[ParlTrack]

Proposal for a directive
Recital 11

(11) General purpose prepaid cards have legitimate uses and constitute an instrument contributing to financial inclusion. However, anonymous prepaid cards are easy to use in financing terrorist attacks and logistics. It is therefore essential to deny terrorist this means of financing their operations, by further reducing the limits and maximum amounts under which obliged entities are allowed not to apply certain customer due diligence measures provided by Directive (EU) 2015/849. Thus, while having due regard to consumers' needs in using general purpose prepaid instruments and not preventing the use of such instruments for promoting social and financial inclusion, it is essential to lower the existing thresholds for general purpose anonymous prepaid cards and ~~suppress~~eliminate the customer due diligence exemption for their online use.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Recital 14 a (new)

(14a) Competent authorities supervising credit and financial institutions for compliance with this Directive should be able to cooperate and exchange confidential information, regardless of their respective nature or status. To this end, such competent authorities should have an adequate legal basis for exchanging confidential information and cooperate to the widest extent possible, consistent with the applicable international standards in this field.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Recital 14 b (new)

(14b) Information of a prudential nature relating to credit and financial institutions, such as information relating to fit and properness of directors and shareholders, the internal control mechanisms, the governance or the compliance and risk management, is often indispensable for an adequate AML/CFT supervision of such institutions. Vice- versa, AML/CFT information is also important for the prudential supervision of these institutions. Therefore, exchange of confidential information and collaboration between AML/CFT competent authorities of credit and financial institutions and prudential supervisors should not be hampered unintentionally by legal uncertainty which may stem from a lack of explicit provisions in this field. Such clarification of the legal framework is even more important since prudential supervision has, in a number of cases, been entrusted to non-AML/CFT supervisors, such as the European Central Bank.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Pirkko RUOHONEN-LERNER

Proposal for a directive
Recital 21

(21) The specific factor determining the Member State responsible for the monitoring and registration of beneficial ownership information of trusts and similar legal arrangements should be clarified. In order to avoid that, due to differences in the legal systems of Member States, certain trusts and similar legal arrangements are not monitored or registered anywhere in the Union~~, a~~. All trusts and similar legal arrangements ~~should be registered where they are administered~~including inter alia Treuhand, Stiftung, Privatstiftung, Usufruct Fiducia, or Fideicomiso, which operate in the Union should be registered in an EU Member State and be obliged to disclose beneficial ownership information to competent and law enforcement authorities in all other Member States. In order to ensure the effective monitoring and registration of information on the beneficial ownership of trusts and similar legal arrangements, cooperation among Member States is ~~also~~ necessary.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Recital 22

(22) Public access by way of compulsory disclosure of certain information on the beneficial ownership of companies provides additional guarantees to third parties wishing to do business with those companies. Certain Member States have taken steps or announced their intention to make information contained in registers of beneficial ownership available to the public. The fact that not all Member States would make information publicly available or differences in the information made available and its accessibility may lead to different levelCertain Member States have taken steps or announced their intention to make information contained in registers of beneficial ownership available to the public. This may enhance public scrutiny, but may also give rise to innocent citizens being unjustly publicly associated with wrongdoing and causing irreparable damage to their reputation and business interest. Therefore, access to beneficial ownership information should only be granted to competent authorities ofr p~~rotection of third parties in the Union. In a well- functioning internal market, there is a~~ ersons with a legitimate interest who can guarantee a high level of data protection, while any further access should be determineed ~~for coordination to avoid distortion~~by Member States.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Recital 23

(23) ~~Public access also~~Access granted on behalf of legitimate interests allows greater scrutiny of information by civil society, including by the press or civil society organiszations, and contributes to preserving trust in the integrity of business transactions and of the financial system. It can contribute to combating the misuse of legal entities and legal arrangements both by helping investigations and through reputational effects, given that anyone who could enter into transactions with them is aware of the identity of the beneficial owners. It also facilitates the timely and efficient availability of information for financial institutions as well as authorities, including authorities of third countries, involved in the fight against these offenc. On the other hand, proper protection of privacy precludes or limits opportunities for abuse of vulnerable persons and misuse of private information for commercial purposes.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Recital 26

