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784 Amendments of Alain LAMASSOURE

Amendment 29 #

2018/2111(INI)

Motion for a resolution
Recital I a (new)
I a. J. Whereas Europe Direct offices are very hardly known by EU citizens despite its main role of information.
2018/12/17
Committee: AFCO
Amendment 86 #

2018/2111(INI)

Motion for a resolution
Paragraph 14
14. Proposes the creation, under the Rights and Values programme, of EU Citizens’ Offices, which would operate as a structure ofo increase significantly the visibility of Europe Direct offices; underlines that these offices should operate as intermediators between public administrations in the Member States and civil society (including trade unions, business associations and public and private bodies) to actively inform European citizens about their rights and obligations, and to foster the participation of citizens at local level in the democratic life of the European Union; underlines that these offices could synergise with programmes such as Europe for Citizens;encourages Member states and entities from regional and local levels to actively cooperate with these offices; asks for the European Commission to ensure that theses offices centralize the relevant information which enable EU citizens to exercise their rights.
2018/12/17
Committee: AFCO
Amendment 102 #

2018/2111(INI)

Motion for a resolution
Paragraph 19
19. Asks for the creation, under Article 25 of the TFUE, of an EU Statute of Citizenship including citizen-specific rights and the fundamental rights and freedoms enshrined in the Charter of Fundamental Rights, as well as social rights and the values established by Article 2 of the TEU as defining elements of the European ‘public space’, including among others the governance model relevant to that public space, dignity, freedom, the rule of law, democracy, pluralism, tolerance, justice and solidarity, and also including safety in view of to the current threats facing citizens;deleted
2018/12/17
Committee: AFCO
Amendment 103 #

2018/2111(INI)

Motion for a resolution
Paragraph 19
19. Asks for the creation, under Article 25 of the TFUE, of an EU Statute of Citizenship including citizen-specific rights and the fundamental rights and freedoms enshrined in the Charter of Fundamental Rights, as well as social rights and the values established byEncourages the co-legislators to make use of Article 25 of the TEU as defining elements of the European ‘public space’, including among others the governance model relevant to that public space, dignity, freedom, the rule of law, democracy, pluralism, tolerance, justice and solidarity, and also including safety in view of to the current threats facing citizens;FUE to take measures that could facilitate the exercise of European citizenship on a daily basis.
2018/12/17
Committee: AFCO
Amendment 3 #

2018/2093(INI)

Draft opinion
Paragraph 2
2. Calls for the integration of the European Stability Mechanism (ESM) into the EU Treaties by turning it into a full-fledged EU body, on condition that the Commission’s competences on economic policy coordination and multilateral surveillance are fully respected and strengthened;deleted
2018/10/09
Committee: ECON
Amendment 11 #

2018/2093(INI)

Draft opinion
Paragraph 3
3. Requests a strengthened role for the European Parliament and the national parliaments in the renewed economic governance framework to reinforce democratic accountability;
2018/10/09
Committee: ECON
Amendment 14 #

2018/2093(INI)

Draft opinion
Paragraph 6
6. Stresses the importance for convergence of the Cohesion, Structural and Investment Funds and of the EIB, welcomes programmes such as the Reform Support Programme to help Member States on their way to joining the euro and further conversion within the EU, and requests an increase in the budget allocation for such programmes.deleted
2018/10/09
Committee: ECON
Amendment 19 #

2018/2093(INI)

Draft opinion
Paragraph 6 a (new)
6a. Welcomes the proposal to integrate the Treaty on Stability, Coordination and Governance in the legal framework of the Union.
2018/10/09
Committee: ECON
Amendment 21 #

2018/2093(INI)

Draft opinion
Paragraph 6 b (new)
6b. Welcomes and strongly encourages the initiative from some Member States to consider joining the Banking Union.
2018/10/09
Committee: ECON
Amendment 46 #

2018/2093(INI)

Motion for a resolution
Paragraph 6
6. Believes that differentiated integration should always take place within the Treaty provisions, maintain the unity of EU institutions and should not lead to the creation of parallel institutional arrangements; reminds, but instead allow specific bodies to be established where appropriate, without prejudice to the competences and role of the EU institutions; points out that flexibility and adaptation to national, regional or local specificities can and should also be ensured via provisions in secondary law;
2018/09/17
Committee: AFCO
Amendment 52 #

2018/2093(INI)

Motion for a resolution
Paragraph 7
7. Emphasises that democracy should never be the price to pay for differentiation and that differentiated integration should not lead to more complex decision-making processes that would undermine the democratic accountability of Union institutions;
2018/09/17
Committee: AFCO
Amendment 55 #

2018/2093(INI)

Motion for a resolution
Paragraph 8
8. Demands that opt-outs from the Treaty provisions should not be permissible, as they lead to negative differentiation in Union primary law and distort the homogeneity of Union law; considers, however, that given transitional periods could be authorised, on a case-by-case basis, for candidate countries, as has happened in the past
2018/09/17
Committee: AFCO
Amendment 60 #

2018/2093(INI)

Motion for a resolution
Paragraph 9
9. Insists that differentiation should not be permissible when it comes to the respect of existing fundamental rights and values and in policy areas where non- participating Member States could create negative externalities, such as economic and social dumping; demands that any potentialthe centrifugal effects, including in the long run, ar be carefully examined by the Commission when it submits a proposal for enhanced cooperation is proposed;
2018/09/17
Committee: AFCO
Amendment 61 #

2018/2093(INI)

Motion for a resolution
Paragraph 10
10. Believes that a step further would be to go beyond the existing Treaty limits and to initiate a change to the Treaty which would introduce two types of membership: full membership and associated membership;deleted
2018/09/17
Committee: AFCO
Amendment 66 #

2018/2093(INI)

Motion for a resolution
Paragraph 11
11. Suggests that full membership would require full compliance with Union primary law and all the policy areas whereas associated membership would entail the participation in certain policies only and would not be fully integrated into the EU decision-making process; Believes that the associated membership should be accompanied by obligations corresponding to the associated rights, as for example a contribution to the EU budget and should be conditional to the respect of the Union’s fundamental values and to the four freedoms;deleted
2018/09/17
Committee: AFCO
Amendment 72 #

2018/2093(INI)

Motion for a resolution
Paragraph 12
12. Acknowledges that some transitional periods can be necessary for full members on an exceptional and temporary basis only; insists that some clear and enforceable legal provisions should be introduced in order to avoid their perpetuation in time;deleted
2018/09/17
Committee: AFCO
Amendment 75 #

2018/2093(INI)

Motion for a resolution
Paragraph 14
14. Underlines that flexibility and differentiation should go hand in hand with a reinforcement of common rules in core areas in order to ensure that differentiation does not lead to political fragmentation; Therefore, considers necessary the existence, in a future European institutional framework, of European Pillars of Political, Economic, Social and Environmental rights that would not be possible to evade;deleted
2018/09/17
Committee: AFCO
Amendment 85 #

2018/2093(INI)

Motion for a resolution
Paragraph 15
15. Suggests, when competences attribution allows it, permitting regions to participate in cases of enhanced cooperation; also proposes opening enhanced cooperation to the participation of candidate countriesand other EU local authorities directly concerned to participate in cases of enhanced cooperation;
2018/09/17
Committee: AFCO
Amendment 86 #

2018/2093(INI)

Motion for a resolution
Paragraph 16
16. Suggests developing tools within the Union law and budget for testing trans- border initiatives within the EU on issues that represent an EU-wide interest that could eventually turn into legislative proposals or cases of enhanced cooperation;
2018/09/17
Committee: AFCO
Amendment 5 #

2018/2059(BUD)

Motion for a resolution
Paragraph 3 a (new)
3a. Recalls that the financial contribution from the EGF targets the redundant workers in order to help them finding alternative employment and does not constitute a subsidy to companies;
2018/05/18
Committee: BUDG
Amendment 48 #

2018/2033(INI)

Motion for a resolution
Paragraph 1
1. Takes note ofWelcomes the Commission’s 2018 country-specific recommendations (CSR);
2018/07/16
Committee: ECON
Amendment 58 #

2018/2033(INI)

Motion for a resolution
Paragraph 2
2. Reiterates the urgency of carrying on the fight against the inequalities that hamper economic growthimplementing these country-specific recommendations in order to improve the functioning of the European Semester process and thereby ensure sound fiscal policies, structural reforms to create more jobs and sustainable growth, and boost investment;
2018/07/16
Committee: ECON
Amendment 117 #

2018/2033(INI)

Motion for a resolution
Paragraph 6
6. Recalls the Commission’s commitment to integrate the implementation of the SDGs within the European Semester; regrets the fact that this dimension is missing from the 2018 country-specific recommendations;deleted
2018/07/16
Committee: ECON
Amendment 137 #

2018/2033(INI)

Motion for a resolution
Paragraph 8
8. Insists on bringing expenditure on R&D closer to the EU2020 targets; calls on the Member States to set in place proper policies, and to provide investment to ensure equal access to lifelong education and training; recalls that only limited progress has been made in a majority of the Member States that received a recommendation on education reforms in 2017;
2018/07/16
Committee: ECON
Amendment 141 #

2018/2033(INI)

Motion for a resolution
Paragraph 9
9. Recalls the importance of efficient regulation of the banking and financial sectors to forestall any new crises; welcomes the European Council agreement to a common backstop for the Single Resolution Fund; calls for the step-by-step completion of the Banking Union, including a credible European deposit-insurance scheme; highlights that risk-sharing should go hand-in-hand with risk-reduction, especially reduction of non-performing loans and weakening of the doom-loop between banks and sovereigns;
2018/07/16
Committee: ECON
Amendment 151 #

2018/2033(INI)

Motion for a resolution
Paragraph 9 a (new)
9a. Highlights the urgent need for a fully-fledged Capital Markets Union, as financial markets could provide for appropriate private risk-sharing and absorption capacities to counter future external shocks; thereby urges both the Commission and the Member States to move forward with the completion of the Capital Markets Union;
2018/07/16
Committee: ECON
Amendment 158 #

2018/2033(INI)

Motion for a resolution
Paragraph 10
10. Recalls that the fight against tax fraud, tax avoidance, tax evasion and aggressive tax planning strategies isare essential to ensure the fair treatment of taxpayers, safeguard public finances, preserve social cohesion and fight inequalities; unctioning of the social market economy, the fair treatment of taxpayers, collection of much necessary budgetary revenues, preserve social cohesion and fight inequalities, among many others; recalls the important role the OECD is playing in this regard;
2018/07/16
Committee: ECON
Amendment 171 #

2018/2033(INI)

Motion for a resolution
Paragraph 11
11. Welcomes the Commission recommendation to review the tax systems of a number of Member States which are exploited by multinationals engaged in aggressive tax planning; insists on the need to implemenwith this regard urges Member States to effectively transpose Directives (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market (ATAD) and Directive (EU) 2016/1164 as regards hybrid mismatches with third countries (ATAD 2), insists on the need to adopt an ambitious pCBCR (public country-by-country reporting) as adopted in the negotiating mandate of the EP and CCCTB (common consolidated corporate tax base) as suggested by EP reports;
2018/07/16
Committee: ECON
Amendment 205 #

2018/2033(INI)

Motion for a resolution
Paragraph 14
14. Welcomes the Council recommendation and the Commission’s efforts to encourage Members States with large current account surpluses to promote faster wage growth, strengthen investment and thus foster economic expansion; highlights the fact that real wage growth has, in recent times, lagged behinddeficits or high external debt to aim at containing growth in unit labour costs and seek to improve their competitiveness; and to encourage Members States with large current account surpluses to promote appropriate wage growth in line with productivity growth, while improvements have occurred in the labour market; stresses, against this background, that there could be room for wage increases in certain sectors and areas to ensure good standards of living, taking ist respecting the role of social partners, strengthen investmento account the need to tackle inequalities and boost growthnd thus foster economic expansion;
2018/07/16
Committee: ECON
Amendment 259 #

2018/2033(INI)

Motion for a resolution
Paragraph 19
19. Shares the Commission’s concerns regarding developments in the housing market in some Member States; stresses that rising interest rates and housing prices are having an impact on household private debt; underlines that thisprivate debt plays a significant role in the financial stability of the euro area; recalls on the Commission to take initiatives in this area in line with recommendation 19 of the social pillarneed for appropriate macro prudential supervision;
2018/07/16
Committee: ECON
Amendment 267 #

2018/2033(INI)

Motion for a resolution
Subheading 3
Investments and cohesion fund
2018/07/16
Committee: ECON
Amendment 271 #

2018/2033(INI)

Motion for a resolution
Paragraph 20
20. Deeply regrets the proposed cuts in cohesion policy as set out by the Commission in its MFF proposal; insists on the fact that a decrease in structural funding runs counter to the EU’s objective of strengthening economic, social and territorial cohesion, puts at risk the key importance of the ESIF in stimulating public and private investment, and would send a negative signal to citizens; recalls that the EU cohesion policy has a direct impact on citizens’ lives;deleted
2018/07/16
Committee: ECON
Amendment 278 #

2018/2033(INI)

Motion for a resolution
Paragraph 21
21. RegretWelcomes the fact that the Commission makes part of the allocation of European funds conditional on the European Semester and economic governance as the implementation of CSRs is key to the proper functioning of the European Semester and the monetary union;
2018/07/16
Committee: ECON
Amendment 15 #

2018/0254(COD)

Proposal for a regulation
Recital –1 (new)
(-1) Defence is considered to be a clear example of how a greater effectiveness could be achieved by transferring some competences and actions currently performed by the Member States and the corresponding appropriations to the European level; this would result in the demonstration of the European added value and would allow to limit the overall burden of public expenditure in the EU.
2018/10/11
Committee: BUDG
Amendment 94 #

2018/0213(COD)

Proposal for a regulation
Recital 15
(15) In order to ensure that the reforms supported by the Programme address all the key economic and societal areas, both financial support and technical support under the Programme should be provided by the Commission, upon request from a Member State, in a broad range of policy domains, which include areas related to public financial and asset management, taxation system, institutional and administrative reform, legal system, business environment, the financial sector, markets for products, services and labour, education and training, sustainable development, public health and social welfare.
2019/01/16
Committee: BUDGECON
Amendment 99 #

2018/0213(COD)

Proposal for a regulation
Recital 17
(17) In order to cater for additional needs under the Programme, Member States should have the possibility to transfer to the budget of the Programme resources programmed in shared management under the Union funds, in accordance with the procedure thereof, and only if all funds available under the Programme for the Member State are absorbed. Transferred resources should be implemented in accordance with the rules of this Programme and should be used for the benefit of the Member State concerned.
2019/01/16
Committee: BUDGECON
Amendment 115 #

2018/0213(COD)

Proposal for a regulation
Recital 20
(20) In order to ensure a meaningful incentive for Member States to complete structural reforms, it is appropriate to establish a maximum financial contribution available for them under the instrument for each stage of allocation and under each call. That maximum contribution should be calculated on the basis of the population of Member States and respective GDP per capita. To ensure that the financial incentives are spread throughout the whole period of application of the Programme, the allocation of funds to the Member States should be made in stages. In the first stage lasting twenty months, half (EUR 11 000 340 000 000) of the overall financial envelope of the reform delivery tool should be made available to Member States, during which they could receive up to their maximum allocation by submitting proposals for reform commitments.
2019/01/16
Committee: BUDGECON
Amendment 120 #

2018/0213(COD)

Proposal for a regulation
Recital 21
(21) In the interest of transparency and efficiency, in the subsequent stage lasting until the end of the Programme, a system of periodic calls should be set out by the Commission to allocate the remaining half (EUR 11 000 340 000 000) of the overall financial envelope of the instrument, plus the amounts unused from the previous stage. Simple procedures should be organised to that effect. Under each call, all Member States should be invited to submit reform proposals concurrently, and could be awarded their maximum financial contribution on the basis of their reform proposals. In the interest of transparency, the first call organised by the Commission during the second stage should be for an amount corresponding to the remaining part (EUR 11 000 340 000 000) of the overall financial envelope of the instrument. Further calls should be organised by the Commission only where the overall financial envelope has not been fully used. The Commission should adopt and publish an indicative calendar of the further calls to be organised, and should indicate, at each call, the remaining amount of the overall envelope, which is available under that call.
2019/01/16
Committee: BUDGECON
Amendment 141 #

2018/0213(COD)

Proposal for a regulation
Recital 24
(24) The Commission should assess the nature and the importance of the reform commitments proposed by the Member States and should determine the amount to be allocated on the basis of transparent criteria. To that effect, it should take into account the substantive elements provided by the Member States and assess whether the reform commitments proposed by the Member States are expected to effectively address challenges identified in the context of the European Semester, whether they represent a comprehensive reform package, whether they are expected to strengthen the performance and resilience of the national economy and whether their implementation is expected to have a lasting impact in the Member State where relevant by strengthening the institutional and administrative capacity of the Member State concerned. In addition, the Commission should assess whether the internal arrangements proposed by the Member States, including the proposed milestones and targets, and the related indicators, are expected to ensure effective implementation of the reform commitments during a maximum period of three years. Furthermore, the reform commitments submitted by the Members State that received positive assessment from the Commission should be strictly monitored through the European Semester.
2019/01/16
Committee: BUDGECON
Amendment 148 #

2018/0213(COD)

Proposal for a regulation
Recital 26
(26) In order to contribute to the preparation of high quality proposals and assist the Commission in the assessment of the proposals for reform commitments submitted by the Member States and in the assessment of the degree of their achievement, provision should be made for the use of peer counselling and expert advice. The national fiscal council should be invited to provide its opinion on the budgetary aspects of the proposed reform commitments before the official submission of the proposal to the Commission. In addition, the Council for Economic Policy Committee of the Council dealing with the European Semester, in consultation, where appropriate, with relevant Treaty-based committees, should be able to provide an opinion on the proposals for reform commitments as submitted by Member States. In the interest of simplification, the reporting by Member States on the progress made in the implementation of reform commitments should be made within the framework of the European Semester.
2019/01/16
Committee: BUDGECON
Amendment 149 #

2018/0213(COD)

Proposal for a regulation
Recital 26 a (new)
(26a) Member States should consult their national independent fiscal institution ahead of the official submission of the proposal of reform commitments to the Commission. Such independent fiscal institution should build on the independent bodies as laid down in Regulation (EU) No. 473/2013 of the European Parliament and the Council of 21 May 2013. Member States whose currency is not the euro and to whom the obligations of Regulation (EU) No. 473/2013 therefore do not apply should ensure that an independent fiscal institution is established that could provide them with an independent opinion. They could refer to the technical support instrument to establish this independent body if needed. Administrative assistance provided by this Programme could be used to support this independent body provided there is no conflict of interest when delivering its opinion on the reform commitments.
2019/01/16
Committee: BUDGECON
Amendment 154 #

2018/0213(COD)

Proposal for a regulation
Recital 28
(28) To foster the stability of the reform commitments, a Member State should have the possibility to amend the reform commitments only once within the period of implementation, where objective circumstances justify such a course of action.
2019/01/16
Committee: BUDGECON
Amendment 179 #

2018/0213(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
3a. National fiscal council means a relevant national independent body as referred to the EU Directive 2011/85, EU Regulation 1466/97, EU Regulation 473/2013, the intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, stipulating that Member States should have independent fiscal bodies in place.
2019/01/16
Committee: BUDGECON
Amendment 214 #

2018/0213(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point a
(a) public financial and asset management, budget process, debt management and revenue administration and policies aimed at combating tax evasionavoidance, tax fraud and tax evasion including the promotion of the implementation and on-going adaptation of European Public Sector Accounting Standards as common European standard in the Member States and regions;
2019/01/16
Committee: BUDGECON
Amendment 219 #

2018/0213(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point b
(b) institutional reform and efficient and service-oriented functioning of public administration and e-government, including, where appropriate, through the simplification of rules, effective rule of law, reform of the justice and legal systems and reinforcement of the fight against fraud, corruption and money laundering;
2019/01/16
Committee: BUDGECON
Amendment 227 #

2018/0213(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point d
(d) education and training, labour market policies, including social dialogue, for the creation of jobs, digital skills, the fight against poverty, the promotion of social inclusion, social security and social welfare systems, public health and healthcare systems, judicial and legal systems, as well as cohesion, asylum, migration and border policies;
2019/01/16
Committee: BUDGECON
Amendment 236 #

2018/0213(COD)

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1 – point a
(a) up to EUR 22 000 680 000 000 for the reform delivery tool;
2019/01/16
Committee: BUDGECON
Amendment 246 #

2018/0213(COD)

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1 – point c – introductory part
(c) up to EUR 2 164 320 000 000 for the convergence facility, of which:
2019/01/16
Committee: BUDGECON
Amendment 250 #

2018/0213(COD)

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1 – point c – point i
(i) up to EUR 24 000 000 000 for the financial support component; and
2019/01/16
Committee: BUDGECON
Amendment 253 #

2018/0213(COD)

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1 – point c – point ii
(ii) up to EUR 16320 000 000 for the technical support component.
2019/01/16
Committee: BUDGECON
Amendment 263 #

2018/0213(COD)

Proposal for a regulation
Article 7 – paragraph 4
4. Resources allocated to Member States under shared management may, at their request, be transferred to the Programme only if all funds available under the Programme for the Member State are absorbed. The Commission shall implement those resources directly in accordance with point (a) of Article 62(1) of the Financial Regulation or indirectly in accordance with point (c) of that Article. Where possible those resources shall be used for the benefit of the Member State concerned.
2019/01/16
Committee: BUDGECON
Amendment 278 #

2018/0213(COD)

Proposal for a regulation
Article 9 – paragraph 1
Annex I lays down a maximum financial contribution available for each Member State out of the overall envelope of the reform delivery tool referred to in point (a) of Article 7(2). Such a maximum financial contribution is calculated for each Member State using the criteria and an appropriate methodology set out in that Annex, based on the population of each Member State and respective GDP per capita. Such a maximum financial contribution shall be available for allocation to each Member State, in part or in full, at each stage and call of the allocation process set out in Article 10.
2019/01/22
Committee: BUDGECON
Amendment 283 #

2018/0213(COD)

Proposal for a regulation
Article 10 – paragraph 2
2. For a period of twenty months from the date of application of this Regulation, the Commission shall make available for allocation EUR 11 000 340 000 000, which represents 50% of the overall envelope referred to in point (a) of Article 7(2). Each Member State may propose to receive up to the full amount of the maximum financial contribution, referred to in Article 9, to fulfil reform commitments proposed in accordance with Article 11.
2019/01/22
Committee: BUDGECON
Amendment 286 #

2018/0213(COD)

Proposal for a regulation
Article 10 – paragraph 3
3. For the period starting after the end of the period referred to in paragraph 2, the Commission shall make available for allocation EUR 11 000 340 000 000, which represent the remaining 50% of the overall envelope for the reform delivery tool referred to in point (a) of Article 7(2), plus the amount that has not been allocated in accordance with paragraph 2, on the basis of calls organised and published under the reform delivery tool. The first call shall be for allocating EUR 11 000 340 000 000.
2019/01/22
Committee: BUDGECON
Amendment 308 #

2018/0213(COD)

Proposal for a regulation
Article 11 – paragraph 4 a (new)
4a. The national fiscal council may provide an assessment on the budgetary aspects of the proposal for reform commitments to the national authorities ahead of the official submission of the proposal to the Commission. Member States shall inform the national fiscal council of the proposal in a timely manner and provide the national fiscal council with all documents it may need to draft its opinion. Member States shall be invited to consider that opinion and may modify the proposal before the official submission to the Commission. The opinion of the national fiscal council shall be annexed to the official proposal
2019/01/22
Committee: BUDGECON
Amendment 309 #

2018/0213(COD)

Proposal for a regulation
Article 11 – paragraph 6
6. When assessing the proposal for reform commitments and in the determination of the amount to be allocated to the Member State concerned, the Commission shall take into account the justification and the elements provided by the Member State concerned, as referred to in paragraph 3, the opinion of the national fiscal council, as referred to in paragraph 4 and any other relevant information.
2019/01/22
Committee: BUDGECON
Amendment 351 #

2018/0213(COD)

Proposal for a regulation
Article 13 – paragraph 1
1. Where the reform commitments, including relevant milestones and targets, are no longer achievable, either partially or totally, by the Member State concerned because of objective circumstances, the Member State concerned may make a reasoned request to the Commission to amend or replace the decision referred to in Article 12(1). To that effect, the Member State may propose a modified set or a new set of reform commitments. An independent fiscal body, such as the national fiscal councils already existing, may provide an assessment on the budgetary aspects of the modified proposal for reform commitments to Member States ahead of the official submission of the proposal to the Commission. Member States shall inform the national fiscal council of the proposal in a timely manner and provide the national fiscal council with all documents it may need to draft its opinion. Member States shall be invited to consider this opinion and may amend the modified proposal before the official submission to the Commission. The opinion of the national fiscal council shall be annexed to the official modified proposal.
2019/01/22
Committee: BUDGECON
Amendment 353 #

2018/0213(COD)

Proposal for a regulation
Article 13 – paragraph 4
4. An amendment of the reform commitments can be made only once within the period of implementation set out in the decision referred to in Article 12(1).
2019/01/22
Committee: BUDGECON
Amendment 357 #

2018/0213(COD)

Proposal for a regulation
Article 14 – paragraph 1
Without prejudice to the second subparagraph of Article 12(3), the Member State concerned shall report regularly within the European Semester process on the progress made in the achievement of the reform commitments. To that effect, Member States are invited toshall use the content of the national reform programmes as a tool for reporting on progress towards reform completion. The detailed arrangements and timetable for reporting, including the modality for providing access by the Commission to the underlying relevant data, shall be laid down in the decision referred to in Article 12(1).
2019/01/22
Committee: BUDGECON
Amendment 394 #

2018/0213(COD)

Proposal for a regulation
Article 26 – paragraph 1
Annex X lays down a maximum financial contribution available for each Member State out of the overall financial envelope referred to in point (c)(i) of Article 7(2). Such maximum financial contribution is calculated for each eligible Member State using the criteria and an appropriate methodology set out in that Annex, based on population of each Member State and respective GDP per capita, and applies for each of the allocation stages and calls set out in Article 10.
2019/01/22
Committee: BUDGECON
Amendment 71 #

2018/0207(COD)

Proposal for a regulation
Recital 2
(2) Those rights and values must continue to be promoted and enforccultivated, protected and sharpromoted among the citizens and peoples and be at the heart of the EU project. Therefore, a new Justice, Rights and Values Fund, comprising the Rights and Values and the Justice programmes shall be created in the EU budget. At a time where European societies are confronted with extremism, radicalism and divisions, it is more important than ever to promote, strengthen and defend justice, rights and EU values: human rights, respect for human dignity, freedom, democracy, equality, the rule of law. It is also crucial to create an enabling environment for peaceful democratic dialogue between representatives of different views. This will have profound and direct implications for political, social, cultural and economic life in the EU. As part of the new Fund, the Justice Programme will continue to support the further development of Union area of justice and cross-border cooperation. The Rights and Values Programme will bring together the 2014-2020 Programme Rights, Equality and Citizenship established by Regulation (EU) No 1381/2013 of the European Parliament and of the Council8 and the Europe for Citizens programme established by Council Regulation (EU) No 390/20149, (hereafter ‘the predecessor Programmes’) and it will be adjusted to address new challenges to European values. __________________ 8 Regulation (EU) No 1381/2013 of the European Parliament and of the Council of 17 December 2013 establishing a Rights, Equality and Citizenship Programme for the period 2014 to 2020 (OJ L 354, 28.12.2013, p. 62) 9 Council Regulation (EU) No 390/2014 of 14 April 2014 establishing the ‘Europe for Citizens’ programme for the period 2014- 2020 (OJ L 115, 17.4.2014, p.3)
2018/10/30
Committee: LIBE
Amendment 78 #

2018/0207(COD)

Proposal for a regulation
Recital 3
(3) The Justice, Rights and Values Fund and its two underlying funding programmes will focus primarily on people and entities, which contribute to make our common values, rights and rich diversity alive and vibrant. The ultimate objective is to nurture and sustain rights-based, equal, inclusive and democratic society. That includes a vibrant, resilient and empowered civil society, encouragingwhich fosters people’s democratic, civic and social participation and fosteringcultivates the rich diversity of European society, based on our common values, history and memory. Article 11 of the Treaty of the European Union further specifies that the institutions shall maintain an open, transparent and regular dialogue with civil society and shall, by appropriate means, give citizens and representative associations the opportunity to make known and publicly exchange their views in all areas of Union action.
2018/10/30
Committee: LIBE
Amendment 82 #

2018/0207(COD)

Proposal for a regulation
Recital 4
(4) The Rights and Values programme (the ‘Programme’) should allow developing synergies to tackle the challenges that are common to the promotion and protection of values and to reach a critical dimension to have concrete results in the field. That should be achieved byddress the most important challenges to the promotion and protection of values, taking into account that the challenges may vary across the Union. To ensure concrete impact, the Programme should building on the positive experiencelessons of the predecessor Programmes. This will enable to fully exploit the potential of synergies, to more effectively support the policy areas covered and toIt should also take advantage of synergies with other policies and programmes of the Union and of other actors. This will increase their effectiveness and efficiency and will increase their potential to reach people. To be effective, the Programme should take into account the specific nature of the different policies, their different target groups and their particular needs through tailor-made approaches.
2018/10/30
Committee: LIBE
Amendment 84 #

2018/0207(COD)

Proposal for a regulation
Recital 4 a (new)
(4a) Full respect and promotion of rule of law and democracy is a fundamental Union value. It is also the basic condition for building citizens’ trust in the Union as well as between Member States. Respect for the rule of law within the Union is a prerequisite for the protection of fundamental rights, as well as for upholding all rights and obligations deriving from the Treaties. This programme should therefore promote and safeguard fundamental rights, democracy and the rule of law at local, regional, national and transnational levels.
2018/10/30
Committee: LIBE
Amendment 95 #

2018/0207(COD)

Proposal for a regulation
Recital 6
(6) Remembrance activities and critical reflection on Europe’s historical memory are necessaryimportant to make citizens aware of the common history and values, as the foundation for a common future, moral purpose and shared values. The relevance of historical, cultural and intercultural aspects should also be taken into account, as well as the links between remembrance and the creation of a European identity and sense of belonging together.
2018/10/30
Committee: LIBE
Amendment 115 #

2018/0207(COD)

Proposal for a regulation
Recital 18
(18) Independent human rights bodies and civil society organisations play an essential role in promoting, safeguarding and raising awareness of the Union’s common values under Article 2 TEU, and in contributing to the effective enjoyment of rights under Union law, including the Charter of Fundamental Rights of the EU. As reflected in the European Parliament Resolution of 189 April 2018, adequate financial support is key to the development of a conducive and sustainable environment for civil society organisations to strengthen their role and perform their functions independently and effectively. Complementing efforts at national level, EU funding should therefore contribute to support, empower and build the capacity of independent civil society organisations active in the promotion of humanUnion values such as democracy, rule of law and fundamental rights, whose activities help the strategic enforcement of rights under EU law and the Charter of Fundamental Rights of the EU, including through advocacy and watchdog activities, as well as to promote, safeguard and raise awareness of the Union’s common values at national level.
2018/10/30
Committee: LIBE
Amendment 119 #

2018/0207(COD)

Proposal for a regulation
Recital 20
(20) TIn relation to the implementation of the specific objectives of promoting equality and rights, citizens’ engagement and participation in the democratic life of the Union, and combating violence against groups at risk, the Programme should be open, subject to certain conditions, to the participation of European Free Trade Association (EFTA) members which are members of the European Economic Area (EEA) and EFTA members which are not members of the EEA and other European countries. Acceding countries, candidate countries and potential candidate countries benefiting from a pre- accession strategy should also be able to participate in the Programme.
2018/10/30
Committee: LIBE
Amendment 120 #

2018/0207(COD)

Proposal for a regulation
Recital 21
(21) In order to ensure efficient allocation of funds from the general budget of the Union, it is necessary to ensure the European added value of all actions carried out, their complementarity to Member States’ actions, while consistency, complementarity and synergies shall be sought with funding programmes supporting policy areas with close links to each other, in particular within the Justice, Rights and Values Fund — and thus with the Justice Programme — as well as with Creative Europe programme, and Erasmus+ to realise the potential of cultural crossovers in the fields of culture, media, arts, education and creativity. It is necessary to create synergies with other European funding programmes, in particular in the fields of employment, internal market, enterprise, youth, health, citizenship, justice, migration, security, research, innovation, technology, industry, cohesion, tourism, external relations, trade and developmentincluding on local, national and international levels, directed at promoting and safeguarding the values enshrined in Article 2 of the Treaty of the European Union. The Commission should seek consistency, synergies and complementarity with Member States’ actions and with other funding programmes supporting policy areas with close links to Justice, Rights and Values Fund, including with Creative Europe programme, and Erasmus+, as well as with relevant policies of the Union.
2018/10/30
Committee: LIBE
Amendment 122 #

2018/0207(COD)

Proposal for a regulation
Recital 23
(23) Regulation (EU, Euratom) No [the new FR] (the ‘Financial Regulation’) applies to this Programme. It lays down rules on the implementation of the Union budget, including the rules on grants, prizes, procurement, indirect implementation, financial assistance, financial instruments and budgetary guarantees. It is necessary to ensure that the Programme’s grant-making procedures and requirements are user- friendly for potential beneficiaries, including for local grassroot civil society organisations, and that they ensure full transparency on the use of resources, sound financial management and prudent use of resources.
2018/10/30
Committee: LIBE
Amendment 123 #

2018/0207(COD)

Proposal for a regulation
Recital 24
(24) The types of financing and the methods of implementation under this Regulation should be chosen on the basis of their ability to achieve the specific objectives of the actions and to deliver results, taking into account, in particular, the costs of controls, the administrative burden, for the Commission and the beneficiaries, the capacity of potential beneficiaries and the expected risk of non- compliance. This should include consideration of the use of lump sums, flat rates and, unit costs, financial support for third parties, as well as financing not linked to costs as referred to in Article 125(1) of the Financial Regulation. Co- funding should be accepted in kind, including in form of voluntary work, and may be waived in cases of limited complementary funding. In accordance with the Financial Regulation, Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council20 Council Regulation (Euratom, EC) No 2988/9521 Council Regulation (Euratom, EC) No 2185/9622 and Council Regulation (EU) 2017/193923 the financial interests of the Union are to be protected through proportionate measures, including the prevention, detection, correction and investigation of irregularities and fraud, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, the imposition of administrative sanctions. In particular, in accordance with Regulation (EU, Euratom) No 883/2013 and Regulation (Euratom, EC) No 2185/96 the European Anti-Fraud Office (OLAF) may carry out administrative investigations, including on-the-spot checks and inspections, with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union. In accordance with Regulation (EU) 2017/1939, the European Public Prosecutor’s Office (EPPO) may investigate and prosecute fraud and other criminal offences affecting the financial interests of the Union as provided for in Directive (EU) 2017/1371 of the European Parliament and of the Council24. In accordance with the Financial Regulation, any person or entity receiving Union funds is to fully cooperate in the protection of the Union’s financial interests, to grant the necessary rights and access to the Commission, OLAF, the EPPO and the European Court of Auditors (ECA) and to ensure that any third parties involved in the implementation of Union funds grant equivalent rights. __________________ 20 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999,(OJ L248, 18.9.2013, p. 1. 21 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.95, p.1). 22 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities’ financial interests against fraud and other irregularities (OJ L292.15.11.96, p.2). 23 Council Regulation (EU) 2017/1939 of 12 October 2017 implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office (‘the EPPO’) (OJ L283, 31.10.2017, p.1). 24 Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union’s financial interests by means of criminal law (OJ L 198, 28.7.2017, p. 29).
2018/10/30
Committee: LIBE
Amendment 124 #

2018/0207(COD)

Proposal for a regulation
Recital 24 a (new)
(24a) In order to increase accessibility and provide guidance and practical information in relation to the Programme, contact points should be set up in Member States to provide assistance to both beneficiaries and applicants.
2018/10/30
Committee: LIBE
Amendment 125 #

2018/0207(COD)

Proposal for a regulation
Recital 25
(25) TIn relation to the implementation of the specific objectives of promoting equality and rights, citizens’ engagement and participation in the democratic life of the Union, and combating violence against groups at risk, third countries which are members of the European Economic Area (EEA) may participate in Union programmes in the framework of the cooperation established under the EEA agreement, which provides for the implementation of the programmes by a decision under that agreement. Third countries may also participate on the basis of other legal instruments. A specific provision should be introduced in this Regulation to grant the necessary rights for and access to the authorizing officer responsible, the European Anti-Fraud Office (OLAF) as well as the European Court of Auditors to comprehensively exert their respective competences.
2018/10/30
Committee: LIBE
Amendment 130 #

2018/0207(COD)

Proposal for a regulation
Article 2 – paragraph 1
1. The general objective of the Programme is to protect and promote rights and values as enshrined in the EU Treaties, including particular by supporting civil society organisations at local, national and transnational levels, in order to sustain open, rights-based, democratic, equal and inclusive societies.
2018/10/30
Committee: LIBE
Amendment 133 #

2018/0207(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point a a (new)
(aa) to promote and protect democracy, rule of law and fundamental rights on local, national and transnational levels (Union values strand).
2018/10/30
Committee: LIBE
Amendment 144 #

2018/0207(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
(aa) promoting equality as a universal fundamental right and a core value of the Union;
2018/10/30
Committee: LIBE
Amendment 157 #

2018/0207(COD)

Proposal for a regulation
Article 5 a (new)
Article 5a Union values strand The programme shall focus on protecting and promoting democracy, rule of law and fundamental rights by providing financial support for independent civil society organisations which cultivate these values at local, national and transnational levels, creating enabling environment for democratic dialogue between representatives of different views, and protecting and promoting fundamental rights, including strengthening freedom of expression, peaceful assembly and association, media freedom, and pluralism of the media, academic freedom, freedom of religion or belief and the right to privacy and family life, all by supporting, empowering and building the capacity of independent civil society organisations active in the promotion of values referred to in Article 2 of the Treaty of the European Union.
2018/10/30
Committee: LIBE
Amendment 168 #

2018/0207(COD)

Proposal for a regulation
Article 8 – paragraph 2
2. The Programme may provide funding in any of the forms laid down in the Financial Regulation, which shall ensure sound financial management, prudent use of public funds, low administrative burden for the Programme operator and for beneficiaries as well as accessibility of the Programme funds to potential beneficiaries. The Programme shall provide funding primarily through action grants, annual and multiannual operating grants and core funding. It may use lump sums, unit costs, flat rates and financial assistance for third parties. Co- funding shall be accepted in kind and may be waived in cases of limited complementary funding.
2018/10/30
Committee: LIBE
Amendment 170 #

2018/0207(COD)

Proposal for a regulation
Article 9 a (new)
Article 9a Activities eligible for funding The general and specific objectives of the Programme referred to in Article 2 shall be pursued in particular through support to the following activities carried out by one or several eligible entities: (a) awareness raising, public education, promotion and dissemination of information to improve the knowledge of the policies, principles and rights in the areas covered by the Programme and its objectives; (b) analytical monitoring, reporting and advocacy activities to improve the understanding of the situation in the Member States and at Union level in the areas covered by the Programme as well as to improve the proper transposition and implementation of Union law, policies and common Union values within Member States, such activities to include for instance the collection of data and statistics; the development of common methodologies and, where appropriate, indicators or benchmarks; studies, researches, analyses and surveys; evaluations; impact assessment; and the elaboration and publication of guides, reports and educational material; (c) training relevant stakeholders to improve their knowledge of the policies and rights in the fields covered by the Programme and strengthening relevant stakeholders’ capability to advocate for the policies and rights in the fields covered by the Programme; (d) promoting public awareness and understanding of the risks, rules, safeguards and rights in relation to the protection of personal data, privacy, and digital security, as well as addressing targeted misinformation through awareness raising, trainings, studies and monitoring activities; (e) strengthening citizens’ awareness of European culture, history, core values and remembrance as well as their sense of solidarity and belonging to the Union; (f) bringing together Europeans of different nationalities and cultures by giving them the opportunity to participate in town-twinning activities and projects; (g) encouraging and facilitating active and inclusive participation in the construction of a more democratic Union as well as raising awareness, promoting and defending rights and values through support to civil society organisations; (h) financing the technical and organisational support to implement Regulation [(EU)No 211/2011], thereby underpinning the exercise by citizens of the right to launch and support European citizens’ initiatives; (i) supporting civil society organisations active in the areas covered by the Programme at all levels, as well as developing the capacity of European networks and civil society organisations to contribute to the development, awareness raising and monitoring of the implementation of Union law, policy goals, values and strategies; (j) strengthening the capacity and independence of human rights defenders and civil society organisations monitoring the situation of the rule of law and supporting actions on the local, regional and national levels; (k) supporting initiatives and measures to promote and protect freedom and pluralism of the media and to build capacity for new challenges such as new media and countering hate speech; (l) support and build capacity for civil society organisations active in promoting and monitoring transparency and integrity of public administration and fighting corruption; (m) supporting civil society organisations active in the area of protection and promotion of fundamental rights, including support for actions to raise awareness of fundamental rights and contribute to human rights education; (o) supporting activities aimed at promoting peaceful democratic dialogue between people of different political views.
2018/10/30
Committee: LIBE
Amendment 173 #

2018/0207(COD)

Proposal for a regulation
Article 18 a (new)
Article 18a Programme Contact Points The Commission shall set up contact points in all Member States in cooperation with local partners or the Member State in question. The contact points shall provide stakeholders and beneficiaries of the Programme with impartial guidance and practical information and assistance in relation to all aspects of the Programme, including in relation to the application procedure, project implementation procedures, reporting and other formalities. The contact points may be managed by Member States or civil society organisations or consortia thereof.
2018/10/30
Committee: LIBE
Amendment 175 #

2018/0207(COD)

Proposal for a regulation
Annex I
Activities of the Programme The specific objectives of the Programme referred to in Article 2(2) will be pursued in particular through support to the following activities: (a) of information to improve the knowledge of the policies and rights in the areas covered by the Programme; (b) of good practices among stakeholders to improve knowledge and mutual understanding and civic and democratic engagement; (c) activities31 to improve the understanding of the situation in the Member States and at EU level in the areas covered by the Programme as well as to improve the implementation of EU law and policies ; (d) improve their knowledge of the policies and rights in the fields covered; (e) Technology (ICT) tools development and maintenance; (f) of European culture, history and remembrance as well as their sense of belonging to the Union; (g) different nationalities and cultures by giving them the opportunity to participate in town-twinning activities; (h) participation in the construction of a more democratic Union as well as awareness of rights and values through support to civil society orgadeleted awareness raising, dissemination mutual learning through exchange analytical and monitoring training relevant stakeholders to information and Communiscations (i) organisational support to implement Regulation [(EU)No 211/2011], thereby underpinning the exercise by citizens of the right to launch and support European citizens’ initiatives; (j) European networks to promote and further develop Union law, policy goals and strategies as well as supporting civil society organisations active in the areas covered by the Programme. (k) programme and dissemination and transferability of its results and fostering citizen outreach, including by setting up and supporting programme desks/national contact network. __________________ 31 These activities include for instance the collection of data and statistics; the development of common methodologies and, wher strengthening citizens’ awareness bringing together Europeans of encouraging and facilitating active financing the technical and developing the cappropriate, indicators or benchmarks; studies, researches, analyses and surveys; evaluations; impact assessment; the elaboration and publication of guides, reports and educational material.acity of enhancing knowledge of the
2018/10/30
Committee: LIBE
Amendment 67 #

