[ParlTrack]

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET, Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b b (new)

Regulation (EU) No 1093/2010
Article 9 – paragraph 5 a (new)

(bb) the following paragraph 5a is inserted: “5a. The Authority may issue time-limited no-action-letters at the request of market participants. These time-limited no- action-letters are a temporary commitment on the part of the Authority and all competent authorities not to enforce market participant non- compliance with specific provisions of Union law where the market participant cannot comply with such provisions of Union law because of any of the following reasons: (a) compliance would place the market participant in breach of other legal and regulatory requirements of Union law; (b) compliance is reasonably impossible without further level 2 measures or level 3 guidance; (c) compliance would significantly distort conditions for neutral competition for the market participant in the Union in the context of the worldwide application of international standards. The Authority shall provide the time- limited no-action-letter to the requestor based on the specific facts and circumstances set forth in the request. The Authority may permit parties other than the requestor to rely on the time- limited no-action-letter to the extent that the third party’s facts and circumstances are substantially similar to those described in the underlying request. The Authority shall make all no-action- letters public. The Authority shall review the decisions referred to in the first and second subparagraph at appropriate intervals and at least every 3 months. If a decision is not renewed after a three-month period, it shall automatically expire. A Member State may request the Authority to reconsider its decision. In that case, the Authority shall decide in accordance with the procedure set out in the second subparagraph of Article 44(1), whether it maintains its decision.”

2018/09/14
Committee: ECON

Wolf KLINZ, Ramon TREMOSA i BALCELLS, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 1 – paragraph 1 – point 12

Regulation (EU) No 1093/2010
Article 29a – paragraph 1 – subparagraph 1

Competent authorities shall identify and inform the Authority about supervisory activities which should be prioritised in order to address relevant micro-prudential trends, potential risks and vulnerabilities. Upon the entry into application of Regulation [XXX insert reference to amending Regulation] and every three years thereafter by 31 March, based on the contributions from competent authorities, the Authority shall issue a recommendation addressed to competent authorities, laying down supervisory strategic objectives and priorities ("Strategic Supervisory Plan") ~~and, taking into account any contributions from competent authorities,~~. The Authority shall transmit the Strategic Supervisory Plan for information to the European Parliament, the Council and the Commission and shall make it public on its website.

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1093/2010
Article 31a – paragraph 2 – subparagraph 2

Where the Authority considers it necessary to issue an opinion to a competent authority regarding the non- compliance of an authorisation or registration notified pursuant to the first subparagraph with Union law or guidelines, recommendations or opinions adopted by the Authority, the Authority shall inform that competent authority thereof within 20 working days of the receipt of the notification by that competent authority. In that case the competent authority concerned shall await the opinion of the Authority before carrying out the registration or authorisation.deleted

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1093/2010
Article 31a – paragraph 2 – subparagraph 3

At the request of the Authority, the competent authority shall within 15 working days of the receipt of such a request provide information related to its decisions to authorise or register a financial institution which is under its supervision in accordance with the acts referred to in Article 1(2).deleted

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1093/2010
Article 31a – paragraph 2 – subparagraph 4

~~The Authority shall issue the opinion, without prejudice to any time limits set out in Union law, at the latest within 2 months of the receipt of the notification pursuant to the first subparagraph.~~deleted

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1093/2010
Article 31a – paragraph 4

4. The Authority may issue recommendations to the competent authority concerned, including recommendations to review a decision or to withdraw an authorisation. Where the competent authority concerned does not follow the recommendations of the Authority within 15 working days, the competent authority shall state the reasons and the Authority shall make its recommendation public together with those reasons.;deleted

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET, Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d b (new)

Regulation (EU) No 1094/2010
Article 9 – paragraph 5 a (new)

(db) the following paragraph 5a is inserted: “5a. The Authority may issue time- limited no-action-letters at the request of market participants. These time-limited no-action-letters are a temporary commitment on the part of the Authority and all competent authorities not to enforce market participant non- compliance with specific provisions of Union law where the market participant cannot comply with such provisions of Union law because of any of the following reasons: (a) compliance would place the market participant in breach of other legal and regulatory requirements of Union law; (b) compliance is reasonably impossible without further level 2 measures or level 3 guidance; (c) compliance would significantly distort conditions for neutral competition for the market participant in the Union in the context of the worldwide application of international standards. The Authority shall provide the time- limited no-action-letter to the requestor based on the specific facts and circumstances set forth in the request. The Authority may permit parties other than the requestor to rely on the time- limited no-action-letter to the extent that the third party’s facts and circumstances are substantially similar to those described in the underlying request. The Authority shall make all no-action- letters public. The Authority shall review the decisions referred to in the first and second subparagraph at appropriate intervals and at least every 3 months. If a decision is not renewed after a three-month period, it shall automatically expire. A Member State may request the Authority to reconsider its decision. In that case, the Authority shall decide in accordance with the procedure set out in the second subparagraph of Article 44(1), whether it maintains its decision.”

2018/09/19
Committee: ECON

Wolf KLINZ, Ramon TREMOSA i BALCELLS, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 14

Regulation (EU) No 1094/2010
Article 29 a – paragraph 1 – subparagraph 1

1. Competent authorities shall identify and inform the Authority about supervisory activities which should be prioritised in order to address relevant micro-prudential trends, potential risks and vulnerabilities. Upon the entry into application of Regulation [XXX insert reference to amending Regulation] and every three years thereafter by 31 March, based on the contributions from competent authorities, the Authority shall issue a recommendation addressed to competent authorities, laying down supervisory strategic objectives and priorities ("Strategic Supervisory Plan") ~~and, taking into account any contributions from competent authorities,~~. The Authority shall transmit the Strategic Supervisory Plan for information to the European Parliament, the Council and the Commission and shall make it public on its website.

