BETA

102 Amendments of Marco ZANNI related to 2014/0020(COD)

Amendment 206 #
Proposal for a regulation
Article 1 – paragraph 1 – point a
(a) To reduce excessive risk taking within theby removing the implicit government guarantee for trading activities conducted by credit institutions;
2015/02/04
Committee: ECON
Amendment 223 #
Proposal for a regulation
Article 1 – paragraph 1 – point g
(g) To facilitate the orderly resolution and recovery of the group, without this having any repercussions for taxpayers and without resorting to bail-outs.
2015/02/04
Committee: ECON
Amendment 226 #
Proposal for a regulation
Article 1 – paragraph 1 – point g a (new)
(ga) To ensure that high ethical and professional standards are maintained in the banking industry by introducing administrative penalties to apply in the event of failure to comply with this Regulation;
2015/02/04
Committee: ECON
Amendment 235 #
Proposal for a regulation
Article 2 – paragraph 1 – point b
(b) the separation of certain tratrading activities from lending activities.
2015/02/04
Committee: ECON
Amendment 241 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
(a) any credit institution or an EU parent, including all branches and subsidiaries irrespective of where they are located, when it is identified as a global systemically important institution (G-SIIs) in application of Article 131 of Directive 2013/36/EUith total assets of more than EUR 30 billion;
2015/02/04
Committee: ECON
Amendment 244 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activities amounting at least to EUR 70 billion or 10 per cent of its total assets: (i) any credit institution established in the Union which is neither a parent undertaking nor a subsidiary, including all its branches irrespective of where they are located; (ii) an EU parent, including all branches and subsidiaries irrespective of where they are located, where one of the group entities is a credit institution established in the Union; (iii) EU branches of credit institutions established in third countries.deleted
2015/02/04
Committee: ECON
Amendment 294 #
Proposal for a regulation
Article 5 – paragraph 1 – point 22
22. "consolidating supervisor" means a competent authority responsible for the exercise of supervision of an EU parent and its subsidiaries on a consolidated basis as defined in point (48) of Article 4(1) of Regulation (EU) No 575/2013.deleted
2015/02/04
Committee: ECON
Amendment 301 #
Proposal for a regulation
Article 6 – title
Prohibition of certain trading activities
2015/02/03
Committee: ECON
Amendment 303 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
1. EntitieCredit institutions as rdeferred toined in Article 3 shall not:
2015/02/03
Committee: ECON
Amendment 326 #
Proposal for a regulation
Article 6 – paragraph 2
2. The prohibition in point (a) of paragraph 1 shall not apply to: (a) financial instruments issued by Member States central governments or by entities listed in point (2) of Article 117 and in Article 118 of Regulation (EU) No 575/2013; (b) a situation where an entity referred to in Article 3 meets all of the following conditions: i) it uses its own capital as part of its cash management processes; ii) it exclusively holds, purchases sells or otherwise acquires or disposes of cash or cash equivalent assets. Cash equivalent assets must be highly liquid investments held in the base currency of the own capital, be readily convertible to a known amount of cash, be subject to an insignificant risk of a change in value, have maturity which does not exceed 397 days and provide a return no greater than the rate of return of a three-month high quality government bond.deleted
2015/02/03
Committee: ECON
Amendment 338 #
Proposal for a regulation
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unleveraged AIFs as defined in Directive 2011/61/EU where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU , to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].deleted
2015/02/03
Committee: ECON
Amendment 353 #
Proposal for a regulation
Article 6 – paragraph 5
5. The requirements in paragraphs 1 to 4 shall apply as of [OP please introduce exact date, 182 months after publication of the Regulation].
2015/02/03
Committee: ECON
Amendment 354 #
Proposal for a regulation
Article 6 – paragraph 6
6. The Commission shall be empowered to adopt delegated acts in accordance with Article 36 to exempt from the prohibition referred to in point (a) of paragraph 1: (a) financial instruments other than those referred to in point (a) of paragraph 2 issued by governments of third countries that apply supervisory and regulatory arrangements at least equivalent to those applied within the Union, exposures to which are assigned a 0 per cent risk weight in accordance with Article 115 of Regulation (EU) No 575/2013; (b) financial instruments issued by Member States' regional governments, exposures to which are assigned a 0 per cent risk weight in accordance with Article 115 of Regulation (EU) No 575/2013.