2018/0179(COD)

Proposal for a regulation
Recital 6
(6) Since sustainabilityWhen benchmarks serve as standard points of reference againstfrom which sustainable investments are measuredconstructed (as it is the case for index-investing), end- investors should be informed by means of pre-contractual disclosures about the appropriateness of the designated index, namely the alignment of that index with the sustainable investment target. Financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index. To further foster transparency, financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found, so that end-investors have the necessary information on how the underlying assets of the indexes were selected and weighted, which assets were excluded and for what reason, how sustainability-related impacts of the underlying assets were measured, or which data sources were used. Such disclosures should allow for effective comparison and contribute to develop a correct perception of sustainably-friendly investments. Where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached.
2018/09/18
Committee: ECON
Amendment 76 #

2018/0179(COD)

Proposal for a regulation
Recital 9
(9) The current disclosure requirements set out by Union legislation do not provide that all the information necessary to properly inform end-investors about the sustainability-related impact of their investments must be disclosed. Therefore, it is appropriate to set out more specific disclosure requirements with regard to sustainable investments. For instance, the overall sustainability-related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target. Where an appropriate index has been designated as reference benchmarknd its underlyings are used for the construction of the financial products, that information should also be provided for the designated index and to a broad market index to allow for comparison. Information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed, to provide further information on how the sustainable investments targets are achieved. Where EuSEF managers make available information on the positive social impact targeted by a given fund, the overall social outcome achieved and the related methods used in accordance with Regulation (EU) No 346/2013, they may, where appropriate, use this information for the purposes of the disclosures under this Regulation.
2018/09/18
Committee: ECON
Amendment 124 #

2018/0179(COD)

Proposal for a regulation
Article 3 – paragraph 1
1. Financial market participants shall publish written policies on the integration of sustainability risks in the investment decision-making process on their websites. In cases where the integration of sustainability risks is not relevant to the investment strategy adopted, financial market participants should explain why those risks are not taken into account.
2018/09/18
Committee: ECON
Amendment 185 #

2018/0179(COD)

Proposal for a regulation
Article 5 – paragraph 1 – introductory part
1. Where a financial product has as its target sustainable investments or investments with similar characteristics, and an index has been designated as, and is constructed using the underlying investments of a reference benchmark, the information to be disclosed pursuant to Article 4(1) shall be accompanied by the following:
2018/09/18
Committee: ECON
Amendment 191 #

2018/0179(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point b
(b) an explanation as to why the weighting and constituents of the designated index aligned with that target differ from a broad market index.deleted
2018/09/18
Committee: ECON
Amendment 221 #

2018/0179(COD)

Proposal for a regulation
Article 7 – paragraph 1 – point b
(b) where an index has been designated as a reference benchmark, a comparison between the overall impact of the financial product with the designated index and a broad market index in terms of weighting, constituents the financial product has been constructed following an index, the overall sustainability-related impact of the benchmark by means of relevandt sustainability indicators.
2018/09/18
Committee: ECON
Amendment 231 #

2018/0179(COD)

Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
EBA, EIOPA and ESMA may develop, through the Joint Committee, draft implementing technical standards to determine the standard presentation of information on sustainable investments.deleted
2018/09/18
Committee: ECON
Amendment 233 #

2018/0179(COD)

Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 2
Power is conferred on the Commission to adopt the implementing technical standards in accordance with Article 15 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.deleted
2018/09/18
Committee: ECON
Amendment 147 #

2018/0178(COD)

Proposal for a regulation
Recital 9
(9) Offering financial products which are marketed as and pursue environmentally sustainable objectives is an effective way of channelling private investments into sustainable activities. National requirements for marketing as sustainable investments financial products and corporate bonds, in particular requirements set out to allow the relevant market actors to use a national label, aim to enhance investor confidence, to create visibility and to address concerns about “greenwashing”. Greenwashing refers to the practice of gaining an unfair competitive advantage by marketing a financial product as environment-friendly, when in fact it does not meet basic environmental standards. Currently a few Member States have in place labelling schemes. They build on different taxonomies classifying environmentally sustainable economic activities. Given the political commitments under the Paris Agreement and at Union level, it is likely that more and more Member States will set up labelling schemes or other requirements on market actors in respect of financial products or corporate bonds marketed as environmentally sustainable. In doing so, Member States would be using their own national taxonomies for the purposes of determining which investments qualify as sustainable. If such national requirements are based on different criteria as to which economic activities qualify as environmentally sustainable, investors will be discouraged from investing across borders, due to difficulties in comparing the different investment opportunities. In addition, economic operators wishing to attract investment from across the Union would have to meet different criteria in the various Member States in order for their activities to qualify as environmentally sustainable for the purposes of the different labels. The absence of uniform criteria will thus increase costs and create a significant disincentive for economic operators, amounting to an impediment to access cross-border capital markets for sustainable investments. The barriers to access to cross-border capital markets for the purposes of raising funds for sustainable projects are expected to grow further. The criteria for determining whether an economic activity is environmentally sustainable should therefore be harmonised at Union level, in order to remove obstacles to the functioning of the internal market and prevent their future emergence. With such harmonisation economic operators will find it easier to raise funding for their green activities across borders, as their economic activities can be compared against uniform criteria in order to be selected as underlying assets for environmentally sustainable investments. It will therefore facilitate attracting investment across borders within the Union.
2018/12/17
Committee: ECONENVI
Amendment 192 #

2018/0178(COD)

Proposal for a regulation
Recital 18
(18) For the purposes of determining whether an economic activity is environmentally sustainable, an exhaustive list of environmental objectives should be laid down, taking into account its impact on the entire industrial value chain.
2018/12/17
Committee: ECONENVI
Amendment 209 #

2018/0178(COD)

Proposal for a regulation
Recital 24
(24) An economic activity should not be considered environmentally sustainable if it causes more harm to the environment than the benefits it brings. The technical screening criteria should identify the minimum requirements necessary to avoid a significant harm to other objectives. When establishing and updating the technical screening criteria, the Commission should ensure that those criteria are based on available scientific evidence and, are updated regularly and take account of the whole value chain and the life cycle of technologies. It should also ensure that they are updated regularly. Where scientific evaluation does not allow for the risk to be determined with sufficient certainty, the precautionary principle should apply, in line with Article 191 TFEU.
2018/12/17
Committee: ECONENVI
Amendment 227 #

2018/0178(COD)

Proposal for a regulation
Recital 31
(31) Appropriate technical screening criteria should be established for the transport sector, including for mobile assets, which should take into account the whole life cycle of technologies and the fact that the transport sector, including international shipping, contributes close to 26% of total greenhouse gas emissions in the Union. As evidenced in the Action Plan on Financing Sustainable Growth48 the transport sector represents about 30% of additional annual investment needs for sustainable development in the Union, including by increasing electrification or transition to cleaner modes of transport by promoting modal shift and traffic management. _________________ 48 COM(2018) 97 final.
2018/12/17
Committee: ECONENVI
Amendment 251 #

2018/0178(COD)

Proposal for a regulation
Article premier – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity, a technology or a service is environmentally sustainable for the purposes of establishing the degree of environmental sustainability of an investment.
2018/12/17
Committee: ECONENVI
Amendment 318 #

2018/0178(COD)

For the purposes of establishing the degree of environmental sustainability of an investment, an economic activity, a technology or a service shall be environmentally sustainable where that activity complies with all of the following criteria:
2018/12/17
Committee: ECONENVI
Amendment 324 #

2018/0178(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point a
(a) the economic activity contributes or will contribute substantially to one or more of the environmental objectives set out in Article 5 in accordance with Articles 6 to 11;
2018/12/17
Committee: ECONENVI
Amendment 326 #

2018/0178(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point b
(b) the economic activity does not or will not significantly harm any of the environmental objectives set out in Article 5 in accordance with Article 12;
2018/12/17
Committee: ECONENVI
Amendment 329 #

2018/0178(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point d
(d) the economic activity complies with technical screening criteria, where the Commission has specified those in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2) and 11(2). Those criteria shall take into account planned investments that contribute substantially to one or more of the environmental objectives listed in Article 5.
2018/12/17
Committee: ECONENVI
Amendment 330 #

2018/0178(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point d
(d) the economic activity complies with technical screening criteria, including sustainable performance indicators at company or plan levels belonging to the economic activity, where the Commission has specified those in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2) and 11(2).
2018/12/17
Committee: ECONENVI
Amendment 357 #

2018/0178(COD)

Proposal for a regulation
Article 4 – paragraph 2
2. Financial market participants offering financial products as environmentally sustainable investments, or as investments having similar characteristics, shall disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission. The Commission must then immediately forward this information to the Platform on Sustainable Finance.
2018/12/17
Committee: ECONENVI
Amendment 360 #

2018/0178(COD)

Proposal for a regulation
Article 4 – paragraph 2
2. Financial market participants offering financial products marketed as environmentally sustainable investments, or as investments having similar characteristics, shall disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission.
2018/12/17
Committee: ECONENVI
Amendment 407 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 1 – introductory part
1. An economic activity, a technology or a service shall be considered to contribute substantially to climate change mitigation where that activitey substantially contributes to the stabilization of greenhouse gas concentrations in the atmosphere at a level which prevents dangerous anthropogenic interference with the climate system by avoiding or reducing greenhouse gas emissions or enhancing greenhouse gas removals through any of the following means, including through process or product innovation:
2018/12/17
Committee: ECONENVI
Amendment 421 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point b
(b) improving energy efficiency; in all sectors and at all stages of the energy chain.
2018/12/17
Committee: ECONENVI
Amendment 423 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point c
(c) increasing clean, low-emission or climate-neutral mobility;
2018/12/17
Committee: ECONENVI
Amendment 429 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point e
(e) increasing carbon capture and storage useor utilisation or storage of carbon dioxide emissions;
2018/12/17
Committee: ECONENVI
Amendment 433 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point h
(h) producing clean and efficient low- carbon fuels from renewable or carbon- neutral sources.
2018/12/17
Committee: ECONENVI
Amendment 436 #

2018/0178(COD)

Proposal for a regulation
Article 6 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to climate change mitigation, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 444 #

2018/0178(COD)

Proposal for a regulation
Article 7 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to climate change adaptation, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 453 #

2018/0178(COD)

Proposal for a regulation
Article 8 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to sustainable use and protection of water and marine resources, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 480 #

2018/0178(COD)

Proposal for a regulation
Article 9 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to the circular economy and waste prevention and recycling, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 482 #

2018/0178(COD)

Proposal for a regulation
Article 10 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to pollution prevention and control, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 492 #

2018/0178(COD)

Proposal for a regulation
Article 11 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to the protection of healthy ecosystems, taking into account investment already planned which likewise promotes the objective concerned;
2018/12/17
Committee: ECONENVI
Amendment 531 #

2018/0178(COD)

Proposal for a regulation
Article 14 – paragraph 1 – point a
(a) identify the most relevant potential contributions to the given environmental objective, considering not only the short- term but also the longer term impacts of a specific economic activity and investment already planned;
2018/12/17
Committee: ECONENVI
Amendment 603 #

2018/0178(COD)

Proposal for a regulation
Article 15 – paragraph 2 a (new)
2a. Within 6 months of the notification referred to in Article 4(2), the Platform must make public the conclusions of its analysis of the application by financial market participants to consider as environmentally sustainable an economic activity which does not comply with the technical screening criteria laid down in accordance with this Regulation, or for which technical screening criteria have not yet been established. The Platform should be able to conduct public consultations in order to gather stakeholders’ views.
2018/12/17
Committee: ECONENVI
Amendment 17 #

2018/0166R(APP)

Draft opinion
Paragraph 5
5. Reiterates its intention to closely examine all elements of theWarmly welcomes the Commission proposal concerning the rule of law conditionality clause and to introduce the necessary provisions to guarantee that the final beneficiaries of the Union budget can in no way be affected by breaches of rules for which they are not responsible;.
2018/10/08
Committee: AFCO
Amendment 27 #

2018/0166R(APP)

Draft opinion
Paragraph 6
6. Invites the Commission to explore the possibility of drawing up a conditionality clause linking the suspension of budgetary commitments and payments concerning Union funds to Member States’ failure to meet quota obligations under the European relocation mechanism for asylum seekerscomply with Community law when the principle of solidarity among the Member States is challenged;
2018/10/08
Committee: AFCO
Amendment 36 #

2018/0166R(APP)

Draft opinion
Paragraph 8 – point a (new)
(a) Underlines that this situation renders the goal of achieving a significant proposal for financing the Community budget with the aid of new resources unrealistic.
2018/10/08
Committee: AFCO
Amendment 37 #

2018/0166R(APP)


Paragraph 4
4. Declares, moreover, its opposition to any reduction in the level of key EU policies, such as the EU cohesion policy and the common agricultural policy (CAP) including the Programmes of Options Specifically Relating to Remoteness and Insularity (POSEI) ; is particularly opposed to any radical cuts that will adversely impact on the very nature and objectives of these policies, such as the cuts proposed for the Cohesion Fund or for the European Agricultural Fund for Rural Development; opposes, in this context, the proposal to reduce the European Social Fund despite its enlarged scope and the integration of the Youth Employment Initiative;
2018/10/18
Committee: BUDG
Amendment 39 #

2018/0166R(APP)

Draft opinion
Paragraph 8 a (new)
8 a. Following the conclusions of the HLGOR, recalls that, when the UK withdraws from the EU, the UK correction will become obsolete; recalls that, consequently, all corrections linked to the financing of the UK correction should be immediately terminated after the UK's withdrawal from the EU.
2018/10/08
Committee: AFCO
Amendment 40 #

2018/0166R(APP)

Draft opinion
Paragraph 8 b (new)
8 b. The context of Brexit is also an occasion to consider the suppression of all other correction mechanisms granted to some Member States, which are no longer justified. This will allow to restore a perfect equality of treatment of Member States with regard to their contribution to the Union's budget.
2018/10/08
Committee: AFCO
Amendment 41 #

2018/0166R(APP)

Draft opinion
Paragraph 8 – point c (new)
Modi(c) Regrets, however, that the Commission proposals concerning new own resources rely too heavily on fiscation 1l solutions which are only just beginning to be scrutinised at Council level and currently contain no specific proposals whatsoever. Or. fr
2018/10/08
Committee: AFCO
Amendment 109 #

2018/0166R(APP)


Paragraph 14 – point xii a (new)
xii a. Increase funding for Programmes of Options Specifically Relating to Remoteness and Insularity (POSEI);
2018/10/18
Committee: BUDG
Amendment 110 #

2018/0166R(APP)


Paragraph 14 – point xiii a (new)
xiii a. Maintain the amount of 2014- 2020 funding for the partnership with OCTs;
2018/10/18
Committee: BUDG
Amendment 46 #

2018/0135(CNS)

Proposal for a decision
Recital 7
(7) The European Single Market greatly benefits companies that operate in more than one Member State. However, the heterogeneity of tax systems across the Union creates an unfair advantage for companies that can avoid paying corporate taxes where they create value. The 2016 Commission proposals19 for a Common Corporate Tax Base and a Common Consolidated Corporate Tax Base address this unfairness by restoring a level playing field. The Own Resource should consist in applying a uniform call rate to the share of taxable profits attributed to each Member State pursuant to Union rules on Common Consolidated Corporate Tax Base. The Own Resource should only apply to the entities for whom the Union rules on the Common Consolidated Corporate Tax Base are mandatory. _________________ 19 COM (2016) 683 of 25.10.2016.
2018/09/05
Committee: ECON
Amendment 58 #

2018/0135(CNS)

Proposal for a decision
Recital 10
(10) It is necessary to avoid that Member States which benefit from corrections are confronted with a significant and sudden increase in their national contributions. It is therefore necessary to provide for temporary corrections in favour of Austria, Denmark, Germany, the Netherlands and Sweden by means of lump sum reductions to their Gross National Income-based contributions during a transitional period. Those corrections should be phased out by the end of 2025Following the conclusions of the High Level Group on Own Resources, it should be recalled that, when the UK withdraws from the Union, the UK correction will become obsolete. Consequently, all corrections linked to the financing of the UK correction should be immediately terminated after the UK’s withdrawal from the Union. The context of Brexit is also an occasion to consider the suppression of all other correction mechanisms granted to some Member States, which are no longer justified. This will allow to restore a perfect equality of treatment of Member States with regard to their contribution to the Union’s budget.
2018/09/05
Committee: ECON
Amendment 76 #

2018/0135(CNS)

Proposal for a decision
Article 2 – paragraph 1 – subparagraph 2
For the purposes of point (c) of the first subparagraph, the uniform call rate shall apply only to the profits of the tax payers for whom the Union rules on the Common Consolidated Corporate Tax Base are mandatory.deleted
2018/09/05
Committee: ECON
Amendment 81 #

2018/0135(CNS)

Proposal for a decision
Article 2 – paragraph 1 – subparagraph 4
Austria shall benefit from a gross reduction in its annual Gross National Income-based contribution of EUR 110 million in 2021, EUR 88 million in 2022, EUR 66 million in 2023, EUR 44 million in 2024, and EUR 22 million in 2025. Denmark shall benefit from a gross reduction in its annual Gross National Income-based contribution of EUR 118 million in 2021, EUR 94 million in 2022, EUR 71 million in 2023, EUR 47 million in 2024, and EUR 24 million in 2025. Germany shall benefit from a gross reduction in its annual Gross National Income-based contribution of EUR 2 799 million in 2021, EUR 2 239 million in 2022, EUR 1 679 million in 2023, EUR 1 119 million in 2024, and EUR 560 million in 2025. The Netherlands shall benefit from a gross reduction in its annual Gross National Income-based contribution of EUR 1 259 million in 2021, EUR 1 007 million in 2022, EUR 755 million in 2023, EUR 503 million in 2024, and EUR 252 million in 2025. Sweden shall benefit from a gross reduction in its annual Gross National Income-based contribution of EUR 578 million in 2021, EUR 462 million in 2022, EUR 347 million in 2023, EUR 231 million in 2024, and EUR 116 million in 2025. Those amounts shall be measured in 2018 prices and adjusted to current prices by applying the most recent Gross Domestic Product deflator for the Union expressed in euros, as provided by the Commission, which is available when the draft budget is drawn up. Those gross reductions shall be financed by all Member States.deleted
2018/09/05
Committee: ECON
Amendment 34 #

2018/0076(COD)

Proposal for a regulation
Recital 5
(5) Currency conversion charges represent a significant cost of cross-border payments when different currencies are in use in the payer’s and the payee’s countries. Article 45 of Directive (EU) 2015/2366 of the European Parliament and of the Council12 requires transparency of charges and of the exchange rate used prior to the initiation of a payment transaction. When alternative currency conversion options are offered at a point of sale or at an automated teller machine (ATM), that transparency may not allow for a quick and clear comparison between those different currency conversion options. That lack of transparency prevents competition from bringing down costs of currency conversion and increases the risk of payers choosing expensive currency conversion options. It is therefore necessary to develop measures addressed to payment service providerrties providing currency conversion services that will improve transparency and protect consumers against excessive charges for currency conversion services, in particular when consumers are not given the information they need to choose the best currency conversion option. _________________ 12 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
2018/09/18
Committee: ECON
Amendment 64 #

2018/0076(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EC) No 924/2009
Article 1 – paragraph 2 – subparagraph 1 a
However, Articles 3a and 3b shall apply to all cross-border payments when a currency conversion service occurs, irrespective of whether those payments are denominated in euro or in a national currency of a Member State other than the euro.
2018/09/18
Committee: ECON
Amendment 65 #

2018/0076(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EC) No 924/2009
Article 2 – paragraph 1 – point 15 a (new)
(1a) in Article 2, the following definition is added: “15a. ‘alternative currency conversion services’ means currency conversion services disclosed by the payment service provider as being available in relation to a non-initiated cross border payment transaction, including by an entity other than such payment service provider, its affiliates or a non-regulated provider.”
2018/09/18
Committee: ECON
Amendment 79 #

2018/0076(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EC) No 924/2009
Article 3 a – paragraph 1
1. From [OP please insert date 3612 months after the entry into force of this Regulation], payment service providerrties providing currency conversion services shall inform payment service users of the full cost of currency conversion services, and where applicable, th. Parties providing currency conversion services shall also, where applicable, inform payment service users of the full coset of alternative currency conversion services prior to the initiation of a payment transaction, in order that payment service users can compare alternative currency conversion options and their corresponding costs. To that effect, payment service providers shall disclose the exchange rate applied, the foreign exrties providing currency conversion services shall disclose the total amount of all charges applicable to the conversion of the payment transaction in both the currency of the payer and of the payee including any transaction fee and the chanrge reference rate used and the total amount of all chargelevied in the difference between the exchange rate used for converting the payment transaction and the latest available reference exchange rate of the ECB, as applicabled to the conversion of the payment transaction. transaction amount. Parties providing currency conversion services shall present all currency conversion options simultaneously and in a clear and neutral manner to payment service users.
2018/09/18
Committee: ECON
Amendment 46 #

2018/0073(CNS)

Proposal for a directive
Recital 3
(3) That review constitutes an important element of the Digital Single Market24 , given that the Digital Single Market needs a modern and stable tax framework for the digital transformations affecting our economy to stimulate innovation, tackle market fragmentation and allow all players to tap into the new market dynamics under fair and balanced conditions. Such evolutions call for a broad adaptation of the current corporate tax framework to properly integrate all such digital transformations, which goes beyond the creation of a Digital Services Tax. The ad hoc measures contained in this Directive should therefore not delay works on the taxation of a significant digital presence and on the inclusion of such taxation within a Common Consolidated Corporate Tax Base. _________________ 24 Communication from the Commission to the European Parliament, the Council and the European Economic and Social Committee and the Committee of the Regions 'A Digital Single Market Strategy for Europe' (COM(2015) 192 final of 6.5.2015).
2018/10/22
Committee: ECON
Amendment 62 #

2018/0073(CNS)

Proposal for a directive
Recital 6
(6) Pending such action, which may take time to adopt and implement, Member States face pressure to act on this issue, given the risk that their corporate tax bases are being significantly eroded over time. Uncoordinated measures taken by Member States individually can fragment the Single Market and distort competition, hampering the development of new digital solutions and the Union's competitiveness as a whole. This is why it is necessary to adopt a harmonised approach on an interim solution that will tackle this issue in a targeted way until a comprehensive solution is in place. However, considering the limited revenues generated by the DST and the potentially adverse effects of such a taxation on revenues, it should be recalled that the aforementioned comprehensive solution should be setup swiftly.
2018/10/22
Committee: ECON
Amendment 33 #

2018/0072(CNS)

Proposal for a directive
Recital 4
(4) The European Council Conclusions of 19 October 2017 underlined the need for an effective and fair taxation system fit for the digital era and looked forward to appropriate Commission proposals by early 2018.15 The ECOFIN Council Conclusions of 5 December 2017 underlined that a globally accepted definition of permanent establishment and the related transfer pricing and profit attribution rules should also remain pivotal when addressing the challenges of taxation of profits of the digital economy" and encourages "close cooperation between the EU, the OECD and other international partners in responding to the challenges of taxation of profits of the digital economy.16 In this regard, Member States should be required to include rules in their national corporate income tax systems in order to exercise their taxing rights. Therefore, the various applicable corporate taxes in the Member States should be clarified. These rules should extend the definition of a permanent establishment and establish a taxable nexus for a significant digital presence in their respective jurisdictions. In addition, general principles for allocating taxable profits to such a digital presence should be laid down. In principle, those rules should apply to all corporate taxpayers irrespective of their size and of where they are tax resident, whether in the Union or elsewhere. Furthermore, the common rules set out in this Directive call for a broader harmonisation of the corporate tax base in the Union for all corporations. This is why this Directive should not hamper or delay works on the Proposal for a Common Consolidated Corporate Tax Base. _________________ 15 European Council meeting (19 October 2017) – Conclusions (doc. EUCO 14/17). 16 Council conclusions (5 December 2017) – Responding to the challenges of taxation of profits of the digital economy (FISC 346 ECOFIN 1092).
2018/10/17
Committee: ECON
Amendment 34 #

2018/0072(CNS)

Proposal for a directive
Recital 5
(5) However, the rules should not apply to entities that are tax resident in a non-Union jurisdiction with which the Member State of the significant digital presence has a Double Tax Convention in force, unless the Convention includes provisions on a significant digital presence which creates similar rights and obligations in relation to the non-Union jurisdiction as are created by this Directive. This is to avoid any conflict with Double Tax Conventions with non-Union jurisdictions, given that non-Union jurisdictions are not generally bound by Union law. Nevertheless, for the provisions contained in this text to be fully effective, Member States are urged to adapt, where needed, their Double Tax Conventions currently in force in order to include provisions on a significant digital presence creating similar rights and obligations in relation to the non-Union jurisdiction as are created by this Directive. The European Commission shall provide Member States with all needed support in this regard.
2018/10/17
Committee: ECON
Amendment 60 #

2018/0072(CNS)

Proposal for a directive
Recital 12 a (new)
(12a) In order to set up a coherent and consistent corporate tax base framework for all corporations in the Union, regardless of their size, the provisions contained in this Directive are bound to be integrated in the Common Consolidated Corporate Tax Base to be adopted by the Council.
2018/10/17
Committee: ECON
Amendment 62 #

2018/0072(CNS)

Proposal for a directive
Article 2 – paragraph 1
This Directive applies to entities irrespective of their size and of where they are resident for corporate tax purposes, whether in a Member State or in a third country.
2018/10/17
Committee: ECON
Amendment 76 #

2018/0060(COD)

Proposal for a regulation
Recital 5 a (new)
(5 a) For the calculation of the amount of insufficient coverage, to be deducted from their Common Equity Tier 1, institutions should carry out an exposure- by-exposure calculation on each NPE and then sum up over all its non-performing exposures, thereby recognising compensation between NPEs that have excess coverage and NPEs with insufficient coverage.
2018/11/23
Committee: ECON
Amendment 173 #

2018/0060(COD)

Proposal for a regulation
Article 1 – paragraph 2
Regulation (EU) No 575/2013
Article 47c – paragraph 1 – subparagraph 1 – introductory part
For the purposes of Article 36(1)(m), institutions shall determine the applicable amount of insufficient coverage foas a whole for all their non- performing exposures to be deducted from Common Equity Tier 1 items by subtracting the amount determined in point (b) from the amount determined in point (a):
2018/11/23
Committee: ECON
Amendment 75 #

2018/0045(COD)

Proposal for a regulation
Recital 6
(6) Since ESMA, in accordance with Regulation (EU) No 1095/2010 of the European Parliament and of the Council26 , should monitor and assess market developments in the area of its competence, it is appropriate and necessary to enhance the knowledge of ESMA by enlarging ESMA’s currently existing databases to include all AIFMs and UCITS management companies and all AIFs and UCITS which those management companies manage and market, as well as all the Member States in which those investment funds are marketed. For that purpose, competent authorities should transmit to ESMA notifications, notification letters or written notices that they received under Directives 2009/65/EC and 2011/61/EU. All transfers of documents between competent authorities for the purpose of notifications should take place through a notification portal to be established by ESMA. __________________ 26 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
2018/10/25
Committee: ECON
Amendment 76 #

2018/0045(COD)

Proposal for a regulation
Recital 7 a (new)
(7 a) According to Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof are exempt from the obligations under Regulation (EU) No 1286/2014 until 31 December 2019. That Regulation also provides that the Commission reviews Regulation (EU) No 1286/2014 by 31 December 2018, in order to assess, among others, whether this transitional exemption should be prolonged, or whether, following the identification of any necessary adjustments, the provisions on key investor information in Directive 2009/65/EC should be replaced by or considered equivalent to the key investor document under Regulation (EU) No 1286/2014. That Regulation also states that this review should include, on the basis of the information received by the European Supervisory Authorities, a general survey of the operation of the comprehension alert, taking into account any guidance developed by competent authorities in this respect. It should also include a survey of the practical application of the rules laid down in that Regulation, taking due account of developments in the market for retail investment products and the feasibility, costs and possible benefits of introducing a label for social and environmental investments. In addition, as part of its review, the Commission should undertake consumer testing and an examination of non-legislative options as well as the outcomes of the review of Regulation (EU) No 346/2013 regarding points (c), (e) and (g) of Article 27(1) thereof.
2018/10/25
Committee: ECON
Amendment 77 #

2018/0045(COD)

Proposal for a regulation
Recital 7 b (new)
(7 b) In order to allow the Commission to conduct the review of Regulation (EU) No 1286/2014 as originally foreseen by the European Parliament and the Council, the deadline for the review should be prolonged by 12 months. The Committee on Economic and Monetary Affairs of the European Parliament should support the Commission’s review process by organising a hearing on the topic with relevant stakeholders representing industry and consumer interests.
2018/10/25
Committee: ECON
Amendment 78 #

2018/0045(COD)

Proposal for a regulation
Recital 7 c (new)
(7 c) In order to avoid investors receiving two different pre-disclosure documents (a UCITS KIID and a PRIIPs KID) for the same investment fund while the legislative acts resulting from the review are being adopted and implemented, the transitional exemption from the obligations under Regulation (EU) No 1286/2014 for management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof, should be prolonged by 24 months.
2018/10/25
Committee: ECON
Amendment 110 #

2018/0045(COD)

Proposal for a regulation
Article 6 – paragraph 2
2. Competent authorities shall send an invoice or a payment instruction for the given financial year to the registered offaddress indicated in [second subparagraph of Article of the AIFM or UCITS management company93(1) of Directive 2009/65/EC or point (I) of Annex IV of Directive 2011/61/EU]. The invoice shall indicate the fees or charges referred to in paragraph 1, the means of payment and the date when payment is due.
2018/10/25
Committee: ECON
Amendment 121 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 1
ESMA shall develop draft regulatory technical standards to specify information to be notified in accordance with paragraphs 1, 2, 3, 8 and 9 of Article 17, paragraphs 1, 2 and 4 of Article 18,establish a notification portal into which each competent authority shall upload all documents referred to in paragraphs 1, 2 and 8 of Article 93 and Article 93a(2) of Directive 2009/65/EC and Article 32a(2) and paragraphs 2, 3 and 6 of Article 33 of Directive 2011/61/EU. All transfers of those documents between competent authorities shall take place through that notification portal.
2018/10/25
Committee: ECON
Amendment 122 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [PO: Please insert date 18 months after the date of entry into force].deleted
2018/10/25
Committee: ECON
Amendment 123 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 3
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2018/10/25
Committee: ECON
Amendment 124 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 1
ESMA shall develop draft implementingregulatory technical standards to specify the forms, templates and procedures for the transmission of the information referred to in paragraphs 1, 2, 3, 8 and 9 of Article 17, paragraphs 1, 2 and 4 of Article 18, paragraphs 1, 2 and 8 of Article 93 and Article 93a(2) of Directive 2009/65/EC and paragraphs 2 and 4 of Article 31, paragraphs 2 and 7 of Article 32, Article 32a(2) and paragraphs 2, 3 and 6 of Article 33 of Directive 2011/61/EU, including the procedure of transmission of the information by the competent authorities for the purposes of paragraph 1technical arrangements necessary for the functioning of the notification portal referred to in paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by [PO: Please insert date 18 months after the date of entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2018/10/25
Committee: ECON
Amendment 125 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 2
ESMA shall submit those draft implementing technical standards to the Commission by [PO: Please insert date 18 months after the date of entry into force of this Regulation].deleted
2018/10/25
Committee: ECON
Amendment 126 #

2018/0045(COD)

Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 3
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.deleted
2018/10/25
Committee: ECON
Amendment 130 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 1
Regulation (EU) No 345/2013
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying venture capital fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying venture capital fund, which is not yet notified for marketing in the Member State where the potential investors are domiciled or have their registered office;
2018/10/25
Committee: ECON
Amendment 133 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point a
(a) relates to established qualifying venture capital funds;deleted
2018/10/25
Committee: ECON
Amendment 136 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point b
(b) contains any reference to established qualifying venture capital funds;deleted
2018/10/25
Committee: ECON
Amendment 140 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point c a (new)
(c a) amounts to subscription forms or similar documents whether in a draft or a final form;
2018/10/25
Committee: ECON
Amendment 143 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 point d
(d) amounts to a prospectus, constitutional documents, a prospectus or offering documents of not yet registered qualifying venture capital funds, offering documents, subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decision in a final form. For already registered qualifying venture capital funds, the final form of a prospectus can be provided.
2018/10/25
Committee: ECON
Amendment 149 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 3
3. Subscription by investors to units or shares of qualifying venture capital funds registered following the pre- marketing in accordance with paragraph 1 or to thManagers of qualifying venture funds shall ensure that investors, within 12 months of being contacted as part of pre-marketing, may acquire units or shares ofin a qualifying venture capital funds managed and marketed by managers of qualifying venture capital funds that engaged in referred to in the information provided in the context of pre- marketing of not yet registeredr of a qualifying venture capital funds with the similar features shall be considered established as a result of the presult of marketing- marketing only under marketing in accordance with Article 15.
2018/10/25
Committee: ECON
Amendment 151 #

2018/0045(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 4
4. Managers of qualifying venture capital funds offering for subscription units or shares ofshall, on an ex-post basis, provide an annual overview to their home competent authority regarding their pre- marketing activities. This overview shall contain information about the Member States and the period of time in which the pre-marketing activities were undertaken, and a description of the investment strategies or investment ideas as well as, where relevant, the list of the registered qualifying venture capital funds that were the object ofreferred to in pre- marketing. The home competent authority shall informward the overview to the competent authority in accordance with Article 15. of the concerned Member State(s), in which the pre- marketing activity took place.
2018/10/25
Committee: ECON
Amendment 156 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 1
Regulation (EU) No 346/2013
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying social entrepreneurship fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying social entrepreneurship fund, which is not yet notified for marketing in the Member State where the potential investors are domiciled or have their registered office;
2018/10/25
Committee: ECON
Amendment 160 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point a
(a) relates to established qualifying social entrepreneurship funds;deleted
2018/10/25
Committee: ECON
Amendment 164 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point b
(b) contains any reference to established qualifying social entrepreneurship funds;deleted
2018/10/25
Committee: ECON
Amendment 166 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point c a (new)
(c a) amounts to subscription forms or similar documents whether in a draft or a final form;
2018/10/25
Committee: ECON
Amendment 169 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point d
(d) amounts to a prospectus, constitutional documents, a prospectus or offering documents of not yet registered qualifying social entrepreneurship funds, offering documents, subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decision in a final form. For already registered qualifying social entrepreneurship funds, the final form of a prospectus can be provided.
2018/10/25
Committee: ECON
Amendment 175 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 3
3. Subscription by investors to units or shareManagers of qualifying social entrepreneurship funds registered following the pre-marketing in accordance with paragraph 1 or to thshall ensure that investors, within 12 months of being contacted as part of pre-marketing, may acquire units or shares ofin a qualifying social entrepreneurship funds managed and marketed by managers of qualifying social entrepreneurship funds that engaged in pre-marketing of not yet registered qualifying social entrepreneurship funds with the similar features shall be considered referred to in the information provided in the context of pre-marketing or of a qualifying social entrepreneurship fund established as a result of the presult of marketing-marketing only under marketing in accordance with Article 16.
2018/10/25
Committee: ECON
Amendment 177 #

2018/0045(COD)

Proposal for a regulation
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 4
4. Managers of qualifying social 4. entrepreneurship funds offering for subscription units or shares ofshall, on an ex- post basis, provide an annual overview to their home competent authority regarding their pre-marketing activities. This overview shall contain information about the Member States and the period of time in which the pre-marketing activities were undertaken, and a description of the investment strategies or investment ideas as well as, where relevant, the list of the registered qualifying social entrepreneurship funds that were the object ofreferred to in pre- marketing. The home competent authorities shall informward the overview to the competent authority in accordance with Article 16of the concerned Member State(s), in which the pre- marketing activity took place.
2018/10/25
Committee: ECON
Amendment 181 #

2018/0045(COD)

Proposal for a regulation
Article 13 a (new)
Article 13 a Amendment to Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) Regulation (EU) No 1286/2014 is amended as follows: (1) in Article 32(1), “31 December 2019” is replaced by “31 December 2021”; (2) in Article 33(1), “31 December 2018” is replaced by “31 December 2019”; (3) in Article 33(2), “31 December 2018” is replaced by “31 December 2019”; (4) in Article 33(4), “31 December 2018” is replaced by “31 December 2019”.
2018/10/25
Committee: ECON
Amendment 77 #

2018/0041(COD)

Proposal for a directive
Recital 10
(10) There are cases where an AIFM or a UCITS management company willing to test investor appetite for a particular investment idea or investment strategy is faced with a divergent treatment of pre- marketing activities in different national legal systems. In some Member States where pre-marketing is permitted, its definition and conditions vary considerably. However, in other Member States there is no concept of pre-marketing at all. To address these divergences, a harmonised definition of pre-marketing should be provided and conditions under which an EU AIFM or UCITS management company can engage in these activities should be established.
2018/10/24
Committee: ECON
Amendment 79 #

2018/0041(COD)

Proposal for a directive
Recital 11
(11) For pre-marketing to be recognised as such under this Directives 2009/65/EC and 2011/61/EU, it should concern an investment idea or strategy without having an actual AIF already established. Accordingly, during the course of pre-of an AIF or UCITS, which is not yet notified for marketing, investors are unable to subscribe to the units or shares of an AIF because the fund does not exist yet, and no offering documents, even in a draft form, should be permitted to be distributed to potential investors during this stage. However, when following the pre-marketing activities the AIFM offers for subscription units or shares of an AIF with the features akin to the pre-marketed investment idea, the appropriate marketing notification procedure should be observed and the AIFM should not be able to invoke reverse solicitation the Member State where the potential investors are domiciled or have their registered office. In order to prevent AIFMs or UCITS management companies from invoking reverse solicitation through pre-marketing activities, within 12 months of being contacted as part of pre-marketing, investors may acquire units or shares in the AIF or UCITS referred to in the information provided in the context of pre-marketing or of an AIF or UCITS notified for marketing as a result of the pre-marketing only under marketing rules.
2018/10/24
Committee: ECON
Amendment 81 #

2018/0041(COD)

Proposal for a directive
Recital 11 a (new)
(11 a) UCITS management companies and AIFMs should ensure that information relating to their pre- marketing activities is available, and provided upon request, to competent authorities of their home Member State after that activity takes place. Such information should include a reference to the Member States and the period of time in which the pre-marketing activities took place and a description of the investment strategies or investment ideas presented in the course of the pre-marketing activities. ESMA should closely monitor any lack of convergence between Member States with regard to the documentation of pre- marketing activities, and should take all necessary measures to ensure that, in such case, the efficiency of pre-marketing as a tool to foster cross-border distribution of funds is not hindered. UCITS management companies and AIFMs should also make sure that an overview of their pre-marketing activities is sent to their home competent authorities on a yearly basis, who will then forward all relevant information to the competent authorities of the Member States in which the pre-marketing activities took place. The sending of this overview should not be subject to any extra regulatory fees charged by any competent authorities.
2018/10/24
Committee: ECON
Amendment 91 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 5 a (new)
Directive 2009/65/EC
Article 93 – paragraph 1
(5 a) In Article 93, paragraph 1 is replaced by the following: "1. If a UCITS proposes to market its units in a Member State other than its home Member State, it shall first submit a notification letter to the competent authorities of its home Member State. The notification letter shall include information on arrangements made for marketing units of the UCITS in the host Member State, including, where relevant, in respect of share classes. In the context of Article 16(1), it shall include an indication that the UCITS is marketed by the management company that manages the UCITS. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A02009L0065-20140917)It shall include a description of the facilities referred to in Article 92(1). It shall also include the information necessary for the invoicing of any applicable regulatory fees or charges by the competent authorities of the host Member State." Or. en
2018/10/24
Committee: ECON
Amendment 95 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1 – subparagraph 1 – introductory part
1. The competent authorities of the UCITS home Member State shall ensure that UCITS may discontinuproceed to the denotification of the marketing of its units in a Member State where it has notified its activities in accordance with Article 93, where all the following conditions are fulfilled:
2018/10/24
Committee: ECON
Amendment 101 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1– subparagraph 1 – point a
(a) no more than 50 investors which is domiciled or has a registered office in a Member State where the UCITS has notified its activities in accordance with Article 93 holds unitsto the best knowledge, upon reasonable inquiry, of thate UCITS, or no more than 10 investors which are domiciled or have a registered office in that Member State hold units of the UCITSat UCITS or the units of the UCITS held in that Member State represent ing total less than 1 % of the assets under the management of that UCITS calculated on the basis of the most recent valuation prior to the date of submission of the notification letter referred to in paragraph 2;
2018/10/24
Committee: ECON
Amendment 102 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1– subparagraph 1 – point b
(b) a blanket offer to repurchase, free of any charges or deductions, all its UCITS units held by investors in a Member State where the UCITS has notified its activities in accordance with Article 93 is made public for at least 30 working days and is addressed, directly or through financial intermediaries, individually to all investors in the host Member State whose identity is known;
2018/10/24
Committee: ECON
Amendment 104 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1– subparagraph 1 – point c
(c) the intention to stop the marketing activitiesproceed to denotification in the Member State where the UCITS has notified its activities in accordance with Article 93 is made public by means of a publicly available medium which is customary for marketing UCITS and suitable for a typical UCITS investor.
2018/10/24
Committee: ECON
Amendment 113 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8 a (new)
Directive 2009/65/EC
Chapter XIa (new)
(8 a) The following Chapter XIa and Article 96a are inserted: "Chapter XIa Provisions concerning pre- marketing Article 96a 1. Member States shall ensure that information on investment strategies or investment ideas may be provided, by authorised management companies or third parties acting for their account, to potential professional investors, in order to test their interest before launching a UCITS, excluding where the information presented : (a) enables investors to commit to acquiring units or shares of a particular UCITS; (b) amounts to subscription forms or similar documents whether in a draft or a final form; (c) amounts to constitutional documents, a prospectus or offering documents of a not-yet-established UCITS in a final form. For already established UCITS, the final form of a prospectus and of a KIID can be provided. Member States shall ensure that no requirement to notify the competent authorities is necessary for a UCITS management company in order to provide information under the conditions described in the first subparagraph. 2. Subscription by professional investors to the units or shares of a UCITS established following the information provided under the conditions described in paragraph 1, or to the units or shares of UCITS managed or marketed by the UCITS management company that has provided the information under the conditions described in paragraph 1 about a not-yet- established UCITS with similar features, shall not be considered as a subscription in response to a client’s unsolicited request to purchase a specifically designated UCITS. Accordingly, in relation to such subscriptions, the UCITS shall comply with: (i) the rules applicable to the arrangements made for marketing in the home Member State in the event that the UCITS proposes to market its units in its home Member State and (ii) the provisions of Article 93, in the event that the UCITS proposes to market its units in a Member State other than its home Member State. In particular, any subscription by professional investors, within 12 months after the UCITS management company engaged in the activities described in paragraph 1, to units or shares of a UCITS referred to in the information provided in paragraph 1, or of a UCITS established as a result of the information provided in paragraph 1, shall be subject to the applicable notification procedures referred to in Article 93. UCITS management companies shall, on an ex-post basis, provide an annual overview to their home competent authorities regarding their activities as referred in paragraph 1. This overview shall contain information about the Member States and the period of time in which such activities were undertaken, and a description of the investment strategies or investment ideas as well as, where relevant, the list of the established UCITS referred to in such activities. The home competent authority shall forward the overview to the competent authorities of the concerned Member State(s), in which such activities took place. 3. A third party shall only engage in activities referred to in paragraph 1 in a host Member State on behalf of an authorised UCITS management company where it is authorised as an investment firm in accordance with Directive 2014/65/EU, as a credit institution in accordance with Directive 2013/36/EU, as a UCITS management company in accordance with Directive 2009/65/EC, as an alternative investment fund manager in accordance with Directive 2011/61/EU or acts as a tied agent. "
2018/10/24
Committee: ECON
Amendment 114 #

