2 Amendments of Luigi MORGANO related to 2016/0363(COD)
Amendment 49 #
Proposal for a directive
Recital 10
Recital 10
(10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria of Regulation (EU) No 575/2013 and of Directive 2014/59/EUas described in the TLAC standard and as set out in Directive 2014/59/EU, thereby enhancing legal certainty, Member States should ensure that their initial relevant contractual maturdocumentation related to their issuance explicitly spans one year, that they have no derivative features, and that the relevant contractual documentation related to their issuance explicitly refers to their ranking under normal insolvencyrefers to their ranking under normal insolvency proceedings, and that those debt instruments have no derivative features, unless a given amount of the liability arising from the debt instrument is known in advance at the time of issuance, is fixed, and is not affected by a derivative feature; and the debt instrument, including its derivative feature, is not subject to any specific valuation rules concerning netting in Directive 2014/59/EU. Such liabilities should only be included in the amount of own funds and eligible liabilities for the part that corresponds to the above fixed amount. This Directive should be without prejudice to any requirement in national legislation to register debt instruments in the issuer's company registry for liabilities to meet the conditions for non-preferred senior class of debt instruments as procevided ings this Directive.
Amendment 71 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 2 – point b
Article 108 – paragraph 2 – point b
(b) they have no derivative features; , unless the following conditions are met: (i) a given amount of the liability arising from the debt instrument is known in advance at the time of issuance, is fixed, and not affected by a derivative feature; (ii) the debt instrument, including its derivative feature, is not subject to any netting agreement and its valuation is not subject to Article 49(3); such liabilities shall only be included in the amount of own funds and eligible liabilities for the part that corresponds with the amount referred to in point (i);