2015/02/03
Committee: ECON
Amendment 360 #
Proposal for a regulation
Chapter 3 – title
Separation of certain trading activities
2015/02/03
Committee: ECON
Amendment 368 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
1. For the purposes of this Chapter, trading activities shall include activities other thanactivities conducted by core credit institutions shall include solely:
2015/02/03
Committee: ECON
Amendment 396 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
1a. All activities not listed in paragraph 1 shall be considered trading activities. These trading activities are prohibited for core credit institutions, except for the cases referred to in Article 11(1), second subparagraph.
2015/02/03
Committee: ECON
Amendment 402 #
Proposal for a regulation
Article 8 – paragraph 2
2. The requirements of this Chapter shall not apply to the buying or selling of financial instruments issued by Member States’ central governments or by entities listed in point (2) of Article 117 and in Article 118 of Regulation (EU) No 575/2013.deleted
2015/02/03
Committee: ECON
Amendment 407 #
Proposal for a regulation
Article 8 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to exempt financial instruments: (a) other than those referred to in paragraph 2 issued by governments of third countries that apply supervisory and regulatory arrangements at least equivalent to those applied within the Union, exposures to which are assigned a 0 per cent risk weight in accordance with Article 115 of Regulation (EU) No 575/2013; (b) issued by Member States' regional governments, exposures to which are assigned a 0 per cent risk weight in accordance with Article 115 of Regulation (EU) No 575/2013.
2015/02/03
Committee: ECON
Amendment 414 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
1. The competent authority shall assess all trading activities includingof entities defined in paArticular: market making, investments in and acting as a sponsor for securitisation, and trading in derivatives other than those derivatives permitted under Articles 11 and 12 of the following entitiesle 3 of this Regulation. The competent authority shall implement separation of trading activities from credit institutions if any one of the following thresholds is exceeded:
2015/02/03
Committee: ECON
Amendment 426 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
1a. The competent authority shall not implement separation if the credit institution's ratio of assets in trading instruments to total assets is less than 20%.
2015/02/03
Committee: ECON
Amendment 435 #
Proposal for a regulation
Article 9 – paragraph 2 – point a
(a) the relative size of trading assets, as measured by trading assets divided byvalue of assets in trading instruments exceeds 10% of the value of total assets;
2015/02/03
Committee: ECON
Amendment 441 #
Proposal for a regulation
Article 9 – paragraph 2 – point b
(b) the leverage of trading assets as measured by tradingotal assets divided by core Tier 1 capital exceeds 10;
2015/02/03
Committee: ECON
Amendment 443 #
Proposal for a regulation
Article 9 – paragraph 2 – point c
(c) the relative importance of counterparty credit risk, as measured by the fair value of derivatives divided by total trading assetwholesale funding exceeds 40% of total liabilities;
2015/02/03
Committee: ECON
Amendment 447 #
Proposal for a regulation
Article 9 – paragraph 2 – point d
(d) the relative complexity of trading derivatives, as measured by level 2 and 3 trading derivatives assets divided by trading derivatives and by trading assets;deleted
2015/02/03
Committee: ECON
Amendment 451 #
Proposal for a regulation
Article 9 – paragraph 2 – point e
(e) the relative profitability of trading income, as measured by trading income divided by total net income;deleted
2015/02/03
Committee: ECON
Amendment 454 #
Proposal for a regulation
Article 9 – paragraph 2 – point f
(f) the relative importance of market risk, as measured by computing the difference between trading assets and liabilities in absolute value and dividing it by the simple average between trading assets and trading liabilities;deleted
2015/02/03
Committee: ECON
Amendment 457 #
Proposal for a regulation
Article 9 – paragraph 2 – point g
(g) the interconnectedness, as measured by the methodology referred to in Article 131(18) of Directive 2013/36/EU;deleted
2015/02/03
Committee: ECON
Amendment 458 #
Proposal for a regulation
Article 9 – paragraph 2 – point h
(h) credit and liquidity risk arising from commitments and guarantees provided by the core credit institution.deleted
2015/02/03
Committee: ECON
Amendment 482 #
Proposal for a regulation
Article 9 – paragraph 3
3. The competent authority shall have finalised its assessment by [OP – please introduce 182 months from the day of publication of the Regulation], and shall carry out assessments on a regular basis, at least yearly, thereafter.
