35 Amendments of Philippe DE BACKER related to 2015/2106(INI)
Amendment 16 #
Motion for a resolution
Recital B
Recital B
B. whereas profound changes have occurred, and are still on-going, in all financial sectors, including banking, insurance, securities markets, investment funds and financial market infrastructure;
Amendment 18 #
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the need to take into account the wider global context; calls for a set of measures to improve the investment climate, attracting capital flows into the EU and restoring the international competitiveness ofinternational regulatory context; in particular when it comes to the timing and substance of legislative proposals to safeguard the international competitiveness of the EU´s financial sector, improve the investment climate of and attract capital flows into the Union;
Amendment 39 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s Investment Package, including the Capital Markets Union (CMU); stresses that an efficient and effective financial services framework ensuring financial stability is a prerequisite in order to increase (long-term) investment and to foster growth in a competitive European economy; underlines the linkage between economic and financial stability; considers that the CMU should be renamed ‘Union for Financing and Investment’ in order to focus not on the tool but on the aim;
Amendment 41 #
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs and Midcaps; supports broadening the funding options available for SMEs and Midcaps; calls in this respect to consider 'SME benchmarks' enabling banks to compare and price credit, instead of the less realistic SME credit registry; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding; asks the Commission to embed the 'Funding Escalator' concept within Capital Markets Union, addressing the diversity of companies' financing needs throughout their stages of development;
Amendment 44 #
Draft opinion
Paragraph 4
Paragraph 4
4. WSupports broadening the funding options available for SMEs; therefore welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs; supports broadening the funding options available for SME; calls for an ambitious effort to revive securitisation markets, which requires the avoidance of an overly prescriptive and detailed definition of simple, transparent and standardised (STS) securitisations; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding;
Amendment 51 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Is of the opinion that such a Union should be embedded into a global supervisory and regulatory framework which should be transparent, made accountable and whose requirements must be enforceable;
Amendment 62 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned about the increased complexity, reflected in the greater amount, detail and number of layers of regulation and supervision with requirements at international, European and national level; stresses the need for international regulatory cooperation but recalls that the global framework for cooperation should be improved to better take into account the interests of all parts of the world and in order to increase accountability;
Amendment 63 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to propose a coherent framework to enhance the quality and practicability of legislation, which should ensure greater and structural participation of ESAs during the level 1 phase and sufficient opportunity for ESAs to review as well as respond to unintended consequences that may arise during and following the implementation phase;
Amendment 91 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Is convinced that an efficient CMU, benefiting both citizens and companies, as well as enabling growth, should be simple, not risk-adverse, consistent throughout the legislation, with clear regulation and a strong mandate for supervision, including sanctions to act as deterrents and to be implemented where appropriate;
Amendment 111 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that a single market for financial services serves businesses, but ultimately has to benefit customers and investors; insists that barriers to cross- border access, marketing and investment have to be analysed and addressed; considers that the ESAs should be at the forefront of any process to align third country equivalence, given their expertise, access to resources and insight into market and consumer protection issues;
Amendment 139 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights the benefits of asset diversification both in terms of asset classes and asset origin; reminds in this respect that the internal market is key to meet this diversification; emphasises that the purpose of prudential regulation is not to favour certain asset classes; calls for a risk- based approach to regulation, with the same rules being applied to the same risks; believes that a more granular categorisation of asset classes is appropriate, in particular by establishing categories such as infrastructure;
Amendment 141 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Recalls that diversity in funding means is a strength; is convinced therefore that the EU should design its own framework, building on but not replicating the system of other jurisdictions;
Amendment 150 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the need for consistency in the risk-based approach, including sovereign exposures; supports the workwelcomes the contributions of the BCBS and ESRB in this regard; believes that a risk-based approach requires a clear regulatory framework, strong supervisor and respect of a level playing field;
Amendment 174 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Is of the opinion that firms should have access to a wide range of debt instruments, inter alia, safer securitisation, private placements, direct lending platforms;
Amendment 176 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Calls on the Commission to foster cross-border equity investments, as well as to set up task forces to enable convergence in insolvency law, information on SMEs and credit scoring, and consumer protection;
Amendment 178 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the diversity of business models; calls for a differentiationrecognises the need to reflect this diversity in regulation and supervision regarding the nature, size, riskiness and complexity of entities, provided that the principles of fair competition and effective supervision are met;
Amendment 195 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for an appropriate division of competences between EU and national level, bearing in mind that national supervisors have more knowledge of local market characteristics; is concerned about and that supervision was transferred to EU level or euro area level in order to avoid the phenomenon of proximity, laxity or conflict of interests; asks the ECB to assess the effect ofthat a one-size-fits-all supervisory approach on smaller and primarily nationally active entities within the Single Supervisory Mechanism (SSM) could have; recalls however that it is crucial to have equivalent standards for all;