2018/0041(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8 b (new)
Directive 2009/65/EC
Article 99 – paragraph 1 – subparagraph 1
(8 b) In Article 99, the first subparagraph of paragraph 1 is replaced by the following: "Without prejudice to the supervisory powers of competent authorities referred to in Article 98 and the right of Member States to provide for and impose criminal sanctions, Member States shall lay down rules on administrative sanctions and other administrative measures to be imposed on companies and persons in respect of infringements of national provisions transposing this Directive and shall take all measures necessary to ensure that they are implemented. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A02009L0065-20140917)infringements of Article 2 of Regulation (EU)----/--- [Regulation on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No346/2013] and shall take all measures necessary to ensure that they are implemented." Or. en
2018/10/24
Committee: ECON
Amendment 118 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 1
(aea) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by an EU AIFM, or on its behalf, to potential professional investors domiciled or registered in the Union in order to test their interest in an AIF which is not yet established, or a compartment of an AIF, which is not yet notified for marketing in the Member State where the potential investors are domiciled or have their registered office.
2018/10/24
Committee: ECON
Amendment 121 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point a
(a) relates to an established AIF;deleted
2018/10/24
Committee: ECON
Amendment 127 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point b
(b) contains reference to an established AIF;deleted
2018/10/24
Committee: ECON
Amendment 129 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point c a (new)
(c a) amounts to subscription forms or similar documents whether in a draft or a final form;
2018/10/24
Committee: ECON
Amendment 132 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point d
(d) amounts to a prospectus, constitutional documents, a prospectus or offering documents of a not-yet- established AIF, offering documents, subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decision in a final form. For already established AIFs, the final form of a prospectus can be provided.
2018/10/24
Committee: ECON
Amendment 136 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 3
3. Subscription by professional investors toAIFMs shall ensure that investors do not acquire units or shares ofin an AIF established following thethrough pre-marketing in accordance with paragraph 1 or to the units or shares of AIFs managed or marketed byactivities and that investors contacted as part of pre- marketing may only acquire units or shares in that AIF under marketing permitted under Article 31 or 32. In particular, any subscription by professional investors, within 12 months after the EU AIFM that had engaged in pre- marketing of a not-yet- established AIF with the similar features shall be considered the result of marketing, to units or shares of an AIF referred to in the information provided in the context of pre-marketing, or of an AIF established as a result of the pre- marketing shall be considered the result of marketing and shall be subject to the applicable notification procedures referred to in Articles 31 and 32.
2018/10/24
Committee: ECON
Amendment 142 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 3 a (new)
3 a. AIFMs shall, on an ex-post basis, provide an annual overview to their home competent authority regarding their pre- marketing activities. This overview shall contain information about the Member States and the period of time in which the pre-marketing activities were undertaken, and a description of the investment strategies or investment ideas as well as, where relevant, the list of the established AIFs and their compartments referred to in pre-marketing. The home competent authority shall forward the overview to the competent authorities of the concerned Member State(s) in which the pre-marketing activity took place.
2018/10/24
Committee: ECON
Amendment 145 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 3 b (new)
3 b. A third party shall only engage in activities referred to in paragraph 1 in a host Member State on behalf of an authorised EU AIFM where it is authorised as an investment firm in accordance with Directive 2014/65/EU, as a credit institution in accordance with Directive 2013/36/EU, as a UCITS management company in accordance with Directive 2009/65/EC, as an alternative investment fund manager in accordance with Directive 2011/61/EU, or acts as a tied agent.
2018/10/24
Committee: ECON
Amendment 148 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 1 – introductory part
1. Member States shall ensure that an EU AIFM may discontinuproceed to the denotification of the marketing of units or shares of an EU AIF that it manages in the Member State where a notification of its marketing activities has been transmitted in accordance with Article 32, where all of the following conditions are fulfilled:
2018/10/24
Committee: ECON
Amendment 153 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 1 – point a
(a) nowhere the investors, which isto the best knowledge, upon reasonable inquiry, of the AIF, are domiciled or hasve a registered office in the Member State, where a notification of itsAIF marketing activities has been transmitted in accordance with Article 32, holds the units or shares of that AIF or no more than 10 investors, which are domiciled or have a registered office in that Member State, hold units or shares of the AIF representing less than 1 % of assets under management of that AIFrepresenting in total less than 5 % of assets under management of that AIF calculated on the basis of the most recent valuation prior to the date of submission of the notification letter referred to in paragraph 2;
2018/10/24
Committee: ECON
Amendment 154 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 32a – paragraph 1 – point b
(b) with the exception of closed-ended AIFs and funds regulated by Regulation (EU) 2015/760, a blanket offer to repurchase, free of any charges or deductions, all its AIF units or shares held by investors in the Member State, where a notification of its marketing activities has been transmitted in accordance with Article 32, is made public at least for 30 working days and is addressed, directly or through financial intermediaries, individually to all investors in that Member State whose identity is known;
2018/10/24
Committee: ECON
Amendment 157 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 6 a (new)
Directive 2011/61/EU
Article 43 – paragraph 2
(6 a) In Article 43, paragraph 2 is replaced by the following: "2. Member States that permit the marketing of AIFs to retail investors in their territory shall, by 22 July 2014, inform the Commission and ESMA of: (a) the types of AIF which AIFMs may market to retail investors in their territory; (b) any additional requirements that the Member State imposes for the marketing of AIFs to retail investors; (ba) a description of the facilities referred to in Article 43a; (bb) the details necessary for the invoicing of any applicable regulatory fees or charges by the competent authority of the host Member State. Member States shall also inform the Commission and ESMA of any subsequent changes with regard to the first subparagraph. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)
2018/10/24
Committee: ECON
Amendment 161 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Directive 2011/61/EU
Article 48
(7 a) Article 48 is replaced by the following: "Article 48 Administrative penalties 1. Member States shall lay down the rules on measures and penalties applicable to infringements of the national provisions adopted pursuant to this Directive, and to infringements of Article 2 of Regulation (EU)----/--- [Regulation on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No346/2013], and shall take all measures necessary to ensure that those rules are enforced. Without prejudice to the procedures for the withdrawal of authorisation or to the right of Member States to impose criminal penalties, Member States shall ensure, in accordance with their national law, that the appropriate administrative measures can be taken or administrative penalties be imposed against the persons responsible where the provisions adopted in the implementation of this Directive have not been complied with. Member States shall ensure that those measures are effective, proportionate and dissuasive. 2. Member States shall provide that the competent authorities may disclose to the public any measure or penalty that will be imposed for infringement of the provisions adopted in the implementation of this Directive, and for infringements of Article 2 of Regulation (EU)----/--- [Regulation on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No346/2013], unless such disclosure would seriously jeopardise the financial markets, be detrimental to the interests of the investors or cause disproportionate damage to the parties involved. 3. ESMA shall draw up an annual report on the application of administrative measures and imposition of penalties in the case of breaches of the provisions adopted in the implementation of this Directive and of Article 2 of Regulation (EU)----/--- [Regulation on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No346/2013] in the different Member States. Competent authorities shall provide ESMA with the necessary information for that purpose. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)
2018/10/24
Committee: ECON
Amendment 164 #

2018/0041(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 7 b (new)
Directive 2011/61/EU
Annex IV
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)(7 a) In Annex IV, the following points (ha) and (hb) are added: ‘(ha) a description of the facilities referred to in Article 43a; (hb) the information necessary for the invoicing of any applicable regulatory fees or charges by the competent authority of the host Member State.’ Or. en
2018/10/24
Committee: ECON
Amendment 10 #

2017/2253(INI)

Motion for a resolution
Recital B a (new)
B a. whereas no trade agreement concluded by the EU has ever incorporated cross-border mutual access provisions on financial services;
2018/05/04
Committee: ECON
Amendment 14 #

2017/2253(INI)

Motion for a resolution
Recital D
D. whereas equivalence is a tool to promote international regulatory convergence, which may lead to more competition in the EU on a level playing field, while preventing regulatory arbitrageforth and foremost a sovereign tool to promote equality of treatment between third country entities and EU firms, which may lead to international regulatory convergence, while preventing regulatory arbitrage and preserving the integrity of the single market and its competitiveness;
2018/05/04
Committee: ECON
Amendment 51 #

2017/2253(INI)

Motion for a resolution
Paragraph 3
3. Notes that the Member States may not always entirely support international cooperation owing to concerns about the protection of national interests and the inherent incentive to shift risks to other jurisdictions;deleted
2018/05/04
Committee: ECON
Amendment 64 #

2017/2253(INI)

Motion for a resolution
Paragraph 4
4. Notes that several EU legislative acts contain specific provisions for regulatory cooperation with third countries, including the possibility to conclude intcoopernational agreements for supervisory and enforcement purposes and to grant ‘equivalence’;
2018/05/04
Committee: ECON
Amendment 69 #

2017/2253(INI)

Motion for a resolution
Paragraph 5
5. Stresses that, in many cases, the granting of equivalence is a unilateral decision taken by the EU and is not applied in a reciprocal manner by third countries; considers that international cooperation could be better advanced by dint of international agreements negotiated between the EU and third countries; notes that, unlike equivalence, international agreements can provide mutual access between the EU and third countries for financial institutions and for the mutual recognition of rulesdoes not systematically require a reciprocal application on behalf of the third country;
2018/05/04
Committee: ECON
Amendment 83 #

2017/2253(INI)

Motion for a resolution
Paragraph 6
6. Recognises that the EU’s equivalence regime is an integral part of a number of the legislative acts forming its regulatory framework for financial services and can offer several benefits, such as: the removal of unnecessary regulatory barriers, increased competition, increased capital flows into the EU, and more instruments and investment choices for EU firms and investors;
2018/05/04
Committee: ECON
Amendment 88 #

2017/2253(INI)

Motion for a resolution
Paragraph 7
7. Reiterates that, in some cases, equivalence decisions do not grant financial institutions comparable rights to passport financial services throughout the EU, but recognises that they may give third-country institutions limited access to the single market for certain products or services;
2018/05/04
Committee: ECON
Amendment 92 #

2017/2253(INI)

Motion for a resolution
Paragraph 8
8. Emphasiszes that one of the key objectives for equivalence isare to promote regulatory convergence on the basis of international standardsensure an equal treatment between third country entities and EU firms, and to preserve the interests of the single market and of consumers; this may lead to further regulatory convergence;
2018/05/04
Committee: ECON
Amendment 109 #

2017/2253(INI)

Motion for a resolution
Paragraph 9
9. Considers that, as it stands, the EU’s process for granting equivalence lacks certainty and sufficient transparency, and requires a structured and practical framework outlining clear procedures and guidelines as regards the level of granularity of the assessment to be performed by the Commission;
2018/05/04
Committee: ECON
Amendment 127 #

2017/2253(INI)

Motion for a resolution
Paragraph 11
11. Questions the rationale behind equivalence decisions typically taking the form of implementing acts; insists that the process for granting equivalence to a third country in the area of financial services should always, in the most important cases, be scrutinised by Parliament and that, owing to their political nature, and for the purposes of greater transparency, thesesuch decisions should be taken by means of delegated acts;
2018/05/04
Committee: ECON
Amendment 141 #

2017/2253(INI)

Motion for a resolution
Paragraph 13
13. Notes that the Commission has the right to withdraw equivalence decisions, and believes that Parliament should be consulted in a timely manner before such a withdrawal decision is taken; calls for the introduction of clear procedures and timelines governing the adoption, withdrawal or suspension of equivalence decisions;
2018/05/04
Committee: ECON
Amendment 154 #

2017/2253(INI)

Motion for a resolution
Paragraph 15
15. Calls on the Commission to adopt a legislative act establishing a clear framework for a transparent, coherent and consistent application of equivalence procedures, which introduces a standardised process for the determination of equivalence and a detailed and granular assessment of third- country legal frameworks; calls for such clarification to take place in the context of an inter-institutional agreement between the European Parliament, the Council of the European Union and the European Commission;
2018/05/04
Committee: ECON
Amendment 168 #

2017/2253(INI)

Motion for a resolution
Paragraph 16
16. Calls for equivalence decisions to be reviewed at least once every three years, or in any case of changes in the third country’s regulatory framework which would call the equivalence decision into question, by the relevant ESA and for such reviews to be made public;
2018/05/04
Committee: ECON
Amendment 176 #

2017/2253(INI)

Motion for a resolution
Paragraph 17
17. Calls on the Commission to consider the possibility of introducing an application process for granting equivalence which could be opened to third countries on a date specified in a given piece of legislation;deleted
2018/05/04
Committee: ECON
Amendment 181 #

2017/2253(INI)

Motion for a resolution
Paragraph 18
18. Calls on the Commission to conduct an in-depth review of all equivalence decisions taken, in order to determine the successes and failures of the current equivalence regime, and to assess whether the equivalence framework currently contained in EU legislative acts can lead to a more favourable treatment of third-country firms compared to that of EU firms;
2018/05/04
Committee: ECON
Amendment 196 #

2017/2253(INI)

Motion for a resolution
Paragraph 20
20. Recalls the importance of National Competent Authorities (NCAs) in the authorisation process for financial institutions that wish to delegate part of their portfolio management or risk management to service providers in third countries where the regulatory regime is comparable to that of the EU; considers that NCAs have sufficient technical knowledge and expertise to properly assess delegation approval requests; encourages the ESAs to develop further cooperation between NCAs in order to share best practice concerning regulatory cooperation and activities with third countries;deleted
2018/05/04
Committee: ECON
Amendment 223 #

2017/2253(INI)

Motion for a resolution
Paragraph 23
23. Calls to that end, moreover, for the EU-US Joint Financial Markets Regulatory DialogueForum to be upgraded to include more regular meetings; stresses that the EU should push to have a financial services chapter as part of any potential future EU-US trade agreement;
2018/05/04
Committee: ECON
Amendment 282 #

2017/2191(INI)

Motion for a resolution
Paragraph 32 a (new)
32a. Calls on the Commission to put in place a binding regulatory framework at EU level to combat unfair commercial practices in the food supply chain that adversely affect farmers;
2017/11/28
Committee: ECON
Amendment 285 #

2017/2191(INI)

Motion for a resolution
Paragraph 32 b (new)
32b. Points out that Parliament has already called on the Commission and the national competition authorities to respond to the concerns raised by the combined impact, both on the upstream part of the food supply chain and on distributors and consumers, of the rapid concentration of the distribution sector at national level on the one hand and the alliances being formed among large-scale distributors at European and international level on the other; believes that this structural change raises concerns about possible strategic alignments, a fall-off in competition, and reduced scope for investment in innovation within the food supply chain;
2017/11/28
Committee: ECON
Amendment 48 #

2017/2054(INL)

Motion for a resolution
Paragraph 2
2. Recognises the legal uncertainty created by the triggering of Article 50 of the Treaty on European Union by the United Kingdom, the unknown date for finalisation of the Brexit negotiations and the impossibility of adjusting, without a change in the Treaty, the Council’s qualified majority voting system, which should be defined in connection with the allocation of seats in Parliament in order to better ensure the inter-institutional balance;deleted
2017/10/20
Committee: AFCO
Amendment 55 #

2017/2054(INL)

Motion for a resolution
Paragraph 3
3. Underlines that, whilst the mathematical formulas display great potential for providing a permanent system for the distribution of seats in the future, the political and legal uncertainty as a result of the UK’s withdrawal from the EU ultimately make it politically unviable for Parliament to suggest a permanent system at this stage;
2017/10/20
Committee: AFCO
Amendment 61 #

2017/2054(INL)

Motion for a resolution
Paragraph 4
4. Notes that until the United Kingdom withdraws from the Union, the most viable solution providing legal certainty to Member States would be to maintain the same distribution of seats in Parliament as the one applied in respect of the 2014 - 2019 parliamentary term;deleted
2017/10/20
Committee: AFCO
Amendment 66 #

2017/2054(INL)

Motion for a resolution
Paragraph 5
5. Proposes that a new distribution of seats in Parliament should immediately apply once there is legal certainty and the United Kingdom’s withdrawal from the Union becomes legally effective; insists that the MEPs that will occupy the seats resulting from this new distribution shall all take up their seats in Parliament at the same time;deleted
2017/10/20
Committee: AFCO
Amendment 149 #

2017/2054(INL)

Motion for a resolution
Annex – Article 3 – paragraph 2
2. If the date on which the United Kingdom’s withdrawal from the Union becomes legally effective falls after the European Parliament elections in 2019, each Member State concerned shall designate the persons who will fill the additional seats resulting from the difference between the number of seats allocated to that Member State in Article 3 of Decision 2013/312/EU and the number of seats allocated to it in the second subparagraph of paragraph 1 of this Article. Member States shall designate the persons who will fill those additional seats in accordance with their legislation, provided that the persons in question have been elected by direct universal suffrage and by reference to the results of the European Parliament elections in 2019.deleted
2017/10/20
Committee: AFCO
Amendment 161 #

2017/2054(INL)

Motion for a resolution
Annex – Article 3 – paragraph 3
3. The representatives in the European Parliament who fill the additional seats referred to in paragraph 2 shall take up their seats in Parliament at the same time.deleted
2017/10/20
Committee: AFCO
Amendment 87 #

2017/2053(INI)

Motion for a resolution
Paragraph 26 a (new)
26 a. In case of any excessive burden caused by one or another own resource on a Member State, it could be alleviated by means of a specific compensation limited in duration and amount, and preferably calculated in terms of lump sums. Such an approach would make the own resources system simpler and fairer;
2018/01/31
Committee: BUDG
Amendment 127 #

2017/2053(INI)

Motion for a resolution
Paragraph 44
44. Notes the conclusions of the informal Council of finance ministers of 16 September 2017 calling for the development of new digital taxation rules, in response to the Four Finance Ministers’ letter requesting the Commission to examine ‘effective solutions based on the concept of establishing a so-called equalisation tax’ on the turnover generated in the EU by digital companies; emphasises, however, that in its communication of 21 September 2017 entitled ‘A Fair and Efficient Tax System in the European Union for the Digital Single Market’, the Commission reiterated that the CCCTB was an appropriate context within which to review the rules governing the modern and stable taxation of digital companies;
2018/01/31
Committee: BUDG
Amendment 254 #

2017/2052(INI)

Motion for a resolution
Paragraph 46
46. Considers that better spending, i.e. the efficient use of every single euro of the EU budget, can be achieved not only by directing EU resources towards actions with the highest European added value and the greatest increase in the performance of the EU’s policies and programmes, but also by achieving greater synergies between the EU budget and the national budgets, and by ensuring the tangible improvement of the spending architecture; calls, accordingly, on the Commission to produce a study on the savings achieved at national level by Member States as a result of policy action funded at EU level;
2018/02/01
Committee: BUDG
Amendment 425 #

2017/2052(INI)

Motion for a resolution
Paragraph 77
77. Affirms that the common agricultural policy is fundamental for food security and autonomy in the EU, the preservation of rural populationand development of its rural territories, sustainable development and the provision of high-quality and affordable food products for Europeans; points out that food and health requirements have increased, as has the need to developsupport the transition of European agriculture to more environmentally friendly farming practices and the needthat contribute to tackleing climate change; underlines that the CAP i, as one of the most integrated European policies and, is mainly financed at EU level, and, therefore, European funding in this area thus replaces national spending;
2018/02/01
Committee: BUDG
Amendment 440 #

2017/2052(INI)

Motion for a resolution
Paragraph 78
78. ExpectsCalls for the global amount of direct payments to be kept intact under the next MFF, as they generathave clear EU added value and strengthen the single market by avoiding distortions of competition between Member States; opposes any renationalisation and any and providing an initial level of income for farmers, which is essential for the viability of farms; opposes any renationalisation of the common agricultural policy and any form of national co- financing in that respectof direct payments; stresses the need to increase funding in line withreform the agricultural crisis reserve to make it into a fund for agricultural crises, the management of which would be placed outside the principle of budget annuality, thus allowing for transfers of appropriations from one year to another, in order to provide effective responses to the various cyclical crises affecting sensitive sectors, to create new instrumentsagricultural sectors; considers it essential to support the development of instruments for crisis and risk management and sectoral organisation that can mitigate price volatility and to; calls for an increase in funding for Programmes of Options Specifically Relating to Remoteness and Insularity (POSEI); concludes, therefore, that the CAP budget in the next MFF should be at least maintained at its current level for the EU- 27;
2018/02/01
Committee: BUDG
Amendment 59 #

2017/2044(BUD)

Motion for a resolution
Paragraph 13 a (new)
13 a. Recalls that, in accordance with Article 24 of the MFF Regulation, all expenditures and revenues of the European Union and Euratom shall be entered in the general budget of the Union in accordance with Article 7 of the Financial Regulation; calls on the Commission to preserve the unity of the budget and to consider it as a guiding principle when introducing new initiatives;
2017/10/04
Committee: BUDG
Amendment 17 #

2017/2024(INL)

Motion for a resolution
Annex I – part B – point 1 – point 1 – paragraph 1 – point 1 (new)
(1) To ensure that citizens can participate on equal terms, the signing arrangements should be the same in all Union Member States, and the requirement imposed by some countries to provide a personal identification number should be abolished.
2017/09/11
Committee: AFCO
Amendment 187 #

2017/2022(BUD)

Motion for a resolution
Paragraph 42
42. Recalls Parliament’s resolution of 20 November 2013 on the location of the seats of the European Union’s Institutions17 , which estimated the costs of the geographic dispersion of the Parliament to be between EUR 156 million and EUR 204 million and equivalent to 10% of the Parliament's budget; emphasises the environmental impact of the geographic dispersion is estimated to be between 11,000 to 19,000 tonnes of CO2 emissions; underlines the negative public perception caused by this dispersion, and therefore reiterates its position in calling for a roadmap to a single seat; __________________ 17 Texts adopted, P7_TA(2013)0498.deleted
2017/03/16
Committee: BUDG
Amendment 45 #

2017/0359(COD)

Proposal for a regulation
Recital 21
(21) The K-factors under RtF capture an investment firm's exposure to the default of their trading counterparties (K-TCD) in accordance with simplified provisions for counterparty credit risk based on CRR, concentration risk in an investment firm's large exposures to specific counterparties based on CRR-provisions for large exposures risk in the trading book (K- CON), and operational risks from an investment firm's daily trading flow (K- DTF).operational risk (K- OPR)
2018/06/05
Committee: ECON
Amendment 48 #

2017/0359(COD)

Proposal for a regulation
Recital 22
(22) The overall capital requirement under the K-factors is the sum of the requirements of the K-factors under RtC, RtM and RtF. K-AUM, K-ASA, K-CMH, K-COH and K-DTF relate to the volume of activity referred to by each K-factor. The volumes for K-CMH, K-ASA, K-COH, and K-DTF are calculated on the basis of a rolling average from the previous three months, while for K-AUM it is based on the previous year. K-OPR is the measurement of operational risk into CRR. The volumes are multiplied by the corresponding coefficients set out in this Regulation in order to determine the capital requirement. The capital requirements for K-NPR is derived from CRR, while the capital requirements for K-CON and K-TCD use a simplified application of the corresponding requirements under CRR for, respectively, the treatment of large exposures in the trading book and of counterparty credit risk. The amount of a K-factor is zero if a firm does not undertake the relevant activity.
2018/06/05
Committee: ECON
Amendment 52 #

2017/0359(COD)

Proposal for a regulation
Recital 25
(25) For investment firms which deal on own account, the K-factors for K-TCD and K-CON under RtF constitute a simplified application of CRR rules on counterparty credit risk and large exposure risk, respectively. K-TCD captures the risk to an investment firm of counterparties in over- the-counter (OTC) derivatives, repurchase transactions, securities and commodities lending or borrowing transactions, long- settlement transactions and margin lending transactions failing to fulfil their obligations by multiplying the value of the exposures, based on replacement cost and an add-on for potential future exposure, by risk factors based on Regulation (EU) No 575/2013, accounting for the mitigating effects of effective netting and the exchange of collateral. K-CON captures concentration risk in relation to individual or highly connected private sector counterparties with whom firms have exposures above 25% of their regulatory capital, or specific alternative thresholds in relation to credit institutions or other investment firms, by imposing a capital add-on in line with Regulation (EU) No 575/2013 for excess exposures above these limits. Finally, K-DTFOPR captures the operational risks to an investment firm in large volumes of trades concluded for its own account or for clients in its own name in one day which could result from inadequate or failed internal processes, people and systems or from external events, based on the notional value of daily trades.
2018/06/05
Committee: ECON
Amendment 61 #

2017/0359(COD)

Proposal for a regulation
Article 4 – paragraph 1 – point 31
(31) ‘K-DTF’OPR' or ‘K-factor in relation to daily trading flow (DTFoperational risk (OPR)’ means the capital requirement relative to the daily value of transactions that an investment firm enters through dealing on own account or the execution of orders on behalf of clients in its own nameoperational risk that an investment firm is subject to;
2018/06/05
Committee: ECON
Amendment 66 #

2017/0359(COD)

Proposal for a regulation
Article 6 – title
Exemptions for investment firms within banking groups
2018/06/05
Committee: ECON
Amendment 70 #

2017/0359(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point d – point i
(i) the investment firm meets the conditions set out in Article 12(1);deleted
2018/06/05
Committee: ECON
Amendment 73 #

2017/0359(COD)

Proposal for a regulation
Article 6 a (new)
Article 6a Exemptions for investment firms within investment firms groups Competent authorities may exempt an investment firm from the application of Article 5 in respect of Parts Two to Seven, where all of the following apply: (a) the investment firm is a subsidiary and is included in the k-factor consolidation of a Union parent investment firm, a Union parent investment holding company or a Union parent mixed financial holding company pursuant to Article 8 of this Regulation; (b) both the investment firm and its parent undertaking are subject to authorisation and supervision by the same Member State; (c) own funds are distributed adequately between the parent undertaking and the investment firm and all of the following conditions are satisfied: (i) there is no current or foreseen material practical or legal impediment to the prompt transfer of capital or repayment of liabilities by the parent undertaking; (ii) upon prior approval by the competent authority, the parent undertaking declares that it guarantees the commitments entered into by the investment firm or that the risks in the investment firm are of negligible interest; (iii) the risk evaluation, measurement and control procedures of the parent undertaking include the investment firm; and (iv) the parent undertaking holds more than 50% of the voting rights attached to shares in the capital of the investment firm or has the right to appoint or remove a majority of the members of the investment firm’s management body.
2018/06/05
Committee: ECON
Amendment 75 #

2017/0359(COD)

Proposal for a regulation
Article 7
1. A Union parent investment firm, a Union parent investment holding company, a Union parent mixed financial holding company shall hold at least enough own funds to cover the sum of the following: (a) any holdings, subordinated claims and instruments referred to in points (h) and (i) of Article 36(1), points (c) and (d) of Article 56, and points (c) and (d) of Article 66 of Regulation (EU) No 575/2013 in investment firms, financial institutions, ancillary services undertakings and tied agents in the investment firm group; and (b) liability in favour of investment firms, financial institutions, ancillary services undertakings and tied agents. 2. Union parent investment holding company or a Union parent mixed financial holding company to hold a lower amount of own funds than the amount calculated under paragraph 1, provided that this amount is no lower than the sum of the own funds requirements imposed on an individual basis on investment firms, financial institutions, ancillary services undertakings and tied agents in the group, and the total amount of any contingent liabilities in favour of these entities. For the purposes of paragraph 1, where no Union or national prudential legislation applies for any of the entities referred to in paragraph 1, a notional own funds requirement shall apply. 3. Union parent investment holding company, a Union parent mixed financial holding company shall have systems in place to monitor and control the sources of capital and funding of all investment firms, investment holding companies, mixed financial holding companies, financial institutions, ancillary services undertakings and tied agents within theArticle 7 deleted The group capital test the sum of the full book value of the total amount of any contingent Competent authorities may allow a A Union parent investment firm group., a
2018/06/05
Committee: ECON
Amendment 78 #

2017/0359(COD)

Proposal for a regulation
Article 8 – paragraph 1 – introductory part
The competent authorities of a Union parent investment firm or the competent authorities determined in accordance with Article 42(2) of Directive (EU)----/--[IFD] mayshall require a Union parent investment firm, a Union parent investment holding company or a Union parent mixed financial holding company to comply with the requirements set out in Article 15 on the basis of the K-factor consolidated situation where either of the following conditions applies:.
2018/06/05
Committee: ECON
Amendment 80 #

2017/0359(COD)

Proposal for a regulation
Article 8 – paragraph 1 – point a
(a) there are significant material risks to customers or to market, stemming from the group as a whole which are not fully captured by the capital requirements applicable to the investment firms in the group on an individual basis; ordeleted
2018/06/05
Committee: ECON
Amendment 82 #

2017/0359(COD)

Proposal for a regulation
Article 8 – paragraph 1 – point b
(b) for investment firm groups with a high degree of inter-connectedness in terms of risk management, the application of requirements to the investment firm on an individual basis may lead to a duplication of the requirements for those firms.deleted
2018/06/05
Committee: ECON
Amendment 99 #

2017/0359(COD)

Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point e
(e) DTF (daily trading flow) calculated in accordance with Article 32 is zero;deleted
2018/06/05
Committee: ECON
Amendment 115 #

2017/0359(COD)

Proposal for a regulation
Article 13 – paragraph 4 – subparagraph 1
EBA, in consultation with ESMA, and taking into account Commission Delegated Regulation (EU) 2015/488 shall develop draft regulatory technical standards to further specify the calculation of the requirement referred to in paragraph 1. In preparing those draft regulatory technical standards, EBA may consider variable expenses for raw materials as eligible for subtraction.
2018/06/05
Committee: ECON
Amendment 119 #

2017/0359(COD)

Proposal for a regulation
Article 15 – paragraph 2 – table 1 – column Coefficient – second row
Client money held K-CMH0 0.451.6%
2018/06/05
Committee: ECON
Amendment 121 #

2017/0359(COD)

Proposal for a regulation
Article 15 – paragraph 2 – table 1 – 2 rows “Daily trading flow”
Daily0,1% deleted cash trades K -DTF trading flow0,01% derivatives
2018/06/05
Committee: ECON
Amendment 169 #

2017/0359(COD)

Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 1
K-TCD +K-DTFOPR + K-CON
2018/06/05
Committee: ECON
Amendment 172 #

2017/0359(COD)

Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 2 – subparagraph 2
K-DTF is equal to DTF measured in accordance with Article 32, multiplied by the corresponding coefficient established in Article 15(2) andeleted
2018/06/05
Committee: ECON
Amendment 174 #

2017/0359(COD)

Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 2 – subparagraph 5
K-DTF shall be based on the transactions recorded in the trading book of an investment firm dealing on own account, whether for itself or on behalf of a client, and the transactions that an investment firm enters into through the execution of ordersOPR is equal to the own funds requirement for operational risk which is the maximum between 15% of the average over three years of the relevant indicator as set out in Article 316 of Regulation (EU) No 575/2013 and own behalf of clients in its own namefunds requirements from the other K-factors.
2018/06/05
Committee: ECON
Amendment 177 #

2017/0359(COD)

Proposal for a regulation
Article 25 – paragraph 1 – point a – point ii
(ii) OTC derivatives cleared through a qualifying central counterparty (QCCP); or through a clearing bank which is clearing member of a QCCP;
2018/06/05
Committee: ECON
Amendment 181 #

2017/0359(COD)

Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 1
Exposure value = Max (0; α (RC + PFE - C))
2018/06/05
Committee: ECON
Amendment 183 #

2017/0359(COD)

Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 2 – subparagraph 1 a (new)
α = 1.4
2018/06/05
Committee: ECON
Amendment 185 #

2017/0359(COD)

Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 2 – subparagraph 3
C = collateral as determined in Article 30.deleted
2018/06/05
Committee: ECON
Amendment 186 #

2017/0359(COD)

Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 2 – subparagraph 4
The replacement cost (RC) and collateral (C) shall apply to all transactions referred to in Article 25.
2018/06/05
Committee: ECON
Amendment 189 #

2017/0359(COD)

Proposal for a regulation
Part 3 – title 2 – chapter 4 – section 2 – title
Daily trading flowOperational risk
2018/06/05
Committee: ECON
Amendment 191 #

2017/0359(COD)

Proposal for a regulation
Article 32 – title
Measuring DTFOPR for the purposes of calculating K-DTFOPR
2018/06/05
Committee: ECON
Amendment 192 #

2017/0359(COD)

Proposal for a regulation
Article 32 – paragraph 1
1. For the purposes of calculating K- DTF, DTF shall be the rolling average of the value of the total daily trading flow, measured at the end of each business day over the previous 6 calendar months, excluding the 3 most recent calendar months. DTF shall be the average or simple arithmetic mean of the daily measurements for the remaining 3 calendar months K-DTF shall be calculated within the first 14 days of each quarter.An investment firm which meets the criteria of Article 12 [small and non- interconnected] of this Regulation shall apply the capital requirement for operational risk using the elementary approach as defined in Articles 315 and 316 of Regulation (EU) No 575/2013. The own funds requirement for operational risk shall be the maximum between 15% of the average over three years of the relevant indicator as set out in Article 316 of Regulation (EU) No 575/2013 and own funds requirements from the other K- factors. K-OPR = MAX (0; OPR EFP – SUM(RTC K-Factors))
2018/06/05
Committee: ECON
Amendment 199 #

2017/0359(COD)

Proposal for a regulation
Article 32 – paragraph 2
2. DTF shall be measured as the sum of the absolute value of buys and the absolute value sells for both cash trades and derivatives in accordance with the following: (a) amount paid or received on each trade. (b) trade is the notional amount of the contract.deleted for cash trades, the value is the for derivatives, the value of the
2018/06/05
Committee: ECON
Amendment 204 #

2017/0359(COD)

Proposal for a regulation
Article 32 – paragraph 3
3. DTF shall exclude transactions executed by an investment firm providing portfolio management services on behalf of investment funds. DTF shall include transactions executed by an investment firm in its own name either for itself or on behalf of a client.deleted
2018/06/05
Committee: ECON
Amendment 209 #

2017/0359(COD)

Proposal for a regulation
Article 32 – paragraph 4
4. Where an investment firm has been in operation for less than 3 months, it may use business projections to calculate K-DTF subject to the following cumulative requirements: (a) becomes available; (b) deleted historical data is used as soon as it the businvestment firm submitted in accordance with Article 7 of Directive 2014/65/EU have been positively assessed by the competent authority.s projections of the
2018/06/05
Committee: ECON
Amendment 218 #

2017/0359(COD)

Proposal for a regulation
Article 40 – paragraph 2 – point d
(d) exposures to recognised exchanges as defined in Article 4(1)(72) of Regulation (EU) 575/2013. , to qualifying central counterparties (QCCP) or to clearing members.
2018/06/05
Committee: ECON
Amendment 262 #

2017/0359(COD)

Proposal for a regulation
Article 59 – paragraph 1 – introductory part
1. By [3 years from the date of entry into forceapplication of this Regulation], the Commission shall carry out a review the application of the following:
2018/06/05
Committee: ECON
Amendment 271 #

2017/0359(COD)

Proposal for a regulation
Article 59 – paragraph 2 a (new)
2a. The Commission shall assess (by implementation date +4 years) the unintended impacts of the modification of this definition related to different European directives and regulations, and, if appropriate, submit legislative proposal to the European Parliament and Council in order to address them.
2018/06/05
Committee: ECON
Amendment 275 #

2017/0359(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point 2 – point a
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point b – point i
(i) the total value of the assets of the undertaking exceeds EUR 30 b5 billion or the gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU exceeds EUR 500 million, or
2018/06/05
Committee: ECON
Amendment 279 #

2017/0359(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point 2 – point a
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point b – point ii
(ii) the total value of the assets of the undertaking is below EUR 30 b5 billion and the gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU is below EUR 500 million, and the undertaking is part of a group in which either (a) the combined total value of the consolidated assets of all undertakings in the group that carry out any of the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU and have total assets below EUR 30 billionat the highest level of consolidation exceeds EUR 5 billion, or (b) the total gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU of all undertakings in the group that carry out any of these activities and which do not individually meet the criteria in point i) exceeds EUR 3500 bmillion,; or
2018/06/05
Committee: ECON
Amendment 283 #

2017/0359(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point 2 – point a
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point b – point iii
(iii) the total value of the assets of the undertaking is below EUR 30 b5 billion and the gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU is below 500 million, and the undertaking is part of a group in which either (a) the combined total value of the assets of all undertakings in the group that carry out any ofat the highest level of consolidation exceeds EUR 5 billion, or (b) the total gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU of all undertakings in the group that carry out any of these activities exceeds EUR 3500 bmillion, where the European consolidating supervisor in consultation with the supervisory college so decides in order to address potential risks of circumvention and potential risks for the financial stability of the Union.
2018/06/05
Committee: ECON
Amendment 290 #

2017/0359(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point 12 a (new)
Regulation (EU) No 575/2013
Article 119 – paragraph 5
12a. In Article 119, paragraph 5 is replaced by the following: "5. Exposures to financial institutions authorised and supervised by the competent authorities and subject to prudential requirements comparable to those applied to institutions in terms of robustness shall be treated as exposures to institutions." For the purpose of this paragraph, the prudential requirements defined in Regulation (EU) ---/--- [IFR] shall be considered comparable to those applied to institutions in terms of robustness." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013R0575)
2018/06/05
Committee: ECON
Amendment 297 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 1 – point -a (new)
Regulation (EU) No 600/2014
Article 46 – paragraph 1
"1. A(-a) paragraph 1 is replaced by the following: "1. Without prejudice to the provisions of Article 49b, a third-country firm may provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and to professional clients within the meaning of Section I of Annex II to Directive 2014/65/EU established throughout the Union without the establishment of a branch where it is registered in the register of third-country firms kept by ESMA in accordance with Article 47. " Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32014R0600&from=FR)
2018/06/05
Committee: ECON
Amendment 299 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 1 – point a a (new)
Regulation (EU) No 600/2014
Article 46 – paragraph 4 a (new)
(aa) the following paragraph is inserted: “4a. The third-country firm shall comply with the obligations laid down in paragraphs 3 and 6 to 10 of Article 16, in Articles 17, 23, 24,25, 27, 28 and 30 of Directive 2014/65/EU and in Articles 14 to 28 of this Regulation and the measures adopted pursuant thereto and shall be subject to the supervision of ESMA. Where the registered third-country firm chooses to establish a branch in the EU, ESMA shall have the right to examine branch arrangements and to request such changes as are needed to enable it to enforce the obligations and measures referred to in the first subparagraph with respect to the services and/or activities provided by the branch in the Union.”
2018/06/05
Committee: ECON
Amendment 302 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 1 – point a b (new)
Regulation (EU) No 600/2014
Article 46 – paragraph 5
(ab) paragraph 5 is replaced by the following: "5. Third-country firms providing services in accordance with this Article shall inform clients established in the Union, before the provision of any investment services, that they are not allowed to provide services to clients other than eligible counterparties and professional clients within the meaning of Section I of Annex II to Directive 2014/65/EU and that they are not subject to supervision by ESMA in the Union only as regards the requirements referred to in paragraph 4a. They shall indicate the name and the address of the competent authority responsible for supervisionwhich authorised the third- country firm in the third country. The information in the first subparagraph shall be provided in writing and in a prominent way. Member States shall ensure that where an eligible counterparty or professional client within the meaning of Section I of Annex II to Directive 2014/65/EU established or situated in the Union initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, this Article does not apply to the provision of that service or activity by the third- country firm to that person including a relationship specifically related to the provision of that service or activity. An initiative by such clients shall not entitle the third-" Or. en (https://eur-lex.europa.eu/legal- country firm to market new categories of investment product or investment service to that individual. " ent/EN/TXT/HTML/?uri=CELEX:32014R0600&from=FR)
2018/06/05
Committee: ECON
Amendment 305 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 1 – point a c (new)
Regulation (EU) No 600/2014
Article 46 – paragraph 6
"6. Third-country firms providing services or performing activities in accordance with this Article shall, before providing any service or performing any activity in relation to a client established in the Un(ac) paragraph 6 is replaced by the following: "6. Any dispute relating to the services or activities provided by a third-country firm in accordance with this Article to a client established in the Union shall be submitted: (i) where the third-country firm has established a branch in the EU, to the jurisdiction, offer to submit any disputes relating to those services or activiti a court or arbitral tribunal in the Member State of establishment of the branch; (ii) in all other cases, to the jurisdiction of a court or arbitral tribunal in athe Member State." where the client is domiciled or established." Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32014R0600&from=FR)
2018/06/05
Committee: ECON
Amendment 309 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 – point a
Regulation (EU) No 600/2014
Article 47 – paragraph 1 – subparagraph 1 – point a
(a) that firms authorised in that third country comply with legally binding prudential and business conductorganisational requirements which have equivalent effect to the requirements set out in this Regulation, in Directive 2013/36/EU, in Regulation (EU) No 575/2013, in Directive (EU) ----/-- [IFD] and in Regulation (EU)--- -/---[IFR] and in Articles 5 to 13, 15, and in paragraphs 2, 4 and 5 of Article 16 of Directive 2014/65/EU and in the corresponding implementing measures adopted under those Regulations and Directives;
2018/06/05
Committee: ECON
Amendment 314 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 – point a
Regulation (EU) No 600/2014
Article 47 – paragraph 1 – subparagraph 1 – point b
(b) that firms authorised in that third country are subject to effective supervision and enforcement ensuring compliance with the applicable legally binding prudential and business conductorganizational requirements; and
2018/06/05
Committee: ECON
Amendment 315 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 – point a
Regulation (EU) No 600/2014
Article 47 – paragraph 1 – subparagraph 2
Where the services provided and the activities performed by third-country firms in the Union following the adoption of the decision referred to in the first subparagraph are likely to be of systemic importance for the Union, tThe legally binding prudential and business conductorganisational requirements referred to in the first subparagraph may only be considered to have equivalent effect to the requirements set out in the acts referred to in that subparagraph after a detailed and granular assessment. For these purposes, the Commission shall also assess and take into account the supervisory convergence between the third country concerned and the Union.
2018/06/05
Committee: ECON
Amendment 319 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 – point a a (new)
Regulation (EU) No 600/2014
Article 47 – paragraph 1 – subparagraph 2
(aa) the second subparagraph of paragraph 1 is replaced by the following: "The prudential and business conductorganisational framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions: (a) firms providing investment services and activities in that third country are subject to authorisation and to effective supervision and enforcement on an ongoing basis; (b) firms providing investment services and activities in that third country are subject to sufficient capital requirements and appropriate requirements applicable to shareholders and members of their management body; (c) firms providing investment services and activities are subject to adequate organisational requirements in the area of internal control functions; (d) firms providing investment services and activities are subject to appropriate conduct of business rules; (e) and integrity by preventing market abuse in the form of insider dealing and market manipulation" , outsourcing and security mechanisms;" it ensures market transparency Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32014R0600&from=FR)
2018/06/05
Committee: ECON
Amendment 330 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 a (new)
Regulation (EU) No 600/2014
Article 48 – paragraph 1
(2a) in Article 48, paragraph 1 is replaced by the following: “ESMA shall keep a register of the third- country firms allowed to provide investment services or perform investment activities in the Union in accordance with Article 46. The register shall be publicly accessible on the website of ESMA and shall contain information on the services or activities which the third-country firms are permitted to provide or perform and the reference of the competent authority responsible for their supervisauthorization in the third country.” Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32014R0600&from=FR)
2018/06/05
Committee: ECON
Amendment 331 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 b (new)
Regulation (EU) No 600/2014
Article 49 a (new)
(2b) The following Article is inserted: “Article 49a Provision of services at the exclusive initiative of the client 1. Where an eligible counterparty or professional client within the meaning of Section I of Annex II to Directive 2014/65/EU established or situated in the Union initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, Article 46 shall not apply to the provision of that service or activity by the third- country firm to that person including a relationship specifically related to the provision of that service or activity. Where a third-country firm, including through an entity acting on its behalf or having close links with such third-country firm or any other person acting on behalf of such entity, solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, regardless of the means of communication used, it shall not be deemed as a service provided at the own exclusive initiative of the client. Any contractual clause or disclaimer purporting to state that a third country firm shall be deemed to respond to the exclusive initiative of the client shall be null and void. 2. An initiative by any client referred to in paragraph 1 shall not in itself entitle the third-country firm to market new categories of investment products or investment services to that client. 3. ESMA shall develop draft regulatory technical standards to further specify the conditions for considering that investment products or investment services constitute new categories of investment products or investment services for the purpose of paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by [date to be inserted]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.”
2018/06/05
Committee: ECON
Amendment 334 #