2015/02/03
Committee: ECON
Amendment 485 #
Proposal for a regulation
Article 9 – paragraph 4
4. EBA shall develop draft regulatory technical standards to specify how the metrics shall be measured and, where appropriate, specify the details of the metrics referred to in paragraph 2 and their measurement using supervisory data. The draft regulatory technical standards shall also provide the competent authority with a methodology for the consistent measurement and application of the metrics. EBA shall submit those draft regulatory technical standards to the Commission by [OP – please introduce 1 month from the day of publication of the Regulation.] Power is delegated to the Commission to adopt the draft regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.deleted
2015/02/03
Committee: ECON
Amendment 492 #
Proposal for a regulation
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metric the thresholds referred to in points (a) to (hc) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives referred to in Article 1re exceeded, it shall, no later than twoone months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3the separation of trading activities from credit institutions.
2015/02/03
Committee: ECON
Amendment 505 #
Proposal for a regulation
Article 10 – paragraph 2
2. Where the limits and conditions referred to in paragraph 1 are not met, the competent authority may still start the procedure leading to a decision as referred to in the third subparagraph of paragraph 3 where it concludes, following the assessment referred to in Article 9(1), that any trading activity, with the exception of trading in derivatives other than those permitted under Article 11 and 12, carried out by the core credit institution, poses a threat to the financial stability of the core credit institution or to the Union financial system as a whole taking into account the objectives referred to in Article 1.deleted
2015/02/03
Committee: ECON
Amendment 511 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
The competent authority shall notify its conclusions referred to in paragraphs 1 or 2 to the core credit institution and provide the core credit institution with the opportunity to submit written comments within two months from the date of the notification.deleted
2015/02/03
Committee: ECON
Amendment 514 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. The competent authority shall state the reasons for its decision and publicly disclose it.deleted
2015/02/03
Committee: ECON
Amendment 529 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3
For purpose of paragraph 1, where the competent authority decides to allow the core credit institution to carry out those trading activities it shall also state the reasons for that decision and publicly disclose it.deleted
2015/02/03
Committee: ECON
Amendment 534 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
For purpose of paragraph 2, where the competent authority decides to allow the core credit institution to carry out trading activities the competent authority shall adopt a decision addressed to the core credit institution to that effect.deleted
2015/02/03
Committee: ECON
Amendment 540 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 5
Prior to adopting any decision referred to in this paragraph tThe competent authority shall consultinform the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market. The competent authority shall also notify the EBA of its finalf its final decision. The competent authority shall also publicly disclose and make accessible the separation decision.
2015/02/03
Committee: ECON
Amendment 541 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 6
The competent authority shall adopt its final decision within two months from having received the written comments referred to in the first subparagraph.deleted
2015/02/03
Committee: ECON
Amendment 544 #
Proposal for a regulation
Article 10 – paragraph 4
4. The decisions referred to in the second subparagraph of paragraph 3 will be subject to review by the competent authority every 5 years.deleted
2015/02/03
Committee: ECON
Amendment 550 #
Proposal for a regulation
Article 10 – paragraph 5
[...]deleted
2015/02/03
Committee: ECON
Amendment 563 #
Proposal for a regulation
Article 11 – title
Prudent management of own riskohibited activities for a core credit institution
2015/02/03
Committee: ECON
Amendment 565 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
A core credit institution that has been subject to a decision referred to in Article 10(3)separation may not carry out trading activities to the extent that the purpose is limited to only prudently managing its capital, liquidity and funding, except where stated in Article 11(1) subparagraph 2.