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 17

Regulation (EU) No 1094/2010
Article 31 a – paragraph 2 – subparagraph 2

Where the Authority considers it necessary to issue an opinion to a competent authority regarding the non- compliance of an authorisation or registration notified pursuant to the first subparagraph with Union law or guidelines, recommendations or opinions adopted by the Authority, the Authority shall inform that competent authority thereof within 20 working days of the receipt of the notification by that competent authority. In that case the competent authority concerned shall await the opinion of the Authority before carrying out the registration or authorisation.deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 17

Regulation (EU) No 1094/2010
Article 31 a – paragraph 2 – subparagraph 3

At the request of the Authority, the competent authority shall within 15 working days of the receipt of such a request provide information related to its decisions to authorise or register a financial institution which is under its supervision in accordance with the acts referred to in Article 1(2).deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 17

Regulation (EU) No 1094/2010
Article 31 a – paragraph 2 – subparagraph 4

~~The Authority shall issue the opinion, without prejudice to any time limits set out in Union law, at the latest within 2 months of the receipt of the notification pursuant to the first subparagraph.~~deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 17

Regulation (EU) No 1094/2010
Article 31 a – paragraph 4

4. The Authority may issue recommendations to the competent authority concerned, including recommendations to review a decision or to withdraw an authorisation. Where the competent authority concerned does not follow the recommendations of the Authority within 15 working days, the competent authority shall state the reasons and the Authority shall make its recommendation public together with those reasons.;deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET, Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 6 – point c b (new)

Regulation (EU) No 1095/2010
Article 9 – paragraph 5 a (new)

(cb) the following paragraph 5a is inserted: ‘5a. The Authority may issue time- limited no-action-letters at the request of market participants. These time-limited no-action-letters are a temporary commitment on the part of the Authority and all competent authorities not to enforce market participant non- compliance with specific provisions of Union law where the market participant cannot comply with such provisions of Union law because of any of the following reasons: (a) compliance would place the market participant in breach of other legal and regulatory requirements of Union law; (b) compliance is reasonably impossible without further level 2 measures or level 3 guidance; (c) compliance would significantly distort conditions for neutral competition for the market participant in the Union in the context of the worldwide application of international standards. The Authority shall provide the time- limited no-action-letter to the requestor based on the specific facts and circumstances set forth in the request. The Authority may permit parties other than the requestor to rely on the time- limited no-action-letter to the extent that the third party’s facts and circumstances are substantially similar to those described in the underlying request. The Authority shall make all no-action- letters public. The Authority shall review the decisions referred to in the first and second subparagraph at appropriate intervals and at least every 3 months. If a decision is not renewed after a three-month period, it shall automatically expire. A Member State may request the Authority to reconsider its decision. In that case, the Authority shall decide in accordance with the procedure set out in the second subparagraph of Article 44(1), whether it maintains its decision.

2018/09/19
Committee: ECON

Wolf KLINZ, Ramon TREMOSA i BALCELLS, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 3 – paragraph 1 – point 12

Regulation (EU) No 1095/2010
Article 29 a – paragraph 1 – subparagraph 1

1. Competent authorities shall identify and inform the Authority about supervisory activities that should be prioritised in order to address relevant micro-prudential trends, potential risks and vulnerabilities. Upon the entry into application of Regulation [XXX insert reference to amending Regulation] and every three years thereafter by 31 March, based on the contributions from competent authorities, the Authority shall issue a recommendation addressed to competent authorities, laying down supervisory strategic objectives and priorities ("Strategic Supervisory Plan") ~~and, taking into account any contributions from competent authorities,~~. The Authority shall transmit the Strategic Supervisory Plan for information to the European Parliament, the Council and the Commission and shall make it public on its website.

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 2

Where the Authority considers it necessary to issue an opinion to a competent authority regarding the non- compliance of an authorisation or registration notified pursuant to the first subparagraph with Union law or guidelines, recommendations or opinions adopted by the Authority, the Authority shall inform that competent authority thereof within 20 working days of the receipt of the notification by that competent authority. In that case the competent authority concerned shall await the opinion of the Authority before carrying out the registration or authorisation.deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 3

At the request of the Authority, the competent authority shall within 15 working days of the receipt of such a request provide information related to its decisions to authorise or register a financial market participant which is under its supervision in accordance with the acts referred to in Article 1(2).deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 4

~~The Authority shall issue the opinion, without prejudice to any time limits set out in Union law, at the latest within 2 months of the receipt of the notification pursuant to the first subparagraph.~~deleted

2018/09/19
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 4

4. The Authority may issue recommendations to the competent authority concerned, including recommendations to review a decision or to withdraw an authorisation. Where the competent authority concerned does not follow the recommendations of the Authority within 15 working days, the competent authority shall state the reasons and the Authority shall make its recommendation public together with those reasons.;deleted

2018/09/19
Committee: ECON

18 Amendments of Nils TORVALDS related to 2017/0230(COD)

ParlTrack - 2011-2024