2017/0359(COD)

Proposal for a regulation
Article 61 – paragraph 1 – point 2 c (new)
Regulation (EU) No 600/2014
Article 49 b (new)
(2c) The following Article is inserted: “Article 49b Operation of an MTF or OTF in the Union by a third-country firm The provisions of Articles 46 to49 shall not apply to the services and activities referred to in points 8 and 9of Section A of Annex I of Directive 2014/65/EU. Any third country firm wishing to provide such services or perform such activities in the Union shall set up a subsidiary in the Union and seek authorization according to the conditions of Article 5 of Directive 2014/65/EU.”
2018/06/05
Committee: ECON
Amendment 198 #

2017/0358(COD)

Proposal for a directive
Article 58 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 42
(3a) Article 42 is replaced by the following: “Article 42 Provision of services at the exclusive initiative of the client 1. Member States shall ensure that where a retail client or professional client within the meaning of Section II of Annex II established or situated in the Union initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, the requirement for authorisation under Article 39 shall not apply to the provision of that service or activity by the third country firm to that person including a relationship specifically relating to the provision of that service or activity. An initiative by such clients shall not entitle the third-country firm to market otherwise than through the branch, where one is required in accordance with national law, new categories of investment products or investment services to that client. Where a third-country firm, including through an entity acting on its behalf or having close links with such third-country firm or any other person acting on behalf of such entity, solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, regardless of the means of communication used, it shall not be deemed as a service provided at the own exclusive initiative of the client. Any contractual clause or disclaimer purporting to state that a third country firm shall be deemed to respond to the exclusive initiative of the client shall be null and void. 2. An initiative by any client referred to in paragraph 1 shall not in itself entitle the third-country firm to market otherwise than through the branch, where one is required in accordance with national law, new categories of investment products or investment services to that client. 3. ESMA shall develop draft regulatory technical standards to further specify the conditions for considering that investment products or investment services constitute new categories of investment products or investment services for the purpose of paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by [date to be inserted]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.” Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065)
2018/06/04
Committee: ECON
Amendment 8 #

2017/0352(COD)

Proposal for a regulation
Article 60 – paragraph 1 a (new)
1 a. The cost incurred in connection with the establishment and operation of a central EU backup solution for each system indicated in paragraph 1, where necessary, shall be borne by the general budget of the Union.
2018/05/25
Committee: BUDG
Amendment 9 #

2017/0352(COD)

Proposal for a regulation
Article 60 – paragraph 2 – subparagraph 1
Costs incurred in connection with the integration of the existing national infrastructures and their connection to the national uniform interfaces as well as in connection with hosting and future developments of the national uniform interfaces shall be borne by the general budget of the Union.
2018/05/25
Committee: BUDG
Amendment 8 #

2017/0351(COD)

Proposal for a regulation
Article 60 – paragraph 1 a (new)
1 a. The cost incurred in connection with the establishment and operation of a central EU backup solution for each system indicated in paragraph 1, where necessary, shall be borne by the general budget of the Union.
2018/05/23
Committee: BUDG
Amendment 9 #

2017/0351(COD)

Proposal for a regulation
Article 60 – paragraph 2 – subparagraph 1
Costs incurred in connection with the integration of the existing national infrastructures and their connection to the national uniform interfaces as well as in connection with hosting and future developments of the national uniform interfaces shall be borne by the general budget of the Union.
2018/05/23
Committee: BUDG
Amendment 294 #

2017/0230(COD)

Proposal for a regulation
Recital 11 a (new)
(11a) In order to contribute to establishing high quality and consistent Union legislation, it should be possible for the European Parliament, the Council or the Commission to consult the Authority on technical matters at any relevant stage of the ordinary legislative procedure when a draft legislative act is being negotiated. Such contribution from the Authority should be sought in particular when calibrating the scope and content of any empowerment to adopt delegated or implementing acts.
2018/09/11
Committee: ECON
Amendment 295 #

2017/0230(COD)

Proposal for a regulation
Recital 12 a (new)
(12a) In exceptional cases, there may be a need to urgently amend specific provisions of a delegated act that has entered into force, where those provisions are proving deficient or causing a serious detriment or threat, including in cases where such provisions are not yet applicable. This may occur for example where full compliance with requirements set forth in delegated acts cannot be timely met by market participants by the required application date due to serious operational challenges, or where the practical application of requirements set forth in delegated acts reveals conceptual flaws in their calibration or unintended consequences. In view of the time required for such amendment to be performed, there may be cases where the application of the deficient provision needs to be suspended while remedial action is being taken by the Commission with the help of the Authority, where applicable. The Authority should therefore be entrusted with the elaboration of an effective legal instrument designed to swiftly suspend the application of all or parts of a delegated act, including the date of application thereof, for a limited period of time.
2018/09/11
Committee: ECON
Amendment 296 #

2017/0230(COD)

Proposal for a regulation
Recital 12 b (new)
(12b) As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority with the elaboration of draft suspensory technical standards, whenever there is an urgency to suspend the application of a particular provision of a delegated act, or the entirety thereof. The suspension of the act should be meant to prevent any disturbance to the internal market for financial services or within one or more Member States. Draft suspensory technical standards may in particular be proposed where the application of all or parts of a delegated act poses a threat to investor protection, market confidence, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or to the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards.
2018/09/11
Committee: ECON
Amendment 297 #

2017/0230(COD)

Proposal for a regulation
Recital 12 c (new)
(12c) This Regulation should set out the objectives, content and duration of the draft suspensory technical standards that the Authority should be allowed to submit to the Commission, as well as the procedure for the Commission to adopt them. An appropriate level of control by co-legislators should be ensured by way of an objection period, while delays should be kept as short as practicable to ensure swift intervention in situations of emergency. The Authority should be able to submit a suspensory technical standard to renew the suspension provided for in a previous suspensory technical standard, using the same procedure, but such renewal should only be performed once to avoid the postponement of a delegated act or parts thereof over a disproportionately long period.
2018/09/11
Committee: ECON
Amendment 421 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)
Regulation (EU) No 1093/2010
New article 14a
(60) The following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard 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. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1093)
2018/09/14
Committee: ECON
Amendment 502 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b a (new)
Regulation (EU) No 1093/2010
Article 29 – paragraphs 2a and 2b (new)
(11a) The following paragraphs 2a and 2b are added to Article 29: "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A."
2018/09/14
Committee: ECON
Amendment 598 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point a
Regulation (EU) No 1093/2010
Article 33 – paragraph 2
2. The Authority shall assistprovide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2).;
2018/09/14
Committee: ECON
Amendment 604 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) 1093/2010
Article 33 – paragraph 2a – subparagraph 1a (new)
For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers
2018/09/14
Committee: ECON
Amendment 729 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 30
Regulation (EU) No 1093/2010
Article 45 – paragraph 1
1. The Executive Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members. One of the full time members shall be assigned, in particular responsibilities for budgetary matters and, for matters relating to the work programme of the Authority ("Member in charge "), and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation.
2018/09/14
Committee: ECON
Amendment 737 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 30
Regulation (EU) No 1093/2010
Article 45 – paragraph 2 – subparagraph 2
TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge. The Executive Board shall be balanced and proportionate and shall reflect the Union as a whole.
2018/09/14
Committee: ECON
Amendment 753 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31
Regulation (EU) No 1093/2010
Article 45a – paragraph 4 – subparagraph 2
The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least five times a yetwice a month, and report regularly to the Board.
2018/09/14
Committee: ECON
Amendment 757 #

2017/0230(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31
Regulation (EU) No 1093/2010
Article 45a – paragraph 5
5. The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts. The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial institutions.;
2018/09/14
Committee: ECON
Amendment 891 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Regulation (EU) No 1094/2010
Article 14 a (new)
(6a ) The following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard 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. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1094)
2018/09/19
Committee: ECON
Amendment 919 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b a (new)
Regulation (EU) 1094/2010
Article 29 – paragraphs 2 a (new) and 2 b (new)
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1094)(ba) The following paragraphs 2a and 2b are added : "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A." Or. en
2018/09/19
Committee: ECON
Amendment 943 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 20 – point a
Regulation (EU) No 1094/2010
Article 33 – paragraph 2
2. The Authority shall assistprovide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2).;
2018/09/19
Committee: ECON
Amendment 944 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 20 – point b
Regulation (EU) No 1094/2010
Article 33 – paragraph 2 a – subparagraph 1 a (new)
For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers.
2018/09/19
Committee: ECON
Amendment 964 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 33
Regulation (EU) No 1094/2010
Article 45 – paragraph 1
1. The Executive Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members. One of the full time members shall be assigned, in particular responsibility for budgetary matters and, for matters relating to the work programme of the Authority ("Member in charge"), and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation. .
2018/09/19
Committee: ECON
Amendment 967 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 33
Regulation (EU) No 1094/2010
Article 45 – paragraph 2 – subparagraph 2
TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the Shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge.
2018/09/19
Committee: ECON
Amendment 968 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 34
Regulation (EU) No 1094/2010
Article 45 a – paragraph 4 – subparagraph 2
The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least five times a yetwice a month, and report regularly to the Board.
2018/09/19
Committee: ECON
Amendment 970 #

2017/0230(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 34
Regulation (EU) No 1094/2010
Article 45 a – paragraph 5
5. The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts. The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial institutions.;
2018/09/19
Committee: ECON
Amendment 986 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 5 – point a – point iv a (new)
Regulation (EU) No 1095/2010
Article 8 – paragraph 1 – point l a (new)
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)(iva) The following point (la) is added: "(l) provide the Commission, the European Parliament and the Council with relevant technical advice, upon request or on its own initiative, throughout the ordinary legislative procedure concerning any legislative proposal of the Commission in the areas set out in the legislative acts referred to in Article 1(2), in particular as regards empowerments to adopt delegated or implementing acts, as set out in the draft legislative acts. " Or. en
2018/09/19
Committee: ECON
Amendment 994 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Regulation (EU) No 1095/2010
Article 14 a (new)
(6a) the following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard 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. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)
2018/09/19
Committee: ECON
Amendment 1020 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point b a (new)
Regulation (EU) No 1095/2010
Article 29 – paragraphs 2 a (new) and 2 b (new)
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)(ba) The following new paragraphs 2a and 2b are added: "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A." Or. en
2018/09/19
Committee: ECON
Amendment 1034 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a – paragraph 1
1. The Authority shall on an ongoing basis coordinate supervisory actions of competent authorities with a view to promoting supervisory convergence in the fields of delegation and outsourcing of activities by financial market participants as well as in relation to risk transfers conducted by them, in accordance with paragraphs 2, 3 and 4use its powers under this Regulation to promote supervisory convergence amongst competent authorities with regard to the delegation and outsourcing of activities by financial market participants that are under the supervision of the competent authorities in accordance with the acts referred to in Article 1(2).
2018/09/19
Committee: ECON
Amendment 1035 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 1
2. The competent authorities shall notify the Authority where they intend to carry out an authorisation or registration related to a financial market participant which is under supervision of the competent authority concerned in accordance with the acts referred to in Article 1(2) and where the business plan of theo that end, the Authority shall develop guidelines addressed to the competent authorities on the supervision and enforcement of the conditions under which financial market participant entails thes may outsourcinge or delegation ofe a material part of itstheir activities or any of the key functions or the risk transfer of a material part of itstheir activities into third countries, to benefit from the EU passport while essentially performing substantial activities or functions outside the Union. The notification to the Authority shall be suffici. The guidelines shall be published by [enter date 1 year after entlry detailed to allow for a proper assessment by the Authorityinto force of this Regulation].
2018/09/19
Committee: ECON
Amendment 1037 #

2017/0230(COD)

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
Amendment 1039 #

2017/0230(COD)

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
Amendment 1042 #

2017/0230(COD)

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
Amendment 1043 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 1
3. A financial market participant shall notify the competent authority of the outsourcing or delegation of a material part of its activities or any of its key functions, and the risk transfer of a material part of its activities, to another entity or its own branch established in a third country. The competent authority concerned shall inform the Authority of such notifications on a semi-annual basis.
2018/09/19
Committee: ECON
Amendment 1044 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 2
Without prejudice to Article 35, at the request of the Authority, theany competent authority shall provide information in relation to the outsourcing, delegation or risk transfer arrangements by financial market participants under its supervision.
2018/09/19
Committee: ECON
Amendment 1045 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 3
The Authority shall monitor whether the competent authorities concerned verify that outsourcing, delegation or risk transfer arrangements referred to in the first subparagraph are concluded in accordance with Union law, comply with guidelines, recommendations or opinions from the Authority and do not prevent effective supervision by the competent authorities and enforcement in a third country.deleted
2018/09/19
Committee: ECON
Amendment 1047 #

2017/0230(COD)

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 decisWithout prejudice to Article 30, the Authority shall organize and conduct regular peer reviews of the procedures and verifications performed by competent authorities when authorizing or registering a financial market participant whose business plan entails the outsourcing or delegation of a material part of its activities or any of the key functions or to withdraw an authorisation. Where the competent authority concerned does not follow the recommendhe risk transfer of a material part of its activities into third countries. The peer reviews shall assess in particular the impact of different approaches with regard to the applications 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.;guidelines referred to in paragraph 1. The report on the first review shall be published by [enter date [2/3] years after entry into application of this Regulation].
2018/09/19
Committee: ECON
Amendment 1051 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 18 – point a
Regulation (EU) No 1095/2010
Article 33 – paragraph 2
2. The Authority shall assistprovide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2).;
2018/09/19
Committee: ECON
Amendment 1053 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 18 – point b
Regulation (EU) No 1095/2010
Article 33 – paragraph 2 a –subparagraph 1 a (new)
For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers.
2018/09/19
Committee: ECON
Amendment 1057 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 18 a (new)
Regulation (EU) No 1095/2010
Article 34 – paragraph 1 a (new)
(18a) The following paragraph 1a is inserted: "1a. The Authority may, upon a request from the European Parliament, the Council or the Commission, or on its own initiative, provide technical advice to the European Parliament, the Council and the Commission during the ordinary legislative procedure concerning any legislative proposal of the Commission in the areas set out in the legislative acts referred to in Article 1(2). Such technical advice may for example concern the scope and content of any envisaged delegation to adopt delegated or implementing acts, asset out in the draft legislative act. Where deemed necessary, at any point of the ordinary legislative procedure, the Authority may be invited by the European Parliament, the Council or the Commission to attend technical meetings of the European Parliament or the Council in order to present its technical advice or answer technical questions of relevance for the draft legislative act. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)
2018/09/19
Committee: ECON
Amendment 1079 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 32
Regulation (EU) No 1095/2010
Article 45 – paragraph 1
1. The Executive Board shall be composed of the Chairperson and five full time membersfour full time members including the Chairperson. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members. One of the full time members shall be assigned, in particular responsibilities for budgetary matters and, for matters relating to the work programme of the Authority ("Member in charge"), and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation. The Head of the CCP Executive Session shall participate as observer to all meetingsbe a member of the Executive Board.
2018/09/19
Committee: ECON
Amendment 1083 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 32
Regulation (EU) No 1095/2010
Article 45 – paragraph 2 – subparagraph 2
TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge. The Executive Board shall be balanced and proportionate and shall reflect the Union as a whole.
2018/09/19
Committee: ECON
Amendment 1084 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 33
Regulation (EU) No 1095/2010
Article 45 a – paragraph 1
1. Decisions by the Executive Board shall be adopted by simple majority of its members. Each member shall have one vote. In the event of a tie, the Chairperson shall have a casting voteor if requested by the Chairperson or at least two Executive Board members, the decision will be referred to the Board of Supervisors.
2018/09/19
Committee: ECON
Amendment 1085 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 33
Regulation (EU) No 1095/2010
Article 45 a – paragraph 4 – subparagraph 2
The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least five times a yetwice a month, and report regularly to the Board.
2018/09/19
Committee: ECON
Amendment 1087 #

2017/0230(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 33
Regulation (EU) No 1095/2010
Article 45 a – paragraph 5
5. The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts. The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial market participants.;
2018/09/19
Committee: ECON
Amendment 79 #

2017/0220(COD)

Proposal for a regulation
Recital 24
(24) To ensure the effective participation of citizens in the democratic life of the Union, the Commission should examine a valid initiative and respond to it. The Commission should therefore set out its legal and political conclusions as well as the action it intends to take within a period of fivthree months from the receipt of the initiative. The Commission should explain in a clear, comprehensible and detailed manner the reasons for its intended action, and should likewise give its reasons if it does not intend to take any action.
2018/05/17
Committee: AFCO
Amendment 174 #

2017/0220(COD)

Proposal for a regulation
Article 14 – paragraph 3 a (new)
3a. In the case of a successful citizens’ initiative, the Commission shall, within 12 months after the publication of the initiative, submit to the European Parliament and to the Council a legislative proposal in response to the initiative. If the Commission considers that there are good reasons not to submit a legislative proposal, it shall clearly and thoroughly justify its decision. For the purposes of this Article, special attention should be paid to Article 296(2) TFEU and Article 41 of the Charter of Fundamental Rights of the European Union.
2018/05/17
Committee: AFCO
Amendment 253 #

2017/0143(COD)

Proposal for a regulation
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for eachten Member States will apply three years after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumers.
2018/04/30
Committee: ECON
Amendment 297 #

2017/0143(COD)

Proposal for a regulation
Recital 39
(39) The default investment option should allow the PEPP saver to recoup the invested capitalseek to ensure capital protection for the PEPP saver either by way of capital guarantee or the application of a life- cycle investment strategy to the PEPP saver’s assets. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cover inflation.
2018/04/30
Committee: ECON
Amendment 368 #

2017/0143(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 19 a (new)
(19a) “home Member State of the PEPP distributor” means the Member State in which the PEPP distributor has its registered office;
2018/04/30
Committee: ECON
Amendment 369 #

2017/0143(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 19 b (new)
(19b) “host Member State of the PEPP distributor” means a Member State, other than the home Member State, in which a PEPP distributor distributes PEPPs;
2018/04/30
Committee: ECON
Amendment 380 #

2017/0143(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
(28a) “Life-cycle investment strategy” means a strategy which aims at adjusting a portfolio’s risk profile from the investment date until the investor perceives out-payments after retirement age, by progressively reducing its overall risk exposure over time.
2018/04/30
Committee: ECON
Amendment 410 #

2017/0143(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point c
(c) institutions for occupational retirement provision (IORP) registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 ; __________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
2018/04/30
Committee: ECON
Amendment 505 #

2017/0143(COD)

Proposal for a regulation
Article 13 – paragraph 3
3. Three years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for allten Member States upon request addressed to the PEPP provider.
2018/04/30
Committee: ECON
Amendment 543 #

2017/0143(COD)

Proposal for a regulation
Article 17 – paragraph 1
1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over it and to EIOPA.
2018/04/30
Committee: ECON
Amendment 649 #

2017/0143(COD)

Proposal for a regulation
Article 25 – paragraph 2
2. Where advice isAdvice shall be provided prior to the conclusion of any specific contract, t. The PEPP provider or distributor referred to in Article 19(c) of this Regulation shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP savers’s demands and needs.
2018/04/30
Committee: ECON
Amendment 650 #

2017/0143(COD)

Proposal for a regulation
Article 25 – paragraph 3
3. When providing advice on PEPPsithout prejudice to the obligation set out in the preceding paragraph, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall comply with the applicable national laws giving effect to the rules set out in Article 25(2) of Directive 2014/65/EU and with any directly applicable Union legislation adopted under Article 25(8) of that Directive relating to those rules.
2018/04/30
Committee: ECON
Amendment 661 #

2017/0143(COD)

Proposal for a regulation
Article 26
[...]deleted
2018/04/30
Committee: ECON
Amendment 768 #

2017/0143(COD)

Proposal for a regulation
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP saver, on the basis of abe a simple and safe product that can be easily acquired, including through digital channels, in each Member State. The risk- mitigation technique that results in a safes can take the form of capital protection or de-risking investment strategyies.
2018/04/30
Committee: ECON
Amendment 778 #

2017/0143(COD)

Proposal for a regulation
Article 37 – paragraph 2
2. Capital protection shall allow the PEPP saver to recoup the capital investedbe achieved by either one of the following risk- mitigation techniques: (i) the PEPP provider offers a capital guarantee allowing the PEPP saver to recoup the capital invested; (ii) the assets of the PEPP saver are managed using a life-cycle investment strategy.
2018/04/30
Committee: ECON
Amendment 803 #

2017/0143(COD)

Proposal for a regulation
Article 39 – paragraph 1 – point a
(a) the risk-mitigation technique to ensure capital protection under the defaultunder the default option which seeks to ensure capital protection either by providing a capital guarantee or by a life-cycling investment option;strategy:
2018/04/30
Committee: ECON
Amendment 868 #

2017/0143(COD)

Proposal for a regulation
Article 52 – paragraph 1 a (new)
1a. Where Member States have not imposed a mandatory link between reaching retirement age and the start of the decumulation phase, PEPP providers shall give PEPP savers the option to defer the start of the decumulation phase to a date after they have reached retirement age.
2018/04/30
Committee: ECON
Amendment 879 #

2017/0143(COD)

Proposal for a regulation
Article 52 – paragraph 2
2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter and during the last year of the accumulation phase, if applicabl. This possibility to change should be free of charge.
2018/04/30
Committee: ECON
Amendment 883 #

2017/0143(COD)

Proposal for a regulation
Article 52 – paragraph 2 a (new)
2a. Where, upon the start of the decumulation phase, the overall value of the assets accumulated in a PEPP account does not exceed an amount to be laid down and revised every year by each Member State, the PEPP saver shall have the right to liquidate the PEPP account and receive a lump sum payment.
2018/04/30
Committee: ECON
Amendment 889 #

2017/0143(COD)

Proposal for a regulation
Article 53 – paragraph 1
1. The competent authority of the home Member State of the PEPP provider shall supervise compliance with this Regulation on an ongoing basis. It shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the PEPP provider, and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a PEPP. By derogation to the first subparagraph, compliance by the PEPP provider and the PEPP distributor with Chapter IV of this Regulation shall be supervised on an ongoing basis by the competent authority of the host Member State of the PEPP provider and the PEPP distributor.
2018/04/30
Committee: ECON
Amendment 205 #

2017/0136(COD)

Proposal for a regulation
Recital 33 a (new)
(33a) The Commission and ESMA should also be able to impose to the systemically important third-country CCP any additional requirements that they consider necessary to guarantee the EU financial stability.
2018/04/13
Committee: ECON
Amendment 285 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Regulation (EU) No 648/2012
Article 17 – paragraph 4 – subparagraph 4
(2a) In Article 17, the fourth subparagraph of paragraph 4 is replaced by the following: “Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of two- thirds of the college haves expressed a negative opinion, any of the competent authorities concerned, based on that majority of two-thirds of the college, may, within 30 calendar days of the adoption of that negative opinion, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010. ” Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 299 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)
Regulation (EU) No 648/2012
Article 18 – paragraph 4 – subparagraph 1 a (new)
(ca) in paragraph 4, the following subparagraph is added: To facilitate ESMA’s supervisory task and involve closely college members, where any member of the college assesses, on the basis of information exchanged pursuant to point (b), that the risk management practices of a CCP do not comply with all the requirements laid down in this Regulation or otherwise entail shortcomings in its resilience, the member may submit to the competent authority and the college a recommendation to address the issue and improve the resilience of the CCP. The college may adopt the recommendation on the basis of a simple majority of its members. Within 30 days of the adoption of the recommendation by the college, ESMA shall assess the issue and the recommendation and decide whether to request any specific supervisory action pursuant to Article 21a (3). It shall immediately inform the competent authority and the college. The competent authority shall keep the college informed of any subsequent action or absence thereof with respect to the recommendation. Where the competent authority has failed to take action within 90 days after the adoption of the recommendation and where failing to take action may result in non-compliance with the requirements laid down in this Regulation, any member of the college may, within 30 days after the end of the 90 days period, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010. “ Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 301 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Regulation (EU) No 648/2012
Article 19 – paragraph 1 – subparagraph 3 a (new)
3a. In Article 19, the following subparagraph is added in paragraph 1: At the request of any member of the college and upon adoption by a majority of the college, the opinion may include recommendations to improve the resilience of the CCP. Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 317 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b a (new)
Regulation (EU) No 648/2012
Article 21 – paragraph 6 – subparagraph 2 – point a
(ba) point (a) of the second subparagraph of paragraph 6 is replaced by the following: (a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010; and and a comparative analysis of the risk management practices of all CCPs authorised in accordance with Article 14 this Regulation; and” Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 330 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1 – point b
(b) any decisions adopted in the carrying out of their duties resulting from the requirements set out in Article 16 and Titles IV and V. When ESMA determines that a draft decision submitted by a competent authority pursuant to paragraph 1 should be subject to the procedures pursuant to Article 15 or Article 49, it shall inform the competent authority and the college. Where ESMA makes such a determination, the competent authority shall not adopt its decision. The competent authority informs the CCP, applies the relevant procedure and prepares and submits a draft decision in accordance with paragraph 1.
2018/04/13
Committee: ECON
Amendment 342 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 1
Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 41, 44, 46, 50 and 54.
2018/04/13
Committee: ECON
Amendment 398 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 648/2012
Article 22 a (new)
7a. The following Article 22a is inserted: "Article 22a ESMA CCP Supervisory Committee 1. ESMA shall establish a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1095/2010 for the purposes of preparing decisions and carrying out the tasks relating to the supervision of Union and third country CCPs. The CCP Supervisory Committee established pursuant to the first subparagraph shall submit to the Board of Supervisors complete draft decisions for adoption in accordance with Article 22c. 2. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) a Chair, appointed in accordance with Article 22b, who shall be voting; (ii) a representative of the Commission, who shall be non-voting; and (iii) a representative of the ECB, who shall be non-voting; (b) the following non-permanent members specific to each CCP in relation to which the CCP Supervisory Committee is convened: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP is convened, who shall be voting; and (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where and as appropriate and necessary, other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee. Where the CCP Supervisory Committee is exercising any of the tasks referred to in point (b) of paragraph 3, authorities of third country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012 may be invited, where and as appropriate and necessary, as observers. Where discussing decisions pertaining to Article 25(2a) and (2c), Article 25b and Articles 41, 44 and 46, central banks of issue of the financial instruments cleared or to be cleared by the third country CCP in relation to which the CCP Supervisory Committee convenes may be invited to participate in the CCP Supervisory Committee as observers. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. The CCP Supervisory Committee shall meet at least five times a year. Where a task of the CCP Supervisory Committee does not relate to a specific CCP established in the Union, the Committee shall be composed only of the permanent members referred in point (a) of this paragraph and, where relevant, the central banks of issue referred to in point (b)(ii) of this paragraph. 3. The CCP Supervisory Committee shall be responsible for all of the following: (a) providing the consent referred to in Article 21a(1) of Regulation (EU) No 648/2012; (b) recognising and supervising third- country CCPs in accordance with Article 25 of Regulation (EU) No 648/2012, the monitoring of regulatory and supervisory developments in third countries under Chapter 2 of Title II of Regulation (EU) No 648/2012; and (c) the tasks referred to in the first subparagraph of Article 5(1), the first subparagraph of Article 9(3), Articles 9(4), 13(1) and (4), 17(2) and (3), 18(1), 20(2) and (6), Article 21(1), Article 21(3), Article 21(6), Article 21a Articles 21c, 23 and 24, Articles 29(3), 38(5), 48(3), 49(1) and 54(3) of Regulation (EU) No 648/2012. 4. The Chair of the CCP Supervisory Committee shall be a full-time, independent professional. The Chair shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. The Chair shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The Chair shall be an observer at the Board of Supervisor." Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52017PC0331)
2018/04/13
Committee: ECON
Amendment 407 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Regulation (EU) No 648/2012
Article 22 b (new)
7b. the following Article 22b is inserted: "Article 22b Decision-making within the CCP Supervisory Committee The CCP Supervisory Committee shall take its decisions by a simple majority of its members, except for decisions pursuant to Articles 17, 20 and 25 which shall be adopted by a majority of two- thirds in the CCP Supervisory Committee. In the event of a tie, the Chair shall have the casting vote. Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 468 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b a (new)
(ba) the CCP complies with any additional requirement imposed by the Commission (or ESMA);
2018/04/13
Committee: ECON
Amendment 472 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point d
(d) the CCP has put in place all necessary measures and procedures that ensure the effective compliance with the requirements laid down in points (a), (ba) and (c);
2018/04/13
Committee: ECON
Amendment 499 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c
Regulation (EU) No 648/2012
Article 25 – paragraph 5
5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union and in any case at least every two years. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, following the review referred to in Article 25 (1), ESMA determines that a CCP recognised before [entry into force of this Regulation] qualifies as a Tier 2 CCP in accordance with Article 25 (2a), or that a third-country CCP which has been recognized as Tier 1 CCP should be recognised as Tier 2 CCP, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP must comply with the requirements referred to in Article 25(2b). Where, following Article 25 paragraph 2c the Commission concludes that a CCP or one of its clearing services should not be recognised, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP may be temporarily recognised.
2018/04/13
Committee: ECON
Amendment 515 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g a (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e a (new)
(ga) in paragraph 7 the following point is added: (ea) where rights on decisions are granted to ESMA in accordance with Article 25b, the procedures concerning the effective enforcement of these rights.
2018/04/13
Committee: ECON
Amendment 516 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g b (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e b (new)
(gb) in paragraph 7 the following point is added: (eb) the procedures concerning emergency situations, including the agreement of third-country authorities to inform ESMA without undue delay of any emergency situation relating to a CCP including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in any of the Member States or in the EU as a whole, and including the agreement of third- country authorities to appropriately involve ESMA and the relevant EU central banks of issue in decisions taken in such situations.
2018/04/13
Committee: ECON
Amendment 522 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
(ba) the effect that the failure of or a disruption to the CCP would have on the liquidity of the markets served or on the monetary policy implementation of the central banks of issue;
2018/04/13
Committee: ECON
Amendment 523 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 a – paragraph 3 – subparagraph 1 – point b b (new)
(bb) the substitutability of the clearing services offered by the CCP
2018/04/13
Committee: ECON
Amendment 548 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 3
3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010, and in coordination with assessments initiated pursuant to Article 21 (6) (b) of Regulation (EU) No 648/2012.
2018/04/13
Committee: ECON
Amendment 557 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 1 – point e a (new)
(ea) The central banks of issue of the financial instruments cleared by the CCP may submit a request to ESMA to participate in such investigations where relevant for the carrying-out of their monetary policy tasks.
2018/04/13
Committee: ECON
Amendment 561 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 4
4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority concerned may, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the third-country competent authority concerned may also attend the investigations. Investigations in accordance with this Article shall be conducted provided that the relevant third-country authority does not object to them.
2018/04/13
Committee: ECON
Amendment 565 #

2017/0136(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 3 – subparagraph 1
In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the on-site inspection without prior notice to the CCP. Inspections in accordance with this Article shall be conducted provided that the relevant third-country authority has confirmed that it does not object to those inspections.
2018/04/13
Committee: ECON
Amendment 45 #

2017/0090(COD)

Proposal for a regulation
Recital 10 a (new)
(10a) Where a class of OTC derivatives is no longer considered to be eligible for clearing and the clearing obligation for that class has been subsequently suspended, the trading obligation under Regulation (EU) No 600/2014 for counterparties to trade derivatives subject to the clearing obligation on trading venues should also be suspended.
2018/03/05
Committee: ECON
Amendment 50 #

2017/0090(COD)

Proposal for a regulation
Recital 12
(12) Intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. Those transactions therefore do not significantly contribute to systemic risk and interconnectedness, yet the obligation to report those transactions imposes important costs and burdens on non- financial counterparties. Intragroup transactions where at least one ofboth the counterparties is are non-financial counterpartyies should therefore be exempted from the reporting obligation.
2018/03/05
Committee: ECON
Amendment 63 #

2017/0090(COD)

Proposal for a regulation
Recital 16 a (new)
(16a) In order to avoid international regulatory divergence and bearing in mind the particular nature of such derivatives’ trades, the mandatory exchange of variation margins on physically settled foreign exchange forward and physically settled foreign exchange swap derivatives should only apply to transactions between the most systemic counterparties, credit institutions and investment firms.
2018/03/05
Committee: ECON
Amendment 77 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)
Regulation (EU) No 648/2012
Article 1 – paragraph 4
4. This Regulation shall not apply to: (a) the members of the ESCB and other Member States’ bodies performing similar function(-1) In Article 1, paragraph 4 is replaced by the following: "4. This Regulation shall not apply to: (a) central banks and other Union public bodies charged with or intervening in the management of the public debt; ; (b) the Bank for International Settlements. (c) the centralmultilateral development banks, and public bodies charged with or intervening in the management of the public debt in the following countries: (i) Japan; (ii) United States of America; (iii) Australia; (iv) Canada; (v) Hong Kong; (vi) Mexico; (vii) Singapore; (viii) Switzerland. s listed in Article 117(2) of Regulation (EU) No 575/2013. Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/03/05
Committee: ECON
Amendment 79 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point -1 a (new)
Regulation (EU) No 648/2012
Article 1 – paragraph 5 – point a
(-1a) In Article 1, paragraph 5, point a is deleted; Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/03/05
Committee: ECON
Amendment 80 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1
Regulation (EU) No 648/2012
Article 2 – point 8
(1) In Article 2, point (8) is replaced by the following: ‘(8) “financial counterparty” means an investment firm authorised in accordance with Directive 2014/65/EC of the European Parliament and of the Council31 , a credit institution authorised in accordance with Regulation (EU) No 575/2013, an insurance of reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council32 , a UCITS authorised in accordance with Directive 2009/65/EC, except if this UCITS is related to an employee share purchase plan, an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, an AIF as defined inalternative investment fund (AIF) within the meaning of Article 4(1)(a) of dDirective 2011/61/EU, a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council33 and a securitisation special purpose entity as defined in Article 4(1)(66) of which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered under that Directive, except if this AIF is related to an employee share purchase plan, and a central securities depository authorised in accordance with Regulation (EU) No 575909/20134 of the European Parliament and of the Council34 3;’. _________________ 31 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349). 32 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). 33 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257 28.8.2014, p. 1). 34Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (OJ L 176, 27.6.2013, p. 1).
2018/03/05
Committee: ECON
Amendment 93 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c
Regulation (EU) No 648/2012
Article 4 – paragraph 3a – subparagraph 1
Clearing members and clients which provide clearing services, whether directly or indirectly, shall provide those services under fair, reasonable and non- discriminatory commercial terms. In doing so, clearing members shall take all reasonable steps designed to prevent conflicts of interest, including prohibiting any trading business from directly or indirectly interfering with, or attempting to influence, decisions of the clearing unit personnel with respect to its clearing offering, including whether to provide clearing services to a particular customer and the associated commercial terms.
2018/03/05
Committee: ECON
Amendment 100 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 1
A financial counterparty taking positions in OTC derivative contracts shall calculate, annually, its aggregate month-end average position for the months March, April and May in accordance with paragraph 3 its rolling average position over 30 working days in accordance with paragraph 3. If the positions of the financial counterparty do not exceed the clearing threshold referred to in paragraph 2, the financial counterparty shall no longer be subject to the clearing obligation set out in Article 4, provided that it immediately notifies ESMA and the relevant competent authority thereof.
2018/03/05
Committee: ECON
Amendment 104 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2
Where the result of that calculation exceeds the clearing thresholds specified pursuant to Article 10(4)(b), the financial counterparty shall: (a) immediately notify ESMA and the relevant competent authority thereof; (b) be subject to the clearing obligation referred to in Article 4 for future OTC derivative contracts, irrespective of the asset class or asset classes for which the clearing threshold has been exceeded; (c) clear the contracts referred to in point (b) within four months of becoming subject to the clearing obligation.deleted
2018/03/05
Committee: ECON
Amendment 113 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 a (new)
1a. A financial counterparty that wishes to rely on the exemption referred to in paragraph 1 shall calculate, annually, its rolling average position over 30 working days. In calculating its positions referred to in paragraph 1, the financial counterparty shall include all OTC derivative contracts entered into by that financial counterparty or entered into by other entities within the group to which that financial counterparty belongs.
2018/03/05
Committee: ECON
Amendment 118 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 3
3. In calculating the positions referred to in paragraph 1, the financial counterparty shall include all OTC derivative contracts entered into by that financial counterparty or entered into by other entities within the group to which that financial counterparty belongs.; Where the result of that calculation exceeds the clearing thresholds specified pursuant to Article 10(4)(b), the financial counterparty shall: (a) immediately notify ESMA and the relevant competent authority thereof; (b) be subject to the clearing obligation referred to in Article 4 for future OTC derivative contracts, irrespective of the asset class or asset classes for which the clearing threshold has been exceeded; (c) clear the contracts referred to in point (b) within four months of becoming subject to the clearing obligation; (d) notify its counterparties of the change in status of the financial counterparty before entering into any new OTC derivative contracts subject to the clearing obligation.
2018/03/05
Committee: ECON
Amendment 129 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 1 – introductory part
In circumstances other than those referred to in Article 6a(1), ESMA may request that the Commissiontemporarily suspend the clearing obligation referred to in Article 4(1) for a specific class of OTC derivative or for a specific type of counterparty where one of the following conditions is met:
2018/03/05
Committee: ECON
Amendment 135 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) 648/2012
Article 6b – paragraph 1 – subparagraph 2
Before suspending the clearing obligation, ESMA shall notify the Commission of the proposed suspension, providing reasons and submitting evidence that at least one of the conditions laid down in the first subparagraph is fulfilled. For the purposes of point (c) of the first subparagraph, ESMA shall consultalso notify the ESRCB prior to the request referred to thereibefore suspending the clearing obligation.
2018/03/05
Committee: ECON
Amendment 139 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 2
2. The request referred to in paragraph 1 shall not be made publicESMA's decision to suspend the clearing obligation shall be published on its website and in the public register set out in Article 6.
2018/03/05
Committee: ECON
Amendment 141 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 3
3. The Commission shall, within 48 hours of the requestA suspension shall be valid for an initial period not exceeding four months from the date of the publication of the suspension notice on ESMA's website. ESMA may extend the suspension referred to in paragraph 1 and based on the reasons and evidence provided by ESMA, eifor an additional period of four months, with the total period of ther suspend the clearing obligatsion not exceeding 12 months. An extension ofor the specific class of OTC derivative or for the specific type of counterparty referred to in paragraph 1, or reject the requesteduspension shall be published on ESMA's website and in the public register referred to in Article 6 at least one month prior to expiry of the suspension.
2018/03/05
Committee: ECON
Amendment 144 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 4
4. TWhe Commission’s decision to suspend the clearing obligation shall be communicated to ESMAre the suspension is not renewed by the end of the initial period or by the end of andy shall be published in the Offubsequent renewal period, it shall automaticial Journal of the European Unly expire. the suspension, onf the Commission’s website and in the public register referred to in Article 6trading obligation shall also expire with the expiration of the suspension of clearing obligation.
2018/03/05
Committee: ECON
Amendment 145 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 5
5. A suspension of the clearing obligation pursuant to this Article shall be valid for a period of threCounterparties affected by the suspension shall not be required to comply with Article 4(1) in relation to OTC derivative mconths from the date of the publicatracts concluded during the periond of thate suspension in the Official Journal of the European Unor with Article 11(3) for the duration of the suspension.
2018/03/05
Committee: ECON
Amendment 155 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012
CFinancial counterparties, non-financial counterparties that meet the conditions referred to in the second subparagraph of Article 10(1) and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported in accordance with paragraph 1a to a trade repository registered in accordance with Article 55 or recognised in accordance with Article 77. The details shall be reported no later than the working day following the conclusion, modification or termination of the contract.
2018/03/05
Committee: ECON
Amendment 156 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraph 2 – point a
(a) were entered into before 12 February 2014 and remain outstanding on that date;deleted
2018/03/05
Committee: ECON
Amendment 159 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraph 3
The reporting obligation shall not apply to intragroup transactions referred to in Article 3 where one of the counterparties is a non-financial counterparty.; both of the counterparties are non-financial counterparties and to transactions between a non-financial counterparty and a third country entity which is part of the same group, provided that the third country entity would be qualified as a non-financial counterparty if it were established in the Union.
2018/03/05
Committee: ECON
Amendment 171 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point b
(b) financial counterparties shall be responsible for reporting on behalf of both counterpaand non- financial counterparties that meet the conditions referred to in the second subparagraph of Article 10(1) shall be responsible for reportiesng the details of OTC derivative contracts concluded with a non- financial counterparty that is not subject to the conditions referred to in the second subparagraph of Article 10(1) as well as for ensuring the accuracy of the details reported;
2018/03/05
Committee: ECON
Amendment 172 #