2015/02/03
Committee: ECON
Amendment 568 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1 a (new)
A core credit institution may not purchase or hold direct or indirect shareholdings in non-financial companies. Equity holdings deriving from the payment of a guarantee given by borrowers for loans obtained are, however, permitted.
2015/02/03
Committee: ECON
Amendment 570 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use interest ratestandard (plain vanilla) derivatives, foreign exchange derivatives and credit derivatives eligible for central counterparty clearing to hedge its overall balance sheet risk. The core credit institution shall demonstrate to the competent supervisor that the hedging activity is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
2015/02/03
Committee: ECON
Amendment 579 #
Proposal for a regulation
Article 11 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 of this Regulation to supplement the financial instruments referred to in paragraph 1 by adding other financial instruments including other types of derivatives, in particular those subject to the obligations set out in Article 11 of Regulation (EU) No 648/2012 of the European Parliament and of the Council1, in order to take into account financial instruments, which have the same effect on financial stability as those mentioned in paragraph 1 for the purpose of prudent management of capital, liquidity and funding. __________________ 42Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
2015/02/03
Committee: ECON
Amendment 587 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
A core credit institution that has been subject to a decision referred to in Article 10(3) mayseparation may not sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing and emission allowances to its non- financial clients, to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings and to institutions providing for occupational retirement benefits when the following conditions have been satisfied:.
2015/02/03
Committee: ECON
Amendment 595 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point a
(a) the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk;deleted
2015/02/03
Committee: ECON
Amendment 599 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point b
(b) the core credit institution's own funds requirements for position risk arising from the derivatives and emission allowances does not exceed a proportion of its total risk capital requirement to be specified in a Commission delegated act in accordance with paragraph 2.deleted
2015/02/03
Committee: ECON
Amendment 603 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
When the requirement in point (b) is not fulfilled, the derivatives and emission allowances may neither be sold by the core credit institution nor be recorded on its balance sheet.deleted
2015/02/03
Committee: ECON
Amendment 606 #
Proposal for a regulation
Article 12 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to: (a) permit other financial instruments than those mentioned in paragraph 1, in particular those subject to the obligations set out in Article 11 of Regulation (EU) No 648/2012, for purpose of hedging risk to be sold to the type of clients listed in paragraph 1 of this Article; (b) specify the proportion of the core credit institution's own funds requirements above which derivatives and emission allowances referred to in paragraph 1 of this Article may not be sold nor recorded on the balance sheet of the core credit institution.
2015/02/03
Committee: ECON
Amendment 611 #
Proposal for a regulation
Article 13 – paragraph 2
2. WhenIf the entity referred to in Article 9(1) has decided on its own initiative to separate trading activities covered by Article 9 from the core credit institution and received the approval of its separation plan in accordance with the procedure set out in Article 18, then the requirements set out in Articles 3 to 13 of this Article and Articles 14 to 17 and 20 shall apply to the separated entitiesintends to carry out trading activities, it must submit a separation plan to the competent authority in accordance with the procedure set out in Article 18, and receive subsequent approval for said plan.
2015/02/03
Committee: ECON
Amendment 615 #
Proposal for a regulation
Article 13 – paragraph 4
4. The EU parent of the core credit institution shall ensure to the extent necessary that the core credit institution can carry on its activities in the event of the insolvency of the trading entity.
2015/02/03
Committee: ECON
Amendment 619 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 2
Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks.deleted
2015/02/03
Committee: ECON
Amendment 623 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 3
A core credit institution, which is neither a central nor a regional credit institution, shall not, in any case, be allowed to directly hold capital instruments or voting rights in any trading entity.deleted
2015/02/03
Committee: ECON
Amendment 624 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 4
Prior to adopting a decision in accordance with this paragraph, the competent authority shall consult EBA.deleted
2015/02/03
Committee: ECON
Amendment 625 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 5
The competent authority shall notify its decision to EBA. EBA shall publish a list of those institutions to which this paragraph has been applideleted.