Amendment 208 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the achievements in establishing a banking union; stresses that the next priority steps hasve to be its full implementation, including full capitalisation of national Deposit Guarantee Schemes (DGS) and the Single Resolution Fund (SRF); emphasises the aim of avoiding moral hazard and, ensuring that risk-takers bear the costs when their risks materialise and preventing domino effects across the banking union;
Amendment 225 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase SME funding; reminds of the importance of tools like the ‘SME supporting factor’; suggests that the initiatives for improved SME funding should be expanded to mid-cap companies;
Amendment 227 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase SME funding; calls in this respect to consider ‘SME benchmarks’ enabling banks to compare and price credit, instead of the less realistic SME credit registry; suggests that the initiatives for improved SME funding should be expanded to mid-cap companies;
Amendment 232 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Asks the Commission to embed the ‘Funding Escalator’ concept within CMU, addressing the diversity of companies’ financing needs throughout their stages of development;
Amendment 266 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Asks the Commission and supervisors to address the interaction between International Financial Reporting Standards (IFRS) and prudential requirements, and to review the impact of tax accounting on own fundsespecially for SMEs where EU accounting standards are incompatible with IFRS, and to review the impact of tax accounting on own funds; in response to its proposals in the recent Tax Action Plan (European Commission Communication on A Fair and Efficient Corporate Tax System in the European Union: 5 Key Areas for Action), requests the Commission to address the corporate debt equity bias in order to strengthen CMU; further calls on the Commission to review the structural bias against share holdings in the Solvency II framework;
Amendment 288 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Demands a stronger focus on the global competitiveness of the EU financial sectors when making policy, particularly with regards to ensuring EU businesses are not at a competitive disadvantage to firms elsewhere; Stresses the importance of alignment of global regulation through international fora such as the G20 in order to ensure a level playing field and to support the development of capital markets worldwide;
Amendment 295 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines the importance of the international framework with respect to its scope, methodologies and implications on the EU framework; calls on the Commission and ESAs to coordinate more closely with international bodies promoting EU interestsMember States, the Council, the Commission and ESAs to streamline the EU representation, with a view to increasing its influence and promoting the legislation it has adopted through a democratic process; reminds of the principle of sincere cooperation between the Union and the Member States, referred to in Article 4(3) of the Treaty on European Union;
Amendment 296 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines the importance of the international framework with respect to its scope, methodologies and implications on the EU framework; calls on the Commission and ESAs to coordinate more closely with Member States and international bodies promotingin order to avoid unnecessary adverse impacts on competitiveness of the EU finterestsancial sector;
Amendment 302 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Points to the importance of equivalence decisions in addressing obstacles regarding market access and the respective regulatory frameworks, bearing in mindhighlights that equivalence with other jurisdictions has the potential to increase capital inflows and attract further investment into Europe, but cautions that such unilateral decisions must benefit European businesses and consumers;
Amendment 307 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Requests that the Commission propose a coherent framework for dealing with third countries; stresses that such a framework should extend beyond equivalence provisions and, where possible, incorporate international standards or agreements;
Amendment 318 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that better financial regulation starts with Member States applying the current acquis; considers that gold-plating does not facilitate the functioning of the internal market; urges the Commission to consider a greater use of Regulations in order to underpin the Single Rulebook;
Amendment 352 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Calls on the Commission to propose a coherent framework to enhance the quality and implementability of legislation, which should ensure greater and structural participation of ESAs during the level 1 phase and sufficient opportunity for ESAs to review as well as respond to unintended consequences that may arise during and following the implementation phase;
Amendment 357 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Stresses the need to respect the interplay, consistency and coherence between the basic acts and delegated and implementing acts; insists that the Commission and the ESAs, when drafting delegated and implementing acts and guidelines, stick to the empowerments laid down in the basic acts and respect the co- legislators’ agreement; recalls article 290 of the TFEU stating that delegated acts are meant ‘to supplement or amend certain non-essential elements of the legislative act’;
Amendment 399 #
Motion for a resolution
Paragraph 42 a (new)
Paragraph 42 a (new)
42a. Is concerned by threats to cyber security and believes that it should be an integrated dimension of the EU strategy;
Amendment 403 #
Motion for a resolution
Paragraph 43 – introductory part
Paragraph 43 – introductory part
43. Calls on the Commission services to complete, as part of its REFIT agenda, the first assessment by the end of 2016 and to report on the overall impact and, in separate chapters, on the following:
Amendment 421 #
Motion for a resolution
Paragraph 43 – indent 8
Paragraph 43 – indent 8
– the effectiveness and appropriateness of the framework for retail investors, institutional investors and consumers, including the effect on access to finance for SMEs and mid-cap companies,
Amendment 427 #
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– the transparency of the legislative process, including consistency between the basic acts as adopted by the co- legislators and any associated level 2 measures,
Amendment 428 #
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– enumerate and analyse the barriers to the Single Market, including in national competencies, with a specific focus on taxation which hampers EU growth by creating regulatory arbitrage and distorting competition,