2017/0090(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point e
(e) financial counterparties, non- financial counterparties that meet the conditions referred to in the second subparagraph of Article 10(1) and CCPs shall ensure that the details of their derivative contracts are reported accurately and without duplication.
2018/03/05
Committee: ECON
Amendment 191 #

2017/0090(COD)

(8a) In Article 11, after paragraph 4 the following paragraph is inserted following: "4a. The requirement laid down in paragraph 3 shall not apply to any non- centrally cleared OTC derivatives which are: (i) physically settled FX forwards and FX swaps; (ii) single-stock equity options or index options "" Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/03/05
Committee: ECON
Amendment 268 #

2017/0090(COD)

Proposal for a regulation
Article 2 – paragraph 1 a (new)
This Regulation shall apply from [PO please add the date 6 months after the entry into force].
2018/03/05
Committee: ECON
Amendment 270 #

2017/0090(COD)

Proposal for a regulation
Article 2 – paragraph 2
Article 1(3)Notwithstanding the subparagraph 1a, Article 1(7)(d), and paragraphs 8, 10, and 11 of Article 1 shall apply from [PO please add the date 6 months after the entry into force] and Article 1(2)(c), Article 1(7)(e), Article 1(9), points (b) and (c) of Article 1(12) and Article 1(16) shall apply from [PO please add the date 18 months after the entry into force].
2018/03/05
Committee: ECON
Amendment 27 #

2016/2100(INI)

Motion for a resolution
Recital C
C. whereas competition prevents the over-concentration of economic and financial power in the hands of a few; and stimulates actors by providing an incentive for them to be dynamic and innovative and to differentiate themselves in the markets;
2016/10/24
Committee: ECON
Amendment 32 #

2016/2100(INI)

Motion for a resolution
Recital D
D. whereas competition policy keeps markets efficient and open, thus leading to lower prices, the emergence of new actors, better-quality products and services and greater choice for consumers, also promoting innovation and growth;
2016/10/24
Committee: ECON
Amendment 49 #

2016/2100(INI)

Motion for a resolution
Recital F a (new)
Fa. whereas EU competition policy is interdependent with other major EU policies, including tax, industrial and digital policies, the coordination of which is intended to ensure compliance with the fundamental principles enshrined in the Treaties, in particular transparency and loyalty;
2016/10/24
Committee: ECON
Amendment 64 #

2016/2100(INI)

Motion for a resolution
Paragraph 2
2. WStresses that the improvement and development of the functioning of the single market go hand in hand with the development of competition policy; welcomes the Commission’s goal of opening up new opportunities for citizens and businesses by allowing people, goods, services and capital to move freely within the single market; welcomes the Commission’s use of the various instruments at its disposal, including control of mergers, combating abuse of a dominant position and anti-competitive practices, combating cartels, control of state aid, coordination with national competition authorities and sectoral inquiries;
2016/10/24
Committee: ECON
Amendment 140 #

2016/2100(INI)

Motion for a resolution
Paragraph 6
6. Calls on the Commission to take more ambitious steps to eliminate obstacles to online competition, in order to ensure barrier-free online shopping free of barriers and geographic discrimination for EU consumers purchasing from sellers who are based in another Member State; stresses that the Commission should adopt flexible measures to adapt to the fourth industrial revolution, characterised by digitisation and robotisation;
2016/10/24
Committee: ECON
Amendment 159 #

2016/2100(INI)

Motion for a resolution
Paragraph 7
7. Stresses that the sharing economy is offering EU consumers numerous innovative products and services; reiterates that beside the taxation and security aspects, the Commission should also examine its competition aspects; underlines that national or EU rules must not impose the same conditions for different kinds of services; stresses the need to guarantee a high level of consumer and personal data protection in connection with the digital single market;
2016/10/24
Committee: ECON
Amendment 184 #

2016/2100(INI)

Motion for a resolution
Paragraph 9 a (new)
9a. Calls on the Commission to bring forward a regulatory strategy taking into account technology convergence and, in particular, the multiplication of platforms; recalls that for this purpose ex ante sectoral regulations must balance defence of pluralism, freedom of expression, protection of personal data, protection of the consumer’s autonomy and freedom of choice and equal promotion of competing offers in Europe and of convergent offers for European champions in international competition; calls for inequalities in the balance of power to be corrected and for situations of dependency between economic operators to be alleviated with a view to achieving a fair sharing of value;
2016/10/24
Committee: ECON
Amendment 209 #

2016/2100(INI)

Motion for a resolution
Paragraph 12
12. Welcomes the overhaul of the state aid rules; reminds the Member States, nonetheless, that the aim was to better target aid measures towards economic growth, quality job creation and social cohesion; also reminds the Commission of the need to prevent certain governments from acting in bad faith as they do when misspending EU funds; stresses that the requirement for assessment of aid schemes introduced by the modernisation of state aid policy will serve to gather the information needed to better understand the impacts of notified schemes, improve the implementation of competition policy and inform future policy-making by Member States and the Commission; suggests that a specific annual report be sent to Parliament;
2016/10/24
Committee: ECON
Amendment 266 #

2016/2100(INI)

Motion for a resolution
Paragraph 14 a (new)
14a. Underlines the importance of the Commission’s investigations into state aid of a fiscal nature, which provide necessary support for the European and international tax agenda, especially in the fight against aggressive tax planning;
2016/10/24
Committee: ECON
Amendment 289 #

2016/2100(INI)

Motion for a resolution
Paragraph 16
16. Calls on the Commission to keep its cartel enforcement record strong and effective in all cases where it has sufficient evidence of infringement; points out that competition policy enables competitors to cooperate in innovation without that cooperation being abused for anti- competitive ends; welcomes last year’s five decisions relating to a total of EUR 365 million in fines; also calls, however, for extra vigilance regarding airlines’ ‘anti- competitive cooperation practices’;
2016/10/24
Committee: ECON
Amendment 302 #

2016/2100(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Calls on the Commission to present a legislative proposal establishing a framework for EU coordination of national competition authorities on merger control;
2016/10/24
Committee: ECON
Amendment 329 #

2016/2100(INI)

Motion for a resolution
Paragraph 20 a (new)
20a. Recalls that Article 42 TFEU accords the agricultural sector a special status as regards competition law that is specified in the latest reform of the common agricultural policy by strengthening the position of farmers in the food supply chain and allowing for general or specific derogations to Article 101 TFEU;
2016/10/24
Committee: ECON
Amendment 337 #

2016/2100(INI)

Motion for a resolution
Paragraph 20 b (new)
20b. Notes that the increased volatility of agricultural prices and the crises in the agricultural markets, especially in the dairy sector, accentuate the structurally weak position of farmers in the food supply chain;
2016/10/24
Committee: ECON
Amendment 341 #

2016/2100(INI)

Motion for a resolution
Paragraph 20 c (new)
20c. Considers that the lack of clarity as to the scope of these derogations, difficulties in implementation and the lack of uniform application by national competition authorities do not provide sufficient legal certainty for farmers and their organisations wishing to apply the right of derogation;
2016/10/24
Committee: ECON
Amendment 345 #

2016/2100(INI)

Motion for a resolution
Paragraph 20 d (new)
20d. Calls on the European Commission to adopt new initiatives to take better account of the specific nature of agriculture in the application of competition policy and to ensure a complete and satisfactory implementation of the general derogation for agriculture and the specific derogations for the dairy, olive oil, beef and veal, and arable crops sectors;
2016/10/24
Committee: ECON
Amendment 348 #

2016/2100(INI)

Motion for a resolution
Paragraph 20 e (new)
20e. Calls on the Commission and the national competition authorities to address the concerns raised by the cumulative impact at the upper end of the food supply chain of national-level concentration in the distribution sector and the development of European-level alliances of distributors;
2016/10/24
Committee: ECON
Amendment 369 #

2016/2100(INI)

Motion for a resolution
Paragraph 21 a (new)
21a. Encourages the Commission to provide analytical methods for the definition of new relevant markets with the digitalisation of the economy and in particular with the phenomenon of convergence of technologies and the commercial use of personal data on a large scale;
2016/10/24
Committee: ECON
Amendment 404 #

2016/2100(INI)

Motion for a resolution
Paragraph 25
25. Calls on the Commission to put forward a proposal for EU action to ensure that the national competition authorities are more effective enforcers and act in a coherent and convergent fashion, so that the full potential of the decentralised system of EU competition enforcement can be realised;
2016/10/24
Committee: ECON
Amendment 426 #

2016/2100(INI)

Motion for a resolution
Paragraph 26 a (new)
26a. Welcomes the Commission’s initiatives for public consultation in applying merger control and invites it to discuss the results with the European Parliament;
2016/10/24
Committee: ECON
Amendment 427 #

2016/2100(INI)

Motion for a resolution
Paragraph 26 b (new)
26b. Calls for extension of the dialogue between European institutions and national competition authorities, in particular to include exchanges of views with the parliamentary committees of the European Parliament;
2016/10/24
Committee: ECON
Amendment 32 #

2016/2047(BUD)

Motion for a resolution
Paragraph 6
6. Reiterates its conviction that the Union budget should find ways of financing new initiatives which are not to the detriment of existing Union programmes and policies and is disappointed that the Preparatory Action for defence research, which will amount to EUR 80 million in the next three years will be squeezed under the current budget of the MFF; is convinced that with an already underfinanced Union budget, additional efforts for operations, administrative costs, preparatory actions and pilot projects in relation to the common security and defence policy also need additional financial means by the Member States; considers that the current MFF mid-term review/revision should be used by the Member States in that respect;
2016/10/04
Committee: BUDG
Amendment 165 #

2016/2038(INI)

Motion for a resolution
Paragraph 1
1. Reiterates the conclusions of its resolution of 25 November 2015; and calls on the competent standing committee to follow up on all recommendations made by the TAXE 1 and TAXE 2 special committees; calls, to that end, for the establishment of a standing subcommittee with a remit covering all tax policies in the Union;
2016/06/02
Committee: TAX2
Amendment 193 #

2016/2038(INI)

Motion for a resolution
Paragraph 3
3. UrgesReiterates its call on the Commission in 2015 to come forward with a proposal for a common corporate consolidated tax base (CCCTB) which would provide a comprehensive solution to harmful tax practices within the Union before the end of 2016; believes that the consolidation of the CCCTB is essential and is becoming increasingly urgent; calls on the Member States to promptly reach an agreement on this and to swiftly implement it;
2016/06/02
Committee: TAX2
Amendment 402 #

2016/2038(INI)

Motion for a resolution
Paragraph 33
33. Notes the continuing lack of transparency of the working methods of the Code of Conduct Group, which is preventing any concrete potential improvement in terms of tackling harmful tax practices; reiterates its 2015 call on the Council to establish a political-level ‘tax committee’;
2016/06/02
Committee: TAX2
Amendment 411 #

2016/2038(INI)

Motion for a resolution
Paragraph 33 a (new)
33a. Reiterates its 2015 call on the Commission to provide an update to the 1999 Simmons & Simmons report on administrative practices mentioned in paragraph 26 of the 1999 Code of Conduct Group report (the Primarolo report (SN 4901/99));
2016/06/02
Committee: TAX2
Amendment 466 #

2016/2038(INI)

Motion for a resolution
Paragraph 39 a (new)
39a. Welcomes the international development of interparliamentary cooperation and calls for it to be enhanced, in particular within the OECD; welcomes in particular in this cooperative context the constructive exchanges of delegations from the TAXE 2 Special Committee with representatives of both the OECD national parliaments and the US Congress in Washington;
2016/06/02
Committee: TAX2
Amendment 539 #

2016/2038(INI)

Motion for a resolution
Paragraph 52
52. Calls on itsthe competent standing committee to follow up on these recommendations in its upcoming legislative initiative report on the same topicand the future subcommittee on EU tax policy to follow up on these recommendations;
2016/06/02
Committee: TAX2
Amendment 41 #

2016/2032(INI)

Motion for a resolution
Paragraph 2
2. Notes differences in financing conditions for SMEs between Member States and between regions, notably the quantity and cost of available funding, which are influenced by SME-factors specific and country-specific factorsto SMEs and to the regions in which they are established;
2016/04/06
Committee: ECON
Amendment 67 #

2016/2032(INI)

Motion for a resolution
Paragraph 5
5. Encourages SMEs to consider the whole EU as their home market and to use the potential of the single market for their financing needs; welcomes the Commission’s initiatives supporting SMEs and start-ups in an upgraded Single Market; underlines, in this context, the importance of the implementation of the Small Business Act; calls on the Commission for a follow-up to the Small Business Act; calls on the Commission and Member States to ensure coordination, consistency and synergies between European instruments and programmes for SMEs, such as the European Structural and Investment Funds (ESI funds), Horizon 2020 and COSME;
2016/04/06
Committee: ECON
Amendment 227 #

2016/2032(INI)

Motion for a resolution
Paragraph 26 a (new)
26a. Notes that during this period of fiscal restraint, cohesion policy is an important source of support for SMEs, but stresses that the complexity of the rules and the red tape involved in obtaining ESI funding affect SMEs in particular, resulting in disproportionate administrative costs; urges the Member States and the Commission to make significant progress towards further simplification so as to make funding more attractive for SMEs and calls on the Commission to clarify the link between the rules on ESI Funds and the rules on state aid;
2016/04/06
Committee: ECON
Amendment 228 #

2016/0365(COD)

Proposal for a regulation
Recital 16 a (new)
(16a) The decision to be taken by a Union resolution authority should focus first and foremost on the preservation of Union financial stability.
2017/11/07
Committee: ECON
Amendment 242 #

2016/0365(COD)

Proposal for a regulation
Recital 32
(32) In order to preserve financial stability, it is necessary that competent authorities are able to remedy the deterioration of a CCP's financial and economic situation before that CCP reaches a point at which authorities have no other alternative but to resolve it or to direct the CCP to change course where its actions could be detrimental for overall financial stability. Therefore, competent authorities should be granted early intervention powers to avoid or minimise adverse effects on financial stability that could result from the CCP’s implementation of certain measures. The early intervention powers should be conferred on competent authorities in addition to their powers provided for in the national law of Member States or under Regulation (EU) No 648/2012 for circumstances other than those considered to be early intervention. Early intervention rights should include the power to restrict or prohibit any remuneration of equity and instruments treated as equity to the fullest extent possible without triggering outright default, including dividend payments and buybacks by the CCP, and it should be able to restrict, prohibit or freeze any payments of variable remuneration under Directive 2013/36/EU and EBA Guidelines EBA/GL/2015/22, of discretionary pension benefits and of severance packages to management.
2017/11/07
Committee: ECON
Amendment 243 #

2016/0365(COD)

Proposal for a regulation
Recital 34
(34) The resolution framework should provide for timely entry into resolution before a CCP is insolvent. The decision to enter into resolution should be duly justified, based on the information readily available. A CCP should be considered to be failing or likely to fail when it infringes or is likely in the near future to infringe the requirements for continuing authorisation, when its recovery has failed to restore its viability, when the assets of the CCP are or are likely in the near future to be less than its liabilities, when the CCP is or is likely in the near future to be unable to pay its debts as they fall due, or when the CCP requires extraordinary public financial support. However, the fact that a CCP does not comply with all the requirements for authorisation should not justify by itself the entry into resolution.
2017/11/07
Committee: ECON
Amendment 245 #

2016/0365(COD)

Proposal for a regulation
Recital 36
(36) Where a CCP meets the conditions for resolution, the resolution authority of the CCP should have at its disposal a harmonised set of resolution tools and powers. Their exercise should be subject to common conditions, objectives, and general principles. The use of additional tools and powers by resolution authorities should be consistent with the resolution principles and objectives. In particular, the use of such tools or powers should not impinge on the effective resolution of cross-border groups. The possibility to use public funds should be avoided as much as possible.
2017/11/07
Committee: ECON
Amendment 278 #

2016/0365(COD)

Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Each Member State shall designate one or more resolution authorities that are empowered to useapply the resolution tools and exercise the resolution powers as set out in this Regulation.
2017/11/07
Committee: ECON
Amendment 284 #

2016/0365(COD)

Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
The staff involved in carrying out the functions entrusted to the resolution authority pursuant to this Regulation shall be structurally separated from, and subject to separate reporting lines from, the staff involved in carrying out the other functions of that authoritytasks pursuant to Regulation (EU) No 648/2012.
2017/11/07
Committee: ECON
Amendment 320 #

2016/0365(COD)

Proposal for a regulation
Article 7 – paragraph 1 – point j
(j) that transparency is ensured wherever possible, in particular where a proposed decision or action is likely to have implications on the financial stability or fiscal resources of any relevant Member State;
2017/11/07
Committee: ECON
Amendment 340 #

2016/0365(COD)

Proposal for a regulation
Article 9 – paragraph 7
7. Recovery plans shall be drafted in accordance with Section A of the Annex. Competent authorities may require CCPs to include additional information in their recovery plans.: (a) not assume any access to or receipt of public financial support; (b) consider the interests of all stakeholders that are likely to be affected by the plan; and (c) ensure that clearing members do not have unlimited exposures toward the CCP
2017/11/07
Committee: ECON
Amendment 353 #

2016/0365(COD)

Proposal for a regulation
Article 9 – paragraph 9 a (new)
9a. Clearing members shall ensure that any provisions affecting their clients are adequately explained to them.
2017/11/07
Committee: ECON
Amendment 357 #

2016/0365(COD)

Proposal for a regulation
Article 10 – paragraph 3
3. When assessing the recovery plan, the competent authority shall consult the ESRB and take into consideration the CCP's capital structure, its default waterfall, the level of complexity of the organisational structure and the risk profile of the CCP, the substitutability of its activities, and the impact that the implementation of the recovery plan would have on clearing members, their clients, financial markets served by the CCP and on the financial system as a whole. The competent authority shall take into due consideration whether the recovery plan ensures appropriate incentives for the CCP’s owners and clearing members and their clients to control the amount of risk that they bring to or incur in the system. The competent authority shall encourage monitoring of the CCP’s risk-taking and risk management activities, and encourage as full participation as possible in the CCP’s default management process.
2017/11/07
Committee: ECON
Amendment 388 #

2016/0365(COD)

Proposal for a regulation
Article 13 – paragraph 6 – subparagraph 1 – point l – point v
(v) the portability of the assets and positions of clearing participantsmembers and the clients of clearing members as referred to in Article 39 of Regulation (EU) No 648/2012;
2017/11/07
Committee: ECON
Amendment 427 #

2016/0365(COD)

Proposal for a regulation
Article 17 – paragraph 7 – point n a (new)
(na) restrict or suspend interoperability links of the CCP where such restriction or suspension is necessary to avoid the adverse effects that the use of the resolution tools and the exercise of resolution powers could have on the interoperating CCPs.
2017/11/07
Committee: ECON
Amendment 471 #

2016/0365(COD)

Proposal for a regulation
Article 23 – paragraph 1 – point a
(a) all contractual obligations and other arrangements in the CCP's recovery plan are enforced either partially or in full, to the extent that they have not been exhausted before entry into resolution, unless the resolution authority determines that the use of resolution tools or the exercise of resolution powers is more appropriate to achieve the resolution objectives in a timely manner and to ensure the stability of the financial sector;
2017/11/07
Committee: ECON
Amendment 479 #

2016/0365(COD)

Proposal for a regulation
Article 24 – paragraph 3 – subparagraph 1 – point g a (new)
(ga) the price of any termination of contracts by the resolution authority shall be based, insofar as possible, upon a fair market price determined on the basis of the CCP's rules and arrangements, or other appropriate price discovery method used by the resolution authority.
2017/11/07
Committee: ECON
Amendment 488 #

2016/0365(COD)

Proposal for a regulation
Article 27 – paragraph 5 – subparagraph 1
The resolution authority shall require the CCP, or its parent company, to issue instruments of ownership to be subscribed by all non-defaulting clearing members where those non- defaulting clearing members have been subject to loss and position allocation tools in deviation from the CCP's operating rules which have resulted in the non-defaulting clearing member suffering a financial loss. The number of instruments of ownership issued to each affected non-defaulting clearing member shall be proportionate to its loss and shall take account of any outstanding contractual obligations of the clearing members toward the CCP.
2017/11/07
Committee: ECON
Amendment 515 #

2016/0365(COD)

Proposal for a regulation
Article 30 – paragraph 1
1. The resolution authority may reduce the value of the CCP's payment obligations to non-defaulting clearing members where those obligations arise from gains due in accordance with the CCP's processes for paying variation margin or an economically identical payment. The clearing members should communicate the use of such a tool to their clients as promptly as possible.
2017/11/07
Committee: ECON
Amendment 120 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 2
2. Member States shall require an intermediate EU parent undertaking in the Union to obtain authorisation as an institution in accordance with Article 8, or as a financial holding company or mixed financial holding company in accordance with Article 21aAn intermediate EU parent undertaking shall be a credit institution in accordance with Article 8, or a financial holding company or mixed financial holding company approved in accordance with Article 21a. By way of derogation from the first subparagraph, where the activities of the third country group are predominantly carried out by investment firms, or the second intermediate EU parent undertaking must be set up in connection with investment activities to comply with a mandatory requirement as referred to in paragraph 1a, the intermediate EU parent company or the second intermediate EU parent company, respectively, may be an investment firm authorised in accordance with Article 5(1) of Directive 2014/65/EU. For the purpose of this paragraph, an activity shall be considered as predominantly carried out by investment firms where the total balance sheet of investment firms in the group represents at least 50% of the group’s total balance sheet, or where the income generated by investment firms represents at least 50% of the group’s total income.
2018/02/02
Committee: ECON
Amendment 178 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 84 – paragraph 2
2. Competent authorities shall ensure that institutions implement systems to assess and monitor the risks arising from potential changes in credit spreads that affect both the economic value of equity and the net interest income of an institution's non-trading book activitiesre not explained by interest rate risk or by the expected credit-jump to default risk of an institution's non-trading book activities assets accounted for their market values (mark –to – market).
2018/02/02
Committee: ECON
Amendment 179 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 84 – paragraph 3
3. Competent authorities may require on a case by case basis an institutions to use the standardised methodology referred to in paragraph 1 where the internal systems implemented by theat institutions for the purposes of evaluating the risks referred to in paragraph 1 are not satisfactory. Competent authorities shall duly justify in writing to each institution the decision to require the use of the standardised methodology.
2018/02/02
Committee: ECON
Amendment 181 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 84 – paragraph 3
3. Competent authorities may require institutions to use the standardised methodology referred to in paragraph 1 as a fall-back where the internal systemmodels implemented by the institutions for the purposes of evaluating the risks referred to in paragraph 1 are not satisfactorydeficient, based on an individual assessment of the institutions measurement models.
2018/02/02
Committee: ECON
Amendment 250 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Directive 2013/36/EU
Article 98 – paragraph 5
5. The review and evaluation performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activities. Supervisory measurGreater attention from competent authorities shall be required at least in the case of institutions whose economic value of equity referred to in Article 84(1) declines by more than 15 % of their Tier 1 capital as a result of a sudden and unexpected change in interest rates as set out in any of six supervisory shock scenarios applied to interest rates..
2018/02/02
Committee: ECON
Amendment 254 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Directive 2013/36/EU
Article 98 – paragraph 5
5. The review and evaluation performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activities. Supervisory measures shallmay be required at least in the case of institutions whose economic value of equity referred to in Article 84(1) declines by more than 15 % of their Tier 1 capital as a result of a sudden and unexpected change in interest rates as set out in any of six supervisory shock scenarios applied to interest rates..
2018/02/02
Committee: ECON
Amendment 257 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c
Directive 2013/36/EU
Article 98 – paragraph 5a – point a
(a) six supervisory shock scenarios, including two parallel scenarios, to be applied to interest rates for every currency; significant currency; these scenarios should be set at a level reflective of the 15% of Tier 1 capital threshold referred to in paragraph 5.
2018/02/02
Committee: ECON
Amendment 259 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c
Directive 2013/36/EU
Article 98 – paragraph 5a – point c
(c) whether supervisory measures shall also be required in the case of a decline in the institutions' net interest income referred to in Article 84(1) as a result of potential changes in interest rates.deleted
2018/02/02
Committee: ECON
Amendment 292 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 1
For the purposes of paragraph 1(a), risks or elements of risk shall only be considered as not covered or not sufficiently covered by the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 where the amounts, types and distribution of capital considered adequate by the competent authority following the supervisory review of the assessment carried out by institutions in accordance with the first paragraph of Article 73, are higher than the institution's own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 296 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 2
For the purposes of the first subparagraph, the capital considered adequate shall cover all material risks or elements of such risks that are not subject to a specific own funds requirement. This may include risks or elements of risks that are explicitly excluded from the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 297 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
For the purposes of the first subparagraph, the capital considered adequate shall cover all material risks of loss or elements of such risks of loss that are not subject to a specific own funds requirement. This may include risks or elements of risks that are explicitly excluded from the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 299 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 3
Interest rate risk arising from non-trading positions shall only be considered material wWhen the economic value of equity declines by more than 15 % of the institution Tier 1 capital as a result of any of the six supervisory shock scenarios referred to in Article 98(5) that are applied to interest rates or any other case identified by EBA pursuant to Article 98(5)(c)., competent authorities shall assess whether interest rate risk arising from non-trading positions leads to a risk of loss and therefore be considered as a material risk
2018/02/02
Committee: ECON
Amendment 315 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 3
3. Competent authorities shall communicate to institutions the outcome of the review provided for in paragraph 2. Where appropriate, competent authorities may communicate to institutions any expectation for adjustments to the level of own funds established in accordance with paragraph 1 and on top of the combined buffers. Due to the nature of the guidance of additional own funds, this guidance shall remain confidential.
2018/02/02
Committee: ECON
Amendment 320 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
4. Competent authorities shall not communicate to institutions any expectation for the adjustments to the level of own funds pursuant to paragraph 3 in cases where additional own funds requirement shall be imposed pursuant to Article 104a.deleted
2018/02/02
Committee: ECON
Amendment 326 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 5 a (new)
5 a. The guidance on additional own funds under Article 104b shall not be subject to mandatory disclosure pursuant to Article 17-1 of the Regulation (EU) N°596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.
2018/02/02
Committee: ECON
Amendment 346 #

2016/0364(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 30 a (new)
Directive 2013/36/EU
Article 131 – paragraphs 2 and 3
(30 a) In Article 131, paragraphs 2 and 3 are replaced by the following: "2. The identification methodology for G-SIIs shall be based on the following categories: (a) size of the group; (b) interconnectedness of the group with the financial system; (c) substitutability of the services or of the financial infrastructure provided by the group; (d) complexity of the group; (e) cross-border activity of the group, including cross border activity between Member States and between a Member State and a third country. Each category shall receive an equal weighting and shall consist of quantifiabl made outside of Member States participating in the Sindicators. The methodology shall produce an overall score for each entity as referred to in paragraph 1 assessed, which allows G- SIIs to be identified and allocated into a sub-category as described in paragraph 9gle Supervisory Mechanism, in accordance with Council Regulation (EU) No 1024/2013. Each category shall receive an equal weighting and shall consist of quantifiable indicators. The methodology shall produce an overall score for each entity as referred to in paragraph 1 assessed, which allows G-SIIs to be identified and allocated into a sub- category as described in paragraph 9. 3. O-SIIs shall be identified in accordance with paragraph 1. Systemic importance shall be assessed on the basis of at least any of the following criteria: (a) size; (b) importance for the economy of the Union or of the relevant Member State; (c) significance of cross-border activities; made outside of Member States participating in the Single Supervisory Mechanism, in accordance with Council Regulation (EU) No 1024/2013. (d) interconnectedness of the institution or group with the financial system. EBA, after consulting the ESRB, shall publish updated guidelines by 1 January 2015XX on the criteria to determine the conditions of application of this paragraph in relation to the assessment of O-SIIs. Those guidelines shall take into account international frameworks for domestic systemically important institutions and Union and national specificities. " Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX:32013L0036&qid=1516919265977)
2018/02/02
Committee: ECON
Amendment 76 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 4
Directive 2014/59/EU
Article 2 – paragraph 1 – point 83b
(83b) 'resolution group' means a resolution entity and its subsidiaries that are not resolution entities themselves and that are not subsidiaries of another resolution entity; when the resolution entity of the resolution group is the central body of a network or a cooperative group, the credit institutions permanently affiliated to this central body are also part of the resolution group.
2018/01/29
Committee: ECON
Amendment 123 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 18
18. In Article 27(1), the following point (i) is added: ‘(i) Article 29a are complied with, suspend any payment or delivery obligation to which an institution or entity referred to in point (b), (c) or (d) of Article 1(1) is a party.’.deleted where the conditions laid down in
2018/01/29
Committee: ECON
Amendment 139 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 1
1. Member States shall establish that their respective competent authority, after having consulted the resolution authority, can exercise the power referred to in point (i) of Article 27 (1) only where the exercise of the suspension power is necessary to carry out the assessment provided for in the first sentence of Article 27(1) or to make the determination provided for in point (a) of Article 32(1).deleted
2018/01/29
Committee: ECON
Amendment 196 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45 – paragraph 2 a (new)
2 a. For each institution affiliated to cooperative institutions, authorities shall consider adding to own funds and eligible liabilities of this institution the irrevocable financial support provided by other affiliated institutions through legally- based internal solidarity mechanism to fulfil the requirement.
2018/01/31
Committee: ECON
Amendment 219 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 1
Resolution authorities may decide that the requirement referred to in Article 45f is fully or partially met by resolution entities with instruments that meet all conditions referred to in Article 72a of Regulation (EU) No 575/2013 with a view to ensure that the resolution entity can be resolved in a manner suitable to meet the resolution objectives. The level of the requirement that is to be covered by instruments that meet the conditions set out in Article 72b of Regulation (EU) No 575/2013 shall not exceed the level that arises or would arise from the application of Article 92a(1) of that Regulation taking into account the allowance specified in article 72b paragraph 3 and the transitional provisions specified in Article 494 of that Regulation.
2018/01/31
Committee: ECON
Amendment 265 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – introductory part
Without prejudice to the last subparagraph, fFor resolution entities, the amount referred to in paragraph 2 shall not exceed the greater of the following:
2018/01/31
Committee: ECON
Amendment 282 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore its total capital ratio referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU at resolution group sub- consolidated level;
2018/01/31
Committee: ECON
Amendment 311 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – introductory part
4. Without prejudice to the last subparagraph, fFor entities that are not themselves resolution entities, the amount referred to in paragraph 2 shall not exceed the greater of any of the following:
2018/01/31
Committee: ECON
Amendment 340 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 4
The resolution authority shall set the recapitalisation amounts referred to the previous subparagraphs in accordance with the resolution actions foreseen in the resolution plan and may adjustin particular reflecting those rdecapitalisation amounts to adequately reflect risks that affect the recapitalisation needs arising from the entity's business model, funding profile and overall risk profilerease of the total risk exposure amount and of the leverage ratio exposure measure resulting from the resolution actions.
2018/01/31
Committee: ECON
Amendment 366 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45d – paragraph 1 – point b
(b) any additional requirement for own funds and eligible liabilities determined by the resolution authority specific to the entity in accordance with paragraph 2, which shall be met with liabilities that meet the conditions of Article 45b. (1) and (2). This additional requirement shall be only provided and calculated with respect to the requirement referred to in point (a) of Article 45(2).
2018/01/31
Committee: ECON
Amendment 415 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 1 – subparagraph 1
Institutions that are material subsidiaries as defined in Regulation (EU) No 575/2013 of a resolution entity and are not resolution entities themselves shall comply with the requirements laid down in Articles 45c to 45e on an individual basis. A resolution authority may, after having consulted the competent authority, decide to apply the requirement laid down in this Article to an entity referred to in points (b), (c) or (d) of Article 1(1) that is a subsidiary of a resolution entity and is not a resolution entity itself.
2018/01/31
Committee: ECON
Amendment 430 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 2 – point d a (new)
(d a) it shall not exceed 90% of the requirement calculated in accordance with Articles 45c to 45e.
2018/01/31
Committee: ECON
Amendment 457 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point a
(a) both the subsidiary and the resolution entity are subject to authorisation and supervision by the same Member State;deleted
2018/01/31
Committee: ECON
Amendment 473 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point g
(g) the competent authority of the subsidiary has fully waived the application of individual capital requirements to the subsidiary under Article 7(1) of Regulation (EU) No 575/2013.deleted
2018/01/31
Committee: ECON
Amendment 478 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 a (new)
5a. The resolution authority of an entity of the resolution group that is not a resolution entity shall fully waive the application of paragrapghs 1 to 5 to that entity where: (a) the resolution entity of the resolution group is the central body of a network or a cooperative group; (b) the entity is a credit institution permanently affiliated to this central body.
2018/01/31
Committee: ECON
Amendment 483 #

2016/0362(COD)

Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g a (new)
Article 45g a Waiver for credit institutions permanently affiliated to a central body The resolution authority shall, in accordance with national law, waive the application of Articles 45f or 45g to one or more credit institutions permanently affiliated to a central body, where all the following conditions are met: (a) the credit institutions and the central body are subject to supervision by the same competent authority and are established in the same Member State and are part of the same resolution group; (b) the competent authority of the credit institution has fully waived the application of individual capital requirements of the credit institution pursuant to Article 10 of Regulation (EU) No 575/2013; (c) the resolution group complies with the requirement referred to in Article 45f(3); (d) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the central body and the affiliated credit institutions in case of resolution.
2018/01/31
Committee: ECON
Amendment 151 #

2016/0361(COD)

Proposal for a regulation
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 – introductory part
The Board mayshall fully waive the application of Article 12h for a subsidiary of a resolution entity established in a participating Member State where:
2018/02/01
Committee: ECON
Amendment 154 #

2016/0361(COD)

Proposal for a regulation
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 i – paragraph 1 – point a
(a) both the subsidiary and the resolution entity are established the samein a participating Member State;
2018/02/01
Committee: ECON
Amendment 191 #

2016/0360A(COD)