2015/02/03
Committee: ECON
Amendment 626 #
Proposal for a regulation
Article 13 – paragraph 5 a (new)
5a. The core credit institution, once separated in accordance with Article 10 of this Regulation, has to comply with the following conditions: a) It shall be prohibited to provide financial assistance or to transfer capital to any trading entity in the group; b) All intra-group transactions shall be prohibited, other than those conducted on an arm’s length basis; c) It shall be prohibited to extend a state of insolvency in relation to one obligation issued, to another entity or to the group (cross default)
2015/02/03
Committee: ECON
Amendment 629 #
Proposal for a regulation
Article 13 – paragraph 6
6. The core credit institution and the trading entity shall issue their own debt on an individual or sub-consolidated basis provided that this is not inconsistent with the resolution plan agreed by the relevant resolution authorities in accordance with Directive [BRRD].
2015/02/03
Committee: ECON
Amendment 635 #
Proposal for a regulation
Article 13 – paragraph 8
8. A majority of the members of tThe management body of the core credit institution and of the trading entity respectively shall consist of persons who are not members of the management body of the other entity or of any other extra- group trading entity. No member of the management body of either entity shall perform an executive function in both entities with the exception for the risk management officer of the parent undertaking. The same restriction applies to relations of members of the management body, up to the third degree of relationship.
2015/02/03
Committee: ECON
Amendment 636 #
Proposal for a regulation
Article 13 – paragraph 8 a (new)
8a. The entities subject to separation have to comply with the strict requirements of good governance, including: a) separate risk management, b) separate budget management, c) separate remuneration policy and d) separation of human resources.
2015/02/03
Committee: ECON
Amendment 642 #
Proposal for a regulation
Article 14 – paragraph 1
1. For the purpose of the calculation of the intragroup large exposure limit under paragraph 2, all entities belonging to the same subgroup pursuant to Article 13(3) are considered as one client or one group of connected clients within the meaning of point (39) of Article 4(1) of Regulation (EU) No 575/2013.deleted
2015/02/03
Committee: ECON
Amendment 643 #
Proposal for a regulation
Article 14 – paragraph 2
2. When measures have been imposed in accordance with this Chapter the core credit institution shall not incur an intra- group exposure that exceeds 25 per cent of the core credit institution's eligible capital to an entity that does not belong to the same sub-group as the core credit institution. The intra-group exposure limit shall apply on a sub-consolidated basis, and after taking into account the effect of the credit risk mitigation and exemptions in accordance with Articles 399 to 403 of Regulation (EU) No 575/2013 and Article 16 of this Regulation.
2015/02/03
Committee: ECON
Amendment 648 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
(b) large exposures that in total exceed 2100 per cent of the core credit institution's eligible capital to financial entities. That exposure limit shall apply on an individual and on a sub-consolidated basis, and after taking into account the effect of the credit risk mitigation and exemptions in accordance with Articles 399 to 403 of Regulation (EU) No 575/2013 and Article 16 of this Regulation.
2015/02/03
Committee: ECON
Amendment 650 #
Proposal for a regulation
Article 15 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to adjust the level of the extra- group aggregate large exposure limit as set out in point (b) of paragraph 1, in line with the extent to which the credit risk mitigation has been recognised.
