14 Amendments of Alfred SANT related to 2018/0043(COD)
Amendment 88 #
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15 a) Debt instruments covered by strategic assets of importance for growth, innovation and sustainability, which are riskier than government debt and mortgages and do not fall within Article 6 of this Directive should be eligible for European Secured Notes (ESNs). ESNs might provide a useful additional source of funding to the real economy for banks. The Commission shall carry out an assessment on the possibility to introduce a dual recourse instrument named ESNs and present the appropriate EU legal framework and regulatory treatment by one year after the entry into force of this Directive.
Amendment 89 #
Proposal for a directive
Recital 16
Recital 16
(16) Covered bonds have specific structural features that aim to protect investors at all times. Those features include the requirement that investors in covered bonds have a claim not only on the issuer but also on assets in a dedicated cover pool. To ensure that those assets are of good quality, specific requirements on the quality of assets that can be included in the pool should be laid down. Those structural product related requirements differ from the prudential requirements applicable to a credit institution issuing covered bonds. The former should not focus on ensuring the prudential health of the issuing institution, but rather aim at protecting investors by imposing specific requirements on the covered bond itself. In addition to the specific requirement to use high quality assets in the cover pool, it is also appropriate to regulate the general requirements of the features of the cover pool to further strengthen investor protection. Those requirements should include specific rules aimed at protecting the cover pool, including rules on the segregation (including by means of a Special Purpose Vehicle, an SPV) and location of the assets in the cover pool to ensure the fulfilment of the investor's rights including in case of resolution or insolvency of the issuer. It is also important to regulate the composition of the cover pool to ensure its homogeneity and facilitate a fair risk assessment by the investor. Furthermore, requirements for coverage should be defined in this Directive, without prejudice to the right of Member States to allow different means of mitigating e.g. currency and interest rate risks. The calculation of the coverage and the conditions under which derivatives contracts can be included in the cover pool should also be defined by Member States to ensure that cover pools are subject to common high quality standards across the Union.
Amendment 94 #
Proposal for a directive
Recital 33
Recital 33
(33) Covered bonds are currently marketed in the Union under national denominations and labels, some of which are well-established. In several Member States however such denominations or labels do not exist. It seems therefore necessary to allow credit institutions which issue covered bonds in the Union to use the specific 'EuropeanU Covered Bonds' label when selling covered bonds to both Union and third countries' investors under the condition that those covered bonds comply with the requirements set out in Union lawthis Directive. If covered bonds also comply with the requirements set out in Article 129 of Regulation (EU) No 575/2013, credit institutions should be allowed to use the label 'Premium EU Covered Bonds'. It is necessary to establish such label in order to make it easier for those investors to assess the quality of the covered bonds and hence make them more attractive as an investment vehicle both inside and outside the Union. The use of that label should however be facultative and Member States should be able to keep their own national denominations and labelling framework in place in parallel to the 'European Covered Bonds' label.
Amendment 134 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
(d a) for physical assets, international valuation standards or a public register to record ownership and claims are available.
Amendment 135 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 a (new)
Article 6 – paragraph 1 – subparagraph 1 a (new)
Loans to public undertakings as defined in Article 2(b) of Commission Directive 2006/111/EC shall be considered eligible to serve as collateral in the cover pool if guaranteed by the national authority or Ministry responsible for public finance.
Amendment 146 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 4 a (new)
Article 6 – paragraph 1 – subparagraph 4 a (new)
For the purposes of point (da), Member States may decide for legal opinions to replace the registration in a public register, provided that the legal opinions ensure investor protection by confirming the enforceability of the claim. The credit institution issuing covered bonds shall provide, upon request of the competent authority, the most recent version of the independent, written and reasoned legal opinion or opinions that it used to replace the registration in a public register.
Amendment 178 #
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States shall ensure investor protection by providing for a sufficient level of homogeneity of the assets in the cover pool so that they shall be of a similar nature in terms of structural features, lifetime of assets or risk profilelaying down rules on the composition of cover pool, which would provide for a sufficient level of homogeneity of the assets in the cover pool.
Amendment 207 #
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 1 – point b
Article 12 – paragraph 1 – subparagraph 1 – point b
(b) all assets in the cover pool are subject to legally binding and enforceable separgregation by the credit institution issuing covered bonds;
Amendment 237 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point c – point iv
Article 15 – paragraph 1 – subparagraph 1 – point c – point iv
(iv) derivative contracts held in accordance with Article 11 or outside the cover pool but segregated or otherwise secured to the benefit of the covered bondholders and in compliance with the segregation requirements set out in Article 12 of this Directive;
Amendment 251 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point a
Article 16 – paragraph 3 – subparagraph 1 – point a
(a) assets qualifying as level 1, level 2A and level 2B assets pursuant to Articles 10, 11 and 12 of Delegated Regulation (EU) 2015/61, valuated in accordance with Article 9 of that Delegated Regulation and segregated in accordance with Article 132 of this Directive;
Amendment 255 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point b
Article 16 – paragraph 3 – subparagraph 1 – point b
(b) exposures to credit institutions that qualify for the credit quality step 1, credit quality step 2 or credit quality step 3, in accordance with Article 129(1)(c) of Regulation (EU) No 575/2013.
Amendment 265 #
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Where the credit institution issuing covered bonds is subject to liquidity requirements set out in other acts of Union law, resulting in overlapping with the cover pool liquidity buffer, Member States may decide that the national rules transposing paragraphs 1, 2 and 3 do not apply throughout the period foreseen in those acts of Union law. Member States shall ensure that the cover pool liquidity buffer is maintained from the calendar day after the expiry of the period foreseen in those acts of the Union law and shall cover any calendar days remaining under the requirement set out in paragraph 2.
Amendment 281 #
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
Member States shall allow credit institutions to use the label Europeanensure that the label ‘Premium EU Covered Bonds’ is used only for covered bonds which meet the requirements laid down in the provisions transposing this Directive and do not fall below the requirements set by Article 129 (1) of Regulation (EU) No575/2013. Member States shall ensure that the label 'EU Covered Bonds' in respect ofs used only for covered bonds which meet the requirements laid down in the provisions transposing this Directive.
Amendment 286 #
Proposal for a directive
Article 32 – paragraph 1 – subparagraph 1
Article 32 – paragraph 1 – subparagraph 1
Member States shall adopt and publish, by [to be inserted – entry into force + 12 years] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.