(26) A fair balance should be sought in particular between the general public interest in ~~corporate~~ transparency, law enforcement demands and in the prevention of money laundering and the data subjects' fundamental rights. The set of data to be made available to the public should be limited, clearly and exhaustively defined, and should be of a general nature, so as to minimize the potential prejudice to the beneficial owners. At the same time, informationan individual´s right to self-determine data release. The set of data to be made accessible ton the public should not significantly differ from the data currently collected. In order to limit the interference with the right to respect for their private life in general and to protection of their personal data in particular, that that information should relate essentially to the status of beneficial owners of businesses and trustsbasis of legitimate interest should be comprehensive, clearly and exhaustively defined, and should strictly concern the sphere of economic activity in which the beneficial owners operate.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE

Proposal for a directive
Recital 28

(28) The personal data of beneficial owners should be publicly disclosed in order to enable third parties and civil society at large to know who the beneficial owners are. The enhanced public scrutiny will contribute preventing the misuse of legal entities and legal arrangements, including tax avoidance. Therefore, iIt is essential that this information remains ~~publicly~~ available through the national registers and through the system of interconnection of registers for 10 years after the company has been struck off from the register. However, Member States should be able to provide by law for the processing of the information on beneficial ownership, including personal data for other purposes if such processing meets an objective of public interest and constitutes a necessary and proportionate measure in a democratic society to the legitimate aim pursued.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE

Proposal for a directive
Recital 34

(34) It is essential to take into account the particularities of trusts and similar legal arrangements, as far as publicly available information on their beneficial owner is concerned. Irrespective of their qualification under national law, a distinction should be drawn between, on the one hand, trusts which consist of any property held by or on behalf of a persMember States may allow competent authorities to exempt on a case by case basis trusts and similar legal arrangements, which do not have the objective of making a profit or whose profit are exclusively spent on char~~rying on a business which consists of or includes the management of trusts, and acting as trustee of a~~ itable or otherwise altruist in the course of that business with a view to gain profit, and, on the other hand, any other trusts. Given the nature of the first category of trusts, information on their beneficial owners should be made publicly available through compulsory disclosure. Access should be given to the same limited set of data on the beneficial owner as in the case of companieic non-political causes, from reporting requirements or other administrative burdens.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Ashley FOX

Proposal for a directive
Recital 35

(35) In order to ensure proportionality, the beneficial ownership information in respect of any other trusts than those which consist of any property held by, or on behalf of, a person carrying on a business which consists of or includes the management of trusts, and acting as trustee of a trust in the course of that business with a view to gain profit should only be available to parties holding a legitimate interest. The legitimate interest with respect to money laundering, terrorist financing and the associated predicate offences should be justified by readily available means, such as statutes or mission statement of non-governmental organisations, or on the basis of demonstrated previous activities relevant to the fight against money laundering and terrorist financing or associated predicate offences, or a proven track record of surveys or actions in that field.deleted

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Pirkko RUOHONEN-LERNER

Proposal for a directive
Recital 36

(36) With a view to ensure a coherent and efficient registration and information exchange, Member States should ensure that their authority in charge of the register set up for the beneficial ownership information of trusts and other legal arrangements similar to trusts cooperates with its counterparts in other Member States, sharing information concerning trusts ~~governed by the law of the first Member State and administered in another Member State~~and other similar legal arrangements to trusts.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c

Directive 2015/849/EU
Article 12 – paragraph 3

3. Member States shall ensure that Union credit institutions and financial institutions acting as acquirers only accept payments carried out with prepaid cards issued in third countries where such cards meet requirements equivalent to those set out in points (a), (b), (c) of the first subparagraph of Article 13(1) and Article 14, or can be considered to meet the requirements in paragraphs 1 and 2 of this Article;. The information shall be monitored regularly and financial institutions shall allocate appropriate resources to carry out this task.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a a (new)

Directive 2015/849/EU
Article 30 – paragraph 5 a (new)

(aa) the following paragraph 5a is inserted: 5a. The information held in the register referred to in paragraph 3 of this article on any corporate and legal entities other than those referred to in Article 1a(a) of directive (EC) 2009/101 shall be accessible to public authorities only. For the purpose of this paragraph, access to the information on beneficial ownership shall be in accordance with data protection laws. Member States shall not introduce a fee to cover the administrative cost. For the purpose of this directive a legitimate interest shall be documented by either (a) statutes or mission statements of non-governmental organizations with a positive track record of actions aimed at money laundering, tax evasion or financial criminal activities including terrorism or (b) a positive track record of previous activities relevant to the fight against money laundering, tax evasion or financial criminal activities including terrorism.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Ashley FOX, Pirkko RUOHONEN-LERNER

