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109 Amendments of Ernest URTASUN related to 2016/0364(COD)

Amendment 49 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Recital 2 a (new)
(2a) One of the key lessons from the financial crisis in Europe was the inadequacy of its institutional and policy framework to prevent and address imbalances within the EU. In the light of the latest institutional developments in the European Union, a comprehensive review of the macroprudential policy framework is warranted. It is important to streamline the coordination mechanism between authorities, simplify the activation of macroprudential policy tools and broaden the macroprudential toolbox to ensure authorities are enabled to address systemic risks in a timely and effective manner. Legislative changes should, inter alia, include the revision of the respective powers of national and EU-level macroprudential authorities so as to better delineate responsibilities in the areas of risk assessment and policy making, including the coordination and notification procedures between authorities. The ESRB should play a key role in the coordination of macro- prudential measures, as well as the transmission of information on planned macro-prudential measures in Member States, notably through the publication of adopted macro-prudential measures on its website and through information sharing across authorities following the notifications of planned macroprudential measures.
2018/02/02
Committee: ECON
Amendment 55 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Recital 12 a (new)
(12a) Institutions operate under a nexus of regulatory requirements and standards aiming to ensure the protection of retail customers and consumer, the level playing field in the single market, the protection of human rights, tax justice and the avoidance of money laundering. Non-observance of those requirements and standards by institutions has significant negative societal consequences but it may also affect those institutions’ capital requirements and, potentially, overall financial stability. There is, therefore, a need to single out conduct as a distinguished parameter of operational risk and to ensure that institutions and competent authorities identify, evaluate and monitor this risk adequately in the context of the institutions’ internal capital. It is also necessary to set out that information relating to investigations of institutions’ misconduct is communicated promptly from the authorities monitoring conduct-of-business, anti-money laundering, consumer, competition and other frameworks to the competent authorities responsible for prudential supervision.
2018/02/02
Committee: ECON
Amendment 56 #
Philippe LAMBERTS, Ernest URTASUN, Sven GIEGOLD
Proposal for a directive
Recital 12 b (new)
(12b) Not only did many institutions prove to be severely undercapitalised in the face of the financial crisis, but ten years later, significant concerns about the reliability and excessive variability of internal approaches used by institutions to determine capital requirements for a variety of market and credit risk exposures persist and have been raised by, among others, the BCBS, SSM as well as EBA in its benchmarking exercises conducted in accordance with Article 78 of this directive. It is of crucial importance to the stability of the financial system as well as to the credibility of institutions in the eyes of supervisors, investors, customers and counterparties and the wider public that steps be taken as soon as possible to address these concerns. Giving explicit powers to competent authorities to take corrective action in this Directive, such as applying multipliers to model outputs, standardised model floors, moratoria on changes to models and disclosure of the differences between standardised and internal approaches for the same exposures is one such step. Giving explicit powers to competent authorities to take corrective action in this Directive, such as applying multipliers to model outputs, standardised model floors, moratoria on changes to models and disclosure of the differences between standardised and internal approaches for the same exposures is one such step. In the medium term however the entire capital adequacy framework should be reformed to ensure that there are credible supervisory backstops to both inputs and outputs to institutions' internal models for all risks subject to internal approaches and, where necessary, withdraw entirely the possibility for internal approaches where there is little or no reason to believe an internal approach can outperform a standardised approach. In this regard the Commission should consider legislative proposals as soon as possible to put in place such safeguards, leaving the possibility in its proposals to integrate, where necessary and appropriate and as they become available, developments in international standards in this area.
2018/02/02
Committee: ECON
Amendment 77 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5a – point e
(e) it is precluded from accepting covered depositsnot as defined in point (5) of Article 2(1) of Directive 2014/49/EU of the European Parliament and of the Council12 ; __________________ 12 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast) (OJ L 173, 12.6.2014, p. 149)irect recipient of consumer savings deposits;
2018/02/02
Committee: ECON
Amendment 82 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5a – point g
(g) the total value of the institution's assets is below EUR 30 billion or a Member State’s central government or a regional or local authority in accordance with letter (d) guarantees the institution’s own fund requirements, financing needs and exposures at a level of 100% either directly or indirectly;
2018/02/02
Committee: ECON
Amendment 89 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5b – point d
(d) they are only permitted to accept deposits or repayable funds from their members and such deposits qualify as covered deposits under point 5 of Article 2(1) of Directive 2014/49/EU;.
2018/02/02
Committee: ECON
Amendment 92 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5b – point g
(g) the aggregate value of the assets of this category of institutions does not exceed 3% of the GDP of the Member State concerned and the total value of assets of individual institutions does not exceed EUR 100 million;
2018/02/02
Committee: ECON
Amendment 109 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 1
1. Member States shall require that two or more institutions or third country branches in the Union, which are part of the same third country group, have an intermediate EU parent undertaking that is established in the Union.
2018/02/02
Committee: ECON
Amendment 123 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 2
2. Member States shall require an intermediate EU parent undertaking in the Union to obtain authorisation as an credit institution in accordance with Article 8, or as a financial holding company or mixed financial holding company in accordance with Article 21a.
2018/02/02
Committee: ECON
Amendment 141 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 4 a (new)
4 a. Where paragraphs 1 or 2 apply, Member States shall require that each third country branch of the third country group is re-established either as a credit institution or as a branch of a credit institution established in the Union.
2018/02/02
Committee: ECON
Amendment 165 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Directive 2013/36/EU
Article 56 – point f a (new) and point f b (new)
(11a) In Article 56 points (fa) and (fb) are added: "(fa) competent authorities referred to in Article 48 of the amended Directive (EU) 2015/849 of the European Parliament and of the Council; (fb) competent authorities or bodies responsible for the application of rules on structural separation within a banking group. "
2018/02/02
Committee: ECON
Amendment 169 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 11 b (new)
Directive 2013/36/EU
Article 67 – paragraph 1 – point p a (new) to point p d (new)
(11b) In article 67, the following points (pa), (pb), (pc), (pd) are added: (pa) an institution fails to meet the own funds requirements set out in Article 92 of Regulation (EU) No 575/2013; (pb) an institution or a natural person fails to comply with an obligation arising from a regulation or decision issued by the competent authority; (pc) an institution acts without the prior permission of the competent authority where Regulation (EU) No 575/2013 or national provisions transposing this Directive require the institution to obtain such prior permission, obtained such permission on the basis of its own false statement or does not comply with the conditions under which such permission was granted; (pd) an institution fails to give notice or does not do so correctly, in full or in time where the institution is obliged to give such notice according to Regulation (EU) No 575/2013 or national provisions transposing this Directive.
2018/02/02
Committee: ECON
Amendment 173 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 12 a (new)
Directive 2013/36/EU
Article 75 – paragraph 3
3. Competent authorities shall collect(12a) paragraph 3 is replaced by the following: 3. Institutions shall report to competent authorities information on the number of natural persons per institution that are remunerated EUR 1 million or more per financial year, in pay brackets of EUR 1 million, including their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution. That informationCompetent authorities shall be forwarded that information to EBA, which shall publish it on an aggregate home Member State basis in a common reporting format. EBA may elaborate guidelines to facilitate the implementation of this paragraph and ensure the consistency of the information collected.
2018/02/02
Committee: ECON
Amendment 174 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 12 b (new)
Directive 2013/36/EU
Article 75 – paragraph 3 a (new)
(12b) the following paragraph 3a is added: EBA shall develop draft implementing technical standards to specify the uniform formats, frequencies, dates of reporting, definitions and the IT solutions to be applied in the Union for the reporting of the information referred to in paragraph 3.