2015/02/03
Committee: ECON
Amendment 651 #
Proposal for a regulation
Article 16
In addition to the provisions of Articles 399 to 403 of Regulation (EU) No 575/2013, when measures have been imposed in accordance with this Chapter of this Regulation, restrictions with respect to the recognition of credit mitigation techniques shall apply to the computation of exposure values for the purposes of compliance with the large exposure limits as referred to in Articles 14 and 15 of this Regulation. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify the extent to which credit risk mitigation techniques including types of and limits to eligible credit protection shall be recognised for the purposes of the first sub-paragraph with the purpose of ensuring that credit risk mitigation techniques do not fail when risks materialise so that there can be effective recovery of credit protection.Article 16 deleted Credit risk mitigation techniques
2015/02/03
Committee: ECON
Amendment 654 #
Proposal for a regulation
Article 17
Derogation from transitional provisions As an exception to paragraph 3 of Article 493 of Regulation (EU) No 575/2013, the derogations provided for in that paragraph shall not apply to exposures incurred by core credit institutions that have been subject to structural measures in accordance with this Regulation.Article 17 deleted for large exposures
2015/02/03
Committee: ECON
Amendment 655 #
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1
When athe competent authority has made a decision in accordance with Article 10(3) that a core credit institution cannot carry out certain trading activities, the core credit institution or, where appropriate, its EU parent shall submdeclared the separation to be in compliance with Article 10 of this Regulation, this authority shall submit and publish on its website a separation plan to the competent authority within 63 months from the date of the decision referred to in the second sub-paragraph of Article 10(3).
2015/02/03
Committee: ECON
Amendment 658 #
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 2
Similarly, when an entity referred to in Article 9(1) has decidednotified its intention to separate trading activities covered by the duty to review in Article 9 from the core credfrom credit- related business, the competent authority institution, it shall submits obliged to draw up a plan detailing its separation at the start of the assessment period referred to Article 9. The plan shall contain at least the information required in points (a) and (b) of paragraph 2 of this Article.
2015/02/03
Committee: ECON
Amendment 662 #
Proposal for a regulation
Article 18 – paragraph 3
3. The competent authority shall assess the plans referred to in paragraph 1 and 2 and, within sixthree months of its submission, adopt a decision approving the plan or require changes to the separation plan.
2015/02/03
Committee: ECON
Amendment 663 #
Proposal for a regulation
Article 18 – paragraph 4
4. Where the competent authority requires changes to the separation plan the core credit institution or, where appropriate its EU parent, shall resubmit the separation plan with the required changes within threone months from the request of the competent authority.
2015/02/03
Committee: ECON
Amendment 664 #
Proposal for a regulation
Article 18 – paragraph 5
5. The competent authority shall adopt a decision approving or rejecting the plan within one month of resubmission. Where the competent authority rejects the plan it shall, within one month of the rejection, adopt a decision setting out a plan for separation introducing any necessary adjustments.deleted
2015/02/03
Committee: ECON
Amendment 665 #
Proposal for a regulation
Article 18 – paragraph 6
6. Where the core credit institution or, where appropriate, its EU parent does not submit a separation plan as required in paragraph 1, the competent authority shall, no later than 3 months after the deadline referred to in paragraph 1 has lapsed, adopt a decision setting out a plan for separation.deleted
2015/02/03
Committee: ECON
Amendment 666 #
Proposal for a regulation
Article 18 – paragraph 7
7. Where the core credit institution or, where appropriate, its EU parents does not resubmit the separation plan with the changes required by the competent authority, the competent authority shall adopt a decision setting out a plan for separation no later than one month after the deadline in the first subparagraph of paragraph 4 has lapsed.deleted
2015/02/03
Committee: ECON
Amendment 667 #
Proposal for a regulation
Article 18 – paragraph 8
8. The core credit institution or, where appropriate, its EU parent shall demonstrate to the competent authority that it has implemented the approvstipulated plan.
2015/02/03
Committee: ECON
Amendment 669 #
Proposal for a regulation
Article 18 – paragraph 9
9. The management body of a credit institution or an EU parent shall ensure that the separation plan has been implemented in accordance with the approvalstipulations of the competent authority.
