33 Amendments of Renato SORU related to 2014/0020(COD)
Amendment 104 #
Proposal for a regulation
Recital 4
Recital 4
(4) The on-going banking regulatory reform agenda will significantly increase the resilience of both individual banks and the banking sector as a whole. However, a limited subset of the largest and most complex Union banking groups still remain too-big- to-fail, too-big-to-save and too- complex to manage, supervise and resolve. Structural reform is therefore an important complement to other regulatory initiatives and measures, as it would offer one way of more directly addressing intra-group complexity, intra-group and government subsidies, and excessive risk-taking incentives, mispricing of capital, distorted conditions of competition within the financial sector and threats arising from institutions operating under the jurisdiction of multiple regulatory regimes and supervisors. A number of Member States have adopted or are considering adopting measures to introduce structural reform in their respective banking systems. Structural reform is a unique opportunity to strengthen the Banking Union.
Amendment 129 #
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States or the competent authorities may decide to impose similar measures also on smallother credit institutions.
Amendment 252 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive yearhas or within any period of the last three years, but not retroactively covering any period before this regulation entered into force, has hasd total assets amounting at least to EUR 30 billion and has trading activities calculated on a non-risk weighted basis according to Articles 22 and 23 amounting at least to EUR 70 billion or 10 per cent of its total assets:
Amendment 278 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the soleprimary purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web-based. This definition includes any such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in the short term or in the longer term, or is in fact realised. Unless an institution demonstrates and proves to the satisfaction of the competent authority that an activity is not covered by this definition it shall be deemed to be proprietary trading platforms; ;
Amendment 323 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii a (new)
Article 6 – paragraph 1 – point b – point iii a (new)
(iii a) engage in lending to, grant guarantees to, or hold any financial instrument other than those listed in point (ii) of this paragraph issued by an AIF.
Amendment 465 #
Proposal for a regulation
Article 9 – paragraph 2 – point h a (new)
Article 9 – paragraph 2 – point h a (new)
(h a) the exposure to derivatives as measured by notional outstanding divided by total assets;
Amendment 466 #
Proposal for a regulation
Article 9 – paragraph 2 – point h b (new)
Article 9 – paragraph 2 – point h b (new)
(h b) the exposure to derivatives as measured by the sum of derivatives assets and derivatives liabilities divided by total assets;
Amendment 471 #
Proposal for a regulation
Article 9 – paragraph 2 – point h c (new)
Article 9 – paragraph 2 – point h c (new)
(h c) the non-bank loan to total asset ratio.
Amendment 474 #
Proposal for a regulation
Article 9 – paragraph 2 – point h d (new)
Article 9 – paragraph 2 – point h d (new)
(h d) the ratio of corporate and investment banking revenues to total revenues
Amendment 475 #
Proposal for a regulation
Article 9 – paragraph 2 – point h e (new)
Article 9 – paragraph 2 – point h e (new)
(h e) the ratio of derivatives assets to total assets, where derivatives assets are derivatives with positive replacement values not identified as hedging or embedded derivatives.
Amendment 499 #
Proposal for a regulation
Article 10 – paragraph 1
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 metrics referred to in points (a) to (h b) 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 whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 521 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
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 justifiedactivities referred to in paragraphs 1 and 2 of this Article do not pose a threat to financial stability of the core credit institution or to the whole or part of the Union financial system, 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.
Amendment 547 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4 a. Notwithstanding separation decisions, the competent authority may impose additional capital and liquidity requirements that it deems necessary to counter a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 548 #
Proposal for a regulation
Article 10 – paragraph 4 b (new)
Article 10 – paragraph 4 b (new)
4 b. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the metric referred to in point h c) of Article 9(2) falls below 40 percent or the metric referred to in point h d) of Article 9(2) exceeds 30 percent or the metric referred to in point h e) of Article 9(2) exceeds 15 percent, it shall no later than two months after the finalisation of that assessment adopt a final decision addressing the core credit institution and requiring it not to carry out certain trading activities and publicly disclose it.
