mitgliedstaaten, sich untereinander und die CKommission zu unterrichten, befvore taking economic policy decisions w wirtschafts- und sozialpolitische Entscheidungen mith expected tangible spill-over effects, which may distort the smooth functioning of the internal market and of the Economic and Monetary Union (EMU),rwarteten spürbaren Spill-over-Effekten getroffen werden, die sich negativ auf die gesamteuropäische Wachstumsentwicklung auswirken können oder das reibungslose Funktionieren des Binnenmarktes und der Wirtschafts- und Währungsunion (WWU) verzerren.
Amendment 131 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 17
Annex 1 – heading 1 – paragraph 1 – indent 17
Amendment 139 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 1
Annex 1 – heading 2 – paragraph 1 – indent 1
Amendment 166 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 7
Annex 1 – heading 2 – paragraph 1 – indent 7
– Einführung von im Voraus festgelegten und vorausgreifenden Anreizen, die von der Kommission unabhängig vom Rat zu beschließen sind, oder von halbautomatischen Sanktionen, um frühzeitige Warnstufen zu erleichtern und diese schrittweise anzuwenden.
Amendment 195 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 3 – paragraph 1 – indent 4
Annex 1 – heading 3 – paragraph 1 – indent 4
– Increase transparency and accountability of the decision-making of theVergrößerung von Transparenz und Rechenschaftspflicht der Entscheidungsfindung der Euro -Group by establishing a regular dialogue with thepe durch Einführung eines regelmäßigen Dialogs mit dem Preäsident ofen der Euro- Group within the Committee competent ipe innerhalb der in den nationalen Parlamenten und im Europäischen Parliament, and by publishing speedily the decisions taken by the zuständigen Ausschüsse und durch die umgehende Veröffentlichung der von der Euro -Group on theipe getroffenen Entscheidungen auf ihrer wWebpagseite.
Amendment 216 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 1
Annex 1 – heading 5 – paragraph 1 – indent 1
– Erstellung einer Durchführbarkeitsbewertung (Art, Risiken und Vorteile) in Bezug auf die Einführung eines langfristigen Systems für die Ausgabe von gemeinsamen Regierungsbonds.
Amendment 218 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 2
Annex 1 – heading 5 – paragraph 1 – indent 2
– Reinforce Union cStärkung der Koheäsion spolicy in close cooperation with the Europeatik der Union in enger Zusammenarbeit mit der Europäischen Investment Bitionsbank (EIB) in order to reduce, um strucktural weaknesses and increase the competitiveness of weaker economic regions, in particularly by facilitating the financing needs of SMEs and their entry into the internal elle Schwächen zu mindern, Wohlfahrtsdisparitäten abzubauen und die Kaufkraft und Wettbewerbsfähigkeit von schwächeren Wirtschaftsregionen zu stärken, unter anderem durch Erleichterung der Befriedigungung des Finanzbedarfs von KMU und ihres Zutritts zum Binnenmarket,t.
Amendment 18 #
2010/2088(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. The committee bBelieves that GDP suffers from many shortcomings - for example, it does not record unemployment, underemployment, inequalities or environmental disasters - particularly bearing in mind the development model followed as a dogma byparticularly bearing in mind the development model followed as a dogma by our economies, aimed first and foremost at maximum profit. GDP does not record unemployment, underemployment, disparities in income distribution or non-market activities as part of economic value creation, environmental disasters our economies, aimed first and foremost at maximum profnvironmental damage resulting from economic activity. The use and management of the statistical indicators for an economy reflect the type of economic development followed by each society. In the dominant development model applied until now, the quality of life, well-being of citizens and environmental changes play a secondary role.;
Amendment 21 #
2010/2088(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Points out that, since the GDP records every monetary transaction as positive, and that every destruction or catastrophe (war, pollution, natural disasters, etc.) implies contracting companies (for clean- ups, reconstructions or possibly additional health expenses), therefore, destruction itself (in all its forms) is measured as economic gain by the GDP. On the other hand, initiatives such as the Yasuni ITT project in Ecuador, which proposes not to extract petroleum in order to preserve biodiversity and fight against global warming, is not measured as economic gain by the GDP, in spite of its environmental qualities;
Amendment 24 #
2010/2088(INI)
Draft opinion
Paragraph 2 d (new)
Paragraph 2 d (new)
2d. Points to empirical approaches which have been developed in the USA as alternatives to or to complement traditional GDP, namely the 'Index for Sustainable Economic Welfare' (ISEW; Herman Daly and John B. Cobb) and the 'Genuine Progress Indicators' (GPI; Herman Daly, John B. Cobb and Philip Lawn), and the feasibility study on the 'National Welfare Index' (NWI) in Germany (Hans Diefenbacher / Roland Zieschank: Measuring Welfare in Germany. A proposal for a new Welfare index);
Amendment 13 #
2010/2078(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Points out that, when it comes to actual price trends, monetary policy measures are only one factor among others, and in recent years speculative tendencies in individual markets and growing and anticipated shortages of natural resources have played a particular part in pushing up prices;
Amendment 14 #
2010/2078(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Points out that these imbalances pose considerable difficulties for a suitable monetary policy within the euro zone; calls on governments, therefore, to coordinate their economic policies, including the introduction of poverty- proof minimum wages and social standards in all the member countries;
Amendment 15 #
2010/2078(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that substantial imbalances between the euro zone economies have occurredcontinued to worsen significantly in 2009;
Amendment 21 #
2010/2078(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Points out that a narrow interpretation of the goal of price stability has favoured the unhealthy ballooning of financial markets in recent years;
Amendment 22 #
2010/2078(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Urges the Commission and Central Bank to draw up proposals in line with the proposal by the Basel Committee on Basel III laying down binding rules for the introduction of an anticyclical buffer; calls on the Council, Commission and Central Bank to work towards the consistent and speedy implementation of the proposals when the Basel Committee proposals are ratified at G20 level;
Amendment 24 #
2010/2078(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. CondemnsPoints to the fact that the principles of the Stability and Growth Pact were not always fully respected in the past; calls for unrestricted application of the Stability and Growth Pact to be complemented with a European economic government that takes effective action to prevent a race to cut taxes, which is one of several reasons for growing public debt in the euro zone;
Amendment 28 #
2010/2078(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
Amendment 31 #
2010/2078(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the lack of a predefined crisis management mechanism and the uncooperative behaviour of certain individual governments has made a rapid solution to the Greek crisis difficult and will weaken the EMU’s ability to react quickly in potential similar situations in the future;
Amendment 34 #
2010/2078(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls therefore on the Commission to put forward proposals to strengthen the Stability and Growth Pact andcarry out an open-minded assessment of the impact of the Stability and Growth Pact on economic development and financial stability in the eurozone and to put forward proposals for a crisis management scenario;
Amendment 45 #
2010/2078(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Points out the determination of the European Parliament to continue the Monetary Dialogue as an essential element forimportant element in democratic scrutinisingy of the ECB;
Amendment 54 #
2010/2078(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the crisis has revealed a trPoints out that the extraordinary support measures takend in the economic policies of recent years which leftresponse to the financial crisis in many countries both within and outside the euro area with anare a key reason for the current alarming rates of public debt;
Amendment 60 #
2010/2078(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that this has lead to, under pressure from speculative attacks against individual euro countries, far -reaching austerity measures which are necessary and often overdue, but which at the same timeere taken which heavily constrain the capacity of governments to act; there
Amendment 65 #
2010/2078(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Warns that these austerity packages should not lead to measures which could dampen the economic recovery, lead to a further increase in the proportion of citizens at risk of poverty or undermine the credibility of democratically elected governments and strengthen nationalist and xenophobic resentment;
Amendment 75 #
2010/2078(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Would welcome a move from the European Central Bank generally to accept euro country government bonds as security in the context of repurchase agreements, thereby following the tried- and tested-practice used by the Bank of England and the Federal Reserve Bank;
Amendment 80 #
2010/2078(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the commitment of the Basel Committee to increase banks’ capital buffers and to enhance the quality of capital; draws attention, however,Highlights the need for a decisive increase in banks’ capital buffers and to enhance the quality of capital and welcomes the Basel Committee's proposals for a narrower definition of core capital and the introduction of higher capital ratios, but expresses reservations concerning the possible unequal treatment of institutions that are not limited companies and which derive a large proportion of their capital base from silent capital; is concerned at the fact that the Basel Committee's proposals relate exclusively to banks and no rules on capital are defined for funds, and further draws attention to the link between the financial and real economy and the impacts that regulating one can have on the other;
Amendment 81 #
2010/2078(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Considers that the global financial system needs to be made less fragilere-regulated in order to prevent overheating and speculative bubbles, and that lessons from the crisis must be drawn on a global level to improve the quality of risk management and the transparency of financial markets and limit the role of individual players on the financial markets;
Amendment 91 #
2010/2078(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Points out that compliance withmeeting the Maastricht criteria is regarded as a precondition for euro membershipadmission to the euro zone;
Amendment 43 #
2010/2074(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas cooperative and savings banks have come through the crisis largely unscathed and have not therefore created any financial burden on the public purse,
Amendment 55 #
2010/2074(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls the important specificities of the European banking sector, such as the variety of business models operating under different legal forms and the fact that the corporate sector is predominantly financed through bank lending; stresses the importance of public and cooperative banks for small and medium-sized undertakings and for local authority investments;
Amendment 59 #
2010/2074(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Urges the Basel Committee to take proper account of such specificities, as well as differences between investment and traditional retail banking services, in the revised Basel II rules and in particular the different type of risk affecting this sector;
Amendment 63 #
2010/2074(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Asks the Commission to play an active part in the process of reforming the Basel II rules, to promote and safeguard European interests, to coordinate the approaches of the Member States in order to achieve the best outcome for the European economy and to provide Parliament with regular reports on ongoing negotiations and actively involve it in the negotiating processes;
Amendment 66 #
2010/2074(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Acknowledges on the one hand the particular significance of the European market for the global restructuring of the financial markets and, on the other, the importance of an international level playing field; points out, however, that that aim should not place the European economy and European industry at a competitive disadvantagit is not desirable for Europe to go it alone and urges the Commission to focus on international cooperation as far as possible; concedes nevertheless that a European solution must be given preference over what might prove to be an unfeasible international compromise;
Amendment 71 #
2010/2074(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that the full commitment of all parties engaged in the Basel process to a clear and coherent implementation calendar is a precondition for successful reform, ensuring an international level playing field and avoiding regulatory arbitrage; recognises that revision of the Basel II rules is of enormous importance to the European economy; observes nevertheless that the economic and financial crisis has revealed the urgent need for lasting and effective financial sector regulation and points out that, where necessary, more rapid and stricter regulatory provisions must be introduced at EU level in order, for example, to prevent isolated and ill-fated national initiatives;
Amendment 81 #
2010/2074(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to continue to further integrate EU supervision of the banking sector; calls on the Commission to examine objectively the various possibilities of separating commercial and investment banks, so as to facilitate effective supervision of the banking sector, which can only be achieved by reducing the complexity thereof; accordingly advocates the tabling of a proposal for a directive along these lines;
Amendment 86 #
2010/2074(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls for a proper assessment to be made of the impact on the real economy, with a special focus on SME financing; calls on the Basel Committee, in establishing risk assessment criteria under the CRD to be guided also by the social, ethical and ecological sustainability of funded projects and take favourable account of these factors for risk assessment purposes;
Amendment 92 #
2010/2074(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to create incentives fordraw up guidelines requiring the banking sector to manage risk and profit with a view to long- term outcomes and to encourage banks to keep loans on their own books without excessivealso to keep a substantial part of their loans on their own books, only in exceptional circumstances authorising securitisation and to fully consolidatehe entry of some off-balance sheets items like SPVs;
Amendment 174 #
2010/2074(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Is concerned about the pro-cyclical nature of a fixed bank-specific capital conservation buffer; calls on the Commission and Basel Committee to consider the possibility of introducing market-related capital requirements so as to achieve a counter-cyclical effect under the CRD; calls on the Commission in particular to consider the possibility of moving from individual to consolidated risk assessment;
Amendment 183 #
2010/2074(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Recognises the benefits of through-the- cycle provisioning (expected loss approach) as a possible measure to reduce pro-cyclicality and encourage recognition of expected credit losses with regard to the business cycle; points that excess liquidity was a major contributory factor with regard to the ensuing financial crisis;
Amendment 216 #
2010/2074(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Is, however, concerned that a crude LR may penalise local authorities, public corporations and entities providing traditional low-risk banking services (such as corporate financing) or economies where the corporate sector is financed predominantly through lending;
Amendment 241 #
2010/2074(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls for enhanced standards as regards stress-tests, back-tests and addressing wrong-way risk as well as increased assessments of social and environmental risks of companies that receive bank loans;
Amendment 245 #
2010/2074(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Call for very high capital requirements for lending related to food and other commodity derivatives due to the negative social and environmental effects of speculation in commodity derivatives that are often financed through loans; call for different capital treatment for an OTC transaction and a transaction through a central counterparty (CCP) through which all hedging activities should take place, provided that the CCP meets high- –level requirements to be defined in European legislation while taking into account standards agreed at international level, with due regard for the potential costs for the corporate sector of using derivatives to hedge its commercial activities;
Amendment 1 #
2010/2027(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes the disastrous impact of the global recession on public finances and the wider economy; in addition, considers that an ageing population coupled with afinancial and economic crisis on public finances and calls for the burdens of crisis management to be distributed in a socially just manner; in addition, considers that rising life expectancy and declining birth rates within Europe represents a fundamental demographic change which will require reform of the welfare and fiscal systems of Europ, combined with constant increases in productivity in the production of goods and services, presents both challenges and opportunities and will require reform of the welfare and fiscal systems of Europe to ensure that people can continue to grow older with dignity and social security in the future;
Amendment 12 #
2010/2027(INI)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 25 #
2010/2027(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Encourages Member States to remove all disincentives, particularly in relation to tax and pensions, for older people to continue working beyond retirement ageguarantee the quality of their pension systems in spite of financial and political pressure; notes that the Member States must provide adequate security for people who are old and sick, also in order to avoid reducing young people's chances of finding regular employment.
Amendment 28 #
2010/2027(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Takes the view that, given demographic trends, there is great potential for developing sustainable jobs in the area of social and healthcare services, which should be tapped in the interests of intergenerational solidarity;
Amendment 29 #
2010/2027(INI)
Draft opinion
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that a high level of employment that finances social security systems can also be achieved through the redistribution of work; calls on the Commission, therefore, to ensure the decisive restriction of weekly working time, the gradual reduction of working time in regular employment and an adequate supply of part-time work covered by social security that takes account of the interests of people who take on responsibility for bringing up or caring for family members;
Amendment 30 #
2010/2027(INI)
Draft opinion
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Notes that the significant increases in productivity in industry achieved through technical progress and increased efficiency make it possible to finance a growing section of society that because of retirement or training is not in paid employment; notes that the decision on financial cover for elderly people and people not in paid employment is one that society must take;
Amendment 4 #
2010/2010(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Takes the view that, given demographic trends, there is great potential for developing sustainable jobs in the area of social and healthcare services, which should be tapped in the interests of an effective employment policy;
Amendment 5 #
2010/2010(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
Amendment 2 #
2010/2006(INI)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
- having regards to the OECD analysis "The Elephant in the Room: The Need to Deal with What Banks Do"1 , 1 OECD Journal: Financial Market Trends, Volume 2009_Issue 2, ISSN 1995-2864.
Amendment 153 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 1
Annex – recommendation 2 – paragraph 1
1. Systemic Banks, due to their special risk profile, require to be urgently addressed by a new special regime to be known as the European Bank Company Law to be designed until the end of 2011. New rules shall demand their restructuration in Non-Operating Holding Company structures, as the OECD recommends it.
Amendment 180 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 4 a (new)
Annex – recommendation 2 – paragraph 4 a (new)
4a. The proposal shall observe the recommendations of the OECD on the separation of traditional deposit banking activities and investment banking in order to avoid failure contagion.