Proposal for a regulation
Recital 13
(13) The Basel Committee is currently considering the introduction of a leverage ratio surcharge for globally systemically important banks (G-SIBs). The final outcome of the Basel Committee's calibrFor institutions that are designated globally systemically important institutions (G-SIIs) because of their size, connectivity, complexity, irreplaceable nature or global relevance, a leverage ratio surcharge should be introduced, since G-SIIs in financial distress permanently weaken the entire financial system and this could cause a new credit crunch in the Union. Because of this danger to the financial system and to the financing of the real economy, an implicit guarantee for G-SIIs emerges based on the expectation that the state will rescue them. This can mean that G-SIIs reduce their market discipline and accept too much risk, which in turn makes future distress for the G-SII even more probable. European legislation work should give rise to a discussion on the appropriate calibration of the leverage ratio for systemically important EU institutions. take into account the strict leverage ratios which already exist in other jurisdictions in order to effectively counteract these negative externalities. Furthermore, a surcharge of this kind for G-SIIs is appropriate since G-SIIs in the Union already significantly exceed a leverage ratio of 4%. In the interests of a level playing field and in line with leverage ratios presently maintained by G-SIIs, the leverage ratio for G-SIIs should therefore be raised by 50% of a G-SII’s higher-loss absorbency risk-weighted requirements, in addition to the minimum threshold of 3%.
2018/02/02
Committee: ECON
Amendment 243 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point j
Regulation (EU) 575/2013
Article 4 – paragraph 1 – point 144 a (new)
(144a) Irrespective of the accounting classification, leasing contracts where substantially all risks and rewards of an underlying asset are transferred to the lessee are to be classified as finance lease. All other leases are classified as operating lease.
2018/02/02
Committee: ECON
Amendment 265 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5
Regulation (EU) 575/2013
Article 7 – paragraph 2 – point b – point iii
(iii) the guarantee is fully collateralised for at leastup to 50% of its amount through a financial collateral arrangement as defined in point (a) of Article 2(1) of Directive 2002/47/EC of the European Parliament and of the Council27 ; __________________ 27 Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43).
2018/02/02
Committee: ECON
Amendment 280 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) 575/2013
Article 8 – paragraph 1 – subparagraph 1 a (new)
This paragraph does not apply to Title IV of Part Six.
2018/02/02
Committee: ECON
Amendment 289 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 575/2013
Article 8 – paragraph 2 – subparagraph 1 a (new)
This paragraph does not apply to Title IV of Part Six.
2018/02/02
Committee: ECON
Amendment 294 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) 575/2013
Article 8 – paragraph 3 – subparagraph 1 a (new)
This paragraph does not apply to Title IV of Part Six.
2018/02/02
Committee: ECON
Amendment 296 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) 575/2013
Article 8 – paragraph 3 a (new)
3 a. An authority that is competent for supervising on an individual basis an institution and all or some of its subsidiaries having their head offices situated in the same or different Member States than the institution's head office shall waive in full the application of Title IV Part Six to that institution and to all of these subsidiaries and supervise them as a single liquidity sub-group.
2018/02/02
Committee: ECON
Amendment 317 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 575/2013
Article 36 – paragraph 1 – point b
"(b) intangible assets;" (14) In paragraph 1 of Article 36, point (b) is replaced by the following: "(b) intangible assets with the exception of right of use assets stemming from a leasing contract where the institution is the lessee other than leases of intangible assets ; with the exception of software." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX:32013R0575&qid=1516908257263)
2018/02/02
Committee: ECON
Amendment 453 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 36
Regulation (EU) No 575/2013
Article 81 – paragraph 1 – point a – point ii
(ii) an undertaking that is subject by virtue of applicable national law to thcomparable requirements of this Regulation and Directive 2013/36/EU;
2018/02/05
Committee: ECON
Amendment 482 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 39 – point a a (new)
Regulation (EU) No 575/2013
Article 92 – paragraph 1 – point d a (new)
(aa) in paragraph 1, the following point (da) is added: "(da) By derogation from point d, an additional leverage ratio buffer requirement will be set at 50% of a G- SII’s higher-loss absorbency risk- weighted requirements. For example, institutions which are G-SIIs subject to a 2% higher-loss absorbency requirement would be subject to a 1% additional leverage ratio buffer requirement."
2018/02/05
Committee: ECON
Amendment 553 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 52 a (new)
Regulation (EU) No 575/2013
Article 113 – paragraph 6 – point d
(52a) In paragraph 6 of Article 113, point (d) is replaced by the following: "(d) the counterparty is established in the same Member State as the institution;" or both are established in Member States that belong to the Banking Union;" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX:32013R0575&qid=1516908257263)
2018/02/05
Committee: ECON
Amendment 585 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 56 a (new)
Regulation (EU) No 575/2013
Article 134 – paragraph 7 a (new)
(56a) In Article 134, the following new paragraph 7a is added: "7a. Where an institution is the lessee under an operating lease contract, the resulting right of use asset shall have an exposure value of 0."
2018/02/05
Committee: ECON
Amendment 591 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 57 a (new)
Regulation (EU) No 575/2013
Article 166 – paragraph 1 a (new)
(57a) In Article 166, the following paragraph 1 a is inserted: "1a. Where an institution is the lessee under an operating lease contract, an exposure value of 0 shall apply to the resulting right of use asset."
2018/02/05
Committee: ECON
Amendment 638 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) 575/2013
Article 325 b a – paragraph 1 – point c
(c) the trading desks have met the back-testing requirements referred to in Article 325bg(1) for the immediately preceding 250 business days;deleted
2018/02/05
Committee: ECON
Amendment 647 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f
Article 325bf Assessment of the modellability of risk factors [...]deleted
2018/02/05
Committee: ECON
Amendment 648 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 1
1. Institutions shall assess, on a monthly basis, the modellability of all the risk factors of the positions attributed to trading desks for which they have been granted the permission referred to in Article 325ba(1) or are in the process of being granted that permission.deleted
2018/02/05
Committee: ECON
Amendment 649 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 2
2. Andeleted the institution shall consider a risk factor of a trading book position as modellable where all the following conditions are met: (a) least 24 verifiable prices which contained that risk factor over the preceding 12- months period; (b) between the dates of two consecutive observations of verifiable prices identified by the institution in accordance with point (a); (c) relationship between the value of the risk factor and each verifiable price identified by the institution in accordance with point (a).s identified at there is no more than one month there is a clear and apparent
2018/02/05
Committee: ECON
Amendment 651 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 3
3. For the purposes of paragraph 2, a verifiable price means any one of the following: (a) transaction to which the institution was one of the parties; (b) transaction that was entered into by third parties and for which price and trade date are publicly available or have been provided by a third party; (c) the price obtained from a committed quote provided by a third party.deleted the market price of an actual the market price of an actual
2018/02/05
Committee: ECON
Amendment 652 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) 575/2013
Article 325 b f – paragraph 4
4. For the purposes of points (b) and (c) of paragraph 3, institutions may consider a price or a committed quote provided by a third party as a verifiable price, provided that the third party agrees to provide evidence of the transaction or a committed quote to competent authorities upon request.deleted
2018/02/05
Committee: ECON
Amendment 655 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 5
5. An institution may identify a verifiable price for the purpose of point (a) of paragraph 2 for more than one risk factor.deleted
2018/02/05
Committee: ECON
Amendment 656 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 6
6. Institutions shall consider risk factors derived from a combination of modellable risk factors as modellable.deleted
2018/02/05
Committee: ECON
Amendment 657 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 7
7. Where an institution considers a risk factor to be modellable in accordance with paragraph 1, the institution may use data other than the verifiable prices it used to prove that the risk factor is modellable in accordance with paragraph 2 to calculate the scenarios of future shocks applied to that risk factor for the purpose of calculating the partial expected shortfall referred to in Article 365 as long as that data inputs fulfils the relevant requirements set out in Article 325bd.deleted
2018/02/05
Committee: ECON
Amendment 658 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 8
8. Institutions shall consider as non- modellable a risk factor that does not fulfil all the conditions set out in paragraph 2 and shall calculate the own funds requirements for that risk factor in accordance with Article 325bl.deleted
2018/02/05
Committee: ECON
Amendment 659 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 9
9. Institutions shall consider risk factors derived from a combination of modellable and non-modellable risk factors as non-modellable.deleted
2018/02/05
Committee: ECON
Amendment 661 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b f – paragraph 10
10. By way of derogation from paragraph 2, competent authorities may permit an institution to consider a risk factor that meets all of the conditions in paragraph 2 as non-modellable for a period of less than one year.deleted
2018/02/05
Committee: ECON
Amendment 664 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b h
Article 325 bh Profit and loss attribution requirement [...]deleted
2018/02/05
Committee: ECON
Amendment 665 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b h – paragraph 1
1. For any given month, an institution's trading desk meets the profit and loss (P&L) attribution requirements for the purpose of Article 325ba(1) where that trading desk complies with the requirements set out in this Article.deleted
2018/02/05
Committee: ECON
Amendment 666 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b h – paragraph 2
2. The P&L attribution requirement shall ensure that the theoretical changes in a trading desk portfolio's value, based on the institution's risk-measurement model, are sufficiently close to the hypothetical changes in the trading desk portfolio's value, based on the institution's pricing model.deleted
2018/02/05
Committee: ECON
Amendment 667 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b h – paragraph 3
3. An institution's compliance with the P&L attribution requirement shall lead, for each position in a given trading desk, to the identification of a precise list of risk factors that are deemed appropriate for verifying the institution's compliance with the backtesting requirement set out in Article 325bg.deleted
2018/02/05
Committee: ECON
Amendment 668 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b h – paragraph 4
4. EBA shall develop draft regulatory technical standards to further specify: (a) developments, the technical criteria that shall ensure that the theoretical changes in a trading desk portfolio's value is sufficiently close to the hypothetical changes in the trading desk portfolio's value for the purposes of paragraph 2; (b) included in the theoretical and hypothetical changes in a trading desk portfolio's value for the purpose of this Article. EBA shall submit those draft regulatory technical standards to the Commission by [six months after the entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.deleted in light of international regulatory the technical elements that shall be
2018/02/05
Committee: ECON
Amendment 670 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b i
Article 325 bi Requirements on risk measurement [...]deleted
2018/02/05
Committee: ECON
Amendment 671 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
1. [...]deleted
2018/02/05
Committee: ECON
Amendment 672 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b i – paragraph 2
2. Institutions may use empirical correlations within broad risk factor categories and, for the purposes of calculating the unconstrained expected shortfall measure as referred to in Article 325bc(1), across broad risk factor categories only where the institution's approach for measuring those correlations is sound, consistent with the applicable liquidity horizons, and implemented with integrity.deleted
2018/02/05
Committee: ECON
Amendment 674 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b j – paragraph 2 – subparagraph g
(g) the verification process the institution employs to evaluate back- testing requirements and P&L attribution requirements that are conducted in order to assess the internal risk-measurement models' accuracy.deleted
2018/02/05
Committee: ECON
Amendment 679 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 84
Regulation (EU) No 575/2013
Article 325 b n – paragraph 2
2. EBA shall issue guidelines on the requirements of Articles 325bo, 325bp and 325bq by [two yearsix months after the entry into force of this Regulation].
2018/02/05
Committee: ECON
Amendment 687 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 91
Regulation (EU) No 575/2013
Article 390 – paragraph 4 – subparagraph 1
Institutions shall calculate exposures arising from contracts referred to in Annex II and credit derivatives directly entered into with a client in accordance with one of the methods set out in Part Three, Title II, Chapter 6, Section 3 to Section 56, as applicable. Institutions with a permission to use the Internal Model Method in accordance with Article 283 may use the Internal Model Method for calculating the exposure value for all transactions for which they have received permission under Article 283.
2018/02/05
Committee: ECON
Amendment 696 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 98 – point a
Regulation (EU) No 575/2013
Article 399 – paragraph 1 – subparagraph 1
An institution shallmay use a credit risk mitigation technique in the calculation of an exposure where it has used this technique to calculate capital requirements for credit risk in accordance with Part Three, Title II and provided it meets the conditions set out in this Article.
2018/02/05
Committee: ECON
Amendment 699 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 99 – point a – point ii a (new)
Regulation (EU) No 575/2013
Article 400 – paragraph 1 – point l a (new)
(la) exposures, including participations or other kinds of holdings, incurred by an institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, in so far as those undertakings are covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation, Directive 2002/87/EC or with equivalent standards in force in a third country; exposures that do not meet these criteria, whether or not exempted from Article 395(1), shall be treated as exposures to a third party.
2018/02/05
Committee: ECON
Amendment 700 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 100
Regulation (EU) No 575/2013
Article 401 – paragraph 2
2. For the purposes of the first paragraph, institutions shall use the Financial Collateral Comprehensive Method, regardless of the method used for calculating own funds requirements of credit risk.deleted
2018/02/05
Committee: ECON
Amendment 707 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 101
Regulation (EU) No 575/2013
Article 403 – subparagraph 1
Where an exposure to a client is guaranteed by a third party or secured by collateral issued by a third party, an institution shall:.may:
2018/02/05
Committee: ECON
Amendment 717 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 103
Regulation (EU) No 575/2013
Article 411 – point 15 a (new)
(15a) In part VI of this regulation, factoring will be treated as trade finance. “Factoring” means an agreement between a business (Assignor) and a financial entity (Factor) in which the Assignor assigns/sells its Receivables to the Factor and the Factor provides the Assignor with a combination of one or more of the following services with regard to the Receivables assigned: Advance of a percentage of the amount of Receivables assigned, that is generally short term, uncommitted and without automatic roll- over, Receivables management, collection and Credit protection. Usually, the Factor administers the Assignor’s sales ledger and collects the Receivables in its own name. The Assignment can be disclosed to the Debtor.
2018/02/05
Committee: ECON
Amendment 741 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 f – paragraph 2 – point c
(c) covered bonds as referred to in Article 52(4) of Directive 2009/65/EC; and covered bonds that meet the eligibility requirements for the treatment set out in Article 129(4) or (5), as appropriate, where the underlying loans are fully matched funded with the covered bonds issued or where there exists non- discretionary extendable maturity triggers on the covered bonds of one year or more until the term of the underlying loans in the event of refinancing failure at the maturity date of the covered bond, or where national legislation adequately limits refinancing risk for covered bond issuers including through limitations on maturity mismatch between assets and liabilities;
2018/02/05
Committee: ECON
Amendment 748 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
1. By way of derogation from Article 428g and from Chapters 3 and 4 of this Title, competent authorities may on a case- by-case basisshall authorise institutions to apply a higher available stable funding factor or a lower required stable funding factor to assets, liabilities and committed credit or liquidity facilities where all of the following conditions are fulfilled:
2018/02/05
Committee: ECON
Amendment 751 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 h – paragraph 1 – point a – point v a (new)
(va) the counterparty is located within the same Member State or in a different Member State;
2018/02/05
Committee: ECON
Amendment 753 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 h – paragraph 1 – point b
(b) there are reasons to expect that the liability or committed credit or liquidity facility received constitutes a more stable source of funding or that the asset or committed credit or liquidity facility granted requires less stable funding within the one-year horizon of the net stable funding ratio than the same liability, asset or committed credit or liquidity facility with other counterparties;deleted
2018/02/05
Committee: ECON
Amendment 758 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 h – paragraph 1 – point d
(d) the institution and the counterparty are established in the same Member State.deleted
2018/02/05
Committee: ECON
Amendment 762 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 h – paragraph 2
2. Where the institution and the counterparty are established in different Member States, competent authorities may waive the condition set out in point (d) of paragraph 1 where, in addition to the criteria set out in paragraph 1, the following criteria are fulfilled: (a) agreements and commitments between group entities regarding the liability, asset or committed credit or liquidity facility; (b) low funding risk profile; (c) funding receiver has been adequately taken into account in the liquidity risk management of the funding provider. The competent authorities shall consult each other in accordance with point (b) of Article 20(1) to determine whether the additional criteria set out in this paragraph are met.deleted there are legally binding the funding provider presents a the funding risk profile of the
2018/02/05
Committee: ECON
Amendment 777 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a a (new)
(aa) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3), where those assets are collateralised by assets that qualify as Level 1 assets under Chapter 2 of Title II of Delegated Regulation (EU) 2015/61, excluding extremely high quality covered bonds referred to in point (f) of Article 10(1) of that Delegated Regulation , and where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428e of this Regulation applies;
2018/02/05
Committee: ECON
Amendment 782 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a b (new)
(ab) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3) with regulated financial customers, where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428e of this Regulation applies;
2018/02/05
Committee: ECON
Amendment 802 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 s – point d a (new)
(da) For all netting sets of derivative contracts subject to margin agreements under which institutions post variation margins to their counterparties, institutions shall apply a 5% required stable funding factor to the absolute market value of those netting sets of derivative contracts, gross of any collateral posted, where those netting sets have a negative market value.
2018/02/05
Committee: ECON
Amendment 805 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
(db) For all netting sets of derivative contracts that are not subject to a regular margin agreements under which institutions post variation margins to their counterparties but which are subject to contractual clauses which could lead to collateral to post, dependent on specific trigger events such as a downgrade for example, institutions shall apply a 5% required stable funding factor to the absolute market value of those netting sets of derivative contracts, gross of any collateral posted, where those netting sets have a negative market value.
2018/02/05
Committee: ECON
Amendment 829 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 x – paragraph 2
2. For all netting sets of derivative contracts subject to margin agreements under which institutions post variation margins to their counterparties, institutions shall apply a 20% required stable funding factor to the absolute market value of those netting sets of derivative contracts, gross of any collateral posted, where those netting sets have a negative market value.deleted
2018/02/05
Committee: ECON
Amendment 833 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 x – paragraph 3
3. An institution may replace the stable funding requirement set out in paragraph 2 for all netting sets of derivative contracts subject to margin agreements under which an institution posts variation margins to its counterparty with the amount of required stable funding calculated as the absolute amount of the difference between: (a) for all netting sets with negative market value, gross of collateral posted, and which are subject to a margin agreement under which the institution posts variation margin to its counterparty, the sum of all the risk category Addon(a) calculated in accordance with Article 278(1); (b) for all netting sets with positive market value, gross of collateral received, and which are subject to a margin agreement under which the institution receives variation margin from its counterparty, the sum of all the risk category Addon(a) calculated in accordance with Article 278(1). For the purpose of this calculation and in order to determine the risk position of derivative contracts included in the netting sets referred to in the first sub- paragraph, institutions shall replace the maturity factor calculated in accordance with point (b) of Article 279c(1) by either the maturity factor calculated in accordance with point (a) of Article 279c(1) or by the value of 1.deleted
2018/02/05
Committee: ECON
Amendment 882 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – introductory part
1. By way of derogation from point (a) of Article 429(4), an institution may exclude any of the following exposures from its exposure measure :
2018/02/05
Committee: ECON
Amendment 892 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – point m a (new)
(ma) cash and central banks deposits
2018/02/05
Committee: ECON
Amendment 893 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – point m b (new)
(mb) the Initial Margin posted in segregated accounts
2018/02/05
Committee: ECON
Amendment 894 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – point m c (new)
(mc) Underlying assets of leasing contracts that are classified as an operating lease where the institution is the lessee
2018/02/05
Committee: ECON
Amendment 895 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – introductory part
2. For the purposes of point (d) of paragraph 1, public development credit institution means a credit institution that meets all of the following conditions or is qualified as a promotional or development bank by a European Commission decision:
2018/02/05
Committee: ECON
Amendment 901 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – point b
(b) its activity is limited to advancing specified objectives of financial, social or economic public policy in accordance with the laws and provisions governing that institution, on a non-competitive basis, or to address a market failure. For these purposes, public policy objectives may include the provision of financing for promotional or development purposes to specified economic sectors or geographical areas of the relevant Member State;
2018/02/05
Committee: ECON
Amendment 908 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – point e
(e) it is precluded from acceptingdoes not take covered deposits as defined in point (5) of Article 2(1) of Directive 2014/49/EU or in the national law of Member States implementing that Directive.
2018/02/05
Committee: ECON
Amendment 929 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 115
Regulation (EU) No 575/2013
Article 429 c – paragraph 4
4. For the purposes of paragraph 1 of this Article, institutions shall not include collateral received in the calculation of NICA as defined in point 12a of Article 272, except in the case of derivatives contracts with clients where those contracts are cleared by a QCCP.
2018/02/05
Committee: ECON
Amendment 967 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 438 – point d
(d) the total risk weighted exposure amount and the corresponding total own funds requirement determined in accordance with Article 92, to be broken down by the different risk categories set out in Part Three and, where applicable, an explanation of the effect on the calculation of own funds and risk weighted exposure amounts that results from applying capital floors and not deducting items from own funds.
2018/02/05
Committee: ECON
Amendment 968 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 438 – point f
(f) the exposure value and the risk- weighted exposure amount of own fund instruments held in any insurance undertaking, re- insurance undertaking or insurance holding company that the institutions do not deduct from their own funds in accordance with Article 49 when calculating their capital requirements on an individual, sub-consolidated and consolidated basis;deleted
2018/02/05
Committee: ECON
Amendment 969 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 438 – point i
(i) for institutions authorised to use internal models, the hypothetical risk- weighted exposure amounts that would result if the applicable standardised approach was used for the relevant exposures.deleted
2018/02/05
Committee: ECON
Amendment 974 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 446 – title
Article 446 Disclosure of operational risk managementdeleted
2018/02/05
Committee: ECON
Amendment 975 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 446 – paragraph 1 – subparagraph a, b, c
Institutions shall disclose information about their operational risk management including: (a) operational risk over the last ten years, with historical losses broken down by year and a separate identification of the amounts of losses exceeding EUR 1 million; (b) EUR 1 million, the total amounts related to those losses over the last three years, as well as the total amounts of the five largest losses; (c) the calculation of the own fund requirements, broken down per relevant business indicatdeleted the total losses incurred from the number of losses exceeding the indicators and components for.
2018/02/05
Committee: ECON
Amendment 992 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 116
Regulation (EU) No 575/2013
Article 455 – paragraph 2
2. Where applicable in accordance with Article 104b, institutions shall disclose individually for the main trading desks and on an aggregate basis foron the remainingperimeter of trading desks the following: (a) the hat have been granted internal model approval in accordance with Article 325ba Highest, lowest and mean value over the reporting period of the following items: (ia) unconstrained expected shortfall measure UESt as determined in Article 325bc ba(2)(a) ; (ii) market risks that would be calculated in accordance with Chapter 1a of this Title had the institutions not been granted the permission to use their internal models for the relevant trading desk as determined in Article 325 ba(2)(b). (b) for the expected shortfall models: (i) the number of back testing over shootings over the last 250 business days; (ii) breaches over the last 12 months;the own funds requirements for (b) unconstrained expected shortfall measure UESti for broad risk factor category i as determined in accordance with Article 325.bc the number of P&L attribution
2018/02/05
Committee: ECON
Amendment 1005 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 121
Regulation (EU) No 575/2013
Article 494 – paragraph 2 a (new)
2a. For the purposes of paragraph 3 of Article 72b, until the resolution authority assesses for the first time the elements referred to in points (b) and (c) of Article 45b(3) of Directive 2014/59/EU [NWCO test] and confirms there is no material adverse impact on the resolvability of the institution, liabilities shall qualify as eligible liabilities instruments up to an aggregate amount that does not exceed, until 31 December 2021, 2.5% and, after that date, 3.5% of the total risk exposure amount calculated in accordance with paragraphs 3 and 4 of Article 92, provided that they meet the conditions laid down in points (a) and (b) of Article 72b(3).
2018/02/05
Committee: ECON
Amendment 1007 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 122 a (new)
Regulation (EU) No 575/2013
Article 494 b (new)
(122a) The following Article 494b is inserted after Article 494a: "Article 494b Grandfathering of own funds instruments and eligible liabilities instruments 1. By way of derogation from Articles 51 and 52 of this Regulation, instruments issued prior to [date of entry into force of CRR 2] may qualify as Additional Tier 1 instruments at the latest until [10 years after the date of entry into force of CRR 2], where they meet the conditions laid down in Articles 51 and 52, except for the conditions referred to in points (q) and (r) of Article 52. 2. By way of derogation from Articles 62 and 63, instruments issued prior to [date of entry into force of CRR 2] may qualify as Tier 2 instruments at the latest until [10 years after the date of entry into force of CRR 2] where they meet the conditions laid down in Articles 62 and 63, except for the conditions referred to in points (o) and (p) of Article 63. 3. By way of derogation from Article 72a(1)(a), liabilities issued before prior to [date of entry into force] are considered eligible liabilities provided they meet the criteria of may qualify as eligible liabilities items where they satisfy the conditions laid down in Article 72b, with the exception of the criteria of except for the conditions referred to in points (f) to (m) of Article 72b(2)."
2018/02/05
Committee: ECON
Amendment 1024 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 a – paragraph 1 – point b
(b) the exposure is to an entity which was created specifically to finance or operate (either directly or through affiliates) physical structures or facilities, systems and networks that provide or support essential public services; or to finance the rights to operate such assets or is an economically comparable exposure.
2018/02/05
Committee: ECON
Amendment 1034 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 a – paragraph 1 – point j
(j) the obligor has adequate safeguards to ensure completion of the project according to the agreed specification, budget or completion date; including strong completion guarantees or experienced constructor providing adequate liquidated damages as confirmed by the technical advisor (to be provided by credit worthy counterparts or covered by acceptable LC)”;
2018/02/05
Committee: ECON
Amendment 1040 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 a – paragraph 2 – point a – point iv – indent 3 a (new)
– it is partly regulated or contractually fixed and in addition the project is resilient to downside sensitivities regarding price or volume risk, or a combination of both;
2018/02/05
Committee: ECON
Amendment 1045 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 b – title
Article 501b Own funds requirements for market risksdeleted
2018/02/05
Committee: ECON
Amendment 1046 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 b – paragraph 1
1. Until [date of application + 3 years], institutions that use the approaches set out in Chapters 1a and 1b, Title IV, Part Three to calculate the own funds requirement for market risks shall multiply their own funds requirements for market risks calculated under these approaches by a factor of 65%.deleted
2018/02/05
Committee: ECON
Amendment 1052 #

2016/0360A(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 b – paragraph 2
2. EBA shall monitor the appropriateness of the level of own funds requirement for market risks calculated in accordance with the approaches set out in Chapters 1a and 1b, Title IV, Part Three by institutions in the Union and report to the Commission on the opportunity to change the calibration of these approaches by [date of application + 2 years]. This report shall at least assess: (a) instruments assigned to the trading book of institutions in the Union, whether the level of own funds requirements for market risks calculated by institutions in accordance with the approach set out in Chapters 1a, Title IV, Part Three is excessive as compared to the own funds requirements for market risks calculated by institutions in accordance with the approach set out in point (a) of paragraph 1 of Article 325. (b) instruments assigned to the trading book of institutions in the Union, whether the level of own funds requirements for market risks calculated by institutions in accordance with the approach set out in Chapters 3, Title IV, Part Three is excessive as compared to the own funds requirements for market risks calculated by institutions in accordance with the approach set out Chapters 7, Title IV, Part 3. (c) instruments assigned to the trading book of institutions in the Union, whether the level of own funds requirement for market risks calculated by institutions in accordance with the approach set out in Chapters 2, Title IV, Part Three is excessive as compared to the level of own funds requirement for market risks calculated by institutions in accordance with the approach set out in Chapters 3, Title IV, Part Three.deleted for the most common financial for the most common financial for the most common financial
2018/02/05
Committee: ECON
Amendment 1097 #

2016/0360A(COD)

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b a (new)
(ba) The provisions for introducing the new requirements for own funds for market risk in points 47 to 51 and 83 to 88, excluding the requirements on the Profit & Loss attribution requirement and on the modellability of risk factors, as defined in articles 325ba(1)(b), 325bf, 325bh, 325bi(1)(a) and 325bj(2)(g) at the latest of the two dates : – 42 months after the publication of the final EBA technical standards and guidelines defined in Articles 325bg(9), 325bl(4) and 325bn(2) of this Regulation; – four years after entry into force of this Regulation.
2018/02/05
Committee: ECON
Amendment 1098 #

2016/0360A(COD)

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b b (new)
(bb) The Commission shall submit to the European Parliament and to the Council a report by [two years after the entry into force]. The report shall cover the approaches set out in Chapters 1a, 1b, 2, 3 and 4 of Title IV, Part Three and in particular international regulatory developments as regards to the Profit & Loss attribution requirement and the modellability of risk factors. The report shall take into account the international regulatory developments and the specificities of financial and capital markets in the Union. The report shall be informed by a proper European impact study. The report shall cover the appropriateness of the calibration of the approaches set out in Title IV, Part Three to calculate the own funds requirements for market risks and evaluate if a refaction factor shall apply to capital requirements for market risk (MRC). Where appropriate, the report should suggest a sustainable framework for the adjustment of internal models by banks and for competent authorities to review them as regards to a hypothetical legislative proposal. Where appropriate, the report shall be accompanied by a legislative proposal amending the calibration of capital requirements for market risk as defined in Title IV, Part Three.
2018/02/05
Committee: ECON
Amendment 1099 #

2016/0360A(COD)

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b c (new)
(bc) The application of the provisions in point (ba) shall not result in own funds requirements for market risks calculated according to the approaches set out in Chapters 1a and 1b that are lower than the own funds requirements for market risks calculated according to the approaches set out in Chapters 2, 3, 4 and 5 Title IV, Part Three. Until a date that would be defined in the report that the Commission shall submit to the European Parliament and to the Council by [two years after the entry into force], institutions that use the approaches set out in Chapters 1a and 1b, Title IV, Part Three to calculate the own funds requirement for market risks shall multiply their own funds requirements for market risks calculated under these approaches by the ratio, floored by one, of: (a) The average own fund requirements calculated on a quarterly basis, during the 12 months preceding the application date defined in point (ba), according to the approaches set out in Chapters 2, 3, 4 and 5 Title IV, Part Three (CRR); (b) The own funds requirements calculated on the application date defined in point (ba) according the approaches set out in Chapters 1a and 1b, Title IV, Part Three (CRR2).
2018/02/05
Committee: ECON
Amendment 120 #

2016/0276(COD)

Proposal for a regulation
Recital 8 a (new)
(8a) In line with the EU’s commitments on tackling climate change, operations supported by the EFSI should contribute, as far as possible, to achieving the COP21 objectives. In order to strengthen climate- related action under the EFSI, the EIB should build on its experience as a major provider of climate finance and use internationally agreed methodologies to identify climate-related components and costs.
2017/03/27
Committee: BUDGECON
Amendment 125 #

2016/0276(COD)

Proposal for a regulation
Recital 8 b (new)
(8b) The discussions on the eligibility of EIB funding for the defence industry highlighted the relevance of its intervention in support of industrial sectors which are considered to contribute to European strategic independence and of SMEs in the defence and internal security sector, which are finding it difficult to attract traditional funding and funding for innovation in this area.
2017/03/27
Committee: BUDGECON
Amendment 127 #

2016/0276(COD)

Proposal for a regulation
Recital 8 c (new)
(8c) In that context, it is understood that the EU guarantee may be granted for EIB financing and investment operations in support of the objectives listed in Article 9(2), including within the limits set by the Treaties, for projects connected with the security and defence sectors. Any change to the EIB’s list of eligible sectors should be subject to the approval of the EIB’s governing bodies.
2017/03/27
Committee: BUDGECON
Amendment 349 #

2016/0276(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – introductory part)
Regulation 2015/1017
Article 9 – paragraph 2 – points (h) and (i)
(a) in paragraph 2 the following points (h), (i) and (ia) are added:
2017/03/27
Committee: BUDGECON
Amendment 360 #

2016/0276(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a a (new)
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – point i a (new)
(aa) in paragraph 2, a new point (ia) is inserted: ‘ia) defence and security projects, in accordance with conditions to be approved by the competent managing bodies of the EIB and within the limits set by the Treaty.’
2017/03/27
Committee: BUDGECON
Amendment 85 #

2016/0221(COD)

Proposal for a regulation
Recital 5
(5) In order to keep a high level of investor protection, those managers should continue to be subject to the requirements of Directive 2011/61/EU while complying with certain provisions of Regulation (EU) No 345/2013 or Regulation (EU) No 346/2013, namely the provisions concerning eligible investments, targeted investors and information requirements. Eligible investors should continue to be subject to the rules laid out in Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013.
2017/01/31
Committee: ECON
Amendment 108 #

2016/0221(COD)

Proposal for a regulation
Recital 10
(10) It is necessary to clarify that the prohibition for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds in its territory includes the prohibition to impose fees and other charges on the managers of those funds.deleted
2017/01/31
Committee: ECON
Amendment 121 #

2016/0221(COD)

Proposal for a regulation
Recital 11 a (new)
(11a) Managers of qualifying venture capital funds and qualifying social entrepreneurship funds which are not authorised in accordance with Directive 2011/61/EU may market such funds throughout the Union, but are not allowed to manage such funds cross-border.
2017/01/31
Committee: ECON
Amendment 142 #

2016/0221(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) No 345/2013
Article 10 – paragraph 2
"2. At all times, managers of qualifying venture capital funds shall ensure that they are able to justify the sufficiency of their own funds to maintain operational continuity and disclose their reasoning as to why those funds are sufficient as specified in Article 13." (2a) Article 10(2) is replaced by the following: "2. Both internally managed qualifying venture capital funds and external managers of qualifying venture capital funds shall have an initial capital of EUR 60 000. 2a. The own funds shall never be less than one sixth of the preceding year's fixed overheads of the same manager. The competent authorities may adjust the requirement in the event of a material change in a firm´s business since the preceding year. Where a manager of a qualifying venture capital fund has not completed a year's business, the requirement shall be a fourth of the fixed overheads projected in his business plan, unless an adjustment to that plan is required by the competent authority of the home member state of the manager. 2b. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital fund exceeds EUR 300 000 000, the manager shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,015% of the amount by which the total value of the qualifying venture capital funds exceeds the EUR 300 000 000. 2c. Own funds shall not include speculative positions." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)
2017/01/31
Committee: ECON
Amendment 164 #

2016/0221(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 345/2013
Article 14 – paragraph 1 – point e
(3a) In Article 14(1), point (e) is deleted.
2017/01/31
Committee: ECON
Amendment 220 #

2016/0221(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Regulation (EU) No 346/2013
Article 11 – paragraph 2
" 2. At all times, managers of qualifying social entrepreneurship funds shall ensure that they are able to justify the sufficiency of their own funds to maintain operational continuity and disclose their reasoning as to why those funds are sufficient as specified in Article 14." (2a) In Article 11, paragraph 2 is deleted and the following paragraphs are inserted: " 2a. Both internally managed qualifying social entrepreneurship funds and external managers of qualifying social entrepreneurship funds shall have an initial capital of EUR 60 000. 2b. The own funds shall never be less than one sixth of the preceding year's fixed overheads of the same manager. The competent authorities may adjust the requirement in the event of a material change in a firm´s business since the preceding year. Where a manager of a qualifying social entrepreneurship fund has not completed a year's business, the requirement shall be a fourth of the fixed overheads projected in his business plan, unless an adjustment to that plan is required by the competent authority of the home member state of the manager. 2c. Where the value of the qualifying social entrepreneurship funds managed by the manager of qualifying social entrepreneurship fund exceeds EUR 300 000 000, the manager shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,015% of the amount by which the total value of the qualifying social entrepreneurship funds exceeds the EUR 300 000 000. 2d. Own funds shall not include speculative positions." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)
2017/01/31
Committee: ECON
Amendment 225 #

2016/0221(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 3
Regulation (EU) No 346/2013
Article 11 – paragraph 3
(3) In Article 11, the following paragraph 3 is added: ‘3. ESMA shall develop draft regulatory technical standards specifying the methodologies to determine what constitutes sufficient own funds. Those methodologies shall: (a) distinguish between what constitutes sufficient own funds for internally managed qualifying social entrepreneurship funds and sufficient own funds for managers of qualifying social entrepreneurship funds which are external managers; (b) take into account the size and internal organisation of the managers referred to in paragraph 1 of Article 2 in order to ensure neutral conditions of competition between those managers and managers referred to in paragraph 2 of that Article; (c) ensure that the amounts resulting from the application of those methodologies do not exceed the amounts laid down in Article 9 of Directive 2011/61/EU. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the date of entry into application of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.;’deleted
2017/01/31
Committee: ECON
Amendment 237 #

2016/0221(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Regulation (EU) No 346/2013
Article 15 – paragraph 1 – point e
" (e) a list of Member States where the manager of a qualifying social entrepreneurship fund has established, or intends to establish, qualifying social entrepreneurship funds. (3a) In Article 15, the point (e) of paragraph 1 is deleted. " " Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)
2017/01/31
Committee: ECON
Amendment 196 #

2015/2353(INI)

Motion for a resolution
Paragraph 30 a (new)
30a. Considers that beyond the preservation of the pre-allocated national envelopes stipulated in the Article 2 of the MFF Regulation, the preservation of the heading 2 margins is essential in order to face the impacts of the various crisis in agricultural markets in the second half of the MFF;
2016/05/13
Committee: BUDG
Amendment 295 #

2015/2353(INI)

Motion for a resolution
Paragraph 48
48. Underlines that an essential element of the difficulties in agreeing on a multiannual financial framework between Member States is their primary focus on net balances; reiterates its position that the Union budget is not a simple zero-sum game but, rather, the expression of common policies which create collective added value; urges the Member States, therefore, to change their perception of and approach to the Union budget in order to ensure that the outcome is not another stalemate that will only further disconnect the Union from its citizens; calls accordingly on the Commission to produce a study on the savings achieved at national level by Member States as a result of policy action funded at EU level;
2016/05/13
Committee: BUDG
Amendment 298 #

2015/2353(INI)

Motion for a resolution
Paragraph 48 a (new)
48a. Points to the political imperative of setting up a decision-making procedure that guarantees the availability of the necessary financial resources, either at EU or national level, in order to ensure the full implementation of the political decisions taken by the European Council;
2016/05/13
Committee: BUDG
Amendment 223 #

2015/2285(INI)

Motion for a resolution
Paragraph 12 a (new)
12a. Stresses the importance for certain Member States of reforming and simplifying their regulatory framework with regard to labour in order to remove some of the obstacles to investment and entrepreneurship; reiterates the urgency of implementing structural reforms that create a company-friendly environment;
2016/01/12
Committee: ECON
Amendment 265 #

2015/2285(INI)

Motion for a resolution
Paragraph 16 a (new)
16a. Stresses the urgent need to establish in each Member State a pension system that fully reflects the reality of population ageing;
2016/01/12
Committee: ECON
Amendment 271 #

2015/2285(INI)

Motion for a resolution
Paragraph 17
17. Takes note of the proposal for a Structural Reform Support Programme, to be discussed under the ordinary legislative procedure; reiterates, however, that it falls to the Member States to ensure that structural reforms are implemented by their public administrations;
2016/01/12
Committee: ECON
Amendment 299 #

2015/2285(INI)

Motion for a resolution
Paragraph 19
19. Insists on implementation of the Stability and Growth Pact, while making use of available fiscal space, inter alia, to deal with security threats and refugee inflows; reiterates that the Stability and Growth Pact allows for flexibility in the face of unexpected adverse economic events with major unfavourable consequences for government finances; emphasises that this flexibility should not undermine the objective of balancing public finances;
2016/01/12
Committee: ECON
Amendment 312 #

2015/2285(INI)

Motion for a resolution
Paragraph 20
20. Emphasises the need for improved tax collection, fighting tax evasion and avoidance and improved tax policy coordination; emphasises the need to speed up the process of fiscal convergence in the European Union;
2016/01/12
Committee: ECON
Amendment 10 #

2015/2147(INI)

Draft opinion
Paragraph 1 a (new)
1a. Sees the digitisation of the economy as an ineluctable and beneficial development – spurring progress, growth and innovation among European companies, not least SMES – and believes it should be supported;
2015/10/19
Committee: ECON
Amendment 67 #

2015/2147(INI)

Draft opinion
Paragraph 4 a (new)
4a. Believes that the existing tax framework cannot continue to be applied given the specificities of the digital economy, and therefore calls on the Member States to come up with a new taxation policy suitable for the digital economy; emphasises that, with a view to ensuring fair competition and boosting EU citizens’ confidence in the fairness of tax systems, a European strategy for adapting existing tax arrangements to make them applicable to digital companies is urgently needed;
2015/10/19
Committee: ECON
Amendment 78 #

2015/2147(INI)

Draft opinion
Paragraph 5
5. Supports the Commission’s decision to review internet platforms; and encourages ithe Commission to create a suitable legislative and tax framework ensuring the development of innovative ideas, protection of work standards and compliance with exfor these new business models, setting out in particular a new concept of territoriality in order to prevent unfair competition and tax optimisationg fiscal rules;
2015/10/19
Committee: ECON
Amendment 118 #

2015/2132(BUD)

Motion for a resolution
Paragraph 94
94. Is convinced that the Union budget can contribute to addressing effectively not only the consequences but also the root causes of the crises that the Union is currently facing; takes the view, however, that unforeseen events with an Union- wide dimensionhowever, reiterates that from the Juncker plan to the Ukrainian conflict and the migration crisis, unforeseen events since last year show that the MFF ceilings are too low and paralyse the Union in areas where we most need it, that these events should be tackled by pooling efforts and putting additional means at Union level rather than by calling past commitments into question or reverting to the illusion of purely national solutions; stresses, therefore, that flexibility provisions are there to enable such a joint and speedy response and should be used to the full in order to make up for the tight constraints of the MFF ceilings;
2015/10/06
Committee: BUDG
Amendment 330 #

2015/2010(INL)

Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 1 a (new)
The European Parliament would like the Commission proposal to establish harmonised criteria exempting from taxation all profits that are allocated to company investments in research and development in order to achieve the EU target of 3% of GDP to be devoted to research expenditure by 2020.
2015/10/13
Committee: ECON
Amendment 36 #

2015/2008(BUD)

Motion for a resolution
Paragraph 2 a (new)
2a. Highlights the importance of creating a proper environment for start-ups by promoting a business and academic ecosystem in Europe empowered to connect entrepreneurs, to foster new projects and experience counsel; Calls on the complementarity of short and long term financing structures and a diversification of financing sources in line with the capital market union objective; Recognises the importance of reducing barriers in order for start-ups to fully and legally operate across the Single Market; Calls to strengthen support for the 'Erasmus for Young Entrepreneurs' initiative."
2015/02/12
Committee: BUDG
Amendment 191 #

2015/0268(COD)

Proposal for a regulation
Recital 40
(40) Once a class of securities is admitted to trading on a regulated market, investors are provided with ongoing disclosures by the issuer under Regulation (EU) 596/2014 of the European Parliament and of the Council12 and Directive 2004/109/EC. The need for a full prospectus is therefore less acute in case of subsequent offers to the public or admissions to trading by such an issuer. A distinct prospectus should therefore be available for use in case of secondary issuances and its content should be alleviated compared to the normal regime, taking into account the information already disclosed. Still, investors need to be provided with consolidated and well- structured information on such elements as the terms of the offer and its context, including the working capital statementa structured and synthetic presentation of recent ongoing information, the working capital statement, the statement of capitalisation and indebtedness, the use of proceeds, material risk factors specific to the issuer and the securities, board practices, directors' remuneration, shareholding structure or relating-party transactions. As such information is not required to be disclosed on an ongoing basis under Regulation (EU) 596/2014 and Directive 2004/109/EC, it is appropriate that the prospectus drawn up in case of secondary issuance should at least include this information. __________________ 12 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, (OJ L 173, 12.6.2014, p. 1).
2016/04/21
Committee: ECON
Amendment 220 #

2015/0268(COD)

Proposal for a regulation
Recital 56
(56) It is also necessary to harmonise advertisements in order to avoid undermining public confidence and prejudicing the proper functioning of financial markets. The fairness and accuracy of advertisements, as well as their consistency with the content of the prospectus are of utmost importance for the protection of investors, including retail investors, and. Without prejudice to the passport mechanism under this Regulation, the supervision of such advertisements is an integral part of the role of the competent authoritiesy of the host Member States, considering their linguistic competences and better knowledge of local corporate and consumer laws, investors' culture and level of financial education.
2016/04/21
Committee: ECON
Amendment 268 #

2015/0268(COD)

Proposal for a regulation
Article 1 – paragraph 3 – point b
(b) an offer of securities addressed to fewer than 1500 natural or legal persons per Member State, other than qualified investors;
2016/04/21
Committee: ECON
Amendment 317 #

2015/0268(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point m – point ii
(ii) for any issues of non-equity securities whose denomination per unit amounts to at least EUR 1 000, and for any issues of non- equity securities giving the right to acquire any transferable securities or to receive a cash amount, as a consequence of their being converted or the rights conferred by them being exercised, provided that the issuer of the non-equity securities is not the issuer of the underlying securities or an entity belonging to the group of the latter issuer, the Member State where the issuer has its registered office, or where the securities were or are to be admitted to trading on a regulated market or where the securities are offered to the public, at the choice of the issuer, the offeror or the person asking for admission. The same shall apply to non-equity securities in a currency other than euro, provided that the value of such minimum denomination is nearly equivalent to EUR 1 000;
2016/04/21
Committee: ECON
Amendment 465 #

2015/0268(COD)

Proposal for a regulation
Article 14 – paragraph 2
2. By derogation to aArticle 6(1), and without prejudice to Article 17(2), the prospectus drawn up under the minimum disclosure regime for secondary issuances shall contain the relevant information which is necessary to enable investors to understand the prospects of the issuer and of any guarantor, based on minimum financial information included or incorporated by reference into the prospectus covering the last financial year only, the rights attaching to the securities, the reasons for the issuance and its impact on the issuer, in particular the working capital statement and the disclosure of indebtedness and capitalisation. The information contained in the prospectus shall be presented in an easily analysable, succinct and comprehensible form and shall enable investors to make an informed investment decision. The ongoing information shall be presented in a structured and synthetic form.
2016/04/21
Committee: ECON
Amendment 467 #

2015/0268(COD)

Proposal for a regulation
Article 14 – paragraph 3 – subparagraph 1
The Commission shall adopt delegated acts in accordance with Article 42 to specify the reduced information to be included in the schedules applicable under the minimum disclosure regime, taking into account the information which is already disclosed to the public under Directive 2004/109/EC, where applicable, and Regulation (EU) No 596/2014, provided that ongoing information remains consolidated and well-structured for comprehensibility purposes.
2016/04/21
Committee: ECON
Amendment 537 #

2015/0268(COD)

Proposal for a regulation
Article 21 – paragraph 5 – subparagraph 1
5. The competent authority of the homest Member State shall have the power to exercise control over the compliance of advertising activity, relating to an offer to the public of securities or an admission to trading on a regulated market, with the principles referred to in paragraphs 2 to 4.
2016/04/21
Committee: ECON
Amendment 543 #

2015/0268(COD)

Proposal for a regulation
Article 21 – paragraph 5 – subparagraph 1 a (new)
Where necessary, the home Member State shall assist the competent authority where the advertisements are disseminated with assessing the consistency of the advertisements with the information in the prospectus. Where necessary, the home Member State shall provide assistance to the competent authority of the host Member State in order to assess the consistency of the advertisements with the information provided in the prospectus.
2016/04/21
Committee: ECON
Amendment 230 #

2015/0226(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point b
(b) regularly perform stress tests on the cash flows and collateral values supporting the underlying exposures that are commensurate with the nature, scale and complexity of the risk of the securitisation position; this requirement shall however not apply when investors are exposed to STS securitisations;
2016/07/27
Committee: ECON
Amendment 276 #

2015/0226(COD)

Proposal for a regulation
Article 4 a (new)
Article 4 a 1. An independent and authorised manager shall manage the SSPE in the interest of investors. 2. An application for authorisation as an SSPE manager shall be made to the competent authority which shall verify: (a) the independence of the manager from the sponsor and originator or the effectiveness of the organisation to limit conflicts of interest; and (b) the competence of the manager to carry out the obligations set out in paragraph 3. 3. The manager referred to in paragraph 1 shall be responsible for the following : (a) controlling the eligibility and the quality of assets throughout the life of the securitisation; (b) verifying a sample of the underlying exposures as required in Article 10(2); (c) verifying the cash flows serviced from the assets and the investment payment waterfall on an ongoing basis; (d) avoiding conflicts of interest or manage and disclose those conflicts in the interest of investors; (e) managing the risks, including operational risks; and (f) where the securitisation is STS, ensuring that the securitisation meets all the requirements of section 1 or section 2 of this Chapter. 4. ESMA shall develop draft regulatory technical standards specifying the role of the SPPE manager. ESMA shall submit those draft regulatory technical standards to the Commission by 6 months after the entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2016/07/27
Committee: ECON
Amendment 312 #

2015/0226(COD)

Proposal for a regulation
Article 6 – paragraph 1
1. Originators, sponsors and SSPE's shall use the designation "STS" or a designation that refers directly or indirectly to these terms for their securitisation only where the securitisation meets all the requirements of Section 1 or Section 2 of this Regulation, and they have notified ESMA pursuant to Article 14 (1), and the requirements aforementioned have been assessed by a third party authorised by ESMA. 2. ESMA shall develop draft regulatory technical standards specifying conditions that should be met by the third party to be authorised to assess criteria laid down in Articles 7 to 10 or Articles 11 to 13. ESMA shall submit those draft regulatory technical standards to the Commission by 6 months after the entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2016/07/27
Committee: ECON
Amendment 366 #

2015/0226(COD)

Proposal for a regulation
Article 10 a (new)
Article 10 a ESMA shall develop guidelines addressed to originators, original lenders, sponsors, SSPEs and third parties in charge of assessing the compliance with STS criteria on a harmonised interpretation and application of requirements laid down in Articles 8, 9 and 10.
2016/07/27
Committee: ECON
Amendment 382 #

2015/0009(COD)

Proposal for a regulation
Recital 19 a (new)
(19a) The EFSI should also have the possibility to support private fund structures such as European Long-Term Investment Funds (ELTIF), set up by private investors and/or national promotional banks, that could also play a role in providing a complementary vehicle for delivering public or private/public investments in the real economy. As provided by the Regulation XX/XXXX, the Commission should prioritize and streamline its processes for all applications by ELTIFs for financing from the EIB. The Commission and the EIB should also explore all types of possible cooperation between EFSI and ELTIF.
2015/03/25
Committee: BUDGECON
Amendment 484 #