2015/02/03
Committee: ECON
Amendment 670 #
Proposal for a regulation
Article 19 – paragraph 1
1. Before taking the decision referred to in Article 10(3), the competent authority shall notify the relevant resolution authority designated in accordance with Article 3 of Directive [BRRD] thereof.deleted
2015/02/03
Committee: ECON
Amendment 673 #
Proposal for a regulation
Article 19 – paragraph 2
2. When carrying out the assessment in accordance with Article 9 and when requiring the core credit institution not to carry out certain activities in accordance with Article 10, the competent authority shall take into account any ongoing or pre-existing resolvability assessments carried out by any relevant resolution authority pursuant to Article 13 and 13(a) of Directive [BRRD].deleted
2015/02/03
Committee: ECON
Amendment 683 #
Proposal for a regulation
Article 19 – paragraph 4
4. The competent authority shall ensure that measures imposed pursuant to this Chapter are consistent with the measures imposed pursuant to Article 13(b) of Regulation (EU) No 1024/2013, Article 8(9) of Regulation (EU) No [SRM], Article 13 and 13(a), Articles 14 and 15 of Directive [BRRD] and Article 104 of Directive 2013/36/EU.deleted
2015/02/03
Committee: ECON
Amendment 686 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
(a) take deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC except where the said deposit relates to the exchange of collateral relating to trading activities;.
2015/02/03
Committee: ECON
Amendment 691 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
(b) provide payment services as defined in Article 4(3) of Directive 2007/64/EC associated with the activities referred to in point (a) except where the said payment services are ancillary and strictly necessary for the exchange of collateral relating to trading activities.
2015/02/03
Committee: ECON
Amendment 693 #
Proposal for a regulation
Article 21
[...]deleted
2015/02/03
Committee: ECON
Amendment 746 #
Proposal for a regulation
Article 22 – paragraph 1
1. For the purpose of Article 3(b)(ii), tThe calculation of the thresholds shall be based on the consolidated accounts of the EU parent undertaking.
2015/02/03
Committee: ECON
Amendment 747 #
Proposal for a regulation
Article 22 – paragraph 2
2. For the purpose of Article 3(b)(iii), the calculation of the thresholds shall be based on the activities carried out in the Union.deleted
2015/02/03
Committee: ECON
Amendment 749 #
Proposal for a regulation
Article 22 – paragraph 3
3. Assets and liabilities of insurance and reinsurance undertakings and other nonfinancial undertakings shall not be included in the calculation.
2015/02/03
Committee: ECON
Amendment 753 #
Proposal for a regulation
Article 23
[...]deleted
2015/02/03
Committee: ECON
Amendment 768 #
Proposal for a regulation
Article 24 – paragraph 1
1. Entities referred to in Article 3 shall submit, for the first time [PO to insert a date 9 months after the date of publication of this Regulation] and on a yearly basis thereafter, the relevant information concerning the total amount of their trading activities and the components thereof, as provided for in Article 23(1), to the competent authority.
2015/02/03
Committee: ECON
Amendment 785 #
Proposal for a regulation
Article 26 a (new)
Article 26 a Member States shall notify EBA within one month from publication in the Official Journal of the European Union of a competent authority on which the powers provided for in this Regulation are conferred.
2015/02/03
Committee: ECON
Amendment 788 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point a
(a) breach of the prohibition laid down in Articles 6, 11, 13 and 20;
2015/02/03
Committee: ECON
Amendment 794 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point b
(b) the disgorgement of the profits gained or losses avoided due to the breach in so far as they can be determined;
2015/02/03
Committee: ECON
Amendment 798 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point e
(e) a temporarypermanent ban of any natural person, who is deemed responsible, from exercising management functions of an entity referred to in Article 3;
2015/02/03
Committee: ECON
Amendment 799 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point g
(g) maximum administrative pecuniary sanctions of at least threfive times the amount of the profits gained or losses avoided because of the breach where those can be determined;
2015/02/03
Committee: ECON
Amendment 801 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point h
(h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR 15 000 000 or in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry to force of this Regulation;
2015/02/03
Committee: ECON
Amendment 809 #
Proposal for a regulation
Article 29 – paragraph 1 – point c
(c) the financial strength of the person responsible for the breach, by considering factors such as the total turnover in the case of a legal person, or the annual income in the case of a natural person;deleted
2015/02/03
Committee: ECON
Amendment 810 #
Proposal for a regulation
Article 29 – paragraph 1 – point d
(d) the importance of the profits gained or losses avoided by the person responsible for the breach, insofar as they can be determined;