Amendment 24 #
2010/2002(BUD)
Motion for a resolution
Paragraph 14a new
Paragraph 14a new
14a. Stresses that the new financial supervision authorities - the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) - must be accurately financed, which inter alia means that if the legislator decides to entrust these authorities with increased tasks compared to what was originally proposed by the Commission, the corresponding allocation of additional resources should be provided for;
Amendment 27 #
2010/2002(BUD)
Motion for a resolution
Paragraph 16a new
Paragraph 16a new
16a. Is concerned about the very modest - below the rate of inflation - increase in appropriations for the Programme for the Modernisation of European Enterprise and Trade Statistics (MEETS) programme, which is not really in line with the intention declared by the Commission to give high priority to the policy area of statistics;
Amendment 28 #
2010/2002(BUD)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that heading 1a includes many EU2020 strategy flagship initiatives, such as Innovation Union, Youth on the Move, Resource-efficient Europe, New Skills and Jobs, and Industrial Policy for the Globalisation Era; deplores the fact that it is impossible to identify clearly, from a budgetary point of view, the financial implications of the EU2020 strategy and; expresses its doubts regarding the capacity to ensure, given the very limited room for manoeuvre available in the context of the current financial framework, adequate funding for these initiatives; underlines that these new policy initiatives should go beyond the mere re-labelling of already existing policies and deserve new financial means in order to get off to a good start;
Amendment 99 #
2010/2002(BUD)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Takes note, in this respect, of the Commission's communication on an Action Plan to implement the Stockholm Programme, and welcomstrongly disapproves, in the field of immigration and support for the integration of immigrants, the proposed huge increase in CA for the External Borders Fund (254 million, +22 %) and the European Return Fund (114 million, + 29 %), which constitutes the most considerable CA increase of this whole draft budget;
Amendment 101 #
2010/2002(BUD)
Motion for a resolution
Paragraph 37 a new
Paragraph 37 a new
37a. Points out that such an increase clearly reflects the Commission's commitment to an exclusively safety oriented migration policy, without a sufficient consideration of the other ways to manage migration flows;
Amendment 145 #
2010/2002(BUD)
Motion for a resolution
Paragraph 53 a new
Paragraph 53 a new
53a. Regrets the lack of commitment of the Commission to support civil society initiatives for conflict resolution and peace making, given the efficiency of those initiatives on the one hand and their lack of resources of the other;
Amendment 153 #
2010/2002(BUD)
Motion for a resolution
Paragraph 56 a new
Paragraph 56 a new
56a. Welcomes the proposed increases in administrative appropriations for competition policy, which is a crucial field not least in times of crisis, as well as for statistics, where recent developments have demonstrated the vital importance of having access to reliable data on financial markets and public finances; is, however, deeply concerned about the proposed decrease in administrative expenditures for the coordination and surveillance of the economic and monetary union, given the ongoing turbulence in the Eurozone; recalls that it has several times in the past underlined the need to allocate enough resources to the functioning of the Eurogroup;
Amendment 10 #
2010/0821(NLE)
Draft decision
Recital 4
Recital 4
(4) The stability mechanism will provide thea necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole, or of Member States whose currency is the euro, as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itselfpolitical cohesion and economic, financial and social stability of the Union itself. The social impact of possible conditionality needs to be carefully assessed and potentially adverse social consequences should be minimised. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes in the future.
Amendment 14 #
2010/0821(NLE)
Draft decision
Recital 4 b (new)
Recital 4 b (new)
(4b) The Commission should also look at other mechanisms to ensure the financial stability and sustainable and adequate economic growth of the euro area, and should make the necessary legislative proposals.
Amendment 16 #
2010/0821(NLE)
Draft decision
Recital 4 d (new)
Recital 4 d (new)
(4d) The stability mechanism will supplement additional measures used to reduce risks to financial, economic and social stability, including effective regulation of financial markets, revision of the Stability and Growth Pact, better economic coordination and the introduction of instruments for the reduction of macroeconomic imbalances inside the euro area.
Amendment 17 #
2010/0821(NLE)
Draft decision
Recital 4 e (new)
Recital 4 e (new)
(4e) The Member States, particularly those whose currency is the euro, need to work together in a spirit of solidarity to tackle problems relating to macroeconomic imbalances between Member States and divergences in competitiveness inside the euro area.
Amendment 27 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality or of Member States whose currency is the euro.".
Amendment 45 #
Amendment 50 #
2010/0281(COD)
Proposal for a regulation
Title 1 – title
Title 1 – title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the prevention and correction of European macroeconomic imbalances
Amendment 51 #
2010/0281(COD)
Proposal for a regulation
Recital 11
Recital 11
11. When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. The economic adjustment capacity and tstructural or short- term nature of imbalances as well as the national, Union or external character of their causes needs to be understood. Inter- linkages between policy options by different Member States as well as spill- over effects should be adequately taken into account. The track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union and the consequences of such recommendations, should also be considered.
Amendment 55 #
2010/0281(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
15a. The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU in respect of the scoreboard. In particular, delegated acts are necessary to establish a list of relevant indicators to be included in the scoreboard and to adapt the composition of the indicators, the thresholds and the methodology used. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level and with social partners.
Amendment 56 #
2010/0281(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty, should entail compliance with the guiding principles of stable prices, sounda high level of employment, sustainable public finances and monetary conditions and a sustainable balance of payments, fair trade relations between Member States, a sustainable balance of payments and social and territorial cohesion.
Amendment 59 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) ‘imbalances’ means macroeconomic developmentspersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 60 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) ‘excessive imbalances’ means severe imbalances, including imbalances that jeopardise the proper functionmacroeconomic imbalances within the area of economic and monetary union which disrupt even and viable economic development in one or more Member States participating ofin economic and monetary union.
Amendment 63 #
2010/0281(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) There is an urgent need to build upon the experience gained during the first decadedraw lessons from the first decade after the establishment of the economic and monetary union, and, in particular, from the persistent economic crisis, continuing, intolerably high levels of functioning of the economic and monetary uemployment and, increasing divergences between Member States in the Euro zone, and from vulnerability to speculatory attacks of the Union.
Amendment 63 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after a broad consultation with all Member States and European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalances.
Amendment 68 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial and social indicators for Member States. The Commission may set indicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different fromse will allow to detect serious misalignments between aggregate demand and supply and between an economy’s income and consumption and reflect short-term, structural and medium-long term trends. The Commission shall set indicative and symmetric lower or upper thresholds for thoese applicable to the other Member Stateindicators to serve as alert levels.
Amendment 71 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The European Systemic Risk Board shall be consulted in regard to draft indicators, relevant to financial market stability.
Amendment 73 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. The list of indicators shall include the following sets of indicators: (a) internal imbalances, including private and public debt and its evolution; internal income inequalities; unemployment rates; the incidence of low pay and working poor, the share of labour income in overall GDP and unit profit rates and asset price developments with particular attention to real estate, and financial markets; (b) external imbalances, including current account composition, balance and evolution; the evolution of export market shares in Union and third-country markets; and net foreign assets positions; (c) internal market developments, including a rolling average of five-year comparative real growth; an indicator of growth and employment dynamics including energy composition of the product and public and private research and development investment; and Union and third-country foreign direct investment flows.
Amendment 75 #
2010/0281(COD)
Proposal for a regulation
Recital 3
Recital 3
Amendment 77 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an sound economic and financial assessment and putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicator relevant to detection of imbalances. Best practices shall be taken into account. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances inside the Member State concerned, in another Member State or across the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 78 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission report. The competent committee of the European Parliament may organise public debates on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro.
Amendment 80 #
2010/0281(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To help address such imbalances, a procedure laid down in detail in legislationthe disposition to review political and economic priorities and the adaption of European and national monetary, economic and social policies including better coordination between Member States is necessary.
Amendment 80 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) as appropriate, whether the Member State under review has taken appropriate action in response to Council recommendations or invitations adopted in accordance with Articles 121 and 126 of the Treaty and under Articles 6, 7, 8 and 10 of this Regulation, and the economic, social and other important consequences of such recommendations;
Amendment 81 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point a a (new)
Article 5 – paragraph 2 – point a a (new)
(aa) the origin of the detected imbalances, including the deep trade and financial inter-linkages between Member States, the spill-over effects of national economic policies and the asymmetric impact of Union and euro area policies, in which case the Commission shall adopt appropriate measures taking into account the principle of subsidiarity;
Amendment 82 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. In normal circumstances, the results of the in-depth review shall be presented to the European Parliament and the Council in the context of the Semester.
Amendment 84 #
2010/0281(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to reach reviewed common objectives, the rules of the Stability and Growth Pact, as well as the EMU need to be redefined, in order to address more effectively deflationary threats to the European economy.
Amendment 85 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. Those recommendations shall set out the nature of the imbalances and specifyoutline the corrective action to be taken in detail and the deadline within which the Member State concerned mustshall take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
Amendment 87 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations referred to in paragraph 2 shall comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. The recommendations shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union. The recommendations shall also strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 89 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Following the progress report by the Member State, the President of the Euro Group and the Commissioner responsible shall report to the European Parliament.
Amendment 90 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation from the Commission, shall adopt revised recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conductedsk the Member State for an explanation, pursuant to which the Commission shall issue timetable as appropriate and restating, revising or cancelling the endorsed action plan.
Amendment 91 #
2010/0281(COD)
Proposal for a regulation
Article -12 (new)
Article -12 (new)
Article -12 Dialogue and surveillance visits 1. The Commission shall ensure a permanent dialogue with the authorities of the Member States in accordance with the objectives of this Regulation. To that end, the Commission shall carry out, in all Member States, visits for the purpose of regular dialogue and, where appropriate, surveillance. 2. When organising dialogue or surveillance visits, the Commission shall, if appropriate, transmit its provisional findings to the Member States concerned for comments. 3. The Commission shall, in the context of dialogue visits, review the actual economic situation in the Member State and identify risks or potential difficulties in complying with the objectives of this Regulation. 4. The Commission shall, in the context of surveillance visits, monitor the processes and verify that measures have been taken in accordance with decisions of the Council or the Commission in accordance with the objectives of this Regulation. Surveillance visits shall be undertaken wherever recommendations have been issued. The Commission may invite representatives of the European Central Bank or other relevant institutions to take part in surveillance visits. 5. The Commission shall regularly inform the Economic and Financial Committee of the findings of the dialogue and surveillance visits. 6. Member States shall take all necessary measures to facilitate dialogue and surveillance visits. Member States shall provide, at the request of the Commission and on a voluntary basis, the assistance of all the relevant national authorities for the preparation for and conduct of dialogue and surveillance visits.
Amendment 92 #
2010/0281(COD)
Proposal for a regulation
Article -12 a (new)
Article -12 a (new)
Amendment 93 #
2010/0281(COD)
Proposal for a regulation
Article -12 b (new)
Article -12 b (new)
Article -12b Revocation of the delegation 1. The delegation of power referred to in Article 3(3a) and (4) may be revoked at any time by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke a delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated power which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or on a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 94 #
2010/0281(COD)
Proposal for a regulation
Article -12 c (new)
Article -12 c (new)
Article -12c Objections to delegated acts 1. The European Parliament or the Council may object to the delegated act within a period of three months from the date of notification. At the initiative of the European Parliament or the Council that period shall be extended by three months. 2. If, on expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 3. If either the European Parliament or the Council objects to the delegated act within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 of the Treaty on the Functioning of the European Union, the institution which objects shall state the reasons for objecting to the delegated act.
Amendment 95 #
2010/0281(COD)
Proposal for a regulation
Article -12 d (new)
Article -12 d (new)
Article -12d Review 1. By ... * and every three years thereafter, the Commission shall publish a report on the application of this Regulation. That report shall evaluate, inter alia: (a) whether the indicators and thresholds of the scoreboard have managed to detect emerging imbalances and to monitor their development; (b) the progress of effective coordination of economic policies in accordance with the TFEU. 2. The report and any accompanying proposals shall be forwarded to the European Parliament and the Council. * OJ please insert date: xxx years after the date of entry into force of this Regulation.
Amendment 100 #
2010/0281(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 131 #
2010/0281(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union, should also be considered. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 146 #
2010/0281(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances should be timely and should use all available policy instruments under the control of public authorities. It should be tailored to the specific environment and circumstancpriorities of the Member State concerned and cover the main economic policy areas, potentially including fiscal and wage policies, labour markets, product and services markets and financial sector regulation.
Amendment 169 #
2010/0281(COD)
Proposal for a regulation
Article 1
Article 1
This Regulation sets out detailed rules for the definition, detection, prevention and correction of macroeconomic imbalances within the Unionbetween Member States and of the Union as a whole.
Amendment 170 #
2010/0281(COD)
Proposal for a regulation
Article 1
Article 1
This Regulation sets out detailed rules for the detection, prevention and correction of macroeconomic imbalances within the Unionbetween Member States and of the Union as a whole.
Amendment 173 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, orpersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy that either - affect adversely the sustainable development of a Member State or of the Union as a whole or - that have the potential to affect adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 185 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) 'excessive imbalances‘ means severe imbalances, including imbalances thatpersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy which are adversely affecting or jeopardiseing the proper functioning of the economy of a Member State or of the economic and monetary union as a whole.
Amendment 191 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after a broad and transparent consultation with all Member States and the European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalancesmacroeconomic imbalances in the Union.
Amendment 204 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial indicators for Member States. The Commission may seand social indicators. It shall take into account the Member State's individual level of development iandicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member State its relative economic weight inside the Union and the euro area. The indicators shall allow to detect serious misalignments between aggregate demand and supply and between an economy’s income and consumption and shall reflect short-term, structural and medium-long term trends. The Commission shall set indicative lower and symmetric upper thresholds for the indicators to serve as alert levels.
Amendment 224 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. The European Systemic Risk Board shall be consulted in regard to draft indicators, relevant to financial market stability.
Amendment 228 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The social partners shall be consulted in regard to draft indicators, relevant to labour markets.
Amendment 244 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall regularly assess the appropriateness of the scoreboard, including the composition of indicators, the thresholds set and the methodology used, and shall, by means of delegated acts, in accordance with Article -12a and subject to conditions of Articles -12b and -12c, adapt it if necessary to preserve or enhance its capability to detect emerging imbalances and monitor their development. Changes in the underlying methodology and composition of the scoreboard and the associated thresholds shall be made public.
Amendment 246 #
2010/0281(COD)
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a The Commission shall adopt, by means of delegated acts in accordance with Article - 12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. The scoreboard shall include the following sets of indicators including shall particularly focus on their evolution: (a) in the field of internal imbalances: private and public debt; internal income inequalities; unemployment rates; incidence of low pay and working poor; the share of labour income in overall GDP and unit profit rates; asset price developments with particular attention to financial markets, real estate; evolution of direct (labour, capital, corporation) and indirect taxation; evolution and share of public and private investment; poverty and social inclusion; (b) in the field of external imbalances: current account composition, balance; export market shares in Union and third- country markets; and net foreign assets positions; (c) in the field of internal market developments: a rolling average of five- year comparative real growth; growth and employment; fiscal, social and environmental sustainability; product and public and private research and development investment; Union and third- country foreign direct investment flows.
Amendment 248 #
Amendment 249 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The Commission shall update the values for the indicators on the scoreboard at least on a yearly basis for each Member State taking into account the particular economic starting point and the social situation of the Member State as well as its impact on growth and employment in other Member States or the Union as a whole. The updated scoreboard shall be made public.
Amendment 253 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an macroeconomic and financial assessment and putting the movement of the indicators into perspective, draw. The report shall also explore whether the crossing iof necessary on any other economic and financial indicator relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalanceslower or upper thresholds in a Member State signifies the existence of macroeconomic imbalances in the Member State assessed, or whether it may lead or has already lead to imbalances in other Member States or in the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 259 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The report shall identify Member States that the Commission considers to bCommission shall also, in its report, try to identify Member States that are responsible for macroeconomic imbalances in other Member States or across the Union as a whole, and Member States that are affected by, or at risk of, internally harmful imbalances.
Amendment 266 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the TreatyThe competent committee of the European Parliament and the Social and Economic Committee shall be consulted. Taking both opinions into account, the Council shall discuss and adopt conclusions on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro.
Amendment 269 #
Amendment 270 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Taking account of the discussions inconclusions given by the Council and, the Euro Group, as provided for in Article 4(4), the Commission shall prepare anopinions given by European Parliament and the Social and Economic Committee and discussions within the Euro Group, the Commission shall work out horizontal and vertical in- depth review for each Member State it considers affected by, or at risks. Based on the indicators outlined in this regulation, horizontal reviews shall identify the most important types of, imbalances. This assessment shall include an evaluation of whether affecting growth, employment and stability in the Union. Vertical reviews shall focus on Member States that the Commission considers responsible for macroeconomic imbalances in other Member State in question is affected by imbalances, and of whether these imbalances constitute excessive imbalancess or in the Union as a whole, and on Member States affected by, or at risk of, internally harmful macroeconomic imbalances. Vertical in-depth review shall build on detailed and first-hand investigations of Member-State-specific circumstances. In- depth reviews shall constitute a standard procedure and each time include those Member States with the largest share of GDP in the Union.
Amendment 278 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. The in-depth reviews shall be made public. ItThey shall take into account, in particular:
Amendment 279 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
Amendment 285 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
Amendment 287 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
(c) exceptional economic circumstances that may cause or aggravate such imbalances and any early warnings or recommendations fromissued by the European Systemic Risk Board relevant to supposed imbalances and the Member State under review.
