BETA

25 Amendments of Philippe DE BACKER related to 2014/0020(COD)

Amendment 102 #
Proposal for a regulation
Recital 3 a (new)
(3 a) Since the proposal of the High-level Expert Group on reforming the structure of the Union’s banking sector, the Union has adopted a large amount of legislation (EMIR, MIFID2, CRR, CRD4, DGS, BRRD among others) reducing systemic risk, increasing capital requirements, safeguarding depositors and improving the tools for dealing with bank crises across the Union. As a result of these new rules and of new structures for supervision, the legal framework has been reinforced and the single rulebook in banking has created a new basis for financial markets in the Union, facilitating a single financial market and a working Capital Markets Union.
2015/02/04
Committee: ECON
Amendment 111 #
Proposal for a regulation
Recital 10
(10) Consistent with the goals of contributing to the functioning of the internal market, it should be possible to grant a derogation for a credit institution from the provisions on separation of certain trading activities where a Member State has adopted national primary legislation prior to 29 January 2014 (including secondary legislation subsequently adopted) prohibiting credit institutions, which take deposits from individuals and Small and Medium sized Enterprises (SMEs) from dealing in investments as a principal and holding trading assets. The Member State should therefore be entitled to make a request to the Commission to grant a derogation from the provisions on separation of certain trading activities for a credit institution that is subject to the national legislation compatible with those provisions. This would allow Member States that already have primary legislation in place, the effects of which are equivalent to and consistent with this Regulation, to avoid alignment of existing, effective provisions. To ensure that the impact of that national legislation, as well as of subsequent implementing measures, does not jeopardise the aim or functioning of the internal market, the aim of that national legislation and related supervisory and enforcement arrangements must be able to ensure that credit institutions that take eligible deposits from individuals and from SMEs comply with legally binding requirements that are equivalent and compatible with the provisions provided in this Regulation. The competent authority supervising the credit institution subject to the national legislation in question should be responsible for providing an opinion that should accompany the request for the derogation.deleted
2015/02/04
Committee: ECON
Amendment 120 #
Proposal for a regulation
Recital 12 a (new)
(12 a) Through a risk-based approach, this Regulation should aim at providing financial stability, reducing systemic risk and maintaining a competitive European banking sector able to finance the economy.
2015/02/04
Committee: ECON
Amendment 138 #
Proposal for a regulation
Recital 17
(17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a closed list of funds. This exhaustive list should comprise closed- ended and unleveraged alternative investment funds (AIFs), European Vwhich are not substantially leveraged in accordance with the Directive 2011/61/EU26 and Regulation 231/2013, venture Ccapital Ffunds that fall under the definition foreseen in Article 3(b) of Regulation (EU) No 346/2013, European Social Entrepreneurship Funds and European Long Term Investment Funds. To Given the contribution of vensture that these funds do not endanger the viability and financial soundness of the credit institutions that invest in them, it is essential that closed-ended and unleveraged AIFs in which credit institutions can still invest are managed by AIF managers that are authorised and supercapital funds toward the financing of the economy, in particular SMEs and the fact that EuVECA is an optional regime, credit institutions should be allowed to continue to invest in all type of venture capital funds. Therefore all venture capital funds that meet the definition of qualifying venture capital fund should be exempted from the proprietary trading ban. All the funds mentioned above are properly regulated and competent authorities are provisded in accordance with the relevant provisions of Directive 2011/61/EU of the European Parliament and of the Council26 , and that those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to the rules of that Directivewith different supervisory tools for monitoring and addressing risks associated with either funds' or managers' activities. Investments in those types of funds do not endanger financial soundness of the credit institutions and therefore credit institutions should be allowed to invest in such funds. __________________ 26Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
2015/02/04
Committee: ECON
Amendment 140 #
Proposal for a regulation
Recital 17 a (new)
(17a) Having in mind that private equity and venture capital funds contribute to the financing of the real economy and that this positive role partly depends on the relationship of the private equity and venture capital industry with the banks (whether as investors, asset manager or lenders), banks lending to private equity and venture capital funds as well as providing guarantees to such funds should not be considered as trading activities that should be subject to the structural separation.
2015/02/04
Committee: ECON
Amendment 162 #
Proposal for a regulation
Recital 24
(24) There are particular concerns in relation to market making. The resolvability of a bank may be impeded by the presence of trading and inventory within a large banking group, as individual trading positions are treated the same way in a resolution process, whether they result from client activity driven market making or from speculation. Additionally, market makers are interconnected with other large banking groups. Furthermore, market makers can be exposed to substantial counterparty risk and the concrete functioning of market making can vary in relation to different financial instruments and market models. Market making activities, however, are also indispensable to the well-functioning of the market for corporate bonds and other debt instruments, since liquidity is necessary to make the instruments appropriate for a wide variety of investors. Therefore, particular attention to those activities should be made during the assessment of the competent authority.
2015/02/04
Committee: ECON
Amendment 203 #
Proposal for a regulation
Recital 47 a (new)
(47 a) As stated in the Liikanen report, "attention should be paid to the governance and control mechanisms of all banks". More attention should indeed be given by the competent authorities to the ability of management and boards to run and monitor large and complex banks as well as smaller ones as the crisis has shown that small banks represent a risk too. Complementary supervisory tools should be developed such as fit-and- proper tests applied when evaluating the suitability of management and board candidates.
2015/02/04
Committee: ECON
Amendment 344 #
Proposal for a regulation
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unAIFs, which are not substantially leveraged AIFs, as defined in Directive 2011/61/EU where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU and Article 111 of the Regulation 231/2013, to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].