2015/0009(COD)

Proposal for a regulation
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSIhe choice of budget lines used to finance the guarantee fund should spare the financing of programmes which can only come into being through Community subsidies. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
2015/03/25
Committee: BUDGECON
Amendment 546 #

2015/0009(COD)

Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 – point a (new)
(a) Article 1 a Definitions. For the purpose of this Regulation the following definitions shall apply: (a)‘EFSI Agreement’ means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; (b) ‘national promotional banks or institutions’ means legal entities carrying out financial activities on a professional basis which are conferred a mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities; (c) ‘investment platforms’ means special purpose vehicles, managed accounts, contract-based co-financing or risk sharing arrangements or arrangements established by any other means by which investors channel a financial contribution in order to finance a number of investment projects and which may include national platforms that regroup several investment projects on the territory of a given Member State, multi- country or regional platforms that regroup several Member States interested in large projects in a given geographic area, or thematic platforms, which could gather investment projects in a given sector; (d) ‘small and medium-sized enterprises (SMEs)’ means micro, small and medium-sized enterprises as defined in Commission Recommendation 2003/361/EC; (e) ‘mid-cap companies’ means legal entities having up to 3000 employees which are not SMEs.
2015/03/25
Committee: BUDGECON
Amendment 25 #

2014/2249(INI)

Draft opinion
Paragraph 7 (new)
7. Points out that, under Article 24 of the Council Regulation of 2 December 2013 laying down the multiannual financial framework for tbe years 2014-2020, all expenditure and revenue of the Union and Euratom must be included in the general budget of the Union in accordance with Article 7 of the Financial Regulation;
2015/04/22
Committee: BUDG
Amendment 26 #

2014/2249(INI)

Draft opinion
Paragraph 8 (new)
8. Calls on the Commission to prepare an annual report to accompany the general budget of the Union, bringing together available and non-confidential information relating to: - the assets and liabilities of the Union, including those arising from borrowing and lending operations carried out by the Union in accordance with its powers under the Treaties; - the revenue, expenditure, assets and liabilities of the European Development Fund (EDF), the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM), and other possible future mechanisms, including trust funds; - the expenditure incurred by Member States in the framework of enhanced cooperation, to the extent that it is not included in the general budget of the Union.
2015/04/22
Committee: BUDG
Amendment 26 #

2014/2249(INI)

Motion for a resolution
Recital C
C. whereas the Community method must be preserved and not be undermined by intergovernmental solutions, not even in areas where not all Member States fulfil the conditions for participation;
2016/02/17
Committee: AFCO
Amendment 88 #

2014/2249(INI)

Motion for a resolution
Recital L
L. whereas the institutional structure of the EMU should be transformed into an effective and democratic economic government, with Parliament and Council acting as equal co-legislators, the Commission fulfilling the role of the executive, national parliaments scrutinising national governments, the European Parliament scrutinising the EU level of decision-making, and the Court of Justice having control over all aspects of EMU enshrined in the Treaties;
2016/02/17
Committee: AFCO
Amendment 195 #

2014/2249(INI)

Motion for a resolution
Paragraph 4
4. Points out that all the provisions of the Lisbon Treaty have not yet been exploited to their full potential even though they contain some necessary tools that could have been applied to prevent some of the crises with which the Union is confronted, or could be used to cope with the current challenges without having to initiate a Treaty revision in the short term;
2016/02/17
Committee: AFCO
Amendment 200 #

2014/2249(INI)

Motion for a resolution
Paragraph 5
5. Stresses that there may be complementarity between the Community method is superior toand the intergovernmental method as it, given that the Community method is the only one that allows for transparency, QMV in the Council, and the equal right of co-legislation by the European Parliament and Council, as well as preventing a fragmentation of institutional responsibilities and the development of competing institutions;
2016/02/17
Committee: AFCO
Amendment 211 #

2014/2249(INI)

Motion for a resolution
Paragraph 6
6. Is of the opinion that intergovernmental solutions should not exist, not even in areas where not all the Member States fulfil the conditions for participation, and that the Fiscal Compact and the European Stability Mechanism, as intended by the Treaties should therefore be incorporated into Union law, after an analysis of their implementation record, and no new institutions should be introduced;
2016/02/17
Committee: AFCO
Amendment 269 #

2014/2249(INI)

Motion for a resolution
Paragraph 13
13. Stresses the importance of cooperation between the European Parliament and national parliaments in joint bodies such as the Conference of Parliamentary Committees for Union Affairs of Parliaments of the European Union (COSAC), and the Inter-parliamentary Conference on Common Foreign and Security Policy (CFSP-IPC), and in the framework of Article 13 of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union on the basis of the principles of consensus, information sharing and consultation in order to exercise control over their respective administrations; underlines the need for strongcloser cooperation between the specialised committees of the European Parliament and their national equivalents;
2016/02/17
Committee: AFCO
Amendment 275 #

2014/2249(INI)

Motion for a resolution
Paragraph 14 a (new)
14a. Takes the view that care needs to be taken to prevent any ‘gold-plating’ of EU legislation by Member States and that national parliaments have a key role to play here;
2016/02/17
Committee: AFCO
Amendment 335 #

2014/2249(INI)

Motion for a resolution
Paragraph 23
23. Is determined to implement fully Treaty provisions on enhanced cooperation by committing not to give its consent to any new enhanced cooperation proposals unless thedesiring that participating Member States commit as often as possible to activate the special ‘passerelle clause’ enshrined in Article 333 TFEU to switch from unanimity to QMV, and from a special to the ordinary legislative procedure;
2016/02/17
Committee: AFCO
Amendment 336 #

2014/2249(INI)

Motion for a resolution
Paragraph 23 a (new)
23a. Stresses the importance of taking full advantage of the enhanced cooperation procedure enshrined in Article 20 of the Treaty on European Union, especially among eurozone Member States, so that those Member States wishing to establish enhanced cooperation among themselves as part of the non-exclusive competences of the Union are able, through this mechanism, to promote the attainment of the objectives of the Union and strengthen their integration process subject to the limits and in accordance with the arrangements laid down in Articles 326- 334 TFEU;
2016/02/17
Committee: AFCO
Amendment 403 #

2014/2249(INI)

Motion for a resolution
Paragraph 30
30. Considers that the practical possibilities for national parliaments to ensure the principles of subsidiarity and proportionality should be improved, and cooperation between national parliaments strengthened, to enable them, in close coopenational parliaments should continue to be made aware of their key role in regard to monitoring application of the subsidiarity principle and that the praction among themselves, to reach the necessary quorum under article 7(3) of the Protocol on the application ofcal possibilities for national parliaments to ensure that the principles of subsidiarity and proportionality are respected should be improved;
2016/02/17
Committee: AFCO
Amendment 406 #

2014/2249(INI)

Motion for a resolution
Paragraph 30 a (new)
30a. Adds that cooperation between national parliaments should be strengthened, to enable them, in close cooperation among themselves, to reach the necessary quorum under Article 7(3) of the Protocol on the application of the principles of subsidiarity and proportionality;
2016/02/17
Committee: AFCO
Amendment 649 #

2014/2249(INI)

Motion for a resolution
Paragraph 64
64. Considers it necessary to address the weakness in the existing institutional structure, whereby certain parts of the Treaty may be overseen by the Court of Justice while others are excluded from such scrutiny; calls for binding coordination and surveillance of the budgetary discipline of those Member States whose currency is the euro, subject to the control of the Court of Justice on the basis of Article 136 TFEU, in conjunction with Article 121 (6), and under strengthened parliamentary scrutiny in the detailed implementation of Article 121 (3) and (4) TFEUthat stronger parliamentary scrutiny is needed in the detailed implementation of Article 121 (3) and (4) TFEU, concerning closer coordination of economic policies;
2016/02/17
Committee: AFCO
Amendment 652 #

2014/2249(INI)

Motion for a resolution
Paragraph 66
66. Recalls that priority should be given to the ordinary legislative and budgetary procedures at EU level by making use, when necessary, of derogations and the establishment of dedicated budget lines; recalls that any other provisions, such as eurozone or enhanced cooperation provisions, should only be used when the aforementioned procedures are not legally or politically possible;
2016/02/17
Committee: AFCO
Amendment 39 #

2014/2248(INI)

Motion for a resolution
Recital A a (new)
Aa. whereas these significant European challenges cannot be handled by single Member States, but only by a joint response from the European Union;
2016/11/16
Committee: AFCO
Amendment 194 #

2014/2248(INI)

Motion for a resolution
Recital O
O. whereas the decline of Europe’s defence capabilities has limited its ability to project stability beyond our immediate borders; whereas this goes hand in hande defence policy in the EU as a pillar within the reluctance of our US allies to intervene if Europe is not ready to take its fair share of responsibility; whereas this leads inevitably to the need forNATO should be strengthened and a comprehensive EU- NATO political and military partnership should be established, while enabling the Union to act autonomously in operations abroad, mainly with a view to establishing its neighbourhood; reiterates in this regard that EU-NATO relations should be based on complementarity and cooperation at all levels, with a view to addressing common security challenges, capacity development and contingency planning for hybrid threats; whereas more intense cooperation among the Member States and anis needed as well as the integration of some of their defence capacities into a European defence community, both in line with a new European security strategy;
2016/11/16
Committee: AFCO
Amendment 249 #

2014/2248(INI)

Motion for a resolution
Recital S
S. whereas the UK’s decision creates an opportunity to reduce and drastically simplify the ‘variable geometry’ and complexity of the Union; whereas it offers at least the opportunity to, by clarifying what membership of the Union really means and what could be a clear structure in the future fframework the EU’s relationship with non- members in our periphery (the United Kingdom, Norway, Turkey, Ukraine, etc.); whereas the founding fathers of the Union had already envisaged a type of ‘associate status’o be developed in order to build a ring of partners around the EU for countries who cannot yet or will not join the Union;
2016/11/16
Committee: AFCO
Amendment 267 #

2014/2248(INI)

Motion for a resolution
Paragraph 1
1. Considers that the time of crisis management by means of ad hoc and incremental decisionbefore engaging in proposals for radical reforms thas passed, as it only leads to measures that are too little, too late; is convinced that it is now time to address the shortcomings of the governance of the European Union by undertaking a comprehensive, in-depth reform of the Lisbon Treatyt would require amendments to the current Treaties, the provisions of the Lisbon Treaty should be exploited to their full potential in the first place;
2016/11/16
Committee: AFCO
Amendment 320 #

2014/2248(INI)

Motion for a resolution
Paragraph 5
5. Stresses that a comprehensive democratic reflection on the reform of the Treaties can and must only be achieved through a Convention, which guarantees inclusiveness through its composition of representatives of national parliaments, governments of all the Member States, the Commission and the European Parliament, and also provides the proper platform for such reflection and engagement with European citizens and representatives of civil society as part of a congress to be held in 2017 to celebrate the 60th anniversary of the signing of the Treaty of Rome;
2016/11/16
Committee: AFCO
Amendment 402 #

2014/2248(INI)

Motion for a resolution
Paragraph 10
10. Recommends that, instead of these multiple derogations, a type of ‘associaten instrument or even a status’ c should be proposed to those states in the periphery that only want to participate on the sideline, i.e. in some specific Union policies; this statudeveloped in order to set up a ring of partners around the EU for countries swhould be accompanied by obligations corresponding to the associated rights cannot yet or will not join the Union;
2016/11/09
Committee: AFCO
Amendment 408 #

2014/2248(INI)

Motion for a resolution
Paragraph 10 a (new)
10a. Considers that the possibility of differentiated integration should be left open for all Member States, if they are able and willing to advance with the Union’s common objectives; notes, however, that such differentiated integration should only vary in its timescale, so as to ensure a clear and uniform implementation of the Treaties;
2016/11/09
Committee: AFCO
Amendment 409 #

2014/2248(INI)

Motion for a resolution
Paragraph 10 b (new)
10b. The single institutional framework should be preserved and any form of flexibility should aim to achieve the Union’s common objectives, without undermining the principle of equality of all citizens and Member States;
2016/11/09
Committee: AFCO
Amendment 414 #

2014/2248(INI)

Motion for a resolution
Paragraph 11
11. Notes that thise new type of ‘associateinstrument or status could also be one of the possible outcomes to respect the will of the majority of the citizens of the United Kingdom to leave the EU; stresses that this wish must be respected, given that the withdrawal of the United Kingdom, as one of the larger Member States, and as the largest non-euro-area member, affects the strength and the institutional balance of the Union – a new situation that adds to the need for revision of the Treaties;
2016/11/09
Committee: AFCO
Amendment 774 #

2014/2248(INI)

Motion for a resolution
Paragraph 31 a (new)
31a. Notes that only by enhancing the Common Foreign and Security Policy can the EU bring credible answers to the new security threats and challenges, fighting terrorism, bringing peace, stability and order to its neighbourhood;
2016/11/09
Committee: AFCO
Amendment 786 #

2014/2248(INI)

Motion for a resolution
Paragraph 32
32. Is of the opinion, while reiterating that more progress could and should be made under the terms of the Lisbon Treaty, including as regards use of the provisions to act by qualified majority voting, that the Vice-President / High Representative should be named EU Foreign Minister and be supported in her efforts to become the main external representative of the European Union in international fora, not least at the level of the UN; considers it essential that, owing to the broad and heavy workload, the Foreign Minister shcould be able to appoint political deputies; proposes a review of the functionality of the current European External Action Service;
2016/11/09
Committee: AFCO
Amendment 792 #

2014/2248(INI)

Motion for a resolution
Paragraph 33
33. Stresses that for the Union to strengthen its own capacity for the defence of the EU territory, as a pillar within NATO, which remains the cornerstlso in view of a rebalance within the EU-NATO strategic partnership, as well as for efficiency and a desirable reductione of the European security architecture and to enable the Union to act autonomously in operations abroad, mainly with a view to stabilising its neighbourhoodmilitary expenses of individual Member States (deriving from the savings achievable through joint projects and economies of scale), and to enable the Union to act autonomously in operations abroad, mainly with a view to conducting conflict prevention operations and peacekeeping in its neighbourhood, in compliance with the principles of the United Nations, the Treaties should provide for the possibility of establishing a European defence union;
2016/11/09
Committee: AFCO
Amendment 877 #

2014/2248(INI)

Motion for a resolution
Paragraph 37
37. Welcomes the successful new procedure whereby European political parties promote their toplead candidates for the President of the European executive, but believes that they should be able to stand during the next elections as official candidates in all Member States; proposes, therefore, following its legislative proposal on the reform of the electoral law of the European Union, empowering the electorate by giving them two votes, one for the national or regional lists and a secelected by the European Parliament on a proposal by the European Council; suggests the integrationd one for the European party lists; these European lists will be headed by the parties’ nominees to become President of the European executive or government and will be composed of candidates drawn from at least one third of the Member Statesf the ‘Spitzenkandidat procedure’ into the Union’s legal framework;
2016/11/09
Committee: AFCO
Amendment 892 #

2014/2248(INI)

Motion for a resolution
Paragraph 39
39. Reiterates its call for a single seat for the European Parliament; proposes that Parliament and the Council each decide the location of their own seat after having obtained the consent of the other; further proposes that the seats of all the other EU institutions, agencies and bodies be determined by Parliament and the Council on a proposal by the European executive, acting in accordance with a special legislative procedure;deleted
2016/11/09
Committee: AFCO
Amendment 908 #

2014/2248(INI)

Motion for a resolution
Paragraph 39 a (new)
39a. Calls, in the light of the decentralised European Union institutions and the need for citizens to see and feel close to the European Parliament, for the permanent recognition as part of treaty revisions of the fact that the European Parliament has officially and historically had its headquarters in Strasbourg;
2016/11/09
Committee: AFCO
Amendment 947 #

2014/2248(INI)

Motion for a resolution
Paragraph 44
44. Proposes that, when Parliament and the Council vote on legislation specific to the euro area, only MEPs elected in the euro area and respectively representatives of its member states, can take part in the vote;deleted
2016/11/09
Committee: AFCO
Amendment 975 #

2014/2248(INI)

Motion for a resolution
Paragraph 46 a (new)
46a. Albeit respecting the role of national parliaments and the principle of subsidiarity, acknowledges the EU’s exclusive competences on Common Commercial Policy; calls for a clear delimitation of competences between the Union and the Member States in this respect; notes that this delimitation would have positive effects on jobs and growth both in the EU and in its trading partners;
2016/11/09
Committee: AFCO
Amendment 819 #

2014/2228(INI)

Motion for a resolution
Paragraph 1 – point d – point xvi b (new)
(xvib) to ensure that European and North American companies comply with their fiscal duties when exercising their rights under the Treaty, in particular by realigning the rules on taxation of economic substance and by ensuring transparency of capital movements and sharing of financial information in line with the OECD’s Action Plan on Base Erosion and Profit Shifting, as presented to the G20 Finance meeting on 21 September 2014;
2015/03/30
Committee: INTA
Amendment 74 #

2014/2145(INI)

Motion for a resolution
Recital A a (new)
Aa. whereas economic governance in the Economic and Monetary Union necessarily, on the basis of solidarity, operates in accordance with national disciplines and the maximising of sustainable growth in all parties to the Stability and Growth Pact;
2015/03/04
Committee: ECON
Amendment 75 #

2014/2145(INI)

Motion for a resolution
Recital A b (new)
Ab. whereas the Stability and Growth Pact is the organic text underpinning the entire structure of the European Semester; whereas its spirit of pacta sunt servanda and its interpretation, in particular in relation to the flexibility criteria, may not derogate from the fundamental requirements of solidarity and responsibility;
2015/03/04
Committee: ECON
Amendment 105 #

2014/2145(INI)

Motion for a resolution
Recital C
C. whereas, on the one hand, according to the Commission’s autumnwinter forecast, investment in the euro area decreased by 3.4 after two consecutive years of negative growth, gross domestic product (GDP) in the euro area is expected to be 1.7% in 2012, by5 and 2.4 1% in 20136, and by 17 % since the pre-crisis period, with the expected rebound rate in 2014 (0.6 %) and that anticipated for 2015 (1.7 %) being very weak; whereas a lack of investment can be just as detrimental to future generations as excessive public debtwhereas, on the other hand, the combined impact of the fall in fuel prices, low interest rates and a monetary policy of quantitative easing are paving the way to accelerated economic recovery;
2015/03/04
Committee: ECON
Amendment 168 #

2014/2145(INI)

Motion for a resolution
Paragraph 1
1. Believes that the current economic situation calls for urgent, comprehensive and decisive measures to face the threat of deflation or very lowstimulate inflation, low growth and high unemployment;
2015/03/04
Committee: ECON
Amendment 283 #

2014/2145(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Notes the absolute necessity of subjecting the collection and publication of statistical information gathered by the Member States to regular quality audits and of taking corrective measures where necessary to ensure that the measurement of social and economic indicators is accurate, transparent and sustainable;
2015/03/04
Committee: ECON
Amendment 376 #

2014/2145(INI)

Motion for a resolution
Paragraph 10
10. Believes that the communication rightly broadens the scope of the investment clause, allowings for flexibility in the preventive arm of the SGP to accommodate investment programmes by the Member States, in particular as regards expenditure on projects under structural and cohesion policy, including the Youth Employment Initiative, trans-European networks and the Connecting Europe Facility, and co- financing under the EFSI; believes that this approach must be urgently reassessed to be symmetrically applied to the corrective arm of the SGPpoints out that a Member State subject to the corrective arm of the SGP may also contribute to the European Fund for Strategic Investments; maintains that this contribution must not under any circumstances hold back the implementation of structural reforms by the Member States;
2015/03/04
Committee: ECON
Amendment 389 #

2014/2145(INI)

Motion for a resolution
Paragraph 11
11. Believes thatStresses the structural reform clause under the preventive arm and the means of considering structural reform plans under the corrective arm constitute a step forward as regards ensuring the more efficient implementation of reforms by Member States; calls for further clarification as to the types of structural reforms eligible under this new scheme; believes that a direct link to the cost, timeframe impact and value of structural reforms should also be explicit in the corrective arm of the SGP; recalls the need for every Member State to implement the appropriate structural reforms, as proposed by the Commission in the country-specific recommendations;
2015/03/03
Committee: ECON
Amendment 476 #

2014/2145(INI)

Motion for a resolution
Paragraph 16 a (new)
16a. Calls on the Member States to base their national budgets solely on the macroeconomic forecasts compiled by the Commission for the European Semester;
2015/03/03
Committee: ECON
Amendment 494 #

2014/2145(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Encourages the Finance Committees of the national parliaments to systematically invite the European Commissioners responsible for economic governance to a public debate in their chambers before the draft budgets of the Member States are adopted;
2015/03/03
Committee: ECON
Amendment 551 #

2014/2145(INI)

Motion for a resolution
Paragraph 20 a (new)
20a. Calls for a public meeting to be held between the Finance Ministers of the Member States and the European Parliament’s Committee on Economic and Monetary Affairs every third quarter before the adoption of the national budgets of the Member States;
2015/03/03
Committee: ECON
Amendment 32 #

2014/2059(INI)

Motion for a resolution
Recital E a (new)
Ea. whereas the spirit of the European Semester entails a commitment to economic solidarity among Member States and whereas they bear a responsibility proportionate to their respective contributions to the overall economic performance of the Union;
2014/09/09
Committee: ECON
Amendment 62 #

2014/2059(INI)

Motion for a resolution
Paragraph 1 a (new)
1a. Welcomes the course set by the European Central Bank, which was explained in the address given by its President at Jackson Hole on 4 August 2014; considers that the approach for which the European Central Bank has opted will act in synergy with Parliament's measures in support of coherent and coordinated monetary, budgetary and structural policies on the part of the States of the Union to promote employment and growth;
2014/09/09
Committee: ECON
Amendment 227 #

2014/2059(INI)

Motion for a resolution
Paragraph 23
23. Points out that the absence of a well functioning internal labour market and of a positive approach to immigration hampers growth in the EU; calls on the Commission and the Member States to establish a common labour market and a modern immigration policy;deleted
2014/09/09
Committee: ECON
Amendment 241 #

2014/2059(INI)

Motion for a resolution
Paragraph 23 a (new)
23a. Observes that no serious work has yet been done on the extent to which demographic trends are responsible for the regular decline in growth which has been experienced by European countries in the past two decades; stresses that the lack of a functioning internal labour market also damages the Union’s potential for growth; calls on the Commission and Member States to establish a genuine common labour market and to mobilise all the Union’s resources in order to implement a common immigration policy in the spirit of the proposals made by the President- elect;
2014/09/09
Committee: ECON
Amendment 246 #

2014/2059(INI)

Motion for a resolution
Paragraph 24
24. Stresses, once again, its call on Member States to simplify their tax systems and reiterates its call to shift taxes from labour to consumption to make the use of resources more efficient and sustainable; calls on the Commission to take urgent action and develop a comprehensive strategy based on concrete legislative measures to fight tax fraud and tax evasion, particularly by extraterritorial economic entities which make profits in the territory of at least one Member State;
2014/09/09
Committee: ECON
Amendment 261 #

2014/2059(INI)

Motion for a resolution
Paragraph 25
25. Reiterates the fact that structural reforms must be complemented by longer- term investment in education, research, innovation and sustainable energy; stresses, however, the fact that private investment is more conducive to growth than public investmen the role that must be played by the Union budget in these fundamental fields of common interest;
2014/09/09
Committee: ECON
Amendment 278 #

2014/2059(INI)

Motion for a resolution
Paragraph 27
27. Believes that the biggest limitation on the EU economy is the low level of private investment;deleted
2014/09/09
Committee: ECON
Amendment 127 #

2013/0306(COD)

Proposal for a regulation
Recital 23
(23) Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. Not all categories of underlying assets should be eligible because some were more confronted to instability than othersIn particular those securitizations where the underlying assets were associated with supporting the working capital of manufacturers and the sales of real economy goods and services, performed well and should be eligible. For this reason theABCP backed by underlying assets should be exclusively composed of short- term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers composed of debt instruments that have been originated by bank clients, such as corporates or their captive financial subsidiaries, in the course of their business activity, including trade receivables, or other related debt held directly or indirectly, should be eligible for MMF investment. In this regard, instruments which provide working capital to bank clients, such as trade receivables, auto loans and leases, equipment loans and leases, SME loans and consumer loans should be eligible provided they are of high quality, liquid and otherwise satisfy maximum weighted average life (WAL) requirement. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures considered to consist of eligible debt and the conditions and numerical threshould not be eligibles determining when such eligible debt is of high credit quality and liquid. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporateconsist of debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid.
2015/01/12
Committee: ECON
Amendment 152 #

2013/0306(COD)

Proposal for a regulation
Recital 39
(39) It is important that the risk management of MMFs not be biased by short-term decisions influenced by the possible rating of the MMF. Therefore, it is necessary to prohibit a MMF or its manager from requesting that the MMF is rated by a credit rating agency in order to avoid that this external rating is used for marketing purposes. The MMF or its manager should also refrain from using alternative methods for obtaining a rating of the MMF. Should the MMF be awarded an external rating, either on the own initiative of the credit rating agency or following request by a third party that is independent of the MMF or the manager and does not act on behalf of any of them, the MMF manager should refrain from relying on criteria that would be attached to that external rating. For ensuring appropriate liquidity management it is necessary that the MMFs establish sound policies and procedures to know their investors. The policies that the manager has to put in place should help understanding the MMF's investor base, to the extent that large redemptions could be anticipated. In order to avoid that the MMF faces sudden massive redemptions, particular attention should be paid to large investors representing a substantial portion of the MMF's assets, as with one investor representing more than the proportion of daily maturing assets. In this case the MMF should increase its proportion of daily maturing assets to the proportion of that investor. The manager should whenever possible look at the identity of the investors, even if they are represented by nominee accounts, portals or any other indirect buyer.
2015/01/12
Committee: ECON
Amendment 159 #

2013/0306(COD)

Proposal for a regulation
Recital 42
(42) Constant Net Asset Value MMFs (CNAV MMFs) have the objective of preserving the capital of the investment while ensuring a high degree of liquidity. The majority of CNAV MMFs have a net asset value (NAV) per unit or share set, for example, at 1 €, $ or £ when they distribute the income to the investors. The others accumulate income in the NAV of the fund while maintaining the intrinsic value of the asset at a constant value.deleted
2015/01/12
Committee: ECON
Amendment 161 #

2013/0306(COD)

Proposal for a regulation
Recital 42 a (new)
(42a) As a MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at maximum to the nearest basis point or its equivalent. As a consequence, when the NAV is published in a specific currency, for example €1, the incremental change in value should be done every €0.0001. In the case of a NAV at €100, the incremental change in value should be done every €0.01.
2015/01/12
Committee: ECON
Amendment 164 #

2013/0306(COD)

Proposal for a regulation
Recital 43
(43) To allow for the specificities of CNAV MMFs it is necessary that CNAV MMFs be permitted to use also the amortised cost accounting method for the purpose of determining the constant net asset value (NAV) per unit or share. This notwithstanding, for the purpose of ensuring at all times the monitoring of the difference between the constant NAV per unit or share and the NAV per unit or share, a CNAV MMF should also calculate the value of its assets on the basis of the marking to market or marking to model methods.deleted
2015/01/12
Committee: ECON
Amendment 169 #

2013/0306(COD)

Proposal for a regulation
Recital 43 a (new)
(43a) External support provided to a MMF with the intention of ensuring either liquidity or stability of the MMF or de facto having such effects increases the contagion risk between the MMF sector and the rest of the financial sector. Third parties providing such support have an interest in doing so, either because they have an economic interest in the management company managing the MMF or because they want to avoid any reputational damage should their name be associated with the failure of a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent authority of the MMF has specifically allowed the external support in order to maintain stability of financial markets.
2015/01/12
Committee: ECON
Amendment 170 #

2013/0306(COD)

Proposal for a regulation
Recital 44
(44) As a MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at maximum to the nearest basis point or its equivalent. As a consequence, when the NAV is published in a specific currency, for example €1, the incremental change in value should be done every €0.0001. In the case of a NAV at €100, the incremental change in value should be done every €0.01. Only if the MMF is a CNAV MMF, the MMF can publish a price that does not follow entirely the movements in the value of its assets. In this case the NAV can be rounded to the nearest cent for a NAV at €1 (every €0.01 move).
2015/01/12
Committee: ECON
Amendment 172 #

2013/0306(COD)

Proposal for a regulation
Recital 44 a (new)
(44a) Investors should be clearly informed, before they invest in a MMF, if the MMF is of a short-term nature or of a standard nature. In order to avoid misplaced expectations from the investor it must also be clearly stated in any marketing document that MMFs are not a guaranteed investment vehicle.
2015/01/12
Committee: ECON
Amendment 174 #

2013/0306(COD)

Proposal for a regulation
Recital 45
(45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to at least 3% of its assets. The NAV buffer should serve as an absorbing mechanism for maintaining the constant NAV. All differences between the constant NAV per unit or share and the NAV per unit or share should be neutralized by using the NAV buffer. During stressed market situations, when the differences can rapidly increase, a procedure should ensure that the whole chain of management is involved. This escalation procedure should permit the senior management to take rapid remedy actions.deleted
2015/01/12
Committee: ECON
Amendment 188 #

2013/0306(COD)

Proposal for a regulation
Recital 46
(46) As a CNAV MMF that does not maintain the NAV buffer at the required level is not capable of sustaining a constant NAV per unit or share, it should be required to fluctuate the NAV and cease to be a CNAV MMF. Therefore, where despite the use of the escalation procedure the amount of the NAV buffer remains for one month below the required 3% by 10 basis points, the CNAV MMF should automatically convert into a MMF that is not allowed to use amortised cost accounting or rounding to the nearest percentage point. If before the end of the one month allowed for the replenishment a competent authority has justifiable reasons demonstrating the incapacity of the CNAV MMF to replenish the buffer, it should have the power to convert the CNAV MMF into a MMF other than a CNAV MMF. The NAV buffer is the only vehicle through which external support to a CNAV MMF can be provided.deleted
2015/01/12
Committee: ECON
Amendment 200 #

2013/0306(COD)

Proposal for a regulation
Recital 47
(47) External support provided to a MMF other than a CNAV MMF with the intention of ensuring either liquidity or stability of the MMF or de facto having such effects increases the contagion risk between the MMF sector and the rest of the financial sector. Third parties providing such support have an interest in doing so, either because they have an economic interest in the management company managing the MMF or because they want to avoid any reputational damage should their name be associated with the failure of a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent authority of the MMF has specifically allowed the external support in order to maintain stability of financial markets.
2015/01/12
Committee: ECON
Amendment 202 #

2013/0306(COD)

Proposal for a regulation
Recital 48
(48) Investors should be clearly informed, before they invest in a MMF, if the MMF is of a short-term nature or of a standard nature and if the MMF is of a CNAV type or not. In order to avoid misplaced expectations from the investor it must also be clearly stated in any marketing document that MMFs are not a guaranteed investment vehicle. CNAV MMFs should clearly explain to investors the buffer mechanism they are applying to maintain the constant NAV per unit or share.
2015/01/12
Committee: ECON
Amendment 214 #

2013/0306(COD)

Proposal for a regulation
Recital 50 a (new)
(50a) During the three years after the entry into force of this Regulation, the Commission should analyse the experience acquired in applying this Regulation and the impacts on the different economic aspects attached to the MMFs. The debt issued or guaranteed by the Member States represents a distinct category of investment displaying specific credit and liquidity traits. In addition, sovereign debt plays a vital role in financing the Member States. The Commission should evaluate the evolution of the market for sovereign debt issued or guaranteed by the Member States and the possibility to create a special framework for MMF that concentrate their investment policy on that type of debt.
2015/01/12
Committee: ECON
Amendment 230 #

2013/0306(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 2
(2) ‘money market instruments’ means money market instruments as defined in Article 2(1)(o) of Directive 2009/65/EC and Article 3 of Directive 2007/16/EC;
2015/01/12
Committee: ECON
Amendment 237 #

2013/0306(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 8
(8) ‘corporat"eligible debt" means debt instruments issued by anentities or undertakings which is effectively engaged in producing or trading and/or financing the manufacturing, trading or providing goods or non-financial services;and non-financial services to the market including corporate debt. For the purpose of this definition, it should be understood, that entities such as captive finance subsidiaries are consistent with this definition and that debt instruments such as trade receivables, auto loans and leases, equipment loans and leases, SME loans and consumer loans of such undertakings are eligible provided they otherwise comply with the conditions set out in this Regulation.
2015/01/12
Committee: ECON
Amendment 239 #

2013/0306(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 12
(12) ‘constant Net Assets Value Money Market Fund’ (CNAV MMF) means a money market fund that maintains an unchanging value NAV per unit or share; where income in the fund is accrued daily or can either be paid out to the investor, and where assets are generally valued according to the amortised cost method or the NAV is rounded to the nearest percentage point or its equivalent in currency term;deleted
2015/01/12
Committee: ECON
Amendment 245 #

2013/0306(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 12 a (new)
(12a) "Short-term MMF" means a money market fund that invests in eligible money market instruments referred to in Article 9(1);
2015/01/12
Committee: ECON
Amendment 284 #

2013/0306(COD)

Proposal for a regulation
Article 8 – paragraph 1 – point d a (new)
(da) repurchase agreements;
2015/01/12
Committee: ECON
Amendment 287 #

2013/0306(COD)

Proposal for a regulation
Article 8 – paragraph 1 – point d b (new)
(db) units or shares of other MMFs;
2015/01/12
Committee: ECON
Amendment 308 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 1 – point –a (new)
(-a) the Asset Backed Commercial Paper has a legal maturity at issuance or a residual maturity of 397 days or less;
2015/01/12
Committee: ECON
Amendment 311 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 1 – point a
(a) the underlying exposure or pool of exposures consists exclusively of corporateligible debt;
2015/01/12
Committee: ECON
Amendment 315 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 1 – point b
(b) the underlying corporateligible debt is of high credit quality and liquid;
2015/01/12
Committee: ECON
Amendment 317 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 1 – point c
(c) the underlying corporate debt has a legal maturity at issuance of 397 days or less; or has a residual maturityexposure or pool of exposures has a weighted average life (WAL) of 397 days or less.
2015/01/12
Committee: ECON
Amendment 328 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
(a) the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporateligible debt;
2015/01/12
Committee: ECON
Amendment 332 #

2013/0306(COD)

Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
(b) conditions and numerical thresholds determining when corporateligible debt is of high credit quality and liquid.
2015/01/12
Committee: ECON
Amendment 358 #

2013/0306(COD)

Proposal for a regulation
Article 13 a (new)
Article 13 a Eligible repurchase agreements A repurchase agreement shall be eligible to be entered into by a MMF provided that all the following conditions are fulfilled: (a) the repurchase agreement is used on a temporary basis (for a maximum of 7 business days) and not for investment purposes; (b) the cash received by the MMF as part of repurchase agreements shall not exceed 10% of its assets and shall not be invested in eligible assets; (c) the MMF shall have the right to terminate the agreement at any time upon a notice of maximum two working days;
2015/01/12
Committee: ECON
Amendment 359 #

2013/0306(COD)

Proposal for a regulation
Article 13 b (new)
Article 13 b Eligible MMFs 1. A MMF may acquire the units or shares of other MMFs provided that no more than 10 % of the assets of the MMF whose acquisition is contemplated, can, according to their fund rules or instruments of incorporation, be invested in aggregate in units or shares of other MMFs. 2. A MMF may acquire the units or shares of other MMFs, provided that no more than 5 % of its assets are invested in units of a single MMF. 3. Member States may provide that, where a MMF has acquired units of another MMF, the assets of the acquired MMF are not required to be combined with the assets of the acquiring MMF for the purposes of the diversification limits laid down in Article 14. 4. MMF investing in units or shares of other MMFs shall comply with the provisions set out under Articles 50(1)(e)(iv) and 55 of Directive 2014/91/UE ("the UCITS Directive"). 5. The provisions of paragraphs 1 and 2 do not apply to feeder MMFs. 6. Short-term MMFs may only invest in units of other short-term MMFs and Standard MMFs may invest in units of both Short-term MMFs and Standard MMFs. 7. UCITS MMFs may only invest in units of other UCITS MMFs and non-UCITS MMFs may invest in both UCITS and non-UCITS MMFs.
2015/01/12
Committee: ECON
Amendment 390 #

2013/0306(COD)

Proposal for a regulation
Article 14 – paragraph 7 a (new)
7 a. Member States may allow cumulative investment in transferable securities and money market instruments within the same group up to a limit of 20%.
2015/01/12
Committee: ECON
Amendment 406 #

2013/0306(COD)

Proposal for a regulation
Article 16 – paragraph 3 – point b
(b) a manager of a MMF shall adopt and implement adequate measures to ensure that the assignment of its internal ratings is based on a thorough analysis of all the information that is available and pertinent, and includes all relevant driving factors that influence the creditworthiness of the issuer;
2015/01/12
Committee: ECON
Amendment 411 #

2013/0306(COD)

Proposal for a regulation
Article 16 – paragraph 3 – point d
(d) where a credit rating agency registered with the European Securities and Market Authority (ESMA) assigns a credit rating to an issuer of money market instruments, the downgrade below the two highest short term credit ratings used by that agency shall be considered to be material change for the purposes of point (c) and require the manager to undertake a new assignment procedure;deleted
2015/01/12
Committee: ECON
Amendment 432 #

2013/0306(COD)

Proposal for a regulation
Article 21 – paragraph 1 – introductory part
1. A short-term MMF shall comply at all times with all of the following portfolio requirements:
2015/01/12
Committee: ECON
Amendment 433 #

2013/0306(COD)

Proposal for a regulation
Article 21 – paragraph 1 – point c
(c) at least 10% of its assets shall be comprised of daily maturing assets. A short-term MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the short-term MMF investing less than 10% of its portfolio in daily maturing assets;deleted
2015/01/12
Committee: ECON
Amendment 436 #

2013/0306(COD)

Proposal for a regulation
Article 21 – paragraph 1 – point d
(d) at least 20% of its assets shall be comprised of weekly maturing assets. A short-term MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the short-term MMF investing less than 20% of its portfolio in weekly maturing assets.deleted
2015/01/12
Committee: ECON
Amendment 442 #

2013/0306(COD)

Proposal for a regulation
Article 21 – paragraph 1 a (new)
1a. A short-term MMF shall hold : (a) at least 10% of its assets in the form of daily maturing assets; (b) at least 15% of its assets in the form of weekly maturing assets. In cases where larger-than-expected redemption requests lead to fall below the abovementioned ratios, managers of short-term MMFs should take action to remedy the breach in a timely manner, and in doing so, should take due account of the interests of its unit-holders. Investment in units or shares of other Short-term MMFs may be included in the ratio of weekly maturing assets up to a maximum of 5% of the assets of the MMF.
2015/01/12
Committee: ECON
Amendment 448 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 1 – point c
(c) at least 10% of its assets shall be comprised of daily maturing assets. A standard MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the standard MMF investing less than 10% of its portfolio in daily maturing assets;deleted
2015/01/12
Committee: ECON
Amendment 452 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 1 – point d
(d) at least 20% of its assets shall be comprised of weekly maturing assets. A standard MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the standard MMF investing less than 20% of its portfolio in weekly maturing assets.deleted
2015/01/12
Committee: ECON
Amendment 458 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 1 a (new)
1 a. A standard MMF shall hold : (a) at least 10% of its assets in the form of daily maturing assets; (b) at least 15% of its assets in the form of weekly maturing assets. In cases where larger-than-expected redemption requests lead to fall below the abovementioned ratios, managers of Standard MMFs should take action to remedy the breach in a timely manner, and in doing so, should take due account of the interests of their unit-holders. Investment in units or shares of other Short-term or Standard MMFs may be included in the ratio of weekly maturing assets up to a maximum of 5% of the assets of the MMF.
2015/01/12
Committee: ECON
Amendment 460 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 2
2. A standard MMF may invest up to 10% of its assets in money market instruments issued by a single body.deleted
2015/01/12
Committee: ECON
Amendment 464 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 3
3. Notwithstanding the individual limit laid down in paragraph 2, a standard MMF may combine, where this would lead to investment of up to 15% of its assets in a single body, any of the following: (a) investments in money market instruments issued by that body; (b) deposits made with that body; (c) OTC financial derivative instruments giving counterparty risk exposure to that body.deleted
2015/01/12
Committee: ECON
Amendment 467 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 3 a (new)
3 a. Notwithstanding the provisions of Article 10(1)(c), a Standard MMF may invest in securitisations (i) with a legal maturity at issuance or a residual maturity of 2 years or less and (ii) the underlying pool of exposures of which has an aggregate weighted average life (WAL) of 2 years or less.
2015/01/12
Committee: ECON
Amendment 468 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 4
4. All portfolio assets that a standard MMF invests in according to paragraphs 2 and 3 shall be disclosed to MMF investors.deleted
2015/01/12
Committee: ECON
Amendment 471 #

2013/0306(COD)

Proposal for a regulation
Article 22 – paragraph 5
5. A standard MMF shall not take the form of a CNAV MMF.deleted
2015/01/12
Committee: ECON
Amendment 485 #

2013/0306(COD)

Proposal for a regulation
Article 24 – paragraph 1 – point d a (new)
(da) the cyclical evolution of the number of shares in the fund.
2015/01/09
Committee: ECON
Amendment 487 #

2013/0306(COD)

Proposal for a regulation
Article 24 – paragraph 2 – introductory part
2. The manager of the MMF shall ensure that:If the value of the units or shares held by a single investor exceeds 10% of the value of the fund, the manager of the MMF shall apply additional, more stringent, measures such as stress tests to ensure that a redemption by such an investor does not materially impact the liquidity profile of the MMF.
2015/01/09
Committee: ECON
Amendment 488 #

2013/0306(COD)

Proposal for a regulation
Article 24 – paragraph 2 – point a
(a) the value of the units or shares held by a single investor does not exceed at any time the value of daily maturing assets;deleted
2015/01/09
Committee: ECON
Amendment 491 #

2013/0306(COD)

Proposal for a regulation
Article 24 – paragraph 2 – point b
(b) redemption by an investor does not materially impact the liquidity profile of the MMF.deleted
2015/01/09
Committee: ECON
Amendment 502 #

2013/0306(COD)

Proposal for a regulation
Article 25 – paragraph 2
2. In addition, in the case of CNAV MMFs, the stress tests shall estimate for different scenarios the difference between the constant NAV per unit or share and the NAV per unit or share, including the impact of the difference on the NAV buffer.deleted
2015/01/09
Committee: ECON
Amendment 507 #

2013/0306(COD)