2018/02/02
Committee: ECON
Amendment 175 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 12 c (new)
Directive 2013/36/EU
Article 76 – paragraph 3 – subparagraph 4 a (new)
(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=DE)(12b) In Article 76, the following subparagraph is added at the end: For small and non-complex institutions as defined in Article 430a of Regulation (EU) No 575/2013 this paragraph shall not apply. " Or. en
2018/02/02
Committee: ECON
Amendment 176 #
Philippe LAMBERTS, Ernest URTASUN, Sven GIEGOLD
Proposal for a directive
Article 1 – paragraph 1 – point 12 c (new)
Directive 2013/36/EU
Article 78 – para 4
(13a) Paragraph 4 of Article 78 is replaced by the following: "4. Where particular institutions diverge significantly from the majority of their peers or where there is little commonality in approach leading to a wide variance of results, competent authorities shall investigate the reasons therefor and, if it can be clearly identified that an institution's approach leads to an underestimation of own funds requirements which is not attributable to differences in the underlying risks of the exposures or positions, shall take corrective action. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)Member States shall ensure that competent authorities have the necessary powers to take at least the following corrective actions: - requiring an institution to apply additional multiplication factors to the capital requirements determined by internal approaches; - requiring an institution to use a the relevant standardised approach or other model provided for in Regulation (EU) No 575/2013 for the calculation of risk weighted exposure amounts or own fund requirements except for operational risk; - requiring an institution to apply a floor to the capital requirements determined under the internal approach expressed as a percentage of the relevant standardised approach or other model provided for in Regulation (EU) No 575/2013 for the calculation of risk weighted exposure amounts or own fund requirements except for operational risk; - imposing a moratorium on approval of adjustments to internal approaches if they result in substantially reduced risk weightings; - requiring institutions to disclose the differences between the calculations produced by the relevant standard approach and internal approaches; EBA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to convergence in the application of the corrective actions referred to in this paragraph by the competent authorities. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 177 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 84 – paragraph 1
1. Competent authorities shall ensure that institutions implement internal systems or use the standardised methodology to identify, evaluate, manage and mitigate the risks arising from potential changes in interest rates that affect both the economic value of equity and the net interest income of an institution's non-trading book activities. By way of derogation, small and non-complex institutions as defined in Article 430a of Regulation (EU) No 575/2013 shall be required to use the standardised methodology only if the competent authority comes to the conclusion that the internal systems are not sufficient.
2018/02/02
Committee: ECON
Amendment 182 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 84 – paragraph 4 – subparagraph 1
EBA shall develop draft regulatory technical standards to specify, for the purposes of this Article, the details of a standardised methodology that institutions may use for the purpose of evaluating the risks referred to in paragraph 1. , including a conservatively calibrated alternative simplified methodology for small and non-complex institutions as defined in Article 430a of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 188 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14
Directive 2013/36/EU
Article 85 – paragraph 1
1. Competent authorities shall ensure that institutions implement policies and processes to evaluate and manage the exposure to operational risk, including model risk, conduct risk according to Article 85A and risks resulting from outsourcing, and to cover low-frequency high-severity events. Institutions shall articulate what constitutes operational risk for the purposes of those policies and procedures..
2018/02/02
Committee: ECON
Amendment 189 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 a (new)
Directive 2013/36/EU
Article 85 a (new)
(14a) The following Article 85a is added: 'Article 85a Conduct risk 1. Competent authorities shall ensure that institutions identify as conduct risk any risk arising from providing services or performing activities in a manner which is not in line with regulatory requirements or standards and which exposes the institution to potential fines, penalties, sanctions or damages (“misconduct”). Conduct risk shall be identified in respect of any misconduct attained by an act or omission, preparatory or final, wilful or negligent, which has been performed by an institution’s employee or a third party to which operational functions or activities have been outsourced or which has been approved by the institution’s management body. 2. Competent authorities shall ensure that institutions implement policies and processes to identify, evaluate and manage their exposures to conduct risk. Institutions shall articulate what constitutes conduct risk for the purposes of those policies and processes. 3. Authorities designated under Union legislation applicable to institutions to supervise regulatory requirements and standards referred to in paragraph 1 shall inform without undue delay the competent authority responsible for the prudential supervision of an institution of any investigation concerning that institution’s potential misconduct. This information shall remain confidential in accordance with Title VII, Section II of this Directive.'
2018/02/02
Committee: ECON
Amendment 192 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 b (new)
Directive 2013/36/EU
Article 88 – paragraph 2 – subparagraph 5
W(14b) In Article 88, paragraph 2, subparagraph 5 is replaced by the following: For small and non-complex institutions as defined in Article 430a of Regulation (EU) No 575/2013 and where, under national law, the management body does not have any competence in the process of selection and appointment of any of its members, this paragraph shall not apply. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=DE)" Or. en
2018/02/02
Committee: ECON
Amendment 193 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 c (new)
Directive 2013/36/EU
Article 89
Article 89 Country-by-country reporting 1. From 1 January 2015 Member States shall require each institution to disclose annually, specifying, by Member State and by third country in which it has an establishment, the following information on a consolidated basis for the financial year: (a) name(s), nature of activities and geographical location; (b) turnover; (c) number of employees on a full time equivalent basis; (d) profit or loss before tax; (e) tax on profit or loss; (f) public subsidies received. 2. Notwithstanding paragraph 1, Member States shall require institutions to disclose the information referred to in paragraph 1(a), (b) and (c) for the first time on 1 July 2014. 3. By 1 July 2014, all global systemically important institutions authorised within the Union, as identified internationally, shall submit to the Commission the information referred to in paragraph 1(d), (e) and (f) on a confidential basis. The Commission, after consulting EBA, EIOPA and ESMA, as appropriate, shall conduct a general assessment as regards potential negative economic consequences of the public disclosure of such information, including the impact on competitiveness, investment and credit availability and the stability of the financial system. The Commission shall submit its report to the European Parliament and to the Council by 31 December 2014. In the event that the Commission report identifies significant negative effects, the Commission shall consider making an appropriate legislative proposal for an amendment of the disclosure obligations set out in paragraph 1 and may, in accordance with point (h) of Article 145, decide to defer those obligations. The Commission shall review the necessity to extend deferral annually. 4. The information referred to in paragraph 1 shall be audited in accordance with Directive 2006/43/EC and shall be published, where possible, as an annex to the annual financial statements or, where applicable, to the consolidated financial statements of the institution concerned. 5. To the extent that future Union legislative acts for disclosure obligations go beyond those laid down in this Article, this Article shall cease to apply and shall be deleted accordingly. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)(14c) Article 89 is replaced by the following: "Article 89 Country-by-country reporting 1. Member States shall require each institution to disclose annually, specifying, by Member State and by third country in which it has one or more establishments, including subsidiaries, branches and any affiliated undertakings consolidated in the financial statement, the following information on a consolidated basis for each jurisdiction for the relevant financial year: (a) a list of the names of their establishments, a brief description of the nature of their activities as well as their country of tax registration; (b) the amount of the net turnover arising in the jurisdiction, including separate disclosure of the turnover made with related and unrelated parties; (c) the number of employees on a fulltime equivalent basis; (d) the amount of profit or loss before income tax; (e) the amount of income tax accrued (current year) which is the current tax expense recognised on taxable profits or losses of the financial year by subsidiaries, branches, joint ventures, undertakings and establishments resident for tax purposes in the relevant tax jurisdiction; (f) the amount of income tax paid, which is the amount of income tax paid during the relevant financial year by subsidiaries, branches, joint ventures, undertakings and establishments resident for tax purposes in the relevant tax jurisdiction; (g) stated capital; (h) the amount of accumulated earnings at the end of the period; (i) public subsidies received; (j) fixed investment intangible plant, equipment, inventories and stocks and the annual cost of maintaining that tangible plant and equipment; (k) whether subsidiaries, branches, joint ventures, undertakings or establishments have benefited from a preferential tax treatment during the course of the period that might or does permit the payment of tax at a lower rate than that generally applied to profits arising in the jurisdiction and provide a description of the arrangement in question. 2. For the purposes of point (e) of the first paragraph, the current tax expense shall relate only to the activities of an undertaking in the current financial year and shall only include those sums likely to fall due for payment within twelve months of the period end and shall exclude all deferred taxes. 3. The information referred to in paragraph 1 shall be audited in accordance with Directive 2006/43/EC and shall be published, where possible, as an annex to the annual financial statements or, where applicable, to the consolidated financial statements of the institution concerned. 4. To the extent that future Union legislative acts for disclosure obligations go beyond those laid down in this Article, this Article shall cease to apply and shall be deleted accordingly. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 195 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 d (new)
Directive 2013/36/EU
Article 91 – paragraph 1
(14d) In Article 91, paragraph 1 is replaced by the following: "Article 91 Management body 1. Members of the management body shall at all times be of sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties. The overall composition of the management body shall reflect an adequately broad range of experiences. Members of the management body shall, in particular, fulfil the requirements set out in paragraphs 2 to 8. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=DE)Competent authorities may waive the requirements set out in paragraphs 3 to 5 for small and non- complex institutions as defined in Article 430a of Regulation (EU) No 575/2013. " Or. en
2018/02/02
Committee: ECON
Amendment 197 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 e (new)
Directive 2013/36/EU
Article 91 – paragraph 8
(14e) In Article 91, paragraph 8 is replaced by the following: "8. Each member of the management body shall act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management where necessary and to effectively oversee and monitor management decision-making. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=DE)This requirement shall not lead to ban members of affiliated companies from the supervisory board. " Or. en
2018/02/02
Committee: ECON
Amendment 198 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 f (new)
Directive 2013/36/EU
Article 91 – paragraph 13 a (new)
(14f) The following paragraph 13a shall be added in Article 91: '13a. Notwithstanding Article 13 (1) of this Directive, competent authorities may assess, at their discretion, institutions’ compliance with the requirements according to Article 91 (1) to (8) of this Directive regarding the management body in its supervisory function before or after the appointment of one of its members."
2018/02/02
Committee: ECON
Amendment 199 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 14 g (new)
Directive 2013/36/EU
Article 91 a (new)
(14g) The following Article 91a is inserted: Article 91a Key function holders 1. Institutions shall have the primary responsibility for ensuring that key function holders are at all times of sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties to the highest ethical standards taking into account the legitimate expectations of all stakeholders of the institution. Key function holders shall, in particular, fulfil the requirements set out in Article 91(2) and (8) on an ongoing basis. Institutions shall establish internal policies and procedures to adequately conduct and report these assessments. 2. Institutions shall provide the competent authorities with all relevant documentation on their relevant internal policies and make public the assessments of key function holders with respect to the matters mentioned in paragraph 1. 3. Member States shall ensure that competent authorities have, for institutions that are significant within the meaning of Directive 2013/36/EU, the power to assess and take supervisory measures, including the power to remove a key function holder where they no longer comply with the requirements of the paragraph 1.
2018/02/02
Committee: ECON
Amendment 201 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point a
Directive 2013/36/EU
Article 92 – paragraph 1
(a) paragraph 1 is deleted.
2018/02/02
Committee: ECON
Amendment 211 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b a (new)
Directive 2013/36/EU
Article 92 – paragraph 2 – point c a (new)
(ba) in paragraph 2, the following point ca is inserted: (ca) the highest remuneration in the institution does not exceed 30 times the average remuneration of the lowest paid 5 percent of employees
2018/02/02
Committee: ECON
Amendment 212 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b b (new)
Directive 2013/36/EU
Article 92 – paragraph 2 – point c b (new)
(bb) in paragraph 2, the following point cb is inserted: (cb) a pay ratio of 1 to 20 between the average total remuneration and the highest total remuneration within the same institution is respected.
2018/02/02
Committee: ECON
Amendment 215 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point a a (new)
Directive 2013/36/EU
Article 94 – paragraph 1 – point m
(aa) in paragraph 1, point m is amended as follows: "(m) a substantial portion, and in any event at least 40 %, of the variable remuneration component is deferred over a period which is not less than threfive to fiveten years and is correctly aligned with the nature of the business, its risks and the activities of the member of staff in question. Remuneration payable under deferral arrangements shall vest no faster than on a pro-rata basis. In the case of a variable remuneration component of a particularly high amount, at least 60 % of the amount shall be deferred. The length of the deferral period shall be established in accordance with the business cycle, the nature of the business, its risks and the activities of the member of staff in question; lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)" Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 223 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Directive 2013/36/EU
Article 94 – paragraph 3 – point a
(a) an institution the value of the assets of which is on average equal to or less than EUR 5 billion over the four-year period immediately preceding the current financial yearor subsidiary that is not large as defined in Article 430a (1) and (2) of Regulation (EU) No 575/2013 unless the competent authority objects to the exemption;
2018/02/02
Committee: ECON
Amendment 237 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 97 – paragraph 1 – point b
(17) In Article 97(1) point (b) is deleted.
2018/02/02
Committee: ECON
Amendment 239 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 17 a (new)
Directive 2013/36/EU
Article 97 – paragraph 2
(17a) In Article 97, paragraph 2 is replaced by the following: "2. The scope of the review and evaluation referred to in paragraph 1 shall cover all requirements, of this Directive, including Article 104b, and of Regulation (EU) No 575/2013. " Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036)
2018/02/02
Committee: ECON
Amendment 240 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 17 b (new)
Directive 2013/36/EU
Article 97 – paragraph 4
(17b) In Article 97, paragraph 4 is replaced by the following: "4. Competent authorities shall establish the frequency and intensity of the review and evaluation referred to in paragraph 1 having regard to the size, systemic importance, nature, scale and complexity of the activities of the institution concerned and taking into account the principle of proportionality. The review and evaluation shall be updated at least on an annual basis for institutions covered by the supervisory examination programme referred to in Article 99(2). (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=DE)The review and evaluation shall be updated not more than every three years for small and non-complex institutions as defined in Article 430a of Regulation (EU) No 575/2013. " Or. en
2018/02/02
Committee: ECON
Amendment 241 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 17 c (new)
Directive 2013/36/EU
Article 97 a (new)
(17c) The following new Article 97a shall be inserted: 'Article 97a Derogation for small and non-complex institutions In derogation to Article 97, competent authorities may decide on the basis of a supervisory assessment with respect to the relevant institution to not apply Articles 97 and 98 if the institution is small and non-complex as defined in Article 430a of Regulation (EU) No 575/2013. The supervisory assessment shall be reviewed every three years and when the competent authority identifies the emergence of new risks.'