Amendment 288 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point c a (new)
Article 5 – paragraph 2 – point c a (new)
(ca) the origin of the detected imbalances, including the deep trade and financial inter-linkages between Member States, the spill-over effects of national economic policies and the asymmetric impact of Union and euro area policies, in which case the Commission shall adopt appropriate measures taking into account the principle of subsidiarity and fully considering potential consequences to the political fundaments of the Union, namely, cooperation, solidarity and trust.
Amendment 292 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. If, on the basis of its in-depth review referred to in Article 5 of this Regulation, the Commission considers that a Member State is experiencing imbalances, it shall inform the Council accordinglygrowth, employment and stability in one or several Member States or in the Union as a whole is threatened, it shall inform the European Parliament and the Council accordingly. If the Commission considers that one or several Member States are contributing particularly to macroeconomic imbalances or that one or several Member States are particularly affected or at risk of being affected by imbalances, it shall, additionally, inform those Member States, including national parliaments. The Council, on a recommendation from the Commission or from the European Parliament, may address the necessary recommendations to the Member State concerned, in accordance with the procedure set out in Article 121(2) of the Treaty. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 305 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Council shall review these recommendations annually and may amend them if appropriate in accordance with paragraph 1if asked for by European Parliament or by at least two national parliaments and at least on an annual basis.
Amendment 311 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. If, on the basis of the in-depth review referred to in Article 5, the Commission considers that the Member State concerned is affected by excessive imbalances, it shall inform the Councilreviewed is strongly contributing to excessive imbalances in the Union or that it is affected by excessive imbalances, it shall inform the European Parliament, the Council, the European Systemic Risk Board and national parliaments of the concerned countries accordingly.
Amendment 317 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission or from the European Parliament, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the responsible Member State concerneds to take corrective action. Those recommendations shall set outexplain the nature of the imbalances and specify thin detail and outline corrective action tohat shall be taken ion detail and theEuropean or national level. A deadline within which the Member State concerned must take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make itsresponsible for excessive macroeconomic imbalances in the Union shall take such corrective action or until the Commission shall prepare helpful legislative proposals may be set. The Council shall make its recommendations public after a social impact assessment undertaken by the DG Employment has endorsed the recommendations public.
Amendment 326 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations need to comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. They shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union and they shall strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue.
Amendment 331 #
2010/0281(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Any Member State for which an excessive imbalance procedure is opened shall submit a corrective action plan to the Council and the Commission within a deadline to be defined in the recommendations in accordance with Article 7. The corrective action plan shall set out the specific and concrete policy actions the Member State concerned has implemented or intends to implement and shall include a timetable for implementation thereofresponsible for excessive imbalances in the Union intends to implement.
Amendment 337 #
2010/0281(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within two months after submission of a corrective action plan and on the basis of a Commission report, the Council shall assess the corrective action plan. If considered sufficientadequate, on the basis of a Commission proposal, the Council shall adopt an opinion, endorsing it. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implementare considered an inappropriate reaction to the recommendations received, the Council shall, on the basis of a Commission proposal, invite the Member State to amend its corrective action plan within a new deadline. The amended corrective action plan shall be examined according to the procedure laid down in this paragraphthree months.
Amendment 345 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Council and the Commission at regular intervals in the form of progress reports whose frequency shall be established by the Council in the recommendation referred to in Article 7(2).
Amendment 349 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Following the progress report by the Member State, the President of the Euro Group and the Commissioner responsible shall report to the European Parliament.
Amendment 351 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States‘ progress reports shall be made public by the Council may publish their progress reports.
Amendment 355 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Commission mayshall carry out surveillanceregular assessment missions to the Member State concerned to monitor the implementation of the corrective action plan and to explore social consequences of the action taken.
Amendment 360 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. If economic circumstances change, the Council, on a recommendation from the Commission, may amend the recommendations adopted under Article 7changing and, in particular, deteriorating economic circumstances require adequate reactions, the Council, on a recommendation from the Commission or from the European Parliament, shall adopt its recommendations and prevent procyclical policies from aggravating the economic or social situation in the Member State concerned, and in accordance with the procedure laid down in the same Article. The Member State concerned shall submit a revised corrective action plan that shall be assessed in accordance with the procedure laid down in Article 8.
Amendment 365 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. On the basis of a Commission report, and after information of the European Parliament, the Council shall conclude whether or not the Member State concerned has taken the recommended corrective action.
Amendment 370 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The Commission's report and the Council conclusions shall be made public.
Amendment 373 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation frommmission shall ask the Member State for an explanation, pursuant to which the Commission, shall adopt revisedissue a recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for restating, revising or cancelling the endorsed corrective action by when another assessment in accordance with this Article shall be conductedplan.
Amendment 379 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where the Council concludes that the Member State has taken the recommended corrective action, the excessive imbalance procedure shall be held in abeyancclosed. If the implementation of the recommended corrective action does not lead, after a period of 12 months after the implementation, to a significant decrease in excessive macroeconomic imbalances, the Commission shall review its methodology and report to European Parliament and to the national Parliament of the Member State under procedure. The report shall be published and if deemed inadequate by European Parliament, the Commission shall pay a compensation fine to the Member State previously under procedure.
Amendment 389 #
2010/0281(COD)
Proposal for a regulation
Article 11
Article 11
The excessive imbalance procedure shall be closed once the Council, on a recommendation from the Commission, concludes that the Member State is no longer affected by excessive imbalancescausing excessive imbalances within the meaning of Article 2(b) (namely, severe imbalances, including imbalances that jeopardise the proper functioning of the economic and monetary union).
Amendment 393 #
Amendment 397 #
2010/0281(COD)
Proposal for a regulation
Article -12 (new)
Article -12 (new)
Amendment 399 #
2010/0281(COD)
Proposal for a regulation
Article -12 a (new)
Article -12 a (new)
Article -12a Exercise of the delegation 1. The power to adopt delegated acts referred to in Article 3(3a) and (4) shall be conferred on the Commission for a period of four years from ….*. The Commission shall draw up a report in respect of the delegated power at the latest six months before the end of the four-year period. The delegation of power shall be automatically extended for periods of an identical duration, unless the European Parliament or the Council revokes it in accordance with Article -12b. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles -12b and -12c. _____ * Date of entry into force of this Regulation.
Amendment 401 #
2010/0281(COD)
Proposal for a regulation
Article -12 b (new)
Article -12 b (new)
Article -12b Revocation of the delegation 1. The delegation of power referred to in Article 3(3a) and (4) may be revoked at any time by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke a delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated power which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or on a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 403 #
2010/0281(COD)
Proposal for a regulation
Article -12 c (new)
Article -12 c (new)
Article -12c Objections to delegated acts 1. The European Parliament or the Council may object to the delegated act within a period of three months from the date of notification. At the initiative of the European Parliament or the Council that period shall be extended by three months. 2. If, on expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. 3. The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 4. If either the European Parliament or the Council objects to the delegated act within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 of the Treaty on the Functioning of the European Union, the institution which objects shall state the reasons for objecting to the delegated act.
Amendment 406 #
2010/0281(COD)
Proposal for a regulation
Article -12 d (new)
Article -12 d (new)
Amendment 408 #
2010/0281(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
This Regulation shall enter into force owhen the twentieth day following that of its publication in the Official Journal of the Europeanfollowing conditions are fulfilled: - a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; - the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; - normal economic circumstances have been reestablished throughout the Union.;
Amendment 67 #
2010/0280(COD)
Proposal for a regulation
–
–
The European Parliament rejects the Commission's proposal.
Amendment 558 #
2010/0280(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the Europeanwhen the following conditions have been fulfilled: – a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; – the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; – normal economic circumstances have been re-established throughout the Union. ;
Amendment 27 #
2010/0279(COD)
Proposal for a regulation
Recital 11
Recital 11
11. The procedure for the application of the fines on the Member States which fail to take effective measures to correct macroeconomic imbalances should be construed in such a way that the application of the fine on those Member States would be the rule and not the exceptfair, efficient and respect the fundamental objectives and the democratic values of the European Union.
Amendment 32 #
Amendment 32 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
The decision shall be deemed adopted by the Council unless it decides,acting by qualified majority, to reject the proposal within ten days the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 39 #
2010/0279(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 50 #
2010/0279(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty, should entail compliance with the guiding principles ofthe fair and solidar contribution to the Union's economic priorities and principles, namely a high level of employment and welfare, stable prices, soundustainable public finances and monetary conditions and a sustainable balance of payments, fair trade relations between Member States and a sustainable balance of payments and a high and increasing degree of social and territorial cohesion.
Amendment 71 #
2010/0279(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) There is an urgent need to build upon the experience gained during the first decadedraw lessons from the difficult first decade after the establishment of the economic and monetary union and, in particular, from the persistent economic crisis, continuing, intolerably high levels of functioning of economic and monetary uemployment and, increasing divergences between Member States in the Euro zone, and from vulnerability to speculatory attacks of the Union.
Amendment 77 #
2010/0279(COD)
Proposal for a regulation
Recital 3
Recital 3
Amendment 81 #
2010/0279(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To help address such imbalances, a procedure laid down ithe disposition to review political and economic priorities and the adaption of European and national monetary, economic and social policies including better coordination between Member States and good European legislation is necessary.
Amendment 84 #
2010/0279(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In general, due attention shall be paid to the symmetry of recommendations and eventual sanctions, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 120 #
2010/0279(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To ensure equal treatment between Member States, the finenon-interest bearing deposit should be identical for all Member States whose currency is the euro and equal to 0.01% of the gross domestic product (GDP) of the Member State concerned in the preceding year.
Amendment 140 #
2010/0279(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The collected fininterest should be distributed between Member States whose currency is the euro which are neither the subject of an excessive imbalance procedure nor have an excessive deficitused in order to reach the Union's goals for investment and jobs, and, in particular, to reduce gaps between the richest and the poorest Member States as well as regions.
Amendment 146 #
2010/0279(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) Since an effective framework for detection and prevention of macroeconomic imbalances cannot be sufficiently achieved by the Member States because of the deep trade and financial inter-linkages between Member States and the spillover effects of national economic policies on the Union and the euro area as a whole and can be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity, as set out in Article 5 of the Treaty on European Unionnd fully considering potential consequences to the political fundaments of the Union, namely, cooperation, solidarity and trust. In accordance with the principle of proportionality, as set out in the same Article, this Regulation does not go beyond what is necessary to achieve those objectives.
Amendment 167 #
2010/0279(COD)
Proposal for a regulation
Article 3
Article 3
Amendment 230 #
Amendment 238 #
2010/0279(COD)
Proposal for a regulation
Article 4
Article 4
Fines collector interest gained in accordance with Article 3 of this Regulation shall constitute other revenue, as referred to in Article 311 of the Treaty, and shall be distributused, in proportion to their share in the total gross natorder to reach the Unional's income (GNI) of the eligible Member States, between Member States whose currency is the euro and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…] and do not have an excessive deficit as determined in accordance with Article 126(6) of the Treatyvestment and employment goals and, shall benefit, in particular, the poorest countries and regions in the Union.
Amendment 245 #
2010/0279(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 251 #
2010/0279(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the Europeanwhen the following conditions have been fulfilled: - a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; - the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; - normal economic circumstances have been reestablished throughout the Union.;
Amendment 19 #
Amendment 20 #
2010/0278(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Additional sanctions areassistance is necessary to make the enforcement of budgetary surveillance more effective in the euro area. Those sanctions should enhance the credibility of the fiscal surveillance framework of the UnionEventual sanctions should not harm political solidarity of the Union and social cohesion in its Member States. Incentives should enhance the credibility of the monetary union and reduce excessive costs of sovereign debt.
Amendment 22 #
2010/0278(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The budgetary surveillance framework should, in any case, support the Union's growth and jobs objectives and needs, especially during the economic or social downturns, be combined with effective efforts to stimulate sustainable growth, the protection of social cohesion and the creation of jobs, whilst respecting Member-State-specific priorities and needs.
Amendment 23 #
2010/0278(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) SanctionAssistance and incentives for Member States whose currency is the euro in the preventive part of the Stability and Growth Pact should provide incentives forensure appropriate and prudent fiscal policy-making. Such policy- making should ensure that the growth rate of government expenditure does not normally exceed a prudent medium-term growth rate of gross domestic product (GDP), unless the excess is matched by increases in government revenues or discretionary revenue reductions are compensated by reductions in expenditure.
Amendment 27 #
2010/0278(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) A possibility should be provided for the Council to reduce or to cancel the sanctions imposed on Member States whose currency is the euro on the basis of a Commission proposal following a reasonedproposal by the European Parliament or on the basis of a request by the Member State concerned. In the corrective part of the Stability and Growth Pact, the Commission should also be able to propose to reduce the size of a sanction or to cancel it on grounds of exceptional economic and social circumstances.
Amendment 29 #
2010/0278(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The non-interest-bearing deposit should be released upon correction of the excessive deficit while the interest on such deposits and the fines collected should be distributed among Member States whose currency is the euro which do not have an excessive deficit and which are not the subject of an excessive imbalance procedure eithershould be used in support of achieving the Union’s long term investment and jobs objectives, especially in the Union's poorest regions.
Amendment 32 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. If the Council addresses to a Member State a recommendation in accordance with Article 121(4) of the Treaty to take the necessary adjustment measures in the event of persisting orand particularly serious and significant deviations from prudent fiscal policy-making as laid down in Article 6(3) of Regulation (EC) No 1466/97, the lodging of an interest bearing deposit shall be imposed by the Council, acting on a proposal from the Commission and after consulting the European Parliament. The decision shall be deemed to be adopted by the Council unless it decides by qualifiedsimple majority to reject the proposal within ten days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 33 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The interest-bearing deposit to be proposed by the Commission shall amount to 0.201% of the gross domestic product (GDP) of the Member State concerned in the preceding year.
Amendment 34 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. By derogation from paragraph 2, the Commission, following a reasoned request by the Member State concerned addressed to the Commission within ten60 days of adoption of the Council recommendation referred to on paragraph 1, may propose to reduce the amount of the interest-bearing deposit or to cancel it.
Amendment 37 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. If the Council decides in accordance with Article 126(6) of the Treaty that an excessive deficit exists in a Member State, the lodging of a non-interest-bearing deposit shall be imposed by the Council, acting on a proposal from the Commission and after consulting the European Parliament. The decision shall be deemed adopted by the Council unless it decides by qualifiedsimple majority to reject the proposal within ten30 days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 38 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The non-interest-bearing deposit to be proposed by the Commission shall amount to 0.201% of the GDP of the Member State concerned in the preceding year.
Amendment 40 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. By derogation from paragraph 2 of this Article, the Commission may, on grounds of exceptional economic or social circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten60 days of adoption of the Council decision in accordance with Article 126(6) of the Treaty, propose to reduce the amount of the non-interest- bearing deposit or to cancel it.
Amendment 42 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. If the Council decides in accordance with Article 126(8) of the Treaty that the Member State has not taken effective action in response to a Council recommendation within the period laid down nor having given a comprehensive explanation, the Council, acting on a proposal from the Commission, shall decide that the Member State shall pay a fine and after consulting the European Parliament, may decide that the Member State shall pay a fine. In respect of Article 153 of the Treaty, no fine will be levied if the fine is related to a recommendation concerning the issue of pay and/or collective bargaining in the public sector. The decision shall be deemed adopted by the Council unless it decides by qualifiedsimple majority to reject the proposal within ten30 days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 44 #
Amendment 46 #
2010/0278(COD)
Proposal for a regulation
Article 7
Article 7
The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributused, in prosupportion to their share of achieving the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…]Union’s long-term investment and jobs objectives, especially for the benefit of the poorest regions in the Union.
Amendment 47 #
2010/0278(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
This Regulation shall enter into force on the [xx] day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 56 #
Amendment 99 #
2010/0278(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Additional sanctions areassistance is necessary to make the enforcement of budgetary surveillance more effective in the euro area. Those sanctions should enhance the credibility of the fiscal surveillance framework of the UnionEventual sanctions should not harm political solidarity of the Union and social cohesion in its Member States. Incentives should enhance the credibility of the monetary union and reduce excessive costs of sovereign debt and public investment.
Amendment 103 #
2010/0278(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The budgetary surveillance framework should, in any case, support the Union's growth and jobs objectives. It needs to be, especially during economic downturns, combined with effective efforts to stimulate sustainable growth, the protection of social cohesion and the creation of jobs, whilst respecting Member-State-specific priorities and needs.