Proposal for a regulation
Article 25 – paragraph 2 a (new)
2a. Where the stress test reveals any vulnerability of the MMF, the manager of the MMF shall take action to strengthen the robustness of the MMF, including actions that reinforce the liquidity or the quality of the assets of the MMF.
2015/01/09
Committee: ECON
Amendment 512 #

2013/0306(COD)

Proposal for a regulation
Chapter 4 – title
Valuation rules & Accounting Treatment
2015/01/09
Committee: ECON
Amendment 522 #

2013/0306(COD)

Proposal for a regulation
Article 26 – paragraph 5
5. In addition to the marking to market method referred to in paragraphs 2 and 3 and marking to model method referred to in paragraph 4, the assets of a CNAV MMF may also be valued by using the amortised cost method.deleted
2015/01/09
Committee: ECON
Amendment 528 #

2013/0306(COD)

Proposal for a regulation
Article 26 – paragraph 5 a (new)
5a. A MMF shall not use the amortised cost method when valuing its assets.
2015/01/09
Committee: ECON
Amendment 533 #

2013/0306(COD)

Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 2
The NAV per unit or share shall be calculated for each MMF, irrespective of whether it is a CNAV MMF or not.
2015/01/09
Committee: ECON
Amendment 538 #

2013/0306(COD)

Proposal for a regulation
Article 27 – paragraph 4
4. The ‘constant NAV per unit or share’ shall be calculated as the difference between the sum of all assets of a CNAV MMF and the sum of all liabilities of a CNAV MMF valued in accordance with the amortised cost method, divided by the number of outstanding units or shares of the CNAV MMF.deleted
2015/01/09
Committee: ECON
Amendment 542 #

2013/0306(COD)

Proposal for a regulation
Article 27 – paragraph 5
5. The constant NAV per unit or share of a CNAV MMF may be rounded to the nearest percentage point or its equivalent when the NAV is published in a currency unit.deleted
2015/01/09
Committee: ECON
Amendment 546 #

2013/0306(COD)

Proposal for a regulation
Article 27 – paragraph 6
6. The difference between the constant NAV per unit or share and NAV per unit or share of a CNAV MMF shall be continuously monitordeleted.
2015/01/09
Committee: ECON
Amendment 554 #

2013/0306(COD)

Proposal for a regulation
Article 28 – paragraph 2
2. By way of derogation from paragraph 1, the units or shares of a CNAV MMF shall be issued or redeemed at a price that is equal to the MMF's constant NAV per unit or share.deleted
2015/01/09
Committee: ECON
Amendment 557 #

2013/0306(COD)

Proposal for a regulation
Article 28 a (new)
Article 28a Accounting Treatment Units or shares of MMF should be considered as cash equivalents in compliance with the definition provided in IAS 7.
2015/01/09
Committee: ECON
Amendment 558 #

2013/0306(COD)

Proposal for a regulation
Chapter 5
[...]deleted
2015/01/09
Committee: ECON
Amendment 561 #

2013/0306(COD)

Proposal for a regulation
Article 29
1. A MMF shall not use the amortised cost method for valuation, or advertise a constant NAV per unit or share, or round the constant NAV per unit or share to the nearest percentage point or its equivalent when the NAV is published in a currency unit unless it has been explicitly authorised as a CNAV MMF. 2. A CNAV MMF shall satisfy all the following additional requirements: (a) it has established a NAV buffer in accordance with the requirements in Article 30; (b) the competent authority of the CNAV MMF is satisfied with a detailed plan by the CNAV MMF specifying the modalities of the use of the buffer in accordance with Article 31; (c) the competent authority of the CNAV MMF is satisfied with the CNAV MMF's arrangements to replenish the buffer and with the financial strength of the entity expected to fund the replenishment; (d) the rules or instruments of incorporation of the CNAV MMF provide clear procedures for the conversion of the CNAV MMF into a MMF that is not allowed to use the amortised cost accounting or the rounding methods; (e) the CNAV MMF and its manager have clear and transparent governance structures that unambiguously identify and assign responsibilities for the different governance levels; (f) the CNAV MMF has established clear and effective communication tools towards investors that ensure prompt information in relation to any use or replenishment of the NAV buffer and the conversion of the CNAV MMF; (g) the rules or instruments of incorporation of the CNAV MMF state clearly that the CNAV MMF cannot receive external support other than through the NAV buffer.Article 29 deleted Additional requirements for CNAV MMFs
2015/01/09
Committee: ECON
Amendment 613 #

2013/0306(COD)

Proposal for a regulation
Article 30
[...]deleted
2015/01/09
Committee: ECON
Amendment 641 #

2013/0306(COD)

Proposal for a regulation
Article 31
1. The NAV buffer shall only be used in case of subscriptions and redemptions to equalise the difference between the constant NAV per unit or share and the NAV per unit or share. 2. For the purposes of paragraph 1, in case of subscriptions: (a) where the constant NAV at which a unit or share is subscribed is higher than the NAV per unit or share, the positive difference shall be credited to the reserve account; (b) where the constant NAV at which a unit or share is subscribed is lower than the NAV, the negative difference shall be debited from the reserve account. 3. For the purposes of paragraph 1, in case of redemptions: (a) where the constant NAV at which a unit or share is redeemed is higher than the NAV per unit or share, the negative difference shall be debited from the reserve account; (b) where the constant NAV at which a unit or share is redeemed is lower than the NAV per unit or share, the positive difference shall be credited to the reserve account.Article 31 deleted Use of the NAV buffer
2015/01/09
Committee: ECON
Amendment 646 #

2013/0306(COD)

Proposal for a regulation
Article 32
1. A CNAV MMF shall establish and implement an escalation procedure that ensures that the negative difference between the constant NAV per unit or share and the NAV per unit or share is considered by persons competent to act for the fund in a timely manner. 2. The escalation procedure shall require that: (a) where the negative difference reaches 10 basis points or its equivalent when the NAV is published in a currency unit, the senior management of the manager of the CNAV MMF be informed; (b) where the negative difference reaches 15 basis points or its equivalent when the NAV is published in a currency unit, the board of directors of the manager of the CNAV MMF, the competent authorities of the CNAV MMF and ESMA be informed; (c) the competent persons assess the cause of the negative difference and take appropriate action to reduce the negative effects.Article 32 deleted Escalation procedure
2015/01/09
Committee: ECON
Amendment 657 #

2013/0306(COD)

Proposal for a regulation
Article 33
1. Whenever the amount of the NAV buffer falls below 3% it shall be replenished. 2. When the NAV buffer has not been replenished and for one month the amount of the NAV buffer stays below the 3% referred to in Article 30(1) by 10 basis points the MMF shall automatically cease to be a CNAV MMF and be prohibited from using the amortised cost or rounding methods. The CNAV MMF shall inform immediately each investor thereof in writing and in a clear and comprehensible way.Article 33 deleted Replenishment of the NAV buffer
2015/01/09
Committee: ECON
Amendment 669 #

2013/0306(COD)

Proposal for a regulation
Article 34
Powers of the competent authority concerning the NAV buffer 1. The competent authority of the CNAV MMF shall be immediately notified of any decrease below 3% in the amount of the NAV buffer. 2. The competent authority of the CNAV MMF and ESMA shall be immediately notified when the amount of the NAV buffer decreases by 10 basis points below the 3% referred to in Article 30(1). 3. Following the notification referred to in paragraph 1, the competent authority shall closely monitor the CNAV MMF. 4. Following the notification in paragraph 2, the competent authority shall control that the NAV buffer has been replenished or the MMF has ceased to hold itself as a CNAV MMF and informed accordingly its investors.Article 34 deleted
2015/01/09
Committee: ECON
Amendment 681 #

2013/0306(COD)

Proposal for a regulation
Article 35 – paragraph 1
1. A CNAV MMF may not receive external support other than in the form and under the conditions laid down in Articles 30 to 34.deleted
2015/01/09
Committee: ECON
Amendment 690 #

2013/0306(COD)

Proposal for a regulation
Article 35 – paragraph 2
2. MMFs other than CNAV MMFs shall not be allowed to receive external support, except under the conditions laid down in Article 36.
2015/01/09
Committee: ECON
Amendment 693 #

2013/0306(COD)

Proposal for a regulation
Article 35 – paragraph 2
2. MMFs other than CNAV MMFs shall not be allowed to receive external support, except under the conditions laid down in Article 36.
2015/01/09
Committee: ECON
Amendment 706 #

2013/0306(COD)

Proposal for a regulation
Article 36 – paragraph 1 – introductory part
1. In exceptional circumstances justified by systemic implications or adverse market conditions the competent authority may allow a MMF other than a CNAV MMF to receive external support referred to in Article 35 that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF provided that all of the following conditions are fulfilled:
2015/01/09
Committee: ECON
Amendment 716 #

2013/0306(COD)

Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2
A CNAV MMF shall indicate clearly that it is a CNAV MMF in any external or internal document, report, statement, advertisement, letter or any other written evidence issued by it or its manager, addressed to or intended for distribution to prospective investors, unit-holders, shareholders or competent authorities of the MMF or its manager.deleted
2015/01/09
Committee: ECON
Amendment 739 #

2013/0306(COD)

Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point c
(c) the size and the evolution of the NAV buffer;deleted
2015/01/09
Committee: ECON
Amendment 740 #

2013/0306(COD)

Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point c a (new)
(ca) the results of stress tests;
2015/01/09
Committee: ECON
Amendment 761 #

2013/0306(COD)

Proposal for a regulation
Article 43 – paragraph 1
1. Within the six monthstwenty-four following the date of entry into force of this Regulation, an existing UCITS or AIF that invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment shall submit an application to its competent authority together with all documents and evidence necessary to demonstrate the compliance with this Regulation.
2015/01/09
Committee: ECON
Amendment 771 #

2013/0306(COD)

Proposal for a regulation
Article 43 – paragraph 3
3. By way of derogation from the first sentence of Article 30(1), an existing UCITS or AIF that meets the criteria for the definition of a CNAV MMF set out in Article 2(10) shall establish a NAV buffer of at least (a) 1% of the total value of the CNAV MMF's assets, within one year from the entry into force of this Regulation; (b) 2% of the total value of the CNAV MMF's assets, within two years from the entry into force of this Regulation; (c) 3% of the total value of the CNAV MMF's assets, within three years from the date of entry into force of this Regulationdeleted
2015/01/09
Committee: ECON
Amendment 787 #

2013/0306(COD)

Proposal for a regulation
Article 43 – paragraph 4
4. For the purposes of paragraph 3 of this Article, the reference to 3% in Articles 33 and 34 shall be interpreted as referring to the amounts of the NAV buffer mentioned in points (a), (b) and (c) of paragraph 3 respectively.deleted
2015/01/09
Committee: ECON
Amendment 795 #

2013/0306(COD)

Proposal for a regulation
Article 45 – paragraph 1 – introductory part
By three years after the entry into force of this Regulation, the Commission shall review the adequacy of this Regulation from a prudential and economic point of view. In particular the review shall consider the operation of the CNAV buffer and the operation of the CNAV buffer to those CNAV MMFs that, in future, might concentrate their portfolios on debt issued or guaranteed by the Member States. The review shall:
2015/01/09
Committee: ECON
Amendment 11 #

2012/2829(RSP)

Motion for a resolution
Paragraph 2
2. Calls for at least halfll the members of the next Commission to be drawn from Members of the European Parliament elected in 2014 thereby reflecting the balance between the two chambers of the legislature; calls on the political groups and parties to ensure such a composition;
2012/11/07
Committee: AFCO
Amendment 25 #

2012/2092(BUD)

Motion for a resolution
Paragraph 6 a (new)
6a. Underlines that the current procedures for assessing the actual needs for payment appropriations between the relevant administrations in the Member States and the competent services in the Commission take place in total obscurity; strongly believes that such procedures adversely impact on the quality of the final result, on the level of information that reach not only the governments themselves but also the national parliaments and the Parliament, and on the negotiations between the two branches of the budgetary authority;
2012/10/08
Committee: BUDG
Amendment 34 #

2012/2092(BUD)

Motion for a resolution
Paragraph 12 a (new)
12a. Asks the Commission to establish its proposals on payment appropriations on the basis of a thorough evaluation of needs, which are verified, certified and made public by the political authority empowered to do it, in the name of the government of each Member State;
2012/10/08
Committee: BUDG
Amendment 1 #

2012/2034(INI)

Motion for a resolution
Citation 4 a (new)
– having regard to its resolution of 4 July 2013 on improving the practical arrangements for the holding of the European elections in 2014 1; __________ 1 P7-TA(2013)0323
2013/09/30
Committee: AFCO
Amendment 25 #

2012/2034(INI)

Motion for a resolution
Recital Ga (new)
Ga. whereas Article 17(7) of the Treaty on European Union will apply for the first time after the forthcoming European elections; whereas this key provision is intended to enable the President of the Commission to be elected by citizens through the election of their Members of Parliament, as is consistent with a parliamentary system; whereas this outcome can be achieved only if European political parties, Parliament and the European Council act in keeping with this spirit, in line with their respective responsibilities, notably in the context of consultations aimed at implementing Declaration 11 annexed to the Lisbon Treaty;
2013/09/30
Committee: AFCO
Amendment 44 #

2012/2034(INI)

Motion for a resolution
Paragraph 8a (new)
8a. Calls on the European Council to state, before the start of the European election campaign, how it intends to respect the choice of European citizens in the appointment of the President of the Commission, in the context of the consultations to be held between Parliament and the European Council with a view to implementing Declaration 11 annexed to the Lisbon Treaty; calls on each member of the European Council to announce in advance how they intend to respect the vote of their fellow citizens when proposing one or more candidates for the post of Commissioner from their country;
2013/09/30
Committee: AFCO
Amendment 85 #

2012/0237(COD)

Proposal for a regulation
Article 3 – paragraph 1 – introductory part
1. A political party or political alliance, as defined in Article 2 points (1) and (2), shall be entitled to apply to register itstheir statutes as a European political party with the European Parliament subject to the following conditions:
2013/01/18
Committee: AFCO
Amendment 122 #

2012/0237(COD)

Proposal for a regulation
Article 4 – paragraph 2 – point a
(a) the admission, resignation and exclusion of the party's members, with the list of member organisations annexed to it,
2013/01/18
Committee: AFCO
Amendment 132 #

2012/0237(COD)

Proposal for a regulation
Article 4 – paragraph 2 – point d a (new)
d (a) the democratic election of the candidate supported by the party for the post of President of the European Commission or any other European political office;
2013/01/18
Committee: AFCO
Amendment 162 #

2012/0237(COD)

Proposal for a regulation
Article 6 – paragraph 5
5. Within three months following the reception of the application for registration, the European Parliament shall adopt a decision, which it shall publish in the Official Journal of the European Union, together with the party or foundation statutes or, where an application has not been approved, the grounds for rejection. An application may only be rejected by a majority of three quarters of the Members voting.
2013/01/18
Committee: AFCO
Amendment 170 #

2012/0237(COD)

Proposal for a regulation
Article 6 – paragraph 7
7. The updated list of member organisations of a European political party, annexed to the party statutes in accordance with Article 4(2), shall be sent to the European Parliament on a yearly basis, but within four weeks of any changes following which the European political party may no longer satisfy the requirement in Article 3(1)(b).
2013/01/18
Committee: AFCO
Amendment 194 #

2012/0237(COD)

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Before reaching its decision, the European Parliament shall hear the representatives of the European political party or European political foundation concerned and ask a committee of independent eminent persons to give an opinion on the subject within a reasonable time period. If the European Parliament does not wish to follow the opinion of this committee, it may decline to do so only by a majority of its component Members.
2013/01/18
Committee: AFCO
Amendment 238 #

2012/0237(COD)

Proposal for a regulation
Article 11 – paragraph 2
2. The European Parliament shall adopt, by a majority of three quarters of the Members voting, a decision on the termination of the European legal status and the removal from the Registry.
2013/01/18
Committee: AFCO
Amendment 278 #

2012/0237(COD)

Proposal for a regulation
Article 15 – paragraph 5 – point b
(b) donations from the budgets of political groups in the European Parliament,deleted
2013/01/18
Committee: AFCO
Amendment 286 #

2012/0237(COD)

Proposal for a regulation
Article 15 – paragraph 7
7. Contributions to a European political party from its members shall be admissible. These contributions shall not exceed 40 % of the annual budget of that European political party.
2013/01/18
Committee: AFCO
Amendment 288 #

2012/0237(COD)

Proposal for a regulation
Article 15 – paragraph 8 – subparagraph 1
Contributions to a European political foundation from its members, as well as from European political parties, shall be admissible. These contributions shall not exceed 40 % of the annual budget of that European political foundation and may not derive from funds received by a European political party pursuant to this Regulation from the general budget of the European Union.
2013/01/18
Committee: AFCO
Amendment 293 #

2012/0237(COD)

Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
In accordance with Article 8 of the Act concerning the election of the members of the European Parliament by direct universal suffrage, the funding and limitation of election expenses for all parties and candidates at elections to the European Parliament is governed in each Member State by national provisions, with the exception of referendums concerning EU policy or the ratification of European treaties.
2013/01/18
Committee: AFCO
Amendment 333 #

2012/0237(COD)

Proposal for a regulation
Article 22 – paragraph 2 – introductory part
2. The European Parliament shall impose, by a majority of three quarters of the Members voting and having heard the opinion of the Committee referred to in Article 6(2), on a European political party or a European political foundation a fine according to a scale determined by it:
2013/01/18
Committee: AFCO
Amendment 6 #

2011/2266(REG)


Annex II – part A – point 1 – indent 2
– fall within the competence and sphere of responsibility of the Commission and the Counciladdressee and are of general interest;
2012/02/08
Committee: AFCO
Amendment 7 #

2011/2266(REG)


Annex II – part A – point 1 – indent 2 a (new)
- concern in particular, in the case of specific questions to the Council, the exercise of its functions in defining, coordinating and implementing EU policies, or concern its powers relating to appointment procedures or the operation of the institutions, agencies and bodies of the European Union or a revision of the Treaties,
2012/02/08
Committee: AFCO
Amendment 8 #

2011/2266(REG)


Annex II – part A – point 2
2. A question shall be inadmissible if the agenda already provides for the subject to be discussed with the participation of the institution concerned, or for a question that relates to the exercise of the Council’s legislative and budgetary functions referred to in Article 16(1), first sentence, of the Treaty on European Union.
2012/02/08
Committee: AFCO
Amendment 3 #

2011/2157(INI)

Draft opinion
Paragraph 1
1. Supports the consolidation in the ENP of previously separated strands of foreign and assistance policy; looks for a strengthened network of institutional arrangements which is stable, economical and purposefully dedicated to developing closer economic integration and political association among all those involved, including the alignment of values at the United Nations;
2011/10/11
Committee: AFCO
Amendment 12 #

2011/2157(INI)

Draft opinion
Paragraph 3
3. Considers the Union for the Mediterranean to have been misconceived, poorly executed and even counterproductive; insists, therefore,Actively supports the current process of relaunching the Union for the Mediterranean (UfM) and the governance arrangements recently put in place; insists on the full incorporation of the European side of the partnership into the conventional EU framework under the auspices of the High Representative/Vice- President and the European External Action Service;
2011/10/11
Committee: AFCO
Amendment 20 #

2011/2157(INI)

Draft opinion
Paragraph 4
4. Supports Parliament’s role in the ENP while noting the increased pressure on MEPs and Parliament’s services of maintaining effectively the growing number of multilateral and bilateral forms of parliamentary cooperation; urges continual assessment of the added value and; calls for the practical organisation of EuroNest and the Euro-Mediterranean Parliamentary Assembly to be assessed;
2011/10/11
Committee: AFCO
Amendment 25 #

2011/2157(INI)

Draft opinion
Paragraph 7
7. Recommends that at the next revision of the Treaties a new category of associate membership of the Union be established for countries which do not seek full EU membership or do not fulfil the accession criteria.
2011/10/11
Committee: AFCO
Amendment 1 #

2011/2152(ACI)

Proposal for a decision
Recital -A (new)
-A. Whereas a political agreement was reached on 27 June 2013 at the highest political level between the European Parliament, the Irish Presidency of the Council and the Commission on the Multiannual Financial Framework 2014-2020 and a new interinstitutional agreement;
2013/08/29
Committee: AFCO
Amendment 2 #

2011/2152(ACI)

Proposal for a decision
Recital -A a (new)
-Aa. Whereas new provisions of the Treaty on the Functioning of the European Union relating to the Multiannual Financial Framework giving greater role and prerogatives especially to the European Parliament were used for the first time;
2013/08/29
Committee: AFCO
Amendment 4 #

2011/2152(ACI)

Proposal for a decision
Paragraph -1 (new)
-1. Welcomes the political agreement reached on the Multiannual Financial Framework 2014-2020 and a new interinstitutional agreement and considers it as the maximum of what could have been achieved under the current economic and political circumstances;
2013/08/29
Committee: AFCO
Amendment 5 #

2011/2152(ACI)

Proposal for a decision
Paragraph -1 a (new)
-1a. Considers that the long and laborious process of negotiations that led to the final political agreement, together with its content, do not present a full implementation of the new provisions related to Multiannual Financial Framework as introduced by the Treaty of Lisbon, in particular of the greater prerogatives granted by it to the European Parliament;
2013/08/29
Committee: AFCO
Amendment 6 #

2011/2152(ACI)

Proposal for a decision
Paragraph -1 b (new)
-1b. Questions the negotiating strategy of the Council, in which its negotiators were bound by conclusions of the European Council in matters falling under the ordinary legislative procedure thus preventing both legislative arms from conducting proper negotiations;
2013/08/29
Committee: AFCO
Amendment 7 #

2011/2152(ACI)

Proposal for a decision
Paragraph -1 c (new)
-1c. Is of the opinion, that lesson learned for the future is to establish in more detail practical arrangements that would lead to a smoother adoption of the Multiannual Financial Framework in full respect of the prerogatives of the European Parliament, the Council and the Commission while ensuring at the same time Parliament's legislative and budgetary powers; to that end is determined to present in due time before the mid-term revision of the Multiannual Financial Framework 2014-2020 a proposal for such negotiating modalities;
2013/08/29
Committee: AFCO
Amendment 3 #

2011/2071(INI)

Draft opinion
Recital B
B. whereas the European Ssemester is essentially linked to the objectives of the Europe 2020 strategy agreed by the 27 Member Stateshas two objectives: to verify the application of budgetary discipline of Member States, and -at the same time- to regularly oversee the good delivery of the Europe 2020 programme by securing the financial means necessary for its implementation,
2011/06/22
Committee: BUDG
Amendment 7 #

2011/2071(INI)

Draft opinion
Recital B a (new)
B a. whereas the failure of the Lisbon strategy can essentially be attributed to the absence of any clear follow-up procedure for the implementation of this strategy by all actors concerned, therefore, it is important to draw the right lessons that will ensure the success of the Europe 2020 agenda,
2011/06/22
Committee: BUDG
Amendment 9 #

2011/2071(INI)

Draft opinion
Paragraph 1
1. Recalls the need to maienstuream that the financing of the Europe 2020 objectives intos duly taken into account in the annual budgets of the EU and of the Member States; stresses that structured and earlthe most simple, democratic, European and efficient way of achieving this objective is to organise in the beginning of every European semester an interparliamentary debate on annualthe common budgetary orientations could help Member States to take more account of the European dimension into their draft budgets; therefore all efforts and activities of the Parliament, in this regard, should concentrate in the first part of the annual budgetary cycle, so to allow for an ex-ante coordinationof the Member States and the Union; believes that such a debate would allow at the same time for the Member States to take more account of the European dimension into their draft budgets and for the European Parliament to better take into account the national concerns;
2011/06/22
Committee: BUDG
Amendment 11 #

2011/2071(INI)

Draft opinion
Paragraph 1 a (new)
1 a. Recalls the important role of the EU budget in financing the Europe 2020 agenda, to which more than half of the community resources are dedicated every year; notes, however, that - given the content of priority actions and the division of competences between the Union and the Member States - the largest share of financing for this strategy should come from national or regional budgets; concludes, therefore, that both the EU budget and the national budgets need to be taken into account in the part of the European semester procedure that deals with the implementation of the Europe 2020 agenda;
2011/06/22
Committee: BUDG
Amendment 13 #

2011/2071(INI)

Draft opinion
Paragraph 3
3. Recalls that the Cseveral committees on Budgetsf the European Parliament hasve a long existing tradition in holding inter-parliamentary meetings with national representatives to discuss - inter alia - budgetary issues of both EU and national relevance; reminds that the competencies of each EP committee shall be fully respected in a parliamentary dimension of the European Semester;
2011/06/22
Committee: BUDG
Amendment 16 #

2011/2071(INI)

Draft opinion
Paragraph 5
5. Asks the Commission to present to the Parliament its Annual Growth Survey and to keep the relevant EP committees informed about the assessment of the National Reform Programmes and on the resources allocatefacilitate the organisation of this interparliamentary orientation debate by providing a common framework of economic and fin the national budgets to the Europe 2020 prioritiesancial forecasts that should be taken into account across the Union.
2011/06/22
Committee: BUDG
Amendment 19 #

2010/2201(INI)

Motion for a resolution
Recital AA
AA. whereas the European political parties claim that their overall personnel costs could be substantially reduced by creating a fiscal regime for their staff,deleted
2011/03/03
Committee: AFCO
Amendment 54 #

2010/2201(INI)

Motion for a resolution
Paragraph 10
10. Notes that creating a fiscal regime for the staff of European political parties will enhance their efficiency;deleted
2011/03/03
Committee: AFCO
Amendment 82 #

2010/2201(INI)

Motion for a resolution
Paragraph 20 a (new)
20a. Takes the view that European political parties should draw at least 50% of their resources from individual persons' membership fees and donations in order to guarantee that they will not gather only national and regional parties but be truly European;
2011/03/03
Committee: AFCO
Amendment 112 #

2010/0821(NLE)

Motion for a resolution
Paragraph 11
11. Insists that compliance by Member States with the economic guidelines set up by the Commission and with the conditions imposed by the stability mechanism needs to be scrutinised by Parliament, fully recognisingand stresses that national parliaments shall be fully involved, in accordance with their budgetary and control rights of every national parliament under the constitutional framework of every participating Member State, at all stages, especially in the context of the European semester, in order to increase the transparency, ownership and accountability of any decision taken;
2011/03/03
Committee: AFCO
Amendment 100 #

2010/0074(COD)

Proposal for a regulation
Recital 23
(23) The Commission should report on the implementation of this Regulation five years after its entry into forcthree years after its entry into force. When doing so, the Commission should pay special attention to online collection systems, among other issues. Since the setting-up and operation of individual websites fulfilling data-protection and safety criteria for all citizen's initiatives may prove difficult and costly for organisers and for Member States, due to the need to certify individual online collection systems, it might in the future become essential for the Commission to launch a central website, in which all initiatives would be registered in such a way that they could be located, accessed and signed by citizens. If serious data-protection and safety problems arise in the system of individual websites, the Commission should carefully examine the possibility of setting up such a central website.
2010/11/16
Committee: AFCO
Amendment 119 #

2010/0074(COD)

Proposal for a regulation
Article 3 – paragraph 1 – subparagraphs 1 a and 1 b (new)
Organisers shall form a "citizens' committee" composed of persons coming from at least one fifth of Member States. If the organisers are members of national parliaments or members of the European Parliament, they shall not be counted for the purposes of reaching the minimum number required to form a citizens' committee.
2010/11/16
Committee: AFCO
Amendment 11 #

2009/2134(INI)

Motion for a resolution
Recital V
V. Parliament has previously resolved to study the possibility of electing some MEPs on pan-European lists, considering that this would impart a genuine European dimension to the campaign, particularly by entrusting a central role to European political parties, 1 Most recently in its above-mentioned resolution of 11 October 2007 on the composition of the European Parliament (OJ C 227 E, 4.9.2008, p. 132) (Lamassoure-Severin report).deleted
2011/11/10
Committee: AFCO
Amendment 14 #

2009/2134(INI)

W. electoral equality must remain the overriding principle if pan-European lists are introduced; the status of Members in Parliament should therefore remain equal regardless of whether they are elected from pan-European, national or regional lists,deleted
2011/11/10
Committee: AFCO
Amendment 19 #

2009/2134(INI)

Motion for a resolution
Paragraph 2
2. Proposes that 25 MEPs be elected by a single constituency formed of the whodele territory of the European Union; pan- European lists would be composed of candidates drawn from at least one third of the States, and may ensure an adequate gender representation; each elector would be enabled to cast one vote for the EU- wide list in addition to their vote for the national or regional list: and seats would be allocated without a minimum threshold in accordance with the D’Hondt method; further, proposes that an electoral authority be established at EU level in order to regulate the conduct and to verify the result of the election taking place from the pan-European list;d
2011/11/10
Committee: AFCO
Amendment 38 #

2009/2134(INI)

Motion for a resolution
Paragraph 11 – point (i)
(i) Calls for the opening of a dialogue with the Council, with the participation of the Commission, on the issues raised in this resolution and on any other matter germane to the electoral procedure of the Parliament; notes the need to reach consensus in particular on the timing of the reforms, the overall size of the Parliament and seat apportionment within it (including a legal definition of degressive proportionality), and the voting system to be used for the pan-European constituency,
2011/11/10
Committee: AFCO
Amendment 47 #

2009/2134(INI)

Motion for a resolution
Recital Q
Q. the redistribution of parliamentary seats among States needs to take place on a regular basis in order to reflect demographic change in the resident populations of the States and to respect strictly respect the principle of degressive proportionality; it may be possible to reach agreement on an apolitical, mathematical formula which would respect the criteria laid down in the Treaties and spelt out in the Act1,
2011/03/14
Committee: AFCO
Amendment 54 #

2009/2134(INI)

Motion for a resolution
Recital W
W. Parliament has previously resolved to study the possibility of electing some MEPs on transnational lists, considering that this would impart a genuine European dimension to the campaign, particularly by entrusting a central role to 1 European political parties1,deleted Most recently in its above-mentioned resolution of 11 October 2007 (Lamassoure-Severin report).
2011/03/14
Committee: AFCO
Amendment 67 #

2009/2134(INI)

Motion for a resolution
Paragraph 2
2. Proposes that an additional 25 MEPs will be delected by a single constituency formed of the whole territory of the European Union; transnational lists will be composed of candidates drawn from at least one third of the States, and will be gender-balanced; each elector will be enabled to cast one vote for the EU-wide list in addition to their vote for the national or regional list: voting for the EU constituency will be in accordance with the preferential semi-open list system (whereby votes are allotted either to the party list or to individual candidates within a list); and seats will be allocated in accordance with the Sainte-Laguë method2; further, proposes that an electoral authority will be established at EU level in order to regulate the conduct and to verify the result of the election taking place from the EU-wide list; 1 The Sainte-Laguë method uses divisors of 1, 3, 5, 7, etc, and was used in the 2009 European elections in Germany, Latvia and Sweden. It produces a slightly more proportional result than the D'Hondt method. 2 The Sainte-Laguë method uses divisors of 1, 3, 5, 7, etc, and was used in the 2009 European elections in Germany, Latvia and Sweden. It produces a slightly more proportional result than the D'Hondt method.Or. en
2011/03/14
Committee: AFCO
Amendment 76 #

2009/2134(INI)

Motion for a resolution
Paragraph 3
3. Proposes that a redistribution of the existing 751 seats among States will take place, if justified objectively by figures established by Eurostat, based on the total resident population, before every election; the redistribution will be made in accordance with a mathematical formula respecting the criteria laid down in the Treaties, and will be announced at least twelve months before the end of the mandate;
2011/03/14
Committee: AFCO
Amendment 115 #

2009/2134(INI)


Article 2 a (new)
Article 2a For the purposes of distributing seats between Member States in accordance with the principle of degressive proportionality pursuant to Article 14(2a) of the Treaty on European Union, the ratio between the population and the number of seats of each State must vary in relation to their respective populations in such a way that each Member from a more populous State represents more citizens than each Member from a less populous State and also, conversely, that no less populous State has more seats than a more populous State.
2011/03/14
Committee: AFCO
Amendment 1 #

2009/2002B(BUD)

Motion for a resolution
Citation -7 a (new)
- having regard to its internal agreement, dating from 1988, to limit its budgetary appropriations to a maximum of 20 % of the total of heading 5, not including expenditure of an exceptional nature;
2009/10/02
Committee: BUDG
Amendment 15 #

2009/2002B(BUD)

Motion for a resolution
Paragraph 29 a (new)
29a. Notes that the reason why the Bureau is contemplating acquiring a new building close to its current facilities in Brussels, while reckoning that it no longer needs another one of its buildings for parliamentary work, remains to be clearly explained;
2009/10/02
Committee: BUDG
Amendment 1 #

2009/2002(BUD)

Motion for a resolution
Paragraph 3
3. Recalls that the key objective of the 2010 budget must be to give special attention to the recent economic crisis, in this context the Parliament will put European citizens first, proving that the European Union is not the problem, butat the origin of the problem, but can be instrumental in the solution; therefore has amended accordingly the Draft Budget of the Council, with the aim of using the EU budget as a tool to help overcome the current crises, by giving impetus to economic growth, competitiveness, cohesion and job protection;
2009/10/02
Committee: BUDG
Amendment 11 #

2009/2002(BUD)

Motion for a resolution
Paragraph 11 a (new) after Heading On Lisbon Treaty
11a. Endorses the joint declaration on the continuity of the budgetary procedure for 2010 agreed by the European Parliament, the Council and the Commission during the budgetary conciliation of 18 November 2009, by which the three institutions accept the results of the previous decisions taken during the different steps of the budgetary procedure as if they had been taken under the powers vested on them by the Treaty of Lisbon;
2009/11/27
Committee: BUDG
Amendment 22 #

2009/2002(BUD)

Motion for a resolution
Paragraph 20
20. Recalls that the low turnout in the European elections has shown once again that information and communication policy has to be improved in the 2010 budget and has therefore tabled several amendments putting in reserve a part of appropriations foreseen for the information and communication policy, until such time as greater effectiveness of this policy is ensured; calls on the Commission to present to the Parliament its plans on how to implement the outcome of the findings of the Interinstitutional Group of Information (IGI);
2009/10/02
Committee: BUDG
Amendment 28 #

2009/2002(BUD)

Motion for a resolution
Paragraph 25
25. Considers securing energy supply an important issue for the European Union, therefore welcomes the signature of all participatory countries to the Nabucco project, and expects consistency from all of them when dealing with other projects that might put Nabucco at risk;
2009/10/02
Committee: BUDG
Amendment 30 #

2009/2002(BUD)

Motion for a resolution
Paragraph 26
26. Continues to count on support for the peace process in Palestine and the reconstruction needs in Gaza Strip; calls on the Commission to communicate which measures it has taken to minimise the risks that projects and programmes financed under this budget line are used or diverted to terrorist organisations or acts of terrorism, or inefficient bureaucracy, and to specify whether part of the aid is aimed at rebuilding premises or infrastructure previously financed by the EU or its Member States and damaged by military action;
2009/10/02
Committee: BUDG
Amendment 26 #

2008/2169(INI)

Motion for a resolution
Recital X
X. whereas it is debatable whether Article 11(4) EUTnw includes initiatives that address treaty amendments (constitutional citizens’ initiatives),deleted
2008/12/19
Committee: AFCO
Amendment 31 #

2008/2169(INI)

Motion for a resolution
Recital Y
Y. whereas, however, such citizens’ proposals are also welcome to Parliament,deleted
2008/12/19
Committee: AFCO
Amendment 34 #

2008/2169(INI)

Motion for a resolution
Recital Z
Z. whereas with the entry into force of the Lisbon Treaty Parliament will for the first time obtain the right to submit ‘proposals for the amendment of the Treaties’,deleted
2008/12/19
Committee: AFCO
Amendment 43 #

2008/2169(INI)

Motion for a resolution
Annex - paragraph 2
2. This requirement is fulfilled only if at least 1/3500 of the population of each of the Member States concerned supports the initiative.
2008/12/19
Committee: AFCO
Amendment 46 #

2008/2169(INI)

Motion for a resolution
Annex - paragraph 4
4. The procedure for a European Citizens’ Initiative comprises fourive stages: • registering the initiative, • collecting statements of support, • presenting the initiative, • the Commission states its position, • verifying that the legislative act called for is in line with the Treaties.
2008/12/19
Committee: AFCO
Amendment 79 #

2008/2169(INI)

Motion for a resolution
Annex - paragraph 6 - point (b)
(b) A statement of support is lawful if is declared within the period for collecting statements of support in accordance with the relevant legal provisions of the Member States and of Union law. The period for collecting statements of support is one yearsix months. It begins on the first day of the third month following the decision on registration of the citizens’ initiative.
2008/12/19
Committee: AFCO
Amendment 17 #

2008/2055(INI)

Motion for a resolution
Paragraph 4
4. Recalls its awareness of the fact that a number of deficits remained unresolved in the final agreement; stresses that the need for additional financing for EU political priorities, notably for Galileo, the EIT and the food facility arose and a solution was found by means of the existing instruments of the IIA of 17 May 2006; notes that the Council itself has been unable to implement the European Council’s agreement seeking to allocate EUR 5 000 000 000 from the EU budget to the economic recovery and support programme; believes that further adjustments within the current MFF and IIA based on a sufficient and ambitious review will be necessary;
2009/02/16
Committee: BUDG
Amendment 51 #

2008/2055(INI)

Motion for a resolution
Paragraph 13 a (new)
13a. Regrets the slow progress of the debate on reforming the EU budget financing system, which has become even more urgent as a result of the economic crisis; regrets in particular that the opportunity of establishing a system for auctioning greenhouse gas emission rights was not seized so as to launch a fundamental political debate on allocation of the new public resources created by EU decisions; urges that this debate be launched at the next mid-term review of the Financial Framework;
2009/02/16
Committee: BUDG
Amendment 52 #

2008/2055(INI)

Motion for a resolution
Paragraph 13 b (new)
13b. Notes that a large proportion of the EU’s objectives have been taken into account by the Member States in their national budgets; insists that the appropriations thus mobilised be recorded and published in each Member State to make it easier to gauge the effort made by each one and assess the amounts for which provision needs to be made in the EU budget in fields where the Member States’ efforts need to be encouraged or complemented;
2009/02/16
Committee: BUDG
Amendment 4 #

2008/2054(INI)

Motion for a resolution
Recital G a (new)
Ga. whereas, in the interests of the smooth functioning of the Economic and Monetary Union, the EU budget must be reflected in the coordination of Member States’ budgetary strategies, as was shown in the European economic recovery plan adopted by the European Council in December 2008,
2009/02/02
Committee: BUDG
Amendment 5 #

2008/2054(INI)

Motion for a resolution
Recital G b (new)
Gb. whereas the EU’s major objectives are not funded solely from its budget, and national budgets also contribute a very large, and sometimes predominant, share,
2009/02/02
Committee: BUDG
Amendment 50 #

2008/2054(INI)

Motion for a resolution
Paragraph 56 a and preceding title (new)
Coordination with national budgets 56a. Wishes to invite the national parliaments to take part, each year, in a joint public debate on national and Community budgetary policy guidelines, prior to consideration of the respective draft budgets, in order to establish from the outset a framework for joint reflection on the coordination of Member States’ national policies, while also taking into account the Community contribution;
2009/02/02
Committee: BUDG
Amendment 51 #

2008/2054(INI)

Motion for a resolution
Paragraph 56 b and preceding title (new)
Coordination with national budgets 56b. Points out that the decision on the allocation of expenditure from the EU budget in respect of the EU’s major objectives would be usefully informed by the annual publication, by each Member State, of the appropriations under its national and, where applicable, regional budget that contribute to achieving those objectives;
2009/02/02
Committee: BUDG
Amendment 41 #

2008/2025(BUD)

Motion for a resolution
Paragraph 40
40. Recognises the need for coordination of the different communication policies implemented by the institutions within the Interinstitutional group on information and communication; recalls that communication has long been an important priority for Parliament; considers that Parliament's key role in this process is vital and guarantees continuity and efficiency of the policy, in particular in view of the coming European elections; points out in this context that information provided to citizens concerning their rights stemming from the application of EU law should be enhanced;
2008/06/09
Committee: BUDG
Amendment 6 #

2008/2024(BUD)

Motion for a resolution
Paragraph 4
4. Repeats its conviction that the real challenges the European Union and its citizens face in the future require a flexible approach and; requests the Commission to enhance, in the context of the forthcoming circumstances, the information provided to citizens concerning their rights stemming from the application of EU law; emphasises the need for coherence between legislative priorities and budgetary decisions;
2008/03/12
Committee: BUDG
Amendment 88 #

2007/2124(REG)

Parliament's Rules of Procedure
Rule 10 a (new) (*)
Article 10 a (*) Further to the relevant European Council Declaration of December 2008, once the Treaty of Lisbon enters into force, the 18 additional Members resulting from the difference between arrangements specified for the 2009 European elections and those specified in the Declarations annexed to the Final Act of the 2007 Intergovernmental Conference shall enter the European Parliament with observer status. These observer MEPs shall enjoy all prerogatives accorded to Members of the European Parliament once primary European Union law has been amended as indicated in the European Council Declaration of December 2008. The appointment of observer MEPs shall be the responsibility of each Member State concerned in accordance with its electoral law and shall be adopted within 30 calendar days of the publication of the Treaty of Lisbon in the Official Journal of the European Union.
2009/03/12
Committee: AFCO
Amendment 10 #

0000/2013(INI)

Motion for a resolution
Recital D
D. whereas political parties at European level are actors in the European political sphere; whereas they contribute to forming European political awareness and to expressing the will of the citizens of the Union;
2013/05/08
Committee: AFCO
Amendment 22 #

0000/2013(INI)

Motion for a resolution
Recital J
J. whereas repeated opinion polls suggest that a large majority would be inclined to vote if they were better informed about the European Parliament, the political parties, their programmes and candidates, and the voting system;
2013/05/08
Committee: AFCO
Amendment 40 #

0000/2013(INI)

Motion for a resolution
Paragraph 2 a (new)
2a. Calls on the Member States and the political parties to press for higher proportions of women on lists of candidates and, as far as possible, to encourage lists with equal representation;
2013/05/08
Committee: AFCO
Amendment 41 #

0000/2013(INI)

Motion for a resolution
Paragraph 3
3. Requests the European political parties to nominate their candidates for the Commission presidency sufficiently well in advance of the election for them to be able to mount a significant campaign based on the party platform and on the programme of their candidate for the Commission presidency;
2013/05/08
Committee: AFCO
Amendment 54 #

0000/2013(INI)

Motion for a resolution
Paragraph 4
4. Encourages the Member States to permitromote political broadcasts by the European political parties; maintains that the election campaign must not be hijacked for purely national ends;
2013/05/08
Committee: AFCO
Amendment 60 #

0000/2013(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Calls on the Member States to organise a public campaign in support of turning out to vote with the aim of halting falling participation rates;
2013/05/08
Committee: AFCO