2018/02/02
Committee: ECON
Amendment 242 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a
Directive 2013/36/EU
Article 98 – paragraph 1 – point j
(a) in paragraph (1), point (j) is deleted;
2018/02/02
Committee: ECON
Amendment 243 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN, Bas EICKHOUT, Molly SCOTT CATO
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a a (new)
Directive 2013/36/EU
Article 98 – paragraph 1 – point j a (new)
(aa) in paragraph 1, point ja is added; (ja) the assessment of the integration of environmental, social and governance (ESG) factors and risks in the institution’s risk-management system;
2018/02/02
Committee: ECON
Amendment 245 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a a (new)
Directive 2013/36/EU
Article 98 – paragraph 3 a (new)
(aa) The following paragraph 3a is inserted: 3a. Competent authorities shall monitor each credit institution’s exposures to shadow banking entities, as defined in point 144 a (new) of Article 4 (1) of Regulation (EU) No 575/2013, taking into account the information provided under Article 449a (new) of Regulation (EU) No 575/2013, and, if necessary, take appropriate measures, including setting out lower limits on the credit institution’s individual exposure to a shadow banking entity as referred to in Article 395 (1) of Regulation (EU) No 575/2013, or mitigation measures to address potential risks stemming from situations where interconnectedness between shadow banking entities and the institution cannot be determined.
2018/02/02
Committee: ECON
Amendment 246 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a b (new)
Directive 2013/36/EU
Article 98 – paragraph 3 b (new)
(ab) The following paragraph 3b is inserted: 3b. Competent authorities shall monitor the risks associated with the use of leverage created synthetically by credit institutions, taking into account the information provided under 443b (new) of Regulation (EU) No575/2013, and, if necessary, take appropriate measures, to limit it. EBA shall develop draft regulatory technical standards to specify the monitoring tools to assess the risks associated with the use of leverage created synthetically as well as the set of measures to limit it when appropriate, as referred to in the first subparagraph. EBA shall submit those draft regulatory technical standards to the Commission by 1 February 2020. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
2018/02/02
Committee: ECON
Amendment 247 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a c (new)
Directive 2013/36/EU
Article 98 – paragraph 3 c (new)
(ac) The following paragraph 3c is inserted: 3c. By 1 December 2021, competent authorities shall conduct constant screening and monitoring of complex structured finance transactions, as referred to in Article 449b (new) of Regulation (EU) No 575/2013, with the aim of identifying transactions structured to potentially produce significant tax benefits. They shall notify to the Commission any transaction so identified as posing a risk of significant tax benefits.
2018/02/02
Committee: ECON
Amendment 248 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Directive 2013/36/EU
Article 98 – paragraph 5
5. The review and evaluation 5. performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activities. Supervisory measures shall be required at least in the case of institutions whose economic value of equity referred to in Article 84(1) declines by more than 15 % of their Tier 1 capital as a result of a sudden and unexpected change in interest rates as set out in any of six supervisory shock scenarios applied to interest rates. By way of derogation, for small and non- complex institutions as defined in Article 430a of Regulation (EU) No 575/2013, the requirements laid down in the first subparagraph shall apply only if the competent authority provides a reasoned opinion that the internal systems are not sufficient.
2018/02/02
Committee: ECON
Amendment 255 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c
Directive 2013/36/EU
Article 98 – paragraph 5a
5a. EBA shall develop draft regulatory technical standards to specify for the purpose of paragraph 5: (a) be applied to interest rates for every currency; (b) assumptions that institutions shall reflect in their calculation of the economic value of equity under paragraph 5; (c) shall also be required in the case of a decline in the institutions' net interest income referred to in Article 84(1) as a result of potential changes in interest rates. EBA shall submit those draft regulatory technical standards to the Commission by [one year after entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010..deleted six supervisory shock scenarios to common modelling and parametric whether supervisory measures
2018/02/02
Committee: ECON
Amendment 261 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN, Bas EICKHOUT, Molly SCOTT CATO
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c a (new)
Directive 2013/36/EU
Article 98 – paragraphs 7 a (new) and 7 b (new)
(ca) the following paragraphs 7a and 7b are inserted: 7 a. For the purpose of point (ja) and for Article 448a of Regulation (EU) No 575/2013, EBA shall by 1 June 2020 issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify further details of the supervisory review and evaluation process regarding the integration of ESG factors and risks including risks related to the depreciation of assets due to regulatory change. The evaluation process shall integrate, as appropriate, specific qualitative and quantitative criteria and metrics for assessing whether the overall business strategy and investment policy of the institution is aligned with the Paris targets and EU related ESG goals. 7b. Taking into account the experience acquired in the application of the guidelines referred to in paragraph 7a, EBA shall develop draft regulatory technical standards for developing a methodological standard for identifying and measuring sustainability risks and factors within the capital adequacy framework relying on clearly demonstrated risks. EBA shall submit those draft regulatory technical standards to the Commission by 1 July 2022. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
2018/02/02
Committee: ECON
Amendment 263 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c a (new)
Directive 2013/36/EU
Article 98 – paragraph 7 c (new)
(cb) The following paragraph 7c is inserted: 7 c. For the purpose of paragraph 3 c (new), EBA shall by 1 June 2021 issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify qualitative and quantitative criteria and metrics for identifying transactions structured to potentially produce significant tax benefits. Taking into account the experience acquired in the application of the guidelines referred to in subparagraph 1, EBA shall develop draft regulatory technical standards for developing a methodological standard for identifying transactions structured to potentially produce significant tax benefits. EBA shall submit those draft regulatory technical standards to the Commission by 1 July 2022. Power is conferred on the Commission to adopt the regulatory technical standards referred to subparagraph 2 in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
2018/02/02
Committee: ECON
Amendment 264 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 19
Directive 2013/36/EU
Article 99 – paragraph 2 – point b
(19) In Article 99(2), point (b) is deleted.
2018/02/02
Committee: ECON
Amendment 265 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 19 a (new)
Directive 2013/36/EU
Article 102 – paragraph 1 – point a
(19a) In Article 102, point a is replaced by the following: "(a) the institution does not meet the requirements of this Directive, including Article 104(b), or of Regulation (EU) No 575/2013; " Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036)
2018/02/02
Committee: ECON
Amendment 266 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 19 b (new)
Directive 2013/36/EU
Article 102 – paragraph 1 – point b
(19b) In Article 102, point b is replaced by the following: "(b) the competent authorities have evidence that the institution is likely to breach the requirements of this Directive, including Article 104(b), or of Regulation (EU) No 575/2013 within the following 12 months. " Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036)
2018/02/02
Committee: ECON
Amendment 268 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 20
Directive 2013/36/EU
Article 103
(20) Article 103 is deleted.
2018/02/02
Committee: ECON
Amendment 272 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point a
(a) to require institutions to have additional own funds in excess of the requirements set out in Regulation (EU) No 575/2013, under the conditions laid down in Article 104a and Article 104b;
2018/02/02
Committee: ECON
Amendment 273 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point c
(c) to require institutions to present a plan to restore compliance with supervisory requirements, pursuant to this Directive and to Regulation (EU) No 575/2013 and set a deadline which shall not exceed one year for its implementation, including improvements to that plan regarding scope and deadline;
2018/02/02
Committee: ECON
Amendment 274 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point d
(d) to require institutions to apply a specific provisioning policy or treatment of assets or off-balance sheet items in terms of own funds requirements or, when the applicable accounting framework allows for flexibility in selecting policies or requires subjective estimations, and the specific implementation chosen by the institution is not adequate or sufficiently prudent from a supervisory point of view, to require institutions to apply specific provisions, deductions or filters for the calculation of own funds only;
2018/02/02
Committee: ECON
Amendment 277 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point l
(l) to require additional disclosures on an ad hoc basis only;
2018/02/02
Committee: ECON
Amendment 278 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 2 – introductory part
For the purposes of paragraph 1(j), competent authorities may onlyshall impose additional or more frequent reporting requirements on institutions where the information to be reported is not duplicative andat least where one of the following conditions is met:
2018/02/02
Committee: ECON
Amendment 279 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 2 – point c
(c) the additional information is required for the duration of the institution's supervisory examination programme in accordance with Article 99 or for the purpose of the supervisory review and evaluation process as referred to in Article 97.
