23 Amendments of Anneliese DODDS related to 2015/2106(INI)
Amendment 6 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas it is widely accepted that the financial crisis of 2008 was caused in large part, and certainly had such a widespread and devastating impact, because of a lack of appropriate, high quality financial services regulation;
Amendment 49 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Welcomes the Commission’s inclusion of an effective level of consumer and investor protection as one of the principles underpinning CMU; regrets, however, that the Commission’s Green Paper on CMU did not then include any concrete proposals for achieving such a level of protection; calls on the Commission to subject any initiatives arising from CMU that could impact retail investors to a process of thorough consumer testing;
Amendment 70 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that a sound and robust CMU has to acknowledge the interdependencies with obetween different elements of ther financial services sectors and has to be baseshould aim to build on well-established existing structures first and foremost; stresses the need for a holistic view of EU financial services regulation;
Amendment 83 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that an effective and efficient EU financial services regulation should be coherent, consistent (also on a cross- sectoral basis where that is possible, although this should not mean adopting a ‘one-size-fits- all’ approach), proportionate, and free of superfluous complexity; believes that it should enable intermediaries to fulfil their role in funding the real economy and serve savers and investors; believes that it should promote growth, protect consumers and ensure financial stability; considers that it should contribute to the single market and focus on goals better achievable at European level;
Amendment 125 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Believes that consumer protection does not necessarily entail large volumes of information; is concerned that the multiplicity of customer information might not ultimately serve real customer needs; argues for a balance to be struck between providing consumers with the information they need to make informed choices and to understand the risks involved, while not unnecessarily burdening businesses, especially SMEs; points to the necessity of a European initiative for more and better financial education;
Amendment 134 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights the benefits of asset diversification; emphasises that the purpose of prudential regulation is not to favour certain asset classes; calls for a risk-based approach to regulation, with the same rules being applied to the same riskscalls for a risk-based approach to regulation; believes that a more granular categorisation of asset classes is appropriate, in particular by establishing categories such as infrastructure;
Amendment 159 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes the possible unintended consequences of multiple capital, liquidity and leverage requirements on maturity transformation and the provision of long- term financing; asks the Commission, in cooperation with the supervisors, to analyse these consequences for banking and insurance as a matter of priority, while remembering that these requirements were put in place in response to the worst financial crisis in nearly 100 years, and therefore any analysis and subsequent action should ensure that Europe does not return to the situation that existed before the crisis;
Amendment 171 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is concerned about the lack of available and attractive risk-appropriate (long-term) investments and savings products for consumers; reiterates the need for diversity in investor and consumer choices; stresses that increasing the level of household savings that are channelled into investment can only be achieved if retail investors are confident that their money is being managed in their best interests; calls therefore on the Commission to increase investor confidence in the asset management industry, in particular by increasing cost transparency and the independent governance of investment funds;
Amendment 192 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for an appropriate division of competences between EU and national level, bearing in mind that national supervisors have more knowledge of local market characteristics; is concerned about the effect of a one-size-fits-all supervisory approach on smaller and primarily nationally active entities within the Single Supervisory Mechanism (SSM); stresses that any division of competences between supervisors must not reduce transparency as a result;
Amendment 223 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase SME funding; suggests that the Commission should assess whether certain initiatives for improved SME funding shcould also be expanded to mid-cap companies;
Amendment 247 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recognises the efforts made to establish a more transparent securitisation market; emphasises that stringent requirements for underlying high-quality assets and calibrations according to the actual risk profile are necessary, bearing in mind the riskiness of securitisation as shown during the crisis; emphasises that in addition to ensuring that securities themselves are designed in an appropriate way, market participants (originators, distributors and end users of securities) all have a responsibility to conduct appropriate risk assessments; calls on the Commission to conduct a thorough assessment of the benefits of securitisation for SMEs and the marketability of securitisation instruments as a matter of priority, and to report to Parliament;
Amendment 260 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Underlines the need to streamline the content and frequency of reporting requirements where possible, also by providing entities with one point of contact, in order to avoid any duplication of requirements and reporting channels; calls on the Commission, ESAs and SSM to examine which data are actually needed, to align templates and to provide simplifications and, for SMEs, exemptions where possible;
Amendment 272 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that efforts for a cultural change in the financial sector have to be pursued furtherlegislation and regulation in the area of financial services, while essential, can only achieve so much; stresses therefore that in addition to regulation, efforts for a cultural change in the financial sector have to be pursued and that major financial institutions have a responsibility to embed a culture of compliance within their organisations; acknowledges the benefits of relationship banking for consumers and SMEs;
Amendment 286 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Demands a stronger focus on the global competitiveness of the EU financial sectors when making policy, while avoiding a regulatory race to the bottom; calls on the Commission to negotiate wherever possible for other jurisdictions to raise their standards of financial services regulation in order to meet those of the European Union;
Amendment 306 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Asks the Commission to propose a consistent and coherent framework for decisions on third-country equivalence; calls for that framework to be outcomes- based and proportionate; demands that all equivalence decisions be adopted by means of delegated acts;
Amendment 323 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Highlights the need for better quality and cross-sectoral co-ordination in the Commission’s drafts and drafting processes, encompassing timing, prioritisation and the avoidance of overlaps, as well as any duplication of the basic act in; stresses that this should aim to avoid any duplication of the basic act in delegated acts, but also avoid the situation whereby political decisions which should be resolved within the basic act are instead left to the delegated acts;
Amendment 329 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the Commission to ensure balanced participation in consultations by reflecting the diversity of stakeholders and providing better conditions for small stakeholders, representatives of civil society and of consumer groups to participate;
Amendment 355 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Stresses the need to respect the interplay, consistency and coherence between the basic acts and delegated and implementing acts; stresses again that major political decisions should be made by the co-legislators within the basic act, and not left to the delegated acts which instead should deal with technical implementation; insists that the Commission and the ESAs, when drafting delegated and implementing acts and guidelines, stick to the empowerments laid down in the basic acts and respect the co- legislators’ agreement;
Amendment 376 #
Motion for a resolution
Paragraph 38
Paragraph 38
38. Calls on the ESAs to make use of the their right to request information on how basic acts are applied by Member States; also encourages the ESAs to make use of their product intervention powers where appropriate, and to conduct regular peer reviews of national competent authorities;
Amendment 377 #
Motion for a resolution
Paragraph 39
Paragraph 39
39. Calls on the Commission and ESAs to regularly publish consolidated versions of EU financial services regulations on their websites, including a summary which can be accessed and understood by businesses, consumers, civil society organisations and others; believes that the creation of a common register that includes references to national implementation would be an option worth exploring;
Amendment 404 #
Motion for a resolution
Paragraph 43 – indent 1 a (new)
Paragraph 43 – indent 1 a (new)
– the overall effect on financial stability, including an assessment of the likely impact on financial stability had the legislative measures not been taken,
Amendment 407 #
Motion for a resolution
Paragraph 43 – indent 1 b (new)
Paragraph 43 – indent 1 b (new)
– the effect of the new legislative measures on the promotion of far greater transparency in financial markets - to regulators, to investors and to the general public,
Amendment 425 #
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– an analysis of new threats and risks that have arisen since the legislative measures were passed, or look likely to arise in the future, accompanied by an assessment of how well the legislative framework is able to respond to such threats and risks,