Amendment 701 #
Proposal for a regulation
Article 21 – title
Article 21 – title
Amendment 706 #
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to a credit institution taking deposits from individuals and SMEs that areis subject to national primary legislation adopted before 29 January 2014 when the national legislation complies withrequiring structural separation of deposits and adopted before 29 January 2014 shall be deemed compliant with the requirements in this Chapter as regards to the requirement not to carry out trading activities or certain trading activities when the institution meets the following requirements:
Amendment 710 #
Proposal for a regulation
Article 21 – paragraph 1 – point a
Article 21 – paragraph 1 – point a
(a) its structure aims at preventing financial stress or failure and systemic risk referred to in Article 1;
Amendment 714 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
(b) its structure prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide forits structure may foresee limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers;
Amendment 717 #
Proposal for a regulation
Article 21 – paragraph 1 – point c – introductory part
Article 21 – paragraph 1 – point c – introductory part
(c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group, ithe group's structure ensures that the credit institution is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets, and the national legislation specifiguarantees the following:
Amendment 720 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
Amendment 725 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Article 21 – paragraph 2 – subparagraph 2
Once the Commission has all the information it considers necessary for appraisal of the request for derogat decision, it shall within one month notify the requesting Member Statecredit institution that it is satisfied with the information.
Amendment 729 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Article 21 – paragraph 2 – subparagraph 3
Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted 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, adopt an implementingthe decision declaring the national legislation not incompatible with this Chapter and granting the derogation to the credit institutions specified in the request referred to in paragraph 1. Where the Commission intends to declare the national legislacompliance of the credit institution with this Chapter. Where the Commission intends not to affirm the credit institution in's compatible and to not grant the derogationliance referred to in paragraph 1, it shall set out its objections in detail and provide the requesting Member Statecredit institution with the opportunity to submit written comments within one month from the date of notification of the Commission objections. The Commission shall within three months from the end of the time limit for submission adopt an implementing further decision granting or rejecting the derogationrequest for an affirmation of compliance referred to in subparagraph 1.
Amendment 734 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Article 21 – paragraph 2 – subparagraph 4
Where the national legislation is amended, the Member Staterelevant structure of the credit institution is changed or is foreseen to be changed, the credit institution shall notify the amendmentchanges to the Commission. TAs a consequence, the Commission may review the implementingany decision referred to in the third subparagraphis paragraph and withdraw it.
Amendment 738 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Article 21 – paragraph 2 – subparagraph 5
Where the national legislation not declared incompatiblecredit institution that was declared to be compliant with this Chapter is no longer applies to a credit institution that has been granted derogation from the requirements of this Chaptersubject to the national legislation referred to in paragraph 1, thate derogation shall be withdrawn with regard to that credit institutiocision of compliance shall be withdrawn.
Amendment 742 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
Article 21 – paragraph 2 – subparagraph 6
The Commission shall notify the EBA of its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a derogationreceived a decision concerning their compliance in accordance with this Articleparagraph. The list shall be continuously kept up-to-date.
Amendment 744 #
Proposal for a regulation
Chapter 3 a (new)
Chapter 3 a (new)
Amendment 789 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b
Article 28 – paragraph 1 – subparagraph 1 – point b
(b) any holding back or manipulation of information to be submitted in accordance with Article 24(1).
Amendment 791 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
(b a) breach of the duty to uphold the objectives of separation referred to in Article 13(9).
Amendment 793 #
Proposal for a regulation
Article 28 – paragraph 3 – subparagraph 1
Article 28 – paragraph 3 – subparagraph 1
Where Member States have chosen to lay down criminal sanctions for the breaches of the provisions referred to in paragraph 1, they shall ensure that appropriate measures are in place so that a competent authority has all the necessary powers to liaise with judicial authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for possible violations of Article 6 and f, for holding back or manipulating information to be submitted in accordance with 24(1) and breaching the duty to uphold the objectives of separation referred to in Article 13(9), and to provide the same to other competent authorities and EBA to fulfil their obligation to cooperate with each other and, where relevant with EBA for the purposes of paragraph 1.
Amendment 795 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point b
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 asas estimated by they can be determinedompetent authority;
Amendment 803 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point h
Article 28 – paragraph 4 – subparagraph 1 – point h
(h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR 510 000 000 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;
Amendment 817 #
Proposal for a regulation
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) appropriate protection for persons working under a contract of employment, who report breaches or who are accused of breaches, against retaliation, discrimination or other types of unfair treatment. This includes prohibiting an institution from trying to investigate the source of the information;
Amendment 819 #
Proposal for a regulation
Article 30 – paragraph 4
Article 30 – paragraph 4
4. Member States mayshall provide for financial incentives to persons who offer relevant information about potential breaches of this Regulation to be granted in accordance with national law where such persons do not have other pre-existing legal or contractual duties to report such information, and provided that the information is new, and it results in the imposition of an administrative sanction or other measure taken for a breach of this Regulation or a criminal sanction. Should the information reported result in a pecuniary penalty, the financial incentive shall be calculated as a proportion of this pecuniary penalty of no less than 15 % of the penalty imposed. Should the information reported result in a non- pecuniary penalty, the financial incentive shall reflect the gravity and duration of the breach, and it will be paid by the natural or legal person that committed the breach.