2018/02/02
Committee: ECON
Amendment 280 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 2 – subparagraph 2
Information that may be required from institutions shall be deemed as duplicative as referred to in the first subparagraph where the same or substantially the same information is already available to the competent authority, may be produced by the competent authority or obtained through other means than a requirement on the institution to report it. Where information is available to the competent authority in a different format or level of granularity than the additional information to be reported, the competent authority shall not require the additional information where that different format or granularity does not prevent it from producing substantially similar information.;deleted
2018/02/02
Committee: ECON
Amendment 282 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 1 – introductory part
Competent authorities shall impose the additional own funds requirement referred to in Article 104(1)(a) onlyat least where, on the basis of the reviews carried out in accordance with Articles 97 and 101, they ascertain any of the following situations for an individual institution:
2018/02/02
Committee: ECON
Amendment 288 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 1 – subparagraph 2
The competent authorities shall not impose the additional own funds requirement referred to in Article 104(1)(a) to cover macroprudential or systemic risks.deleted
2018/02/02
Committee: ECON
Amendment 291 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 1
For the purposes of paragraph 1(a), risks or elements of risk shall only be considered as not covered or not sufficiently covered by the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 where the amounts, types and distribution of capital considered adequate by the competent authority following the supervisory review of the assessment carried out by institutions in accordance with the first paragraph of Article 73, are higher than the institution's own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 293 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 2
For the purposes of the first subparagraph, the capital considered adequate shall cover all material risks or elements of such risks that are not subject to a specific own funds requirement. This may include risks or elements of risks that are explicitly excluded from the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.deleted
2018/02/02
Committee: ECON
Amendment 300 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 3
Interest rate risk arising from non-trading positions shall only be considered material especially when the economic value of equity declines by more than 15 % of the institution Tier 1 capital as a result of any of the six supervisory shock scenarios referred to in Article 98(5) that are applied to interest rates or any other case identified by EBA pursuant to Article 98(5)(c).
2018/02/02
Committee: ECON
Amendment 301 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 4 – introductory part
The competent authority shall require institution shalls to meet the additional own funds requirement referred to in Article 104(1)(a) with own funds instruments subject to the following conditions:
2018/02/02
Committee: ECON
Amendment 302 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 4 – point b a (new)
(ba) Competent authorities may require institutions to meet the additional own funds requirements referred to in Article 104(1)(a) with CET 1 capital.
2018/02/02
Committee: ECON
Amendment 303 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 4 – subparagraph 2
Own funds used to meet the additional own funds requirement referred to in Article 104(1)(a) shall not be used towards meeting any of the own funds requirements set out in points (a), (b), (c) and (cd) of Article 92(1) of Regulation (EU) No 575/2013 or the combined buffer requirement defined in Article 128(6) of this Directive.
2018/02/02
Committee: ECON
Amendment 304 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 4 – subparagraph 3
By way of derogation from the second subparagraph, own funds used to meet the additional own funds requirement referred to in Article 104(1)(a) imposed by competent authorities to address risks or elements of risks not sufficiently covered by Article 92(1)(d) of Regulation (EU) No 575/2013 may be used to meet the combined buffer requirement referred to in Article 128(6) of this Directive.deleted
2018/02/02
Committee: ECON
Amendment 305 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 5
5. The competent authority shall duly justify in writing to each institution the decision to impose an additional own funds requirement under Article 104(1)(a), at least by giving a clear account of the full assessment of the elements referred to in paragraphs 1 to 4. This includes, in the case set out in paragraph 1(d), a specific statement of the reasons for which the imposition of capital guidance is no longer considered sufficient.
2018/02/02
Committee: ECON
Amendment 308 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 6
6. EBA shall develop draft regulatory technical standards specifying how the risks and elements of risks referred to in paragraph 2 shall be measured. EBA shall ensure that the draft regulatory technical standards are proportionate in light of: (a) institutions and competent authorities; and (b) the possibility that the general higher level of capital requirements that apply where institutions do not use internal models may justify the imposition of lower capital requirements when assessing risks and elements of risks in accordance with paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission by [one year after entry into force]. Power is conferred on the Commission to adopt the regulatory technical standards referred to in paragraph 6 in accordance with Articles 10-14 of Regulation (EU) No 1093/2010.deleted the implementation burden on
2018/02/02
Committee: ECON
Amendment 312 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 1 – introductory part
1. Pursuant to the strategies and processes referred to in Article 73 and after consulting the competent authority, institutions shall establish an adequate level of own funds that is sufficiently above the requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 and in this Directive, including the additional own funds requirements imposed by the competent authorities in accordance with Article 104(1)(a) , in order to ensure that least one of the following:
2018/02/02
Committee: ECON
Amendment 316 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 3
3. Competent authorities shall communicate to institutions the outcome of the review provided for in paragraph 2. Where appropriate, competent authorities may communicate to institutions any expectation for adjustments to the level of own funds established in accordance with paragraph 1. Such a communication shall include the date by which the competent authority requires the adjustment to be completed.
2018/02/02
Committee: ECON
Amendment 318 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 3 a (new)
3 a. Own funds used to meet the level of additional own funds under paragraph 1 of this Article shall not be used towards meeting any of the own funds requirements set out in points (a), (b), (c) and (d) of Article 92(1) of Regulation (EU) No575/2013, the requirement of Article 104a or the combined buffer requirement defined in Article 128(6) of this Directive.
2018/02/02
Committee: ECON
Amendment 319 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 4
4. Competent authorities shall not communicate to institutions any expectation for the adjustments to the level of own funds pursuant to paragraph 3 in cases where additional own funds requirement shall be imposed pursuant to Article 104a.deleted
2018/02/02
Committee: ECON
Amendment 322 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104b – paragraph 5
5. An institution that fails to meet the expectations set out in paragraph 3 shall notonly be subject to the restrictions referred to in Article 141. to the extent that, at the time of the distribution, the adjustments that have been made to the level of own funds present a shortfall relative to the total adjustment set out in the guidance accrued linearly between the date of the communication and the completion date referred to in paragraph 3. The shortfall referred to in the first subparagraph shall have the same effect as a failure to meet additional own funds requirements imposed pursuant to Article 104a for the purposes of Article 141a and shall be calculated as follows: ND = date of notification of guidance on adjustment to own funds CD = date by which competent authority expects adjustment to own funds to be achieved DD = date of distribution ADD = adjustment to own funds made between ND and DD pursuant to the guidance in question ACD = adjustment to own funds set out in the guidance for implementation by CD Shortfall = max(0, (DD-ND) / (CD-ND) * ACD - ADD)
2018/02/02
Committee: ECON
Amendment 328 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104c – paragraph 1
1. Competent authorities shall consult resolution authorities prior to determining any additional own funds requirement referred to in Article 104(1)(a) and prior to communicating to institutions any expectation forthe adjustments to the level of own funds communicated to institutions in accordance with Article 104b. For these purposes, competent authorities shall provide resolution authorities with all available information.
2018/02/02
Committee: ECON
Amendment 329 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104c – paragraph 2
2. Competent authorities shall inform the relevant resolution authorities about the additional own funds requirement imposed on institutions pursuant to Article 104(1)(a) and about any expectation forthe adjustments to the level of own funds communicated to institutions in accordance with Article 104b.