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point a

Directive 2015/849/EU
Article 31 – paragraph 1 –subparagraph 1

Member States shall ensure that this Article applies to trusts and other types of legal arrangements having a structure or functions similar to trusts, such as, inter alia, fTreuhand, Stiftung, Privatstiftung, Usufruct Fiduciea, ~~Treuhand or fideicomiso~~or Fideicomiso, and all other similar in terms of structure or function, existing or future legal arrangements.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Ashley FOX

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point c

Directive 2015/849/EU
Article 31 – paragraph 4

4. Member States shall ensure that the information held in the register referred to in paragraph 3a is accessible in a timely and unrestricted manner by competent authorities and FIUs, without alerting the parties to the trust concerned. They ~~shall~~may also ~~ensure that~~provide obliged entities are allowed timely access to that information, pursuant to the provisions on customer due diligence laid down in Chapter II. Member States shall notify to the Commission the characteristics of those mechanisms.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Pirkko RUOHONEN-LERNER

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point e

Directive 2015/849/EU
Article 31 – paragraph 7 a – subparagraph 1

In exceptional circumstances laid down in national law, where the access referred to in p~~aragraphs 4 and 4a~~oint b of paragraph 5 would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable, ~~Member States may provide for an exemption from such access~~a competent authority may grant a temporary exemption to all or part of the information on the beneficial ownership on a case-by-case basis. When an exemption is granted this has to be clearly indicated in the register.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Pirkko RUOHONEN-LERNER

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

Directive 2015/849/EU
Article 32 a – paragraph 3 a (new)

3a. Those Member States which have not already done so shall establish national property registers and exchange the national data with competent authorities of other Member States. In order to facilitate the exchange of information the Commission shall develop, with FIUs, a standardised template for national competent authorities to use to submit the data.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Article 1 – paragraph 1 – point 21 a (new)