Amendment 128 #
2010/0278(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) SanctionAssistance and incentives for Member States whose currency is the euro in the preventive part of the Stability and Growth Pact should provide incentives for prudentensure appropriate and sound fiscal policy-making. Such policy-making should ensure that the growth rate of government expenditure does not normally exceed a prudent medium-term growth rate of gross domestic product (GDP), unless the excess is matched by increases in government revenues or discretionary revenue reductions are compensated by reductions in expenditure.
Amendment 161 #
2010/0278(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) A feasible possibility should be provided for the Council to reduce or to cancel the sanctions imposed on Member States whose currency is the euro on the basis of a Commission proposalproposal made by the Commission or the European Parliament or on the basis of following a reasoned request by the Member State concerned. In the corrective part of the Stability and Growth Pact, the Commission should also be able to propose to reduce the size of a sanction or to cancel it on grounds of exceptional economic circumstances. or negative social effects.
Amendment 167 #
2010/0278(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The non-interest-bearing deposit should be released upon correction of the excessive deficit while the interest on such deposits and the fines collected should be distributed among Member States whose currency is the euro which do not have an excessive deficit and which are not the subject of an excessive imbalance procedure eitherused in support of achieving the Union’s long term investment and jobs objectives, especially in order to bridge social and economic gaps between the richest and the poorest Member States.
Amendment 224 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. If the Council addresses to a Member State a recommendation in accordance with Article 121(4) of the Treaty to take the necessary adjustment measures in the event of persisting orand particularly serious and significant deviations from prudent fiscal policy-making as laid down in Article 6(3) of Regulation (EC) No 1466/97, the lodging of an interest bearing deposit shall be imposed by the Council, acting on a proposal from the Commission and after consulting the European Parliament. The decision shall be deemed to be adopted by the Council unless it decides by qualifiedsimple majority to reject the proposal within ten days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 231 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The interest-bearing deposit to be proposed by the Commission shall amount to 0.201% of the gross domestic product (GDP) of the Member State concerned in the preceding year.
Amendment 238 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. By derogation from paragraph 2, the Commission, following a reasoned request by the Member State concerned addressed to the Commission within ten50 days of adoption of the Council recommendation referred to on paragraph 1, may propose to reduce the amount of the interest-bearing deposit or to cancel it.
Amendment 249 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. If the Council decides in accordance with Article 126(6) of the Treaty that an excessive deficit exists in a Member State, the lodging of a non-interest-bearing deposit shall be imposed by the Council, acting on a proposal from the Commission after consulting the European Parliament and informing the Parliament of the Member State under procedure. The decision shall be deemed adopted by the Council unless it decides by qualifiedsimple majority to reject the proposal within ten60 days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 252 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The non-interest-bearing deposit to be proposed by the Commission shall amount tonot exceed 0.02% of the GDP of the Member State concerned in the preceding year.
Amendment 256 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1
Article 4 – paragraph 3 – subparagraph 1
Amendment 260 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. By derogation from paragraph 2 of this Article, the Commission may, on grounds of exceptional or social economic circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten50 days of adoption of the Council decision in accordance with Article 126(6) of the Treaty, propose to reduce the amount of the non-interest- bearing deposit or to cancel it.
Amendment 263 #
2010/0278(COD)
Proposal for a regulation
Article 5
Article 5
Amendment 267 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. If the Council decides in accordance with Article 126(8) of the Treaty that the Member State has notr taken effective action in response to a Council recommendation within the period laid down, the Council, acting on a proposal from the Commission, shall decide that the Member State shall pay a fine. The decision shall be deemed adopted by the Council unless it decides by qualified majority to reject the proposal within ten days of the Commission adopting and has neither given explanation for deviating from the recommendations, the Council, acting on a proposal from the Commission and after consulting the European Parliament, may decide that the Member State shall pay a non-interest bearing deposit. In respect of article 153 of the Treaty, no sanction will be enforced if it is related to a recommendation concerning the issue of pay and/or collective bargaining in the public sector. The decision shall be adopted by the Council by qualified majority. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 275 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The finenon-interest bearing deposit to be proposed by the Commission shall amount to 0.02% of the GDP of the Member State concerned in the preceding year.
Amendment 281 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. By derogation from paragraph 2 of this Article, the Commission may, on grounds of exceptional economic or social circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten50 days of adoption of the Council decision in accordance with Article 126(8) of the Treaty, propose to cancel or to reduce the amount of the finenon- interest bearing deposit.
Amendment 289 #
Amendment 295 #
2010/0278(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributused, in prosupportion to their share of achieving the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…]Union’s long-term investment, jobs and growth objectives and, in particular, to close the gaps between the poorest and the richest Member States in the Union.
Amendment 300 #
2010/0278(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
Amendment 308 #
2010/0278(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
This Regulation shall enter into force on the [xx] day following that of its publication in the Official Journal of the Europeanwhen the following conditions have been fulfilled: - a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; - the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; - normal economic circumstances have been reestablished throughout the Union.
Amendment 9 #
Amendment 18 #
2010/0277(NLE)
Proposal for a directive
Article 15
Article 15
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 41 #
Amendment 45 #
2010/0277(NLE)
Recital 1
1. There is a need to build upon the experience gained during the first decade of functioning of economic and monetary union. Recent economic developments have posed new challenges to the conduct of fiscal policy across the Union and have in particular highlighted the need for uniform requirements as regards the rules and procedures formThe rules and procedures forming the budgetary frameworks of the Member States should reflect the objectives of sustainable growth and employment, and social and territorial cohesion. Recent economic developments proved that these objectives were not sufficiently considered ing the budgetary frameworks of the Member Statesconducting of fiscal policy across the Union. In particular it is necessary to specify what national authorities must do to comply with the provisions of the Protocol (No 12) on the excessive deficit procedure annexed to the Trease objectives, and in particular Article 3 thereof.
Amendment 50 #
2010/0277(NLE)
Recital 1 a (new)
1a. Any introduction of policies of economic governance should go in line with an enhanced democratic legitimacy of the Union and should respect and consider each Member State's individual level of development and its relative economic weight inside the Union and the euro area.
Amendment 68 #
2010/0277(NLE)
Recital 2
2. Member State governments and government sub-sectors maintain public accounting systems which include elements such as bookkeeping, internal control, financial reporting, and audit. These should be distinguished from statistical data which relate to the outcomes of government finances based on statistical methodologies, and from forecasts or budgeting actions which relate to future government finances. Involving independent or private institutions in the public accounting practices on a national or European level does not ensure the quality and reliability of the fiscal data and the transparency in assessing the macro-economic and budgetary forecasts, the Member State government's fiscal policy stance or the achievement of announced fiscal policy objectives.
Amendment 69 #
2010/0277(NLE)
Recital 2 a (new)
2a. The case of independent or private institutions being involved in the production of statistical data, forecasts and numerical fiscal rules should be fully discussed within the Union's institutions, including Parliament.
Amendment 95 #
2010/0277(NLE)
Recital 13
13. Member States should avoid pro- cyclical fiscal policies and fiscal consolidation efforts should be greater in good times. Well-specified numerical fiscal rules are conducive to these objectivand the Union's recommendations and coordination efforts should avoid and prevent pro- cyclical fiscal policies.
Amendment 100 #
2010/0277(NLE)
Recital 13 a (new)
13a. For this purpose the European Monetary Fund should issue a European Growth Bond, in order to multiply the liquidity for development purposes. This will help the Member States to face the irrationality of excessively pessimistic financial markets, and this without the brutal economic conditionalities now attached to the joint Commission-IMF loans.
Amendment 101 #
2010/0277(NLE)
Recital 13 b (new)
13b. The needs of the Member States, who have already accepted these strict conditionalities, should not be put aside.
Amendment 102 #
2010/0277(NLE)
Recital 13 c (new)
Amendment 186 #
2010/0277(NLE)
Article 15 – paragraph 1
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the Europeanwhen the following conditions have been fulfilled: - a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; - the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; - normal economic circumstances have been reestablished throughout the Union.;
Amendment 22 #
2010/0276(CNS)
Proposal for a regulation – amending act
–
–
The European Parliament rejects the Commission proposal.
Amendment 27 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. The excess of a government deficit over the reference value shall be considered exceptional, in accordance with the second indent of Article 126(2)(a) of the Treaty, when resulting from an unusual event outside the control of the Member State concerned and which has a major impact on the financial position of general government, or when resulting from a severen economic downturn.
Amendment 33 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances) and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in ‘good times’, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock- flow operations, accumulated reserves and other government assets; guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent thatand private debt since it may represent a contingent implicit liability for the government). Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability.
Amendment 39 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
7. In the case of Member States where the excess of the deficit or the breach of the requirements of the debt criterion according to Article 126 (2) (b) of the Treaty reflects the implementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the reform to the publicly managed pillar when assessing developments in EDP deficit and debt figures. In cases where the debt ratio exceeds the reference value, the cost of the reform shall be considered only if the deficit remains close to the reference value. For that purpose, for a period of five years starting from the date of entry into force of such a reform, consideration shall be given to its net cost as reflected in deficit and debt developments on the basis of a linear degressive scale. Additionally, irrespective of the date of entry into force of the reform, its net cost as reflected in debt developments shall be given consideration for a transitional period of five years from [date of entry into force of this Regulation, to be inserted] on the basis of the same linear degressive scale. The net cost as thus calculated shall be taken into account also for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 of the Treaty, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value and, in case of non- fulfilment of the requirements of the debt criterion, the debt has been put on a declining path. Moreover, equal consideration shall be given to the reduction in this net cost resulting from the partial or total reversal of an above mentioned pension reform.
Amendment 40 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point a
Article 1 – point 3 – point a
Regulation (EC) No 1467/97
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Taking fully into account the opinion referred to in paragraph 1, the Commission, if it considers that an excessive deficit exists, shall address an opinion and a proposal to the Council in accordance with Article 126(5) and (6) of the Treaty. The Commission shall present its proposal before the parliament of the relevant Member State.
Amendment 41 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstanceswithin an appropriate time frame. In the recommendation, the Council shall request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 42 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation shall be published and presented by the Commission before the parliament of the relevant Member State. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, mayshould notably extend the deadline for the correction of the excessive deficit by one year as a rulet least. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 43 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 44 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
Amendment 45 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point c
Article 1 – point 5 – point c
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If effective action has been taken in compliance with a notice under Article 126(9) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that notice, the Council may decide, on a recommendation from the Commissionafter hearing the government of the relevant Member State, to adopt a revised notice under Article 126(9) of the Treaty. The revised notice, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, mayshall notably extend the deadline for the correction of the excessive deficit by one year as a rulet least. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances, and whether adverse economic developments are connected with the implementation of the Council’s recommendations, against the economic forecasts in its notice. The Council mayshould also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) of the Treaty in case of a severen economic downturn of a general nature.
Amendment 46 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 47 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1467/97
Article 8
Article 8
Amendment 48 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. The Commission and the Council shall regularly monitorcheck the implementation of action taken:
Amendment 49 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1467/97
Article 11
Article 11
Amendment 50 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balance as a percentage of GDP that should have been achieved in the same year according to the notice issued under Article 126(9) of the Treatynot exceed 0,05 % of GDP.
Amendment 51 #
Amendment 51 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Each following year, until the decision on the existence of an excessive deficit is abrogated, the Council shall assess whether the participating Member State concerned has taken effective action in response to the Council notice in accordance with Article 126(9) of the Treaty. In this annual assessment the Council shall decide, in accordance with Article 126(11) of the Treaty, to intensify the sanctions, unless the participating Member State concerned has complied with the Council notice. If an additional fine is decided, it shall be calculated in the same way as for the variable component of the fine in paragraph 1f a fine is decided, it shall not exceed 0,01 % of GDP.
Amendment 52 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,501 % of GDP.
Amendment 54 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordanceused to support measures to achieve the Union’s investment and employment objectives, with Aparticle 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statesular regard to the need for sustainable development in the poorest regions of the Union.
Amendment 56 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that ofwhen normal economic circumstances have been reestablished and once it its publication in the Official Journal of the European Unionassured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 170 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. The excess of a government deficit over the reference value shall be considered exceptional, in accordance with the second indent of Article 126 (2) (a) of the Treaty, when resulting from an unusual event outside the control of the Member State concerned and which has a majorconsiderable impact on the financial position of general government, or when resulting from a severeubstantial economic downturn.
Amendment 192 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances) and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in “good times”, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock- flow operations, accumulated reserves and other government assets; guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent thatrelated to private debt since it may represent a contingent implicit liability for the government). Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability.
Amendment 217 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
7. In the case of Member States where the excess of the deficit or the breach of the requirements of the debt criterion according to Article 126 (2) (b) of the Treaty reflects the implrovementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the ref of necessary social protection, including, in particular, the revision of partial orm to the publicly managed pillar when assessing developments in EDP deficit and debt figures. In cases where the debt ratio exceeds the reference value, the cost of the reform shall be considered only if the deficit remains close to the reference valuetal privatizations of pension systems if those have shown considerable signs of vulnerability to crises in the financial sector. For that purpose, for a period of five years starting from the date of entry into force of such a reform, consideration shall be given to its net cost as reflected in deficit and debt developments on the basis of a linear degressive scale. Additionally, irrespective of the date of entry into force of the reform, its net cost as reflected in debt developments shall be given consideration for a transitional period of five years from [date of entry into force of this Regulation, to be inserted] on the basis of the same linear degressive scale. The net cost as thus calculated shall be taken into account also for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 of the Treaty, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value and, in case of non- fulfilment of the requirements of the debt criterion, the debt has been put on a declining path. Moreover, equal consideration shall be given to the reduction in this net cost resulting from the partial or total reversal of an above mentioned pension reform.
Amendment 229 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point a
Article 1 – point 3 – point a
Regulation (EC) No 1467/97
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Taking fully into account the opinion referred to in paragraph 1, the Commission, if it considers that an excessive deficit exists, shall address an opinion and a proposal to the Council in accordance with Article 126(5) and (6) of the Treaty and informs the European Parliament and the Parliament of the concerned Member State.
Amendment 232 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shallmay also establish an indicative deadline for the correction of the excessive deficit, which should be complereasonable and adapted into the year following its identification unless there are special circumstanceseconomic and social circumstances and capacities of the Member State. In the recommendation, the Council shallmay, if deemed helpful, request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,52 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 247 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. It shall be published and presented by the Commission in the Parliament of the Member State concerned. The Council shall assess the existence of unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 254 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 259 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
Amendment 268 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point c
Article 1 – point 5 – point c
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If effective action has been taken in compliance with a notice under Article 126(9) of the Treaty and unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances occur after the adoption of that notice, the Council may decide, on a recommendation from the Commission and after consultation of the Member State, to adopt a revised notice under Article 126(9) of the Treaty. The revised notice, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, maywill notably extend the deadline for the correction of the excessive deficit by one year as a rulor more, if adequate. The Council shall assess the existence of unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances against the economic forecasts in its noticend eventual causalities between unfavourable economic events and the action taken in response to Council recommendations. The Council may also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 272 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 277 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Amendment 279 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – introductory phrase
Article 10 – paragraph 1 – introductory phrase
1. The Commission and the Council shall regularlyshall monitor the implementation of action taken:
Amendment 283 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1467/97
Article 11
Article 11
Amendment 288 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balance as a percentage of GDP that should have been achieved in the same year according to the notice issued under Article 126(9) of the Treatynot exceed the upper limit of 0,03 % of GDP.
Amendment 292 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Each following year, until the decision on the existence of an excessive deficit is abrogated, the Council shall assess whether the participating Member State concerned has taken effective action in response to the Council notice in accordance with Article 126(9) of the Treaty. In this annual assessment the Council shall decide, in accordance with Article 126(11) of the Treaty, to intensify the sanctions, unless the participating Member State concerned has complied with the Council notice. If an additional fine is decided, it shall be calculated in the same way as for the variable component of the fine in paragraph 1.
Amendment 296 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,501 % of GDP.
Amendment 303 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statesused in order to reach the Union's investment and jobs goals and, in particular, for the benefit of the poorest regions in the Union.
Amendment 311 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force owhen the twentieth day following that of its publication in the Official Journal of the Europeanfollowing conditions are fulfilled: – a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; – the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; – normal economic circumstances have been re-established throughout the Union.;
Amendment 312 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured via an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 143 #
2010/0251(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To set an end to the current fragmented situation in which some Member States have taken divergent measures and to restrict the possibility of divergent measures being taken by competent authorities it is important to address the potential risks arising from short selling and credit default swaps in a harmonised manner. The requirements to be imposed should address the identified risks without unduly detracting from the benefits that short selling provides to the quality and efficiency of markethaving a detrimental effect on the stability of European financial markets and their ability to provide liquidity to the real economy. Nevertheless Member States should not be prevented from establishing a stricter regulation of credit default swaps and short sales.