2018/02/02
Committee: ECON
Amendment 339 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 a (new)
Directive 2013/36/EU
Article 129 – paragraph 1
(29 a) In Article 129, paragraph 1 is replaced by the following “1. Member States shall require institutions to maintain in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 92 of Regulation (EU) No 575/2013 and Articles 104a and 104b of this Directive, a capital conservation buffer of Common Equity Tier 1 capital equal to 2,5 % of their total risk exposure amount calculated in accordance with Article 92(3) of that Regulation on an individual and consolidated basis, as applicable in accordance with Part One, Title II of that Regulation. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 340 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 b (new)
Directive 2013/36/EU
Article 129 – paragraph 2 – subparagraph 3
(29 b) In Article 129(2), subparagraph 3 is replaced by the following "Member States which decide to apply such an exemption shall notify the ESRB. The ESRB shall forward the notifications to the Commission, the ESRB, EBA and the competent and designated authorities of the Member States concerned accordingly. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 341 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 c (new)
Directive 2013/36/EU
Article 129 – paragraph 5
(29 c) In Article 129, paragraph 5 is replaced by the following: "5. Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the requirement under paragraph 1 of this Article to meet any requirements imposed under Article 104. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF), 104a and 104b.” " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 342 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 d (new)
Directive 2013/36/EU
Article 129 – paragraph 6
(29 d) In Article 129, paragraph 6 is replaced by the following: "6. Where an institution fails to meet fully the requirement under paragraph 1 of this Article, it shall be subject to the restrictions on distributions set out in Article 141(2) and (3). lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)" Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 343 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 e (new)
(29 e) In Article 130(2), subparagraph 3 is replaced by the following: "Member States which decide to apply such an exemption shall notify the ESRB. The ESRB shall forward the notifications to the Commission, the ESRB, EBA and the competent and designated authorities of the Member States concerned accordingly. within a set timeframe. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 344 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 f (new)
Directive 2013/36/EU
Article 130 – paragraph 5
(29 f) In Article 130, paragraph 5 is replaced by the following: "5. Institutions shall meet the requirement imposed by paragraph 1 with Common Equity Tier 1 capital, which shall be additional to any Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 92 of Regulation (EU) No 575/2013, the requirement to maintain a capital conservation buffer under Article 129 of this Directive and any requirement imposed under Article 104, 104a and 104b of this Directive. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)" Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 345 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 29 g (new)
Directive 2013/36/EU
Article 130 – paragraph 6
(29 g) In Article 130, paragraph 6 is replaced by the following: "6. Where an institution fails to meet fully the requirement under paragraph 1 of this Article, it shall be subject to the restrictions on distributions set out in Article 141(2) and (3). lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)" Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 353 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 a (new)
Directive 2013/36/EU
Article 131 – paragraph 5
(30 a) In Article 131, paragraph 5 is replaced by the following: "5. The competent authority or designated authority may require each O- SII, on a consolidated or sub-consolidated or individual basis, as applicable, to maintain an O-SII buffer of up to 2 3.5% of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013, taking into account the criteria for the identification of the O-SII subject to the Commission approval. That buffer shall consist of and shall be supplementary to Common Equity Tier 1 capital. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)Within two months of notification referred to in paragraph 7, the ESRB shall provide the Commission with an opinion as to whether the O-SII buffer is deemed appropriate. EBA may also provide the Commission with its opinion on the buffer in accordance with Article 34(1) of Regulation (EU) No 1093/2010. Within two months of notification, the Commission, taking into account the assessment of the ESRB and EBA, if relevant, and if it is satisfied that the O- SII buffer does not entail disproportionate adverse effects on the whole or parts of the financial system of other Member States or of the Union as a whole forming or creating an obstacle to the proper functioning of the internal market, shall adopt an implementing act authorising the competent authority or the designated authority to adopt the proposed measure. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 356 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 b (new)
Directive 2013/36/EU
Article 131 – paragraph 7 – introductory part
(30 b) In Article 131(7), introductory part is replaced by the following: "7. Before setting or resetting an O-SII buffer, the competent authority or the designated authority shall notify the ESRB one month before the publication of the decision referred to in paragraph 5. The ESRB shall forward the notifications to the Commission, the ESRB, EBA, and the competent and designated authorities of the Member States concerned one month before the publication of the decision referred to in paragraph 5. That notification shall describe in detail: lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)within a set timeframe. That notification shall describe in detail: " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 357 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 c (new)
Directive 2013/36/EU
Article 131 – paragraph 8
(30 c) In Article 131, paragraph 8 is replaced by the following: "8. Without prejudice to Article 133 and paragraph 5 of this Article, where an O-SII is a subsidiary of either a G-SII or an O- SII which is an EU parent institution and subject to an O-SII buffer on a consolidated basis, the buffer that applies at individual or sub-consolidated level for the O-SII shall not exceed the higher of: (a) 1 The sum of the higher of the G-SII or O-SII buffer rate applicable to the group at consolidated level and 1.5% of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013; and (b) the G-SII or O-SII buffer rate applicable to the group at consolidated level. 3.5% of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013, or the rate the Commission has authorized to be applied to the group at consolidated level. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 360 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 d (new)
Directive 2013/36/EU
Article 131 – paragraph 12
(30 d) In Article 131, paragraph 12 is replaced by the following: "12. The competent authority or the designated authority shall notify the names of the G-SIIs and O-SIIs and the respective sub-category to which each G-SII is allocated, to the Commission, the ESRB and EBAESRB. The ESRB shall forward the notifications to the Commission and EBA within a set timeframe, and shall disclose their names to the public. The competent authorities or designated authorities shall disclose to the public the sub-category to which each G- SII is allocated. The competent authority or the designated authority shall review annually the identification of G-SIIs and O-SIIs and the G-SII allocation into the respective sub- categories and report the result to the systemically important institution concerned, to the Commission, the ESRB and EBA andESRB which shall forward the results to the Commission and EBA within a set timeframe. The competent authority or the designated authority shall publicly disclose the updated list of identified systemically important institutions to the public and shall disclose to the public the sub- category into which each identified G-SII is allocated. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 361 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 e (new)
Directive 2013/36/EU
Article 131 – paragraph 14
14. Where a group, on a consolidated basis, is subject to the following, the higher buffer shall apply in each case: (a) a G-SII buffer and an O-SII buffer; (b) a G-SII buffer,(30 e) In Article 131, paragraph 14 is replaced by the following "14. Where a group, on a consolidated basis, is subject to a G-SII buffer and an O- SII buffer, the higher buffer shall apply. Where an institution, on an individual or sub-consolidated basis is subject to an O- SII buffer and a systemic risk buffer in accordance with Article 133. Where an institution, on an individual or sub-, the sum of the two shall apply. Where a group, on a consolidated basis, is subject to a G-SII buffer, an O- SII buffer and a systemic risk buffer in accordance with Article 133, the highersum of the twofollowing shall apply. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF): (a) the higher of the G-SII buffer and the O-SII buffer; (b) the systemic risk buffer in accordance with Article 133. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 364 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 f (new)
Directive 2013/36/EU
Article 133 – paragraph 1
1. Each Member State may introduce(30 f) In Article 133, paragraph 1 is replaced by the following: ‘1. The competent or designated authority of each Member State shall have the power to set a systemic risk buffer of Common Equity Tier 1 capital for the financial sector or one or more subsets of that sector, on all or a subset of exposures in order to prevent and mitigate long term non- cyclical systemic or macroprudential risks not covered by Regulation (EU) No 575/2013 and by Article 131 of this Directive, in the meaning of a risk of disruption in the financial system with the potential to have serious negative consequences to the financial system and the real economy in a specific Member State. ’ " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 365 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 g (new)
Directive 2013/36/EU
Article 133 – paragraph 1 a (new)
(30 g) In Article 133, the following paragraph 1a is inserted: '1a. The cumulative systemic risk buffer is the sum of the systemic risk buffer applied on all exposures, calculated on the basis of the total risk exposure amount, and one or several systemic risk buffers applied on a subset of exposures, calculated on the basis of the relevant risk exposure amount, according to paragraph 8 of this Article.'