(21a) in Section 3 of Chapter VI the following Subsection is inserted: Subsection IIIa Cooperation between competent authorities supervising credit and financial institutions and professional secrecy Article 57a 1. Member States shall provide that all persons working for or who have worked for competent authorities supervising credit and financial institutions for compliance with this Directive, as well as auditors or experts acting on behalf of competent authorities, shall be bound by the obligation of professional secrecy. No confidential information which they may receive in the course of their duties under this Directive may be divulged to any person or authority whatsoever, except in summary or collective form, such that individual obliged entities cannot be identified, without prejudice to cases covered by criminal law. 2. Paragraph 1 shall not prevent these competent authorities from transmitting or exchanging information with each other in accordance with this Directive or other Directives or Regulations relating to the supervision of credit and financial institutions. Transmitting or exchanging information shall be subject to the receiving authority being bound by national law to comply with conditions of professional secrecy as indicated in paragraph 1. 3. Competent authorities receiving confidential information according to paragraph 1, shall only use this information: – in the discharge of their duties under this Directive, including sanctioning ; – in the discharge of their duties under other Directives or Regulation, including sanctioning; – in an appeal against a decision of the competent authority, including court proceedings; – in court proceedings initiated pursuant to special provisions provided for in Union law adopted in the field of credit and financial institutions. 4. Member States shall ensure that competent authorities supervising credit and financial institutions cooperate with each other to the greatest extent possible, regardless of their respective nature or status. Such cooperation also includes the ability to conduct, within the powers of the requested competent authority, inquiries on behalf of a requesting competent authority, and the subsequent exchange of the information obtained through such inquiries. 5. Member States may conclude cooperation agreements providing for collaboration and exchanges of confidential information with the competent authorities that constitute counterparts of the competent authorities mentioned in paragraph 1. Such cooperation agreements shall be concluded on the basis of reciprocity and only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in paragraph 1. Confidential information exchanged according to these cooperation agreements shall be used for the purpose of performing the supervisory task of the authorities mentioned. Where the information originates in another Member State, it may not be disclosed without the express agreement of the competent authorities which have disclosed it and, where appropriate, solely for the purposes for which those authorities gave their agreement. Article 57b 1. Notwithstanding Article 57a (1) and (3), Member States may authorise exchange of information, in the same Member State or in a different Member State, between the competent authorities and the following, in the discharge of their supervisory functions : – authorities entrusted with the public duty of supervising other financial sector entities and the authorities responsible for the supervision of financial markets; – bodies involved in the liquidation and bankruptcy of institutions and in other similar procedures; – persons responsible for carrying out statutory audits of the accounts of credit and financial institutions. The information received shall in any event be subject to professional secrecy requirements at least equivalent to those referred to in Article 57a (1). 2. Notwithstanding Article 57a (1) and (3), Member States may, by virtue of provisions laid down in national law, authorise the disclosure of certain information to other departments of their central government administrations responsible for law on the supervision of credit and financial institutions, and to inspectors acting on behalf of those departments. However, such disclosures may be made only where necessary for the supervision of those institutions for compliance with this directive. Persons having access to the information shall be subject to professional secrecy requirements at least equivalent to those referred to in Article 57a (1). 3. Member States shall authorise the disclosure of certain information relating to the supervision of credit institutions for compliance with this Directive to Parliamentary enquiry committees in their Member State, courts of auditors in their Member State and other entities in charge of enquiries in their Member State, under the following conditions: (a) that the entities have a precise mandate under national law to investigate or scrutinise the actions of authorities responsible for the supervision of these institutions or for laws on such supervision; (b) that the entities consider the information necessary for fulfilling the mandate referred to in point (a); (c) the persons with access to the information are subject to professional secrecy requirements under national law at least equivalent to those referred to in Article 57a (1); (d) where the information originates in another Member State, that it is not disclosed without the express agreement of the competent authorities which have disclosed it and, solely for the purposes for which those authorities gave their agreement. 4. This Subsection shall not prevent the competent authorities supervising credit and financial institutions for compliance with this Directive from transmitting confidential information, for the purposes of their tasks, to other authorities responsible for supervising credit and financial institutions according to other Directives or Regulations, including the European Central Bank acting according to Regulation 1024/2013.

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Article 2 – paragraph 1 – point 2

Directive 2009/101/EC
Article 7 b – paragraph 3

3. Member States shall ensure that the beneficial ownership information referred to in paragraph 1 of this Article shall also be made publicly available through the system of interconnection of registers referred to in Article 4a(2).deleted

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS

Proposal for a directive
Article 2 – paragraph 1 – point 2

Directive 2009/101/EC
Article 7 b – paragraph 5

5. The personal data of beneficial owners referred to in paragraph 1 shall be disclosed for the purpose of enabling third parties and civil society at large to know who are the beneficial owners, thus contributing to prevent the misuse of legal entities and legal arrangements through enhanced public scrutiny. For this purpose the information shall be publicly available through the national registers and through the system of interconnection of registers for no longer than 10 years after the company has been struck off from the register.deleted

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS, Pirkko RUOHONEN-LERNER

Proposal for a directive
Article 2 a (new)

Directive 2013/36/EU
Article 56 – paragraph 1 – point f a (new)

Article 2a Amendments to Directive 2013/36/EU In Article 56(1) of Directive 2013/36/EU, the following point is added: "(fa) authorities responsible for supervising the obliged entities mentioned in article 2, paragraph 1, (1) and (2) of Directive 2015/849 for compliance with that Directive."

2016/12/19
Committee: ECON LIBE

Bernd LUCKE, Sander LOONES, Helga STEVENS, Pirkko RUOHONEN-LERNER

Proposal for a directive
Article 2 b (new)

Directive 2009/138/EC
Article 68 – paragraph 1 – point b – point iii a (new)

Article 2b Amendments to Directive 2009/138/EC "In Article 68(1)(b) of Directive 2009/138/EC the following point is added: (iiia) authorities responsible for supervising the obliged entities mentioned in article 2, paragraph 1, (1) and (2) of Directive 2015/849 for compliance with that Directive."

2016/12/19
Committee: ECON LIBE

Activities of Bernd LUCKE related to 2016/0208(COD)

Shadow reports (1)

Amendments (22)

ParlTrack - 2011-2024