Amendment 149 #
2010/0251(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Credit default swaps, naked short sales and commodity short sales should be fought and legally banned on Union financial markets. Naked short sales, commodity short sales and credit default swaps do not provide any macroeconomic benefits and carry considerable systemic risks that can be assessed ex ante only with great difficulty. Risk hedging should be replaced by other, less detrimental instruments.
Amendment 199 #
2010/0251(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In the case of a significant fall in the price of a financial instrument on a trading venue a competent authority should also have the ability to temporarily restrict short selling of the financial instrument on that venue in order to be able to intervene rapidly where appropriate and for a 24 hour period to prevent a disorderly price fall of the instrument concerned. The period of the trade restriction should take into account the seriousness of the disruption in the markets.
Amendment 207 #
2010/0251(COD)
Proposal for a regulation
Recital 37
Recital 37
(37) Since some Member States have already put in place restrictions on short selling, and since delegated acts and binding technical standards are provided for which should be adopted before the framework to be introduced can be us effective Union-wide Regulation needs to be adopted and implemented as soon as possible. The persistent instability of the markets and the imminent threat presented by practices relating to the trade in credit defaully applied, it is necessary to provide for a sufficient pert swaps to the economic and political basis of Union integration contribute to the urgent need for a strict regulatiodn of timeshort selling and credit default swaps.
Amendment 213 #
2010/0251(COD)
Proposal for a regulation
Article 1 – point 3
Article 1 – point 3
(3) debt instruments issued by a Member State or the Union and derivatives set out in Annex I Section C points (4) to (10) of Directive 2004/39/EC that relate to such debt instruments issued by a Member State or the Union or to an obligation of a Member State or the Union or to an obligation issued by a systematically relevant institution established or resident in the Union.
Amendment 222 #
2010/0251(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point p
Article 2 – paragraph 1 – point p
(p) "short sale" in relation to a share or debt means any sale of the share or debt which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the share or debt for delivery at settlement;
Amendment 230 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a short sale of a share issued by the company or a debt instrument issued by the Member State or Union or a system relevant institution;
Amendment 237 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. For the purposes of this Regulation, a position resulting from either of the following shall be considered a long position relating to the issued share capital of a company or issued sovereign debtdebt instruments of a Member State or the Union:
Amendment 245 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 6
Article 3 – paragraph 6
6. The calculation under paragraphs 1 to 5 for sovereign debtdebt instruments shall be for each single Member State or for the Union or for a system relevant institution domiciled or established in the Union, even if separate entities within the Member State or the Union issue sovereign debt on behalf of the Member State or Union.
Amendment 252 #
2010/0251(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. For the purposes of this Regulation, a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a Member State or the Union, to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation withThe trade with credit default swaps and other instruments aiming to hedge the pricesk of the obligation of a Member State or the Union. The party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragrapha credit default shall be prohibited on Union financial markets.
Amendment 299 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) a net short position relating to the issued sovereign debt of a Member State or of the Union or a system relevant institution established or resident in the Union;
Amendment 301 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
Amendment 332 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. A natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument where one of the following conditions is fulfilled:
Amendment 346 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the natural or legal person has entered into an agreement to borrow the share or sovereign debt instrument;
Amendment 349 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
Amendment 368 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. Short sales of commodity shares and bonds shall be prohibited.
Amendment 370 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 2 b (new)
Article 12 – paragraph 2 b (new)
Amendment 372 #
2010/0251(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Naked short sales Naked short sales shall be prohibited.
Amendment 405 #
2010/0251(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 473 #
2010/0251(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The measure shall apply for a period not exceeding the end of the trading day following the trading day on which the fall in price occursbe limited to a period appropriate to the extent of the price collapse.
Amendment 488 #
2010/0251(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
Any such measure may be renewed for further periods not exceeding appropriate to the seriousness of three months at a timarket disturbance.
Amendment 493 #
2010/0251(COD)
Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 1 – point c
Article 24 – paragraph 1 – subparagraph 1 – point c
Amendment 137 #
2010/0250(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Incentives to promote the use of CCPs have not proven to be sufficient to ensure that standardised OTC derivatives are actually cleared. Mandatory CCP clearing requirements for those OTC derivatives that can be cleared are therefore necessary.
Amendment 140 #
2010/0250(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) Derivative contracts which are not eligible for CCP clearing should be standardised to become eligible for CCP clearing.
Amendment 141 #
2010/0250(COD)
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9 b) One of the main risks in derivatives markets is the missing transparency, amongst other reasons caused by highly complex financial products. Therefore derivatives contracts should be standardised by all means, not standardised derivative contracts which are not eligible for CCP clearing and which are too complex to be reported by trade repositories should be prohibited.
Amendment 142 #
2010/0250(COD)
Proposal for a regulation
Recital 9 c (new)
Recital 9 c (new)
(9 c) Regarding the high volatility of food and feed prices and numerous researches showing a relation between food prices and speculation in food, derivative contracts related to food or feed should be prohibited.
Amendment 207 #
2010/0250(COD)
Proposal for a regulation
Recital 41
Recital 41
Amendment 210 #
2010/0250(COD)
Proposal for a regulation
Recital 42
Recital 42
(42) Interoperability arrangements arcould be important tools for greater integration of the post-trading market within the Union and regulation should be provided for. However, interoperability arrangements may expose CCPs to additional risks. Given the additional complexities involved in an interoperability arrangement between CCPs clearing OTC derivative contracts, it is appropriate at this stage to restrict the scope of interoperability arrangements to cash securities. However, by 30 September 2014systemically relevant risks. Therefore, ESMA should submit a report to the Commission oin whether an extension of that scope to other financial instruments would be appropriateich the possible risks of interoperability and opportunities are examined.
Amendment 257 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ’over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC; EC or on a third-country market recognized as totally equivalent to an EU regulated market;
Amendment 262 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ’'financial counterparty' means an undertaking established in the Union which is an authorised investment firms as set out in Directive 2004/39/EC, an authorised derivatives trader/broker/dealer, an authorised credit institutions as defined in Directive 2006/48/EC, an authorised insurance undertakings as defined in Directive 73/239/EEC, an authorised assurance undertakings as defined in Directive 2002/83/EC, an authorised reinsurance undertakings as defined in Directive 2005/68/EC, an authorised undertakings for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, an authorised institutions for occupational retirement provision as defined in Directive 2003/41/EC anor an authorised alternative investment funds managers as defined in Directive 2010/.../EU; an authorised undertaking, or a subsidiary, affiliate or other corporate unit of a ‘non-financial counter party’ (as defined in (7)), which engages in activities that are defined under EU law as: (a) a swap dealer or a security-based swap dealer; (b) a major swap participant or major security-based swap participant; (c) an issuer that is an investment firm (d) a commodity pool; (e)’ an affiliate of any entity described in subclauses above
Amendment 267 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ’non-financial counterparty' means an undertaking established in the Union other than the entities referred to in point (6); in points (1) and (6,) which only hedges its commercial risks except which are objectively linked to its physical commercial activities, and which does not engage in swaps to hedge financial and speculative risks;
Amendment 270 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7 a) A counter party established in the Union that engages in activities that are both undertaken by those counter parties referred to in point (6) and point (7) shall have to fulfil the obligations of this directive according whether its activities are being defined as the ones of a ‘financial counterparty’ or activities as ‘non-financial counter party’.
Amendment 271 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
(7 b) Excessive speculation can be defined as exceptionally high volumes of OTC derivatives by financial counter parties, too high level of interconnectedness, market manipulation. In the case of commodity derivatives it means sudden or unreasonable changes in the price of such commodity, market manipulation, squeezes, and corners, as well as OTC commodity trades that are disruptive to the price discovery function of futures markets and too high OTC derivatives with no or little economic or social value.
Amendment 292 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
A financial counterparty or a non- financial counterparty referred to in Article 7(2) shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties or non- financial counterparties referred to in Article 7(2) in the relevant CCPs listed in the register as referred to in Article 4(4).
Amendment 293 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
There shall be no clearing obligation in the case of derivative contracts between subsidiary undertakings of the same parent company or between a parent company and a subsidiary undertaking as defined in Article 80(7) of Directive 2006/48. There shall be no clearing obligation in the case of derivative contracts between members of the same institutional protection scheme as defined in Art. 80(8) of Directive 2006/48. This derogation shall not affect the reporting obligation under Article 6 or the obligations in relation to risk mitigation techniques under Article 8.
Amendment 299 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities.
Amendment 305 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2 a (new)
Article 3 – paragraph 1 – subparagraph 2 a (new)
Eligibility of clearance of OTC derivatives will also be made dependent on criteria that aim at avoiding excessive and other financial, market, economic and social risks. ESMA as well as the Commission are delegated with powers to impose position limits through supervisory or legislative measures.
Amendment 306 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2 b (new)
Article 3 – paragraph 1 – subparagraph 2 b (new)
Derivative contracts which are not considered eligible pursuant to Article 4 or which are not eligible for clearing pursuant to delegated powers of ESMA and the Commission as defined in subparagraph 2 are prohibited.
Amendment 343 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point a
Article 4 – paragraph 3 – subparagraph 1 – point a
(a) reduction of systemic risk in the financial system; structured products must not be involved
Amendment 367 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
(e a) adequate standardisation of contracts and processes
Amendment 369 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2
Article 4 – paragraph 3 – subparagraph 2
Before taking a decision, ESMA shall conduct a public consultation and, where appropriate, consult with the competent authorities of third countries.
Amendment 394 #
2010/0250(COD)
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Standardisation obligation Contracts must be standardised to such an extent that they are eligible for clearing by a CCP. This concerns a standardisation of legal relationships, of confirmation agreements, documentation as well as the customary handling of events. Otherwise, these contracts are not admitted to trading. Processes must be standardised to such an extent that contracts can be cleared by a central counterparty. This concerns straight through processing (STP), matching, confirmation and settlement. Otherwise, it is not permitted to trade these contracts. ESMA will submit drafts for the standardisation of contracts and processes to the Commission by 30th June 2012 at the latest.
Amendment 399 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
A CCP that has been authorised to clear eligible OTC derivative contracts shall accept clearing such contracts on a non- discriminatory basis, regardless of the venue of execution as long as the venue in question is sufficiently transparent and regulated. Products which do not meet the requirements of Article 4 may not be cleared by the CCP.
Amendment 419 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 436 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
Article 6 – paragraph 2 – subparagraph 1
Where a trade repository is not able to record the details of an OTC derivative contract, financial counterparties shall report the details of their positions in thosthe trading of this contract must be suspended. The contract has to the competent authority designated in accordance with Article 48 of Directive 2004/39/ECbe standardised to such an extent that it is suitable for recording by a trade repository.
Amendment 437 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
Amendment 470 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts that exceed the information threshold to be determined pursuant to paragraph 3(a), it shall notify the competent authority designated in accordance with Article 48 of Directive 2004/39/EC thereof, providing justification for taking those positions.
Amendment 473 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 478 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts exceeding the clearing threshold to be determined pursuant to paragraph 3(b), it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts. Exemptions from clearing can only be determined by ESMA, up to a certain threshold, and after interests of all stakeholders in society as well as all financial, economic, social and environmental negative aspects have been assessed.
Amendment 481 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2 a (new)
Article 7 – paragraph 2 – subparagraph 2 a (new)
Discharge of the clearing obligation referred to in subparagraph 1 must be completed after the interest of all stakeholders in society as well as all negative financial, economic, social and environmental aspects have been assessed, and where possible within six months.
Amendment 482 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2 a. In calculating the positions referred to in paragraph 2, OTC derivative contracts entered into by a non-financial counterparty that are objectively measurable as directly linked to the commercial or treasury financing activity of that counterparty shall also be taken into account.
Amendment 487 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point a
Article 7 – paragraph 3 – subparagraph 1 – point a
Amendment 491 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
(b a) Criteria for establishing which OTC derivative contracts could be exempted from clearing, whereby those OTC derivatives measurable as directly linked to the commercial commodity or exchange rates should not be automatically exempted but favourable consideration for exemption could be given to non- financial counter parties that are cooperatives and too small to result in financial or other negative impacts on the financial and physical markets in which they operate, and after non-clearing has been assessed to result in no risks for the non-financial counter party itself and the financial systems.
Amendment 492 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
Those thresholde exemptions shall be determined up to the threshold level taking into account the systemic relevance of the sum of net positions and exposures by counterparty per class of derivatives. over a specific period of time, and after the interests of all stakeholders in society have been taken into account as well as all financial, economic, social and environmental negative aspects have been assessed. Exemptions to non-financial counterparties up to a certain threshold can only be provided if they fulfil the definition of non-financial counterparties and they report for each OTC derivative information that ensures avoiding abuse of the non-financial counterparty exemption, including: - Information on the ability of the non- financial counterparty how to meet obligations associated with non cleared swaps and its annexes e.g. credit support annexes which include credit triggers; - Regularly updated information about the provisions and the costs of the swap agreement and the (credit support) annex(es), segregated into those elements of objective commercial risk hedging and those for additional (financial) risks; - Information whether the swap or any other OTC derivative is in whole or in part entered into for speculative purposes; - Concrete information about the risks being hedged and the relationship between those risks and the swap transactions; - Confirmation that each swap has been reviewed by the issuer’s internal processes regarding the specific risks and obligations, and the rationale to use that particular swap.
Amendment 514 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. The Commission, in consultation with ESMA, ESRB and other relevant authorities, shall periodically review the thresholds established in paragraph 3 and amend them, where necessary.
Amendment 519 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point a
Article 8 – paragraph 1 – subparagraph 1 – point a
(a) where possible, electronic means ensuring the timely confirmation of the terms of the OTC derivative contract;
Amendment 522 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) robust, resilient and auditable standardized processes in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts.
Amendment 528 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
For the purposes of point (b), the value of outstanding contracts shall be marked-to- market on a daily basis and risk management procedures shall require the timely, accurate and appropriately segregated exchange of collateral or the appropriate and proportionate holding of capitalcapital backing commensurate with the risk, in accordance with the applicable regulatory capital requirements for financial counterparties.
Amendment 531 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2 a (new)
Article 8 – paragraph 1 – subparagraph 2 a (new)
Powers shall be delegated to the Commission as well as ESMA to prohibit non cleared OTC derivatives and to adopt position limits for non cleared OTC derivatives by all market participants, with emphasis on preventing excessive speculation. Also, the capacity and costs of all supervisory authorities, or lack of it, to supervise all non cleared OTC derivatives should be taken into account in relation with the volume of non cleared OTC derivatives.
Amendment 552 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The authorisation shall specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by the authorisation in compliance with the provisions of Article 5. The authorisation must be restricted to the activity as clearinghouse and the associated activities; any expansion to other activities, such as investment activities for example, is inadmissible.
Amendment 555 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2 a (new)
Article 10 – paragraph 4 – subparagraph 2 a (new)
A CCP has the legal form of an institution under public law.
Amendment 633 #
2010/0250(COD)
Proposal for a regulation
Article 20 – paragraph 3
Article 20 – paragraph 3
3. Without prejudice to cases covered by criminal law, tax law, the competent authorities, ESMA, bodies or natural or legal persons other than competent authorities which receive confidential information pursuant to this Regulation may use it only in the performance of their duties and for the exercise of their functions, in the case of the competent authorities, within the scope of this Regulation or, in the case of other authorities, bodies or natural or legal persons, for the purpose for which such information was provided to them or in the context of administrative or judicial proceedings specifically related to the exercise of those functions, or both. Where ESMA, the competent authority or other authority, body or person communicating information consents thereto, the authority receiving the information may use it for other purposes.
Amendment 638 #
2010/0250(COD)
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4 a. The central counterparties transfer all transaction data to the ESMA to enable it to prescribe a European Financial Transaction Tax for all members of the central counterparties.
Amendment 673 #
2010/0250(COD)
Proposal for a regulation
Article 24 – paragraph 8
Article 24 – paragraph 8
8. The CCP shall be subject to frequent and independent audits. The results of these audits shall be communicated to the board and made available to the competent authority and to the respective national Parliament.
Amendment 680 #
2010/0250(COD)
Proposal for a regulation
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
A CCP shall have a board of which at least onetwo third, but no less than two, of its members are independent. The compensation of the independent and other non-executive members of the board shall not be linked to the business performance of the CCP.
Amendment 690 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. A CCP shall establish a risk committee, which shall be composed of representatives of its clearing members and independent members of the board and a representative of the competent authority. The risk committee may invite employees of the CCP to attend risk committee meetings in a non-voting capacity. The advice of the risk committee shall be independent from any direct influence by the management of the CCP.