2018/02/02
Committee: ECON
Amendment 367 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 h (new)
Directive 2013/36/EU
Article 133 – paragraph 3
(30 h) In Article 133, paragraph 3 is replaced by the following: "3. For the purpose of paragraph 1 of this Article, institutions may be required to maintain, in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirements imposed by Article 92 of Regulation (EU) No 575/2013, a systemic risk buffer of Common Equity Tier 1 capital of at least 1 % based on the exposures to which the systemic risk buffer applies in accordance with paragraph 8 of this Article, on an individual, consolidated, or sub- consolidated basis, as applicable in accordance with Part One, Title II of that Regulation. The relevant competent or designated authority may require institutions to maintain the systemic risk buffer on an individual and on a consolidated level. The systemic risk buffer shall be applied to address risks not covered by the G-SII buffer or the O-SII buffer in accordance with Article 131. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 368 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 i (new)
Directive 2013/36/EU
Article 133 – paragraph 4
(30 i) In Article 133, paragraph 4 is replaced by the following: "4. Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the requirement under paragraph 3 to meet any requirements imposed under Article 92 of Regulation (EU) No 575/2013 and Articles 129, 130 and 1301 of this Directive and any requirements imposed under Articles 102 and 104 of this Directive. Where a group which has been identified as a systemically important institution which is subject to a G-SII buffer or an O-SII buffer on a consolidated basis in accordance with Article 131 is also subject to a systemic risk buffer on a consolidated basis in accordance with this Article, the higher of the buffers shall apply. Where an institution, on an individual or sub- consolidated basis, is subject to an O-SII buffer in accordance with Article 131 and a systemic risk buffer in accordance with this Article, the higher of the two shall apply. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF), 104, 104a and 104b of this Directive.” " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 369 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 j (new)
Directive 2013/36/EU
Article 133 – paragraph 6
6. Where paragraph 4 applies and(30 j) In Article 133, paragraph 6 is replaced by the following: "6. If an institution is part of a group or a sub-group to which a G-SII or an O-SII belongs, this shall never imply that that institution is, on an individual basis, subject to a combined buffer requirement that is lower than the sum of the capital conservation buffer, the countercyclical capital buffer, and the highersum of the O-SII buffer and systemic risk buffer applicable to it on an individual basis. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 371 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 k (new)
lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)(30 k) In Article 133(10), point ba is added: (ba) the systemic risk buffer shall not address risks that are covered by the framework set out in Article 131. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 372 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 l (new)
Directive 2013/36/EU
Article 133 – paragraph 11
(30 l) In Article 133, paragraph 11 is replaced by the following: "11. Before setting or resetting a systemic risk buffer rate of up to 3 %, the competent authority or the designated authority shall notify the Commission, the ESRB, EBA and the competent and designated authorities of the Member States concerned one month before the publication of the decision referred to in paragraph 16. The ESRB shall forward the notifications to the Commission, EBA and the competent and designated authorities of the Member States concerned within a set timeframe. If the buffer applies to exposures located in third countries the competent authority or the designated authority shall also notify the ESRB and the ESRB shall forward the notification to the supervisory authorities of those third- countries. That notification shall describe in detail: (a) the systemic or macroprudential risk in the Member State; (b) the reasons why the dimension of the systemic or macroprudential risks threatens the stability of the financial system at national level justifying the systemic risk buffer rate; (c) the justification for why the systemic risk buffer is considered likely to be effective and proportionate to mitigate the risk; (d) an assessment of the likely positive or negative impact of the systemic risk buffer on the internal market, based on information which is available to the Member State; (ef) the justification for why none of the existing measures in this Directive or in Regulation (EU) No 575/2013, excluding Articles 458 and 459 of that Regulation, alone or in combination, will be sufficient to address the identified macroprudential or systemic risk taking into account the relative effectiveness of those measures; (f) the systemic risk buffer rate that the Member State wishes to require. systemic risk buffer rate that the Member State wishes to require. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 374 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 m (new)
Directive 2013/36/EU
Article 133 – paragraph 12
(30 m) In Article 133, paragraph 12 is replaced by the following "12. Before setting or resetting a systemic risk buffer rate of above 3 %, the competent authority or the designated authority shall notify the ESRB. The ESRB shall forward the notifications to the Commission, the ESRB, EBA and the competent and designated authorities of the Member States concerned within a set timeframe. If the buffer applies to exposures located in third-countries the competent authority or the designated authority shall also notify the ESRB and the ESRB shall forward the notification to the supervisory authorities of those third-countries. That notification shall describe in detail: (a) the systemic or macroprudential risk in the Member State; (b) the reasons why the dimension of the systemic or macroprudential risks threatens the stability of the financial system at national level justifying the systemic risk buffer rate; (c) the justification for why the systemic risk buffer is considered likely to be effective and proportionate to mitigate the risk; (d) an assessment of the likely positive or negative impact of the systemic risk buffer on the internal market, based on information which is available to the Member State; (ef) the justification for why none of the existing measures in this Directive or in Regulation (EU) No 575/2013, excluding Articles 458 and 459 of that Regulation, alone or in combination, will be sufficient to address the identified macroprudential or systemic risk taking into account the relative effectiveness of those measures; (f) the systemic risk buffer rate that the Member State wishes to require. systemic risk buffer rate that the Member State wishes to require. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 376 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 n (new)
Directive 2013/36/EU
Article 133 – paragraph 14
14. Where the systemic risk buffer rate is to be set between 3 % and 5 % in accordance with paragraph(30 n) In Article 133, the competent authority or the designated authority of the Member State that sets that buffer shall always notify the Commission thereof and shall await the opinion of the Commission before adopting the measures in question. Where the opinion of the Commission is negative, the competent authority or the designated authority of the Member State that sets that buffer shall comply with that opinion or give reasons for not so doingparagraph 14 is replaced by the following: "14. Where one subset of the financial sector is a subsidiary whose parent is established in another Member State, the competent authority or the designated authority shall notify the authorities of that Member State, the Commission and the ESRB. Within one month of the notification, the Commission and the ESRB shall issue a recommendation on the measures taken in accordance with this paragraph. Where the authorities disagree and in the case of a negative recommendation of both the Commission and the ESRB, the competent authority or the designated authority may refer the matter to EBA and request its assistance in accordance with Article 19 of Regulation (EU) No 1093/2010. The decision to set the buffer for those exposures shall be suspended until EBA has taken a decision. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)" Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 377 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 o (new)
Directive 2013/36/EU
Article 133 – paragraph 16
(30 o) In Article 133, paragraph 16 is replaced by the following: "16. Each competent authority or designated authority shall announce the setting of the systemic risk buffer by publication on an appropriate website. The announcement shall include at least the following information: (a) the systemic risk buffer rate or rates; (b) the institutions to which the systemic risk buffer applies; (ba) the exposures on which the systemic risk buffer rate applies; (c) a justification for the systemic risk buffer; (d) the date from which the institutions must apply the setting or resetting of the systemic risk buffer; and (e) the names of the countries where exposures located in those countries are recognised in the systemic risk buffer. If the publication referred to in point (c) could jeopardise the stability of the financial system, the information under point (c) shall not be included in the announcement. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 378 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 p (new)