2015/02/03
Committee: ECON
Amendment 375 #
Proposal for a regulation
Article 8 – paragraph 1 – point b a (new)
(b a) providing guarantees
2015/02/03
Committee: ECON
Amendment 391 #
Proposal for a regulation
Article 8 – paragraph 1 – point i a (new)
(i a) the selling of interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing, and emission allowances, to non-financial clients and to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings, or to institutions providing occupational retirement benefits, where the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk.
2015/02/03
Committee: ECON
Amendment 428 #
Proposal for a regulation
Article 9 – paragraph 1 b (new)
1 b. An assessment under paragraph 1(b) shall not affect any core credit institution within the group which is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets and which: - is able to make decisions independently of other group entities; - has a management body that is independent of other group entities; - is subject to capital and liquidity requirements in its own right; and - may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7). Where all core credit institutions within the group meet those conditions, paragraph 1(b) shall not apply.
2015/02/03
Committee: ECON
Amendment 460 #
Proposal for a regulation
Article 9 – paragraph 2 – point h
(h) credit and liquidity risk arising from commitments and guarantees provided by the core credit institution.deleted
2015/02/03
Committee: ECON
Amendment 553 #
Proposal for a regulation
Article 10 – paragraph 5 – point a – point a
(a) (i) the relevant limit of each of the metrics provided in points (a) to (hg) of Article 9(1), above which the risk level of the trading activity concerned is deemed individually significant;
2015/02/03
Committee: ECON
Amendment 698 #
Proposal for a regulation
Article 21
[...]deleted
2015/02/03
Committee: ECON
Amendment 703 #
Proposal for a regulation
Article 21 – title
DerogImplementation ofrom the requirements of Chapter IIIin order to preserve the Single Market
2015/02/03
Committee: ECON
Amendment 707 #
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to aThis Regulation shall not prevent Member States from implementing national bank structural reforms that apply at individual level to credit institutions authorized in their territory with the view of isolating core credit institutions or taking deposits from individuals and SMEs that are subject to national primary legislation adopted before 29 January 2014macro-prudential measures, with the prior consent of the competent authorities and resolution authorities. Competent authorities and resolution authorities shall not authorise those national measures whenre the national legislation complies with the following requirements:credit institution is subject to a resolution regime equipped with resolution financing arrangements that prevent the use of tax payer money by establishing ex ante funding in a resolution fund separate from Member States' general budget.
2015/02/03
Committee: ECON
Amendment 709 #
Proposal for a regulation
Article 21 – paragraph 1 – point a
(a) it aims at preventing financial stress or failure and systemic risk referred to in Article 1;deleted
2015/02/03
Committee: ECON
Amendment 712 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
(b) it prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide for limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers;deleted
2015/02/03
Committee: ECON
Amendment 716 #
Proposal for a regulation
Article 21 – paragraph 1 – point c
(c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group, it ensures that the credit institution is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets, and the national legislation specifies the following: (i) the credit institution taking eligible deposits from individuals and SMEs is able to make decisions independently of other group entities; (ii) the credit institution taking eligible deposits from individuals and SMEs has a management body that is independent of other group entities and independent of the credit institution itself; (iii) the credit institution taking eligible deposits from individuals and SMEs is subject to capital and liquidity requirements in its own right; (iv) the credit institution taking eligible deposits from individuals and SMEs may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7).deleted
2015/02/03
Committee: ECON
Amendment 721 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
AWhere a Member State wishing to obtain a derogation for a credit institution subject to the national legislation in question, shall send a request for derogation, accompanied by a positive opinion issued by the competent authority supervising the credit institution that is subject to the request for derogation, to the Commission. That request shall provide all the necessary information for the appraisal of has implemented national measures referred to in paragraph 1, this Regulation applies in the following way: (a) the separation decision referred to in Article 10 shall be performed at consolidated level for EU parent institutions authorized in that Member State; (b) Credit institutions that have already been separated in accordance withe national legislation and specify the credit institutions the derogation is applied for. Whemeasures shall be subject to the supervisory assessment referred the Commission considers that it does not have all the necessary information, it shall contact the Member State concerned within two moo in Article 10, so that the competent authority may impose, at consolidated level or at individual level, higher capital requiremenths of receipt of the request and specify what additional information is requiredr stricter limits; (c) All other provisions of this Regulation, including Article 14 on large exposure, shall apply.
2015/02/03
Committee: ECON
Amendment 723 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Once the Commission has all the information it considers necessary for appraisal of the request for derogation, it shall within one month notify the requesting Member State that it is satisfied with the information.deleted
2015/02/03
Committee: ECON
Amendment 727 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt an implementing decision declaring the national legislation not incompatible with this Chapter and granting the derogation to the credit institutions specified in the request referred to in paragraph 1. Where the Commission intends to declare the national legislation incompatible and to not grant the derogation it shall set out its objections in detail and provide the requesting Member State with the opportunity to submit written comments within one month from the date of notification of the Commission objections. The Commission shall within three months from the end of the time limit for submission adopt an implementing decision granting or rejecting the derogation.deleted
2015/02/03
Committee: ECON
Amendment 732 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Where the national legislation is amended, the Member State shall notify the amendments to the Commission. The Commission may review the implementing decision referred to in the third subparagraph.deleted
2015/02/03
Committee: ECON
Amendment 736 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Where the national legislation not declared incompatible with this Chapter no longer applies to a credit institution that has been granted derogation from the requirements of this Chapter, that derogation shall be withdrawn with regard to that credit institution.deleted
2015/02/03
Committee: ECON
Amendment 740 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
The Commission shall notify its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a derogation in accordance with this Article. The list shall be continuously kept up-to-date.deleted
2015/02/03
Committee: ECON