Amendment 695 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as, but not limited to, a significant change in its risk model, the default procedures, the criteria for accepting clearing members or the clearing of new classes of instruments pursuant to Articles 4, 4a and 5. The advice of the risk committee is not required for the daily operations of the CCP or in emergency situations.
Amendment 706 #
2010/0250(COD)
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
1. The competent authority shall not authorise a CCP until it has been informed of the identities of the shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings and the amounts of those holdings. The qualifying holdings may not exceed 25%. At least 20% of the shareholdings must be held by a corporation under public law.
Amendment 708 #
2010/0250(COD)
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
2. The competent authority shall refuse authorisation to a CCP where, it is not satisfied as to the suitability of the shareholders or members that have qualifying holdings in the CCP, taking into account the need to ensure the sound and prudent management of a CCP. The competent authority may prohibit the intended purchase or increase of holdings if it considers that this is necessary to ensure sustainable and sound management of the CCP. For the same reason it may prohibit the owner of major holdings or a company controlled by him to exercise his voting rights or to transfer these voting rights to a trustee, which it may also instruct with selling shares of a major holding.
Amendment 711 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 2 – subparagraph 1
Article 29 – paragraph 2 – subparagraph 1
Any natural or legal person or such persons acting in concert (hereinafter referred to as ’the proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CCP or to further increase, directly or indirectly, such a qualifying holding in a CCP as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10%, 20%, 3015 % or 520% or so that the CCP would become its subsidiary (hereinafter referred to as the proposed acquisition), shall first notify in writing the competent authorities of the CCP in which they are seeking to acquire or increase a qualifying holding, indicating the size of the intended holding and relevant information, as referred to in Article 30(4).
Amendment 713 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 6
Article 29 – paragraph 6
6. The proposed acquisition is approved as soon as the competent authority agreed. The competent authority shall agree or refuse an acquisition within two working days after being informed. Where the competent authority does not oppose the proposed acquisition within the assessment period, it shall be deemed to be approved.
Amendment 725 #
2010/0250(COD)
Proposal for a regulation
Article 31 – paragraph 5 a (new)
Article 31 – paragraph 5 a (new)
5 a. The share of exposures of a market participant may not exceed 5 percent of the exposures of the CCP.
Amendment 731 #
2010/0250(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(b a) The CCP prevents conflicts of interest between the service provider, its employees and managers relevant for the respective outsourcing and any of the clients of the CCP which could be subject of the respective outsourcing.
Amendment 743 #
2010/0250(COD)
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. A CCP shall establish the categories of admissible clearing members and the admission criteria. Such criteria shall be non-discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources, at least Euro 50,000, and operational capacityies, in particular a commercially equipped business enterprise, the reliability and the professional aptitude of the owner or managing director to conduct securities or commodity transactions at the stock market and the guarantee of the proper execution of the stock market transactions to meet the obligations arising from participation in a CCP. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk for the CCP. These provisions do not apply to holdings of public corporations within the meaning of Art 28 paragraph 1.
Amendment 768 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each clearing member to distinguish and segregate in accounts with the CCP the assets and positions of that clearing member from those of its clients. A CCP shall allowoffers clients to have a more detailed segregation of their assets and positions, including full segregation of the assets of the clients of the clearing member. The CCP shall publicly disclose the risks and costs associated with the different levels of segregation.
Amendment 779 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Depending on the level of segregation chosen by a client, tThe CCP shall ensure that it is able to transfer on request at a pre-defined trigger event, without the consent of the clearing member and within a pre-defined transfer periodt any time its assets and positions to another clearing member. That othere clearing members shall only be obliged where it has previouslassume the obligation for acquirement by entereding into adequate contractual relationship for that purposes.
Amendment 805 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A CCP shall impose, call and collect margins to limit its credit exposures from its clearing members, and where relevant, from CCPs which have interoperable arrangements. Such margins shall be sufficient to cover potential exposures that the CCP estimates will occur until the liquidation of the relevant positions. They shall be sufficient to cover losses that result from at least 99 per cent of the exposures movements over an appropriate time horizon and they shall ensure that a CCP fully collateralises its exposures with all its clearing members, and where relevant with CCPs which have interoperable arrangements, at least on a daily basis. Where the relevant period does not include any stress periods they have to be integrated in the calculation.
Amendment 815 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
Amendment 818 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 4 a (new)
Article 39 – paragraph 4 a (new)
4 a. CCP limits the number of contracts and the tradable volume per clearing member per month. The Commission is authorised to determine the respective parameters for the maximum number and the maximum volume of outstanding contracts. The ESMA submits respective parameters to the Commission by 30th June 2012 at the latest.
Amendment 831 #
2010/0250(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. A CCP shall establish the minimum size of contributions to the default fund and the criteria to calculate the contributions of the single clearing members. The contributions shall be proportional to the exposures of each clearing member, in order to ensure that the contributions to the default fund at least enable the CCP to withstand the default of the clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is largers with the two largest exposures.
Amendment 839 #
2010/0250(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. A CCP shall develop scenarios of extreme but plausible market conditions, which include the most volatile periods that have been experienced by the markets for which the CCP provides its services. The default fund referred to in Article 40 and the other financial resources referred to in paragraph 1 shall at all times enable the CCP to withstand the default of the two clearing members to which it has the largest exposures and shall enable the CCP to withstand sudden sales of financial resources and rapid reductions in market liquidity.
Amendment 887 #
Amendment 935 #
2010/0250(COD)
Proposal for a regulation
Article 64 – paragraph 3
Article 64 – paragraph 3
3. A trade repository shall maintain and operate an adequate organisational structure to ensure continuity and orderly functioning of the trade repository in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures. It has to be established under public law.
Amendment 938 #
2010/0250(COD)
Proposal for a regulation
Article 64 – paragraph 4
Article 64 – paragraph 4
4. The senior management and members of the board of a trade repository shall be of sufficiently good repute and experience so as to ensure the sound and prudent management of the trade repository. At least one third of these members has to independent, on member is delegated by the competent authority. The appointment of the other members requires the approval of the competent authority.
Amendment 939 #
2010/0250(COD)
Proposal for a regulation
Article 64 – paragraph 6
Article 64 – paragraph 6
6. A trade repository shall publicly disclose the prices and fees associated with services provided. It shall disclose the prices and fees of single services and functions provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-relatedcovering.
Amendment 941 #
2010/0250(COD)
Proposal for a regulation
Article 64 – paragraph 6 a (new)
Article 64 – paragraph 6 a (new)
6 a. Within a trade repository a „trading surveillance office“ has to be established. This office regularly controls whether the notifications received correlate with the market data and which examines whether deviations are in fact illegal actions or whether reporting obligations have been violated. ESMA shall be immediately informed about any violation of the reporting obligations.
Amendment 952 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 2 – point d a (new)
Article 67 – paragraph 2 – point d a (new)
(d a) the public in an aggregate way every week in a meaning format to allow non participants to be duly informed about concrete figures of volume, positions, prices and value, as well as trends, risks and other relevant information that increases the transparency of the OTC derivatives markets. Powers are delegated to ESMA to set and review the publication format criteria and to decide whether such publication is better issued by the relevant national or European authorities.
Amendment 91 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 1
Article 2 – point 1
Directive 2002/87/EC
Article 2 – point 18
Article 2 – point 18
(18) ’intra-group transactions’ means all transactions by which regulated or non- regulated entities within a financial conglomerate rely either directly or indirectly on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment;
Amendment 101 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point b
Article 2 – point 2 – point b
Directive 2002/87/EC
Article 3 – paragraph 3 – subparagraph 2
Article 3 – paragraph 3 – subparagraph 2
If the group does not reach the threshold referred to in paragraph 2, the relevant competent authorities may decide by common agreement not to regard the group as a financial conglomerate. They may also decide not to apply the provisions of Articles 7, 8, or 9, if they are of the opinion that the inclusion of the group in the scope of this Directive or the application of such provisions is not necessary or would be inappropriate or misleading with respect to the objectives of supplementary supervision.
Amendment 103 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point c
Article 2 – point 2 – point c
Directive 2002/87/EC
Article 3 – paragraph 3a
Article 3 – paragraph 3a
Amendment 112 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2002/87/EC
Article 6 – paragraph 5 – point a
Article 6 – paragraph 5 – point a
(3a) In Article 6(5), point a is replaced by the following: "(a) if the entity is situated in a third country where there are legal impediments to the transfer of the necessary information, without prejudice to the sectoral rules regarding the obligation of competent authorities to refuse authorisation where the effective exercise of their supervisory functions is prevented, unless the entity moved from a Member State to the third country and there is evidence that the entity changed its location to avoid regulation."
Amendment 113 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 3 b (new)
Article 2 – point 3 b (new)
Directive 2002/87/EC
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
(3b) In Article 7, the following paragraph is inserted: "2a. In the event that the risk concentration at the level of a financial conglomerate changes by more than 10 % within less than three months, the conglomerate or the regulated undertaking shall report to the coordinator as soon as possible, but in any event within five working days of detection of the change of risk concentration."
Amendment 12 #
2010/0220(NLE)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Coal can be used not only as a fuel but also as a raw material for the chemical industry, and will become increasingly important in this role in future.
Amendment 13 #
2010/0220(NLE)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) Production capacity lost through pit closure in the EU coal mining industry will be made up by coal imports into the EU, resulting in the Union being supplied with coal at the expense of third countries.
Amendment 25 #
2010/0220(NLE)
Proposal for a regulation
Recital 3
Recital 3
(3) The Union's policies of encouraging renewable and lower carbon fossil fuels for power generation do notIt is politically hard to justify the indefinite support for uncompetitive coal mines. The categories of aid permitted by Regulation (EC) No 1407/2002 should therefore not be continued indefinitely.
Amendment 35 #
2010/0220(NLE)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to minimise the distortion of competition in the internal market resulting from aid, such aid should be degressive and strictlyfollow a downward trend and should be limited to production units that are irrevocably planned for closure, except where they have become competitive by the scheduled date.
Amendment 39 #
2010/0220(NLE)
Proposal for a regulation
Recital 8
Recital 8
Amendment 45 #
2010/0220(NLE)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The conditions for coal mining vary in geological terms depending on the site, and in terms of social, safety and environmental standards (relating to subsidence and environmental damage) according to the political circumstances. This leads to a competitive imbalance, in particular between EU coal and imported coal, which has forced the coal industry to embark on substantial restructuring measures involving major cutbacks in activity over the past few decades.
Amendment 46 #
2010/0220(NLE)
Proposal for a regulation
Recital 8 b (new)
Recital 8 b (new)
(8b) A minimum level of coal production, together with other measures, in particular to promote renewable energy sources, will help to maintain a proportion of indigenous primary energy sources, which will significantly boost the Union's energy security. Furthermore, a proportion of indigenous primary energy sources will also serve to promote environmental objectives within the framework of sustainable development.
Amendment 47 #
2010/0220(NLE)
Proposal for a regulation
Recital 8 c (new)
Recital 8 c (new)
(8c) A minimum level of production of subsidised coal will also help to maintain the prominent position of European mining and clean coal technology, enabling it in particular to be transferred to the major coal-producing areas outside the Union. Such a policy will contribute to a significant global reduction in pollutant and greenhouse gas emissions.
Amendment 48 #
2010/0220(NLE)
Proposal for a regulation
Recital 8 d (new)
Recital 8 d (new)
(8d) At present coal is used in the EU mainly for power generation and, to a lesser extent, for the production of coke for the steel industry. In the interests of the climate, coal-fired power generation should be halted as soon as possible in favour of ‘green’ power production. In the steel industry, on the other hand, coal is likely to be indispensable for the foreseeable future. In view of diminishing oil deposits (‘peak oil’), coal is likely to become increasingly important as a substitute raw material for the chemical industry. In the long term, therefore, it seems sensible to keep access to EU coal deposits open with a view to maintaining a minimum level of production for technical reasons. That being so, a minimum level of production for technical reasons which does not distort competition should not be ruled out in principle even if it necessitates a lengthy period of state aid.
Amendment 60 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
a) the operation of the production units concerned must form part of a closure plan the deadline of which does not extend beyond 1. October 201420;
Amendment 64 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
b) the production units concerned must be closed definitively in accordance with the closure plan if they have not become competitive by that date;
Amendment 68 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 1 – point f
Article 3 – paragraph 1 – point f
f) the overall amount of closure aid granted by a Member State for any particular undertaking must follow a downward trend, where the annual reduction between successive periods of fifteen months must not be less than 3310 percent of the aid provided in the initial fifteen month period of the closure planfor the previous year;
Amendment 69 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 1 – point g
Article 3 – paragraph 1 – point g
g) the overall amount of closure aid to the coal industry of a Member State must not exceed, for any year after 2010, – adjusted in line with inflation and wage increases since that date – the amount of aid granted by that Member State and authorised by the Commission in accordance with Articles 4 and 5 of Regulation (EC) No 1407/2002 for the year 2010.
Amendment 70 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 1 – point h
Article 3 – paragraph 1 – point h
Amendment 75 #
2010/0220(NLE)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. If the production units to which aid is granted pursuant to paragraph 1 are not closed at the date fixed in the closure plan as authorised by the Commission, the Member State concerned shall recover all aid granted in respect of the whole period covered by the closure plan. This scheme shall not include production units which have become competitive by the closure date set by the Commission in the closure plan.
Amendment 306 #
2010/0207(COD)
Proposal for a directive
Article 14 – paragraph 5 – subparagraph 2
Article 14 – paragraph 5 – subparagraph 2
Credit institutions tshat are member of a scheme referred to in Article 1(3) and 1(4) shall inform depositors adequately on the funcll inform depositors adequately, and in an easy-to-understand fashion, about the functioning of the Deposit Guarantee Scheme. In the process, the maximum coverage level and other sources of informationing ofn the schemeDeposit Guarantee Scheme shall also be addressed. Such information may not contain a reference to unlimited coverage of deposits, however.
Amendment 50 #
2010/0199(COD)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) In order to strengthen the consumer protection, every investment advisor providing investment advice to end consumers in the Union should have contracted a third-party insurance covering bad advice. The advisor should proof in its advertising folders and in communication with consumers that such a third-party insurance is contracted. Additionally the advisor proofs which compensation scheme it belongs to. These requirements could be proved by a seal of approval. Commission is asked to propose amending acts of the respective directives to implement this in the Union’s legislation.
Amendment 64 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
The Member States shall encourage an institutionalised dialogue between consumer protectors, authorities, supervisory authorities and investor compensation schemes to prevent further compensation cases. The Member States shall establish a dialogue framework to detect problems at an early stage and report problems such as dysfunctional market practices, conspicuous providers, products or company structures to supervision and investor compensation schemes.
Amendment 82 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 4 – point a
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Member States shall ensure that schemes provide for coverage of EUR 5100 000 for each investor in respect of the claims referred to in Article 2(2a) or (2c).
Amendment 90 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 4 – point d
Article 1 – point 4 – point d
(d) Paragraph 4 is deleted.replaced by the following: " [...] The cover provided in paragraph 1 or that referred to in paragraph 3 shall be limited to 95 % of an investor’s claim [...] as long as the amount to be paid under the scheme is less than EUR 100 000."
Amendment 132 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8 – subparagraph 1
Article 4a – paragraph 8 – subparagraph 1
8. Member States shall ensure thatfind measures allowing schemes to make up to 10% of the ex-ante funding amount of the schemes referred to in Article 4a (2) is available for lending to other schemes under the conditions established in Article 4c.
Amendment 155 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 2 – subparagraph 6 a (new)
Article 9 – paragraph 2 – subparagraph 6 a (new)
6a. Member States shall ensure that the recovery of the amounts provisionally paid out is dependent on the financial situation of the investor involved. According to the respective average receipts and expenditures of the investor the refund may be paid by instalments, postponed or suspended. The Commission shall adopt, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c measures specifying the implementation of this paragraph.
Amendment 49 #
2010/0160(COD)
Proposal for a regulation – amending act
Recital 5
Recital 5
(5) In order to reinforce competition between credit rating agencies, to help avoiding possible conflicts of interest under the issuer-pays model, which are particularly virulent regarding the rating of structured finance instruments, and to enhance transparency and the quality of ratings for structured finance instruments, registered or certified credit rating agencies should have the right to access a list of structured finance instruments that are being rated by their competitors. The information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instruments. The issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument. Access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information. Furthermore, in addition to private credit rating agencies, a public European agency should be set up to increase transparency in the financial markets. For this purpose ESMA should draft appropriate proposals jointly with the Commission.