2015/02/03
Committee: ECON
Amendment 812 #
Proposal for a regulation
Article 29 – paragraph 1 – point e
(e) the level of cooperation of the person responsible for the breach with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;deleted
2015/02/03
Committee: ECON
Amendment 813 #
Proposal for a regulation
Article 29 – paragraph 1 – point f
(f) previous breaches by the person responsible for the breach;deleted
2015/02/03
Committee: ECON
Amendment 814 #
Proposal for a regulation
Article 29 – paragraph 1 – point g
(g) measures taken by the person responsible for the breach to prevent its repetition;deleted
2015/02/03
Committee: ECON
Amendment 820 #
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 4
Where a competent authority considers, following a case-by-case assessment, that the publication of the identity of the legal person subject to the decision, or the personal data of a natural person, would be disproportionate, or where such publication would jeopardise an ongoing investigation or the stability of the financial markets or an on-going investigation, it shall do one of the following: (a) defer publication of the decision until the reasons for that deferral cease to exist; (b) publish the decision on an anonymous basis in a manner which is in accordance with national law where such publication ensures the effective protection of the personal data concerned and, where appropriate, postpone publication of the relevant data for a reasonable period of time where it is foreseeable that the reasons for anonymous publication will cease to exist during that period; (c) not publish the decision in the event that the competent authority is of the opinion that publication in accordance with point (a) or (b) will be insufficient to ensure: (i) that the stability of financial markets is not jeopardised; (ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.deleted
2015/02/03
Committee: ECON
Amendment 822 #
Proposal for a regulation
Article 32 – paragraph 3
3. A competent authority shall ensure that any decision that is published in accordance with this Article shall remain accessible on their website for a period of at least fiveten years after its publication. Personal data contained in those decisions shall be kept on the website of the competent authority for the period which is necessary in accordance with the applicable data protection rules.
2015/02/03
Committee: ECON
Amendment 823 #
Proposal for a regulation
Article 33
EBA shall, in cooperation with ESMA, prepare the following reports and submit them to the Commission within [OP please introduce exact date, 12 months from the publication of the Regulation.]: (a) a report on the possible limit of the metrics in points (a) to (h) in Article 9(2) and the types of securitisation that in the view of EBA do not pose a threat to the financial stability of the core credit institution or to the Union financial system; (b) a report on whether other types of derivatives and other types of financial instruments than those listed in Article 11(1) should be included for the purpose of the prudent management of a core credit institution’s own risk; (c) a report on whether other financial instruments for hedging purposes than those listed in Article 12(1) could be permitted to be sold to clients and the proportion of own funds requirements above which derivatives may not be sold as referred to in point (b) of Article 12(2).Article 33 soppresso Reports by EBA
2015/02/03
Committee: ECON
Amendment 826 #
Proposal for a regulation
Article 34 – paragraph 1
The Commission shall, on a regular basis, monitor the effect of rules laid down in this Regulation in respect of the achievement of the objectives referred to in Article 1 and on the stability of the Union financial system as a whole, taking into account market structure developments as well as the development and activities of the entities regulated by this Regulation, and make any appropriate proposals. The review shall in particular focus on the application of the thresholds referred to in Article 3, the application and effectiveness of the prohibition foreseen in Article 6, the scope of activities referred to in Article 8 and the suitability of the metrics set out in Article 9. By 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposal.
2015/02/03
Committee: ECON
Amendment 831 #
Proposal for a regulation
Article 35
Exercise of delegated powers 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Articles 6(6), 8(3), 10(5), 11(3), 12(2), 15(2), second sub-paragraph of Article 16, Articles 23(4) and 27(3) shall be conferred on the Commission for an indeterminate period of time from the date referred to in Article 38. 3. The delegation of power referred to in Articles 6(6), 8(3), 10(5), 11(3), 12(2), 15(2), second sub-paragraph of Article 16, Article 23(4) and 27(3) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Articles 6(6), 8(3), 10(5), 11(3), 12(2), 15(2), second sub-paragraph of Article 16, Article 23(4) and 27(3) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months at the initiative of the European Parliament or the Council.Article 35 deleted
2015/02/03
Committee: ECON