2 Amendments of Fulvio MARTUSCIELLO related to 2016/0363(COD)
Amendment 51 #
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/EU, Member States should ensure that their initial contractual maturity 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 insolvency proceedings. as described in the TLAC standard and as set out in Directive 2014/59/EU, thereby enhancing legal certainty, Member States should ensure that those debt instruments have no derivative features, except as specifically allowed within instruments eligible for MREL under Directive 2014/59/EU, and that the relevant contractual documentation related to their issuance explicitly refers to their ranking under normal insolvency proceedings. 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 provided in this Directive.
Amendment 72 #
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 all the eligibility conditions for such instruments to be eligible for MREL are met;