Amendment 52 #
2010/0160(COD)
Proposal for a regulation – amending act
Recital 21 a (new)
Recital 21 a (new)
(21a) As the development of the debt crisis in some Member States in the euro area has shown, private credit rating agencies are not in a position to assess public bonds in a meaningful way. Moreover, the panic-stricken down-rating of particular government bonds resulted in upheavals in States’ budgets. For these reasons, and because private undertakings cannot be allowed to assess democratically constituted States, their economies and budgets which have been examined by democratically legitimate official bodies, credit rating agencies should not be permitted to assess public bonds.
Amendment 53 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 1 – point a a (new)
Article 1 – point 1 – point a a (new)
Regulation (EC) No 1060/2009
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
(aa) In Article 4(1), the second subparagraph is replaced by the following: Where a prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004 contains a reference to a credit rating or credit ratings, the issuer, offeror, or person asking for admission to trading on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether or not such credit ratings are issued by a credit rating agency established in the Union and registered under this Regulation. If more than one rating in accordance with this regulation exists for a product or undertaking, a rating for which is referred to in prospectuses, consultations or other advertising, all the ratings available shall be quoted on an equal basis and in the same degree of detail. No distinction shall be made between solicited and unsolicited ratings, and it shall not be indicated whether ratings were solicited or unsolicited.”
Amendment 65 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8a – paragraph 2 – introductory part
Article 8a – paragraph 2 – introductory part
2. Where other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they shall be granted access as quickly as possible provided that they meet all of the following conditions:
Amendment 67 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8a – paragraph 2 – point b
Article 8a – paragraph 2 – point b
Amendment 69 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8a – paragraph 2 a (new)
Article 8a – paragraph 2 a (new)
2a. The issuer of the security concerned shall ensure that the unsolicited agency receives the same information with reference to the rating as the solicited agency. This notably also applies to information which does not relate solely to the security in question but which can assist in its assessment – particularly if the solicited agency has already received such information from previous assignments from the issuer.
Amendment 70 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8a – paragraph 2 b (new)
Article 8a – paragraph 2 b (new)
2b. Each credit rating agency shall issue at least 5% per annum of its ratings for structured financial market products unsolicited.
Amendment 79 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 5 a (new)
Article 1 – point 5 a (new)
Regulation (EC) No 1060/2009
Article 10 – paragraph 4
Article 10 – paragraph 4
(5a) Article 10(4) is replaced by the following: "4. A credit rating agency shall disclose its policies and procedures regarding [...] credit ratings.”
Amendment 80 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 5 b (new)
Article 1 – point 5 b (new)
Regulation (EC) No 1060/2009
Article 10 – paragraph 5 –subparagraph 1
Article 10 – paragraph 5 –subparagraph 1
Amendment 81 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 5 c (new)
Article 1 – point 5 c (new)
Regulation (EC) No 1060/2009
Article 10 – paragraph 5 – subparagraph 2
Article 10 – paragraph 5 – subparagraph 2
5c. In Article 10(5), the second subparagraph is replaced by the following: “Unsolicited credit ratings shall be identified as such for the internal use of the credit rating agency and for purposes of supervision by ESMA and other competent authorities.”
Amendment 83 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 11 a (new)
Article 1 – point 11 a (new)
Regulation (EC) No 1060/2009
Article 22 a (new)
Article 22 a (new)
Amendment 89 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 1 – point d
Article 24 – paragraph 1 – point d
Amendment 90 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 1 – point f
Article 24 – paragraph 1 – point f
Amendment 91 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. Where a credit rating agency fails to comply with one of the requirements listed in Annex III or another requirement of this regulation, information about the breach shall be published. In addition, the credit rating agency shall be called upon to bring the infringement to an end immediately. ESMA may waive the publication requirement and omit the call to bring the infringement to an end if this is necessary in the interests of an investigation, with reference both to investigations within ESMA and to cooperation with the relevant national authorities.
Amendment 92 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 2 –subparagraph 2
Article 24 – paragraph 2 –subparagraph 2
In addition, ESMA mayshall refer matters for criminal prosecution to the relevant national authorities.
Amendment 135 #
2010/0160(COD)
Proposal for a regulation – amending act
Annex I – point 2 a (new)
Annex I – point 2 a (new)
Regulation (EC) No 1060/2009
Annex I – Section E – title II – point 2 – point b a (new)
Annex I – Section E – title II – point 2 – point b a (new)
(2a) In Section E, the following point is inserted in point 2 of title II: "(ba) a list of ratings issued during the year, indicating the proportion of unsolicited ratings among them.”
Amendment 138 #
2010/0160(COD)
Proposal for a regulation – amending act
Annex II
Annex II
Regulation (EC) No 1060/2009
Annex III – title I – point w
Annex III – title I – point w
Amendment 139 #
2010/0160(COD)
Proposal for a regulation – amending act
Annex II
Annex II
Regulation (EC) No 1060/2009
Annex III – title I – point w a (new)
Annex III – title I – point w a (new)
(wa) The CRA infringes Article 8a(2b) by not issuing at least 5% per annum of its ratings for structured financial market products unsolicited.
Amendment 144 #
2010/0160(COD)
Proposal for a regulation – amending act
Annex II
Annex II
Regulation (EC) No 1060/2009
Annex III – title III – point m
Annex III – title III – point m
(m) The CRA infringes Article 10(4) by not disclosing its policies and procedures regarding unsolicited credit ratings.
Amendment 145 #
2010/0160(COD)
Proposal for a regulation – amending act
Annex II
Annex II
Regulation (EC) No 1060/2009
Annex III – title III – point n
Annex III – title III – point n
(n) The CRA infringes Article 10(5) by not providing the information as required by this Article or by not identifying an unsolicited credit rating.
Amendment 170 #
2009/0144(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consultall allow interested parties on technical standards, guidelines and recommendationsto be consulted on all work undertaken by the Authority and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, a Securities and Markets Stakeholder Group should be established for that purpose, representing in balanced proportions CommunityEU financial market participants (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of financial services, including SMEs. The Securities and Markets Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityUnion legislation.
Amendment 207 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) preventing regulatory arbitrage. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 209 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) developing common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on customer protection, with the aim to contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 388 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point b a (new)
Article 14 – paragraph 1 – subparagraph 1 – point b a (new)
(ba) encourage the emergence of best practices, including an effective and constructive dialogue between national authorities and relevant stakeholders including consumers and unions representing employees in the sector as constituents of a common supervisory culture;
Amendment 389 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point b b (new)
Article 14 – paragraph 1 – subparagraph 1 – point b b (new)
(bb) ensure that authorities take account of information from employees on companies’ business practices as regards remuneration structures, incentives, skills and working conditions;
Amendment 392 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 404 #
2009/0144(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate CommunityUnion -wide assessments of the resilience of key financial market participants to adverse market developments, and of threats arising from financial products’ characteristics and distribution processes. To that end, it shall develop the following, for application by the competent authorities:
Amendment 406 #
2009/0144(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
(aa) common methodologies for assessing the effect of product characteristics and distribution processes on an institution’s financial position and on customer protection;
Amendment 434 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU financial market participants, their employees as well as consumers, investors and users of financial services. No stakeholders in the group shall have a stronger position than others.
Amendment 441 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twicefour times a year.
Amendment 452 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group, which represent non- profit organisations.
Amendment 459 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8to 19.
Amendment 464 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The stakeholder group shall decide on the issues relevant for consultation as well as on the agenda for the meetings.
Amendment 472 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 486 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 184 #
2009/0143(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Close cooperation between the Authority and the European Systemic Risk Board is essential to give full effectiveness to the functioning of the European Systemic Risk Board and the follow-up to its warnings and recommendations. The Authority and the European Systemic Risk Board should share any relevant information with the European Systemic Risk Board. Data related to individual undertakings should be provided only upon reasoned request. Upon receipt of warnings or recommendations addressed by the European Systemic Risk Board to the Authority or a national supervisory authority, the Authority should ensure follow-up.
Amendment 188 #
2009/0143(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Where appropriate, tThe Authority should consultallow interested parties on technical standards, guidelines and recommendationsto be consulted on all work undertaken by the Authority and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, an Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should be established for that purpose, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees and consumers and other retail users of the insurance, reinsurance and occupational pension services, including SMEs. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityUnion legislation.
Amendment 202 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting policyholders and other beneficiariedepositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) preventing regulatory arbitrage. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 203 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting policyholders and other beneficiariedepositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) developing common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on customer protection, with the aim to contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 373 #
2009/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point b a (new)
Article 14 – paragraph 1 – point b a (new)
(ba) encourage the emergence of best practices, including an effective and constructive dialogue between national authorities and relevant stakeholders including consumers and unions representing employees in the sector as constituents of a common supervisory culture;
Amendment 374 #
2009/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point b b (new)
Article 14 – paragraph 1 – point b b (new)
(bb) ensure that authorities take account of information from employees on companies’ business practices as regards remuneration structures, incentives, skills and working conditions;
Amendment 375 #
2009/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 389 #
2009/0143(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
Article 17 – paragraph 1 – subparagraph 2
In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate Community-wide assessments of the resilience of financial institutions to adverse market developments, and of threats arising from financial products’ characteristics and distribution processes. To that end, it shall develop the following, for application by the national supervisorycompetent authoritiesy:
Amendment 390 #
2009/0143(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
(aa) common methodologies for assessing the effect of product characteristics and distribution processes on an institution’s financial position and on customer protection;
Amendment 419 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU insurance and reinsurance firms as well as occupational pension funds, their employeerade unions and social organisations as well as consumers and users of the insurance, reinsurance and occupational pension service services. No stakeholders in the group shall have a stronger position than others. At least five of the members shall be independent scientists.
Amendment 420 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 2
Article 22 – paragraph 2 – subparagraph 2
The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall meet at least twicefour times a year.
Amendment 432 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3 a (new)
Article 22 – paragraph 3 – subparagraph 3 a (new)
3a. Adequate financial compensation shall be established for members of the stakeholder group, which represent non- profit organisations.
Amendment 444 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension FundsBanking Stakeholder Group may submit opinions and advice to the Authority on any issue related to all the tasks of the Authority specified infrom Articles 7 and 8to 19.
Amendment 446 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5a. The stakeholder group shall decide on the issues relevant for consultation as well as on the agenda for the meetings.
Amendment 456 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 461 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 517 #
2009/0143(COD)
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
2. TAn annual report on the Authority's activities shall be submitted to the European Parliament may also, which may call upon the Chairperson at any time to submit a report on the performance of his duties.
Amendment 251 #
2009/0142(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consultall allow interested parties on technical standards, guidelines and recommendationso be consulted on all work undertaken by the Authority and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, a Banking Stakeholder Group should be established for that purpose, representing in balanced proportions Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Community legislation.
Amendment 291 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) preventing regulatory arbitrage. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 292 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vii) developing common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on customer protection, with the aim to contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 518 #
2009/0142(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point b a (new)
Article 14 – paragraph 1 – point b a (new)
(ba) encourage the emergence of best practices, including an effective and constructive dialogue between national authorities and relevant stakeholders including consumers and unions representing employees in the sector as constituents of a common supervisory culture.
Amendment 519 #
2009/0142(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point b b (new)
Article 14 – paragraph 1 – point b b (new)
(bb) ensure that authorities take account of information from employees on companies’ business practices as regards remuneration structures, incentives, skills and working conditions.
Amendment 523 #
2009/0142(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 539 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate Community-wide assessments of the resilience of financial institutions to adverse market developments, and of threats arising from financial products’ characteristics and distribution processes. To that end, it shall develop the following, for application by the competent authorities:
Amendment 540 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
(aa) common methodologies for assessing the effect of product characteristics and distribution processes on an institution’s financial position and on customer protection;
Amendment 592 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community credit and investment institutions, their employees as well as consumers and users of banking services. No stakeholders in the group shall have a stronger position than others.
Amendment 596 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 2
Article 22 – paragraph 2 – subparagraph 2
The Banking Stakeholder Group shall meet at least twicefour times a year.
Amendment 600 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3 a (new)
Article 22 – paragraph 3 – subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group, which represent non- profit organisations.
Amendment 608 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8to 19.
Amendment 611 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The stakeholder group shall decide on the issues relevant for consultation as well as on the agenda for the meetings.
Amendment 615 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 626 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 23 #
2009/0141(CNS)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
(2) The Head of the Secretariat shall be appointed by the ECB, ion consultation witha proposal by the General Board of the ESRB.
Amendment 24 #
2009/0141(CNS)
Proposal for a regulation
Article 5 – paragraph 2 c (new)
Article 5 – paragraph 2 c (new)
2c. This collection of information on behalf of the ESRB may include European Economic Area, Union, euro area and Member State aggregated and individual data. The Secretariat shall first take into account the existing statistics produced, disseminated and developed by both the European Statistical System and the ESRB.
Amendment 119 #
2009/0140(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The ESRB shall be responsible for the macro-prudential oversight of the financial system within the Community in order to prevent or mitigate systemic risks within the financial system, so as to avoid episodes of widespread financial distress, contribute to a smooth functioning of the Iinternal Mmarket and ensure a sustainable contribution of the financial sector to economic growth, thereby taking account of Article 3 of the Treaty on European Union.
Amendment 150 #
2009/0140(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) one representative of the European Trade Union Confederation, Business Europe and the European Consumers’ Organisation, respectively.
Amendment 181 #
Amendment 183 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. The Advisory TechnicalScientific Committee shall be composed of the following:
Amendment 188 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) one representative per Member State of the competent national of the European Trade Union Confederation, Business Europe and the European Consupmervisory authorits’ Organisation, respectively;
Amendment 197 #
2009/0140(COD)
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the advice of relevant private sectorstakeholders, including, at least, the stakeholders in the ESA stakeholder groups.
Amendment 243 #
2009/0140(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
(2) The ESRB shall also examine specific issues at the invitation of the European Parliament, the Council or the Commission.
Amendment 74 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 4
Recital 4
(4) Because excessive and imprudent risk- taking may undermine the financial soundness of financial institutions and destabilise the banking system, it is important that the new obligation concerning remuneration policies and practices should be implemented in a consistent manner. It is therefore appropriate to specify core principles on sound remuneration to ensure that the structure of remuneration does not encourage excessive risk-taking by individuals and is aligned with the risk appetite, values and long-term interests of the institution and with the demands placed on the financial sector by society. In order to ensure that the design of remuneration policies is integrated in the risk management of the financial institution, the management body (supervisory function) of each credit institution or investment firm should establish the general principles to be applied, and the policies should be subject to at least annual independent internal review. .
Amendment 88 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 9 a (new)
Recital 9 a (new)
(9a) In order further to enhance transparency as regards the remuneration practices of credit institutions and investment firms, the competent authorities of Member States have an obligation to collect information on remuneration to benchmark institutions in accordance with the categories of quantitative information that those institutions are required to disclose under this Directive. The competent authorities have an obligation to provide the European Banking Authority (EBA) with such information to enable the EBA to conduct similar benchmarking at Union level.
Amendment 93 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 12
Recital 12
(12) In order to ensure adequate transparency to the market of their remuneration structures and the associated risk, credit institutions and investments forms shouldhave an obligation to disclose information on their remuneration policies and practices for those staff whose professional activities have a material impact on the risk profile of the institution. However, this obligation should be without prejudice to Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with the regard to the processing of personal data and the free movement of such data..
Amendment 109 #
2009/0099(COD)
Proposal for a directive – amending act
Recital 26 a (new)
Recital 26 a (new)
(26a) The measures in this Directive are steps in the reform process in response to the financial crisis. In line with the conclusions of the G-20, the Financial Stability Board and the Basel Committee on Banking Supervision further reforms may be necessary, including to the building of counter-cyclical buffers, ‘dynamic provisioning’ and the rationale underlying the calculation of capital requirements in Directive 2006/48/EC. In order to counteract the build-up of leverage, lending by banks to alternative investment funds must be prohibited. In order to ensure appropriate democratic oversight of the reform process, the European Parliament and the Council must be involved in a timely and effective manner.
Amendment 156 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point b
Annex V – section 11 – point 22 – point b
b) the remuneration policy is in line with the business strategy, objectives, values and long-term interests of the credit institution and with the demands placed on the financial sector by society, and incorporates measures to avoid conflicts of interest;
Amendment 169 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point f
Annex V – section 11 – point 22 – point f
f) Fixed and variable components of total remuneration are appropriately balanced; the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible bonus policy, including the possibility to pay no bonus; bonuses (variable remuneration components) may not exceed 40% of a staff member’s total remuneration;
Amendment 180 #
2009/0099(COD)
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point i
Annex V – section 11 – point 22 – point i
i) payment of the major part of a significant bonusa substantial proportion of the variable remuneration component is deferred for a sufficient period; the size of the deferred proportion and the length of the deferral period is established in accordance with the business cycle, the nature of the business, its deferred for arisks and the activities of the member of staff in question; remuneration payable under deferral arrangements vests no faster than on ap propriate period and is linked to the future performance of-rata basis; at least 50 % of the variable remuneration component is deferred; in the case of a variable remuneration component of a particularly high amount at least 60 % of the amount is deferred and the deferral period is no less thean firm.ve years;
Amendment 141 #
2009/0064(COD)
Proposal for a directive
Title
Title
on Alternative Investment Funds and Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/…/EC
Amendment 335 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Articles 19 to 30 shall apply to all AIF marketed in the Union, regardless of where they are established and whether or not they are domiciled in the Union.
Amendment 341 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
Amendment 414 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 426 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 4
Article 2 – paragraph 4
Amendment 572 #
2009/0064(COD)
Proposal for a directive
Article 5 a (new)
Article 5 a (new)
Article 5a Central Register 1. The ESMA shall keep a central public register containing the following data for each AIF and each AIFM: (a) a distinct identifier; (b) the names of each AIF and AIFM; (c) the competent supervisory authority for the AIFM. 2. For each AIF, the register shall contain: (a) the accountable AIFM; (b) the depository; (c) the valuator. 3. The register shall be published in electronic form and shall be publicly accessible through the Internet. The start of commercial operation of AIF shall be dependent on and admissible after registration.
Amendment 607 #
2009/0064(COD)
Proposal for a directive
Article 9 a (new)
Article 9 a (new)
Article 9a Remuneration policy 1. The remuneration policy of the AIFM shall be such that it does not encourage risk-taking disproportionate to the risk profile of the AIF it manages. 2. When establishing and applying the remuneration policies for those categories of staff whose professional activities have a material impact on their risk profile, AIFM shall comply with the principles laid down in Annex I of Directive 2010/.../EU [amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations], and the supervisory review of remuneration policies. 3. In addition, the remuneration policy shall be so that the independence of the risk function, the compliance function, and the valuation function is maintained.
Amendment 635 #
2009/0064(COD)
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. In the case of AIFM which engage in short selling when investing on behalf of one or more AIF, Member States shall ensure that the AIFM operates procedures which provide it with access to the securities or other financial instruments at the date when the AIFM committed to deliver them, andAIFM shall be in the possession of the securities or other financial instruments at the beginning of the short selling act. Member States shall ensure that the AIFM implements a risk management procedure which allows the risks associated with the delivery of short sold securities or other financial instruments to be adequately managed.
Amendment 666 #
2009/0064(COD)
Proposal for a directive
Article 13 – paragraph 1 - point b a (new)
Article 13 – paragraph 1 - point b a (new)
(ba) the transparency requirements that need to be met regarding repackaged loans.
Amendment 716 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
1. AIFM shall ensure that, for each AIF that it manages, a valuator is appointed which is independent of the AIFM management function to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF in conformity with EU-wide valuation guidelines established by the ESMA. To this end, AIFM shall ensure that a qualified valuator is appointed which is adequately equipped for the purpose of valuation and certified by the ESMA.
Amendment 780 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1
Article 16 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the criteria under which a valuator can be considered independent and receive a valuation certificate within the meaning of paragraph 1.
Amendment 904 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 1033 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
1. An AIFM shallIFM, for each of the AIF it manages, and AIF shall make available an annual report for each financial year. The annual report shall be made available to investors and competent authorities no later than four months following the end of the financial year.
Amendment 1043 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuredelegated acts further specifying the content and format of the annual report. Theose measureacts shall be adapted to the type of AIF or AIFM to which they apply.
Amendment 1052 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. AIF and AIFM shall ensure that AIF investors receive the following information before they invest in the AIF, as well as any changes thereof:
Amendment 1099 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point ja (new)
Article 20 – paragraph 1 – point ja (new)
(ja) the AIFM remuneration policy;
Amendment 1112 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 2 – introductory part
Article 20 – paragraph 2 – introductory part
2. FAIF and AIFM, for each AIF an AIFMthat it manages, it shall periodically disclose to investors, beneficiaries, their representatives and their assigned analysts:
Amendment 1119 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 2 – subparagraph 1 a (new)
Article 20 – paragraph 2 – subparagraph 1 a (new)
For AIF eligible for pension funds, AIFM shall publicly disclose the risks that are specific to this asset class. The Commission shall define additional disclosure requirements in this respect.
Amendment 1122 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 3 – subparagraph 1
Article 20 – paragraph 3 – subparagraph 1
3. The Commission shall adopt implementing measuredelegated acts further specifying the disclosure obligations of AIF and AIFM and the frequency of the disclosure referred to in paragraph 2.These measureacts shall be adapted to the type of AIF and AIFM to which they apply.
Amendment 1131 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 1 – subparagraph 1
Article 21 – paragraph 1 – subparagraph 1
1. AIFM and AIFM, for each of the AIF it manages, shall regularly report to the competent authorities of its home Member State on the principal markets and instruments in which it trades on behalf of the AIF it manages.
Amendment 1133 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 1 – subparagraph 2
Article 21 – paragraph 1 – subparagraph 2
Amendment 1144 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – introductory part
Article 21 – paragraph 2 – introductory part
2. FAIF and AIFM, for each AIF anof the AIFM it manages, it shall periodically report the following to the competent authorities of its home Member State:
Amendment 1148 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point a a (new)
Article 21 – paragraph 2 – point a a (new)
(aa) a description of the investment strategy and objectives of the AIF, all the assets which the AIF can invest in and of the techniques it may employ and of all associated risks, any applicable investment restrictions, the circumstances in which the AIF may use leverage, the types and sources of leverage permitted and the associated risks and of any restrictions to the use of leverage;
Amendment 1150 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point c
Article 21 – paragraph 2 – point c
(c) the actual risk profile of the AIF and the risk management tools employed by the AIFM to manage these risks;
Amendment 1160 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 3 – introductory part
Article 21 – paragraph 3 – introductory part
3. FAIF and AIFM, for each of the AIF it manages the AIFM, shall submit the following documents to the competent authorities of itstheir home Member State:
Amendment 1163 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 3 – point a
Article 21 – paragraph 3 – point a
(a) an annual report of each AIF managed by the AIFM for each financial year, within four months from the end of the periods to which it relates;
Amendment 1192 #
2009/0064(COD)
Proposal for a directive
Article 22 – subparagraph 1
Article 22 – subparagraph 1
This section shall apply only to AIFM which manage one or more AIF employing high levels of leverage on a systematic basis and AIFM managing one or more of such AIF.
Amendment 1197 #
2009/0064(COD)
Proposal for a directive
Article 22 – subparagraph 2
Article 22 – subparagraph 2
AIF and AIFM shall assess on a quarterly basis whether the AIF employs high levels of leverage on a systematic basis and shall inform the competent authorities accordingly.
Amendment 1207 #
2009/0064(COD)
Proposal for a directive
Article 23 – introductory part
Article 23 – introductory part
Amendment 1210 #
2009/0064(COD)
Proposal for a directive
Article 23 – point a
Article 23 – point a
(a) disclose to investors the maximum level of leverage which the AIFM may be employ on behalf of the AIFed as well as any right of re-use of collateral or any guarantee granted under the leveraging arrangement;
Amendment 1213 #
2009/0064(COD)
Proposal for a directive
Article 23 – point b
Article 23 – point b
(b) quarterly disclose to investors the total amount of leverage employed by each AIF in the preceding quarter.
Amendment 1223 #
2009/0064(COD)
Proposal for a directive
Article 24 – paragraph 1 - subparagraph 1
Article 24 – paragraph 1 - subparagraph 1
1. AIFM managing one or more AIF employing high levels of leverage on a systematic basis and AIFM managing one or more of such AIF shall regularly provide, to the competent authorities of itsthe home Member State, information about the overall level of leverage employed by each AIF it manages, and a break-down between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives.
Amendment 1225 #
2009/0064(COD)
Proposal for a directive
Article 24 – paragraph 1 - subparagraph 2
Article 24 – paragraph 1 - subparagraph 2
That information shall include the identity of the five largest sources of borrowed cash or securities for each of the AIF managed by the AIFM, and the amounts of leverage received from each of those entities for each of the AIF managed by the AIFM.
Amendment 1228 #
2009/0064(COD)
Proposal for a directive
Article 24 – paragraph 2 - subparagraph 1
Article 24 – paragraph 2 - subparagraph 1
2. The Commission shall adopt implementing measuresAfter having heard the ESRB and the ESMA, the Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors.
Amendment 1230 #
2009/0064(COD)
Proposal for a directive
Article 24 – paragraph 2 - subparagraph 1 a (new)
Article 24 – paragraph 2 - subparagraph 1 a (new)
The Commission shall also adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the methodology to calculate leverage. This methodology shall be in line with Article 22, relating combined leverage from all sources to the equity capital of the AIF.
Amendment 1244 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Home Member States shall ensure that all information received under Article 24, aggregated in respect of all AIF and AIFM that ithey supervises, areis made available to other competent authorities as well as to the ESRB and the ESMA, through the procedure set out in Article 46 on supervisory co-operation. ItThey shall, without delay, also provide information through this mechanism, and bilaterally to other Member States directly concerned, if an AIF or AIFM under itstheir responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other Member States.
Amendment 1256 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1
Article 25 – paragraph 3 – subparagraph 1
3. In order to ensure the stability and integrity of the financial system, the Commission shall adopt implementing measures, taking account of the views of the ESRB, shall adopt delegated acts in accordance with Articles 49a, 49b and 49c setting limits to the level of leverage that AIF and AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy, their size and the sources of their leverage, whereas the maximum leverage shall not exceed five times net equity.
Amendment 1281 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
4. In exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system, the competent authorities of the home Member State may impose additional limits to the level of leverage that AIFM and AIF can employ. Measures taken by the competent authorities of the home Member States shall have a temporary nature and should comply with the provisions adopted by the Commission pursuant to paragraph 3
Amendment 1282 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 4 a (new)
Article 25 – paragraph 4 a (new)
4a. The Commission shall adopt benchmarks for long-term financial solvency of target companies that are subject to leveraged buy-out operations by AIF. The benchmarks shall contain a combination of four indicators, which consist of: (a) debt service cover (the ratio of cash flow to total debt service); (b) total leverage “dynamic gearing 1” (the ratio of consolidated EBITDA to net cash interest); (c) dynamic gearing 2 (the ratio of net debt to free cash flow); and (d) equity ratio (the ratio of equity to total capital). Target companies shall comply with all four indicators and shall conduct regular solvency tests. Dividend payouts shall be limited to one disbursement per year and shall not exceed earnings. In the event of negative solvency there shall be no dividend payout.
Amendment 1292 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 1 – point a
Article 26 – paragraph 1 – point a
(a) AIFM managing one or more AIF which either individually or in aggregation acquires 30 25 % or more of the voting rights of an issuer or of a non-listed company domiciled in the CommunityUnion, as appropriate and AIFM managing one or more of such AIF;
Amendment 1297 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 1 – point b
Article 26 – paragraph 1 – point b
(b) AIFM having concluded an agreement with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 3025 % or more of the voting rights of the issuer or the non-listed company, as appropriate.
Amendment 1300 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 1318 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 1
Article 27 – paragraph 1 – subparagraph 1
1. Member States shall ensure that when an AIF or AIFM is in a position to exercise 3025 % or more of the voting rights of a non- listed company, such AIF or AIFM notifies the non- listed company and all other share-holders the information provided in paragraph 2.
Amendment 1322 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 2
Article 27 – paragraph 1 – subparagraph 2
This notification shall be made, as soon as possible, but not later than four tradworking days the first of which being the day on which the AIF or AIFM has reached the position of being able to exercise 3025 % of the voting rights.
Amendment 1344 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 1
Article 28 – paragraph 1 – subparagraph 1
1. In addition to Article 27, Member States shall ensure that where an AIF or AIFM acquires 3025 % or more of the voting rights of an issuer or a non-listed company, that AIF or AIFM makes the information set out in the second and third subparagraphs available to the issuer, the non-listed company, their respective shareholders and representatives of employees or, where there are no such representatives, to the employees themselves.
Amendment 1349 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – introductory part
Article 28 – paragraph 1 – subparagraph 2 – introductory part
With regard to issuers, the AIF or AIFM shall make available the following to the issuer concerned, its shareholders and representatives of employees:
Amendment 1357 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point b
Article 28 – paragraph 1 – subparagraph 2 – point b
(b) the policy for preventing and managing conflicts of interests, in particular between the AIF or AIFM and the issuer;
Amendment 1362 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point ca (new)
Article 28 – paragraph 1 – subparagraph 2 – point ca (new)
(ca) the potential consequences for employees.
Amendment 1366 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – introductory part
Article 28 – paragraph 1 – subparagraph 3 – introductory part
With regard to non-listed companies, the AIF or AIFM shall make available the following to the non-listed company concerned, its shareholders and representatives of employees:
Amendment 1368 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 - point d
Article 28 – paragraph 1 – subparagraph 3 - point d
(d) the identity of the AIF or AIFM which either individually or in agreement with other AIFM have reached the 3025 % threshold;
Amendment 1375 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point f
Article 28 – paragraph 1 – subparagraph 3 – point f
(f) the policy for preventing and managing conflicts of interests, in particular between the AIF or AIFM and the non-listed company;
Amendment 1379 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point ga (new)
Article 28 – paragraph 1 – subparagraph 3 – point ga (new)
(ga) the potential consequences for employees of matters related to company strategy and employment policy.
Amendment 1386 #
2009/0064(COD)
Proposal for a directive
Article 28 a (new)
Article 28 a (new)
Article 28a Disclosure 1. Notification shall be given within 20 working days by the AIFM to the target company on: (a) the objectives pursued with the take- over; (b) the originating capital for the take- over. The notification shall be made public by the target company. 2. The target company shall without delay inform the representatives of employees or, where there are no such representatives, the employees themselves about the provisions in paragraph 1.
Amendment 1388 #
2009/0064(COD)
Proposal for a directive
Article 28b (new)
Article 28b (new)
Article 28b Sanctions 1. Member States shall provide that any decision taken by the AIFM and/ or the target company seriously breaching the information and disclosure requirements referred to in Articles 27, 28 and 28a shall have no legal effect. The non-production of legal effects will continue until such time as the AIFM and/ or the target company has fulfilled its obligations or, if this is no longer possible, adequate redress has been established, in accordance with the arrangements and procedures to be determined by the Member States. 2. For the purposes of paragraph1, serious breaches shall include in particular: (a) the total absence of information of the employees' representatives prior to a decision being taken; or (b) the withholding of important information or the provision of false information rendering ineffective the exercise of the right to information.
Amendment 1394 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Member States shall ensure that AIFM and AIFM, for each AIF they manage, include in the annual report provided for in Article 19 for each AIF that they manage, the additional information provided in paragraph 2 of this Article.
Amendment 1406 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point d
Article 29 – paragraph 2 – subparagraph 1 - point d
(d) statement on significant divestment of assets and the annual turnover of the assets.
Amendment 1468 #
2009/0064(COD)
Proposal for a directive
Article 32 – paragraph 1 – subparagraph 1
Article 32 – paragraph 1 – subparagraph 1
1. Member States may allow the marketing of AIF to retail investors in their territory provided that each investment is at least EUR 50.000..
Amendment 1473 #
2009/0064(COD)
Proposal for a directive
Article 32 – paragraph 2 – subparagraph 1
Article 32 – paragraph 2 – subparagraph 1
2. Member States that permit the marketing of AIF to retail investors on their territory provided that each investment is at least EUR 50.000, shall, within one year of the date referred to in Article 54(1), inform the Commission and the ESMA of:
Amendment 1477 #
2009/0064(COD)
Proposal for a directive
Article 32 – paragraph 2 – subparagraph 2
Article 32 – paragraph 2 – subparagraph 2
Member States shall also inform the Commission and the ESMA of any subsequent changes with regard to the first subparagraph.
Amendment 1662 #
2009/0064(COD)
Proposal for a directive – amending act
Article 53 a (new)
Article 53 a (new)
Article 53a Relationship with other Union and with national provisions This Directive shall be without prejudice to the information, consultation and, if applicable, participation procedures provided for under national law, in particular pursuant to Directives 2009/38/EC, 2001/86/EC, 2002/14/EC and 2004/25/EC.
Amendment 4 #
2006/0167(COD)
Proposal for a decision
Recital 1
Recital 1
(1) The Community is party to the Arrangement on Guidelines for Officially Supported Export Credits concluded within the OECD, hereinafter referred to as ’the Arrangement’. All projects financed by officially supported export credit agencies based in the Union shall respect EU principles and standards, derived from EU policy and law and reflecting the EU objectives of developing and consolidating democracy and the rule of law, as well as respecting human rights and fundamental freedoms.