Directive 2013/36/EU
Article 133 – paragraph 17
(30 p) In Article 133, paragraph 17 is replaced by the following: "17. Where an institution fails to meet fully the requirement under paragraph 1 of this Article, it shall be subject to the restrictions on distributions set out in Article 141(2) and (3). Where the application of those restrictions on distributions leads to an unsatisfactory improvement of the Common Equity Tier 1 capital of the institution in the light of the relevant systemic risk, the competent authorities may take additional measures in accordance with Article 64. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 379 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 q (new)
Directive 2013/36/EU
Article 134 – paragraph 2
(30 q) In Article 134, paragraph 2 is replaced by the following: "2. If Member States recognise the systemic risk buffer rate for domestically authorised institutions they shall notify the ESRB. The ESRB shall forward the notifications to the Commission, the ESRB, EBA and the Member State that sets that systemic risk buffer rate. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF) within a set timeframe. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 381 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 r (new)
Directive 2013/36/EU
Article 136 – paragraph 3 – introductory part
3. Each designated authority shall assess and set the appropriate countercyclical buffer rate for its Member State on a quarterly basis, and in so doing shall take into account: (30 r) In Article 136(3), introductory part is replace by the following: "3. Each designated authority shall assess the intensity of cyclical, macroprudential or systemic risk on a quarterly basis and, in the event of changes, set or adjust the appropriate countercyclical buffer rate for its Member State, and in so doing, each designated authority shall take into account: " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)
2018/02/02
Committee: ECON
Amendment 383 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 30 s (new)
Directive 2013/36/EU
Article 136 – paragraph 7
(30 s) In Article 136, paragraph 7 is replaced by the following: "7. Each designated authority shall announce the quarterly setting of thapplicable countercyclical buffer rate by publication on its website. The announcement shall include at least the following information: (a) the applicable countercyclical buffer rate; (b) the relevant credit-to-GDP-ratio and its deviation from the long-tem trend; (c) the buffer guide calculated in accordance with paragraph 2; (d) a justification for that buffer rate; (e) where the buffer rate is increased, the date from which the institutions must apply that increased buffer rate for the purposes of calculating their institution- specific countercyclical capital buffer; (f) where the date referred to in point (e) is less than 12 months after the date of the announcement under this paragraph, a reference to the exceptional circumstances that justify that shorter deadline for application; (g) where the buffer rate is decreased, the indicative period during which no increase in the buffer rate is expected, together with a justification for that period; Designated authorities shall take all reasonable steps to coordinate the timing of that announcement. Designated authorities shall notify each quarterly setting of ththe applicable countercyclical buffer rate and the information specified in points (a) to (g) to the ESRB quarterly. The ESRB shall publish on its website all such notified buffer rates and related information. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)Designated authorities of participating Member States, as defined by Council Regulation (EU) No 1024/2013, shall also notify the applicable countercyclical buffer rate and the information specified in points (a) to (g) to the ECB quarterly. " Or. en (http://eur-
2018/02/02
Committee: ECON
Amendment 397 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 1 – point a
(a) Article 92(1)(a) of Regulation (EU) No 575/2013 and the requirements in Articles 104(1)(a), 104a and 104b of this Directive;
2018/02/02
Committee: ECON
Amendment 398 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 1 – point b
(b) Article 92(1)(b) of Regulation (EU) No 575/2013 and the requirements in Articles 104(1)(a), 104a and 104b of this Directive;
2018/02/02
Committee: ECON
Amendment 399 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 1 – point c
(c) Article 92(1)(c) of Regulation (EU) No 575/2013 and the requirements in Articles 104(1)(a), 104a and 104b of this Directive;
2018/02/02
Committee: ECON
Amendment 400 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32 (new)
Directive 2013/36/EU
Article 141a – paragraph 1 – point c a (new)
(c a) Article 92(1)(d) of Regulation(EU) No 575/2013 and the requirements in Articles 104(1)(a), 104a and 104b of this Directive;
2018/02/02
Committee: ECON
Amendment 403 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 1 – point d
(d) Article 92a of Regulation (EU) No 575/2013 and in Articles 45c, 45d and 45de of Directive 2014/59/EU.
2018/02/02
Committee: ECON
Amendment 404 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
1 a. Own funds maintained to meet the requirement under Article128(6) shall not be used to also meet the requirements defined in Article 45c, 45d and 45e of Directive 2014/59/EU).
2018/02/02
Committee: ECON
Amendment 408 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 32
Directive 2013/36/EU
Article 141a – paragraph 2
2. By way of derogation from paragraph 1, an institution shall not be considered as failing todeleted the institution meets the combined buffer requirement for the purposes of Article 141 where all the following conditions are met: (a) buffer requirement defined in Article 128(6) and each of the requirements referred to in points (a), (b) and (c) of paragraph 1; (b) requirements referred to in point (d) of paragraph 1 is exclusively due to the inability of the institution to replace liabilities that no longer meet the eligibility or maturity criteria laid down in Articles 72b and 72c of Regulation (EU) No 575/2013; (c) requirements referred to in point (d) of paragraph 1 does not last longer than 6 months..the failure to meet the the failure to meet the
2018/02/02
Committee: ECON
Amendment 422 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 35
10 a. By [one year after entry into force of this Directive] the Commission shall submit a report to the European Parliament and the Council thoroughly reviewing and analysing the feasibility of different approaches to EU sovereign bond concentration risks aimed at incentivising a reduction in the exposure of credit institutions to the debt of their Member State of establishment while simultaneously increasing the incentives for institutions to hold a well-diversified portfolio of the debt issued by Member States other than that in which they are established. The report shall specifically address the feasibility of an approach that assigns a zero risk weight to holdings of EU sovereign debt of which the relative proportions conform to a benchmark representing a well-diversified portfolio and a positive risk weight to holdings that deviate significantly from such a benchmark. The report shall be followed by legislative proposals for any approaches judged feasible in the report.
2018/02/02
Committee: ECON
Amendment 425 #
Philippe LAMBERTS, Ernest URTASUN, Sven GIEGOLD
Proposal for a directive
Article 1 – paragraph 1 – point 35
Directive 2013/36/EU
Article 161 – paragraph 10 b (new)
10 b. By [one year after entry into force of this Directive] the Commission shall submit a report to the European Parliament and the Council comprehensively reviewing and analysing: - existing evidence, including that produced by EBA in the course of its regular benchmarking exercises and other supervisory sources, on the variability of internal model specification, calibation and outputs for a representative sample of exposures EU institutions are faced with, that cannot be explained in terms of the risk of exposures. The report should also assess the impact of such variability on the confidence interval around individual institutions' capital requirement estimates and the capitalisation of the banking system overall; - the feasibility of different approaches, including but not limited to those under discussion in international standard setting bodies such as using floors based on standardised models, for establishing prudential limits to the variability of capital requirements estimated through internal approaches that cannot be explained in terms of the risk of exposures; - a roadmap for addressing material underestimation of capital requirements resulting for such variability. Where the report identifies a requirement for changes to the existing prudential framework, it shall be accompanied by legislative proposals.
2018/02/02
Committee: ECON
Amendment 426 #
Philippe LAMBERTS, Sven GIEGOLD, Ernest URTASUN
Proposal for a directive
Article 1 – paragraph 1 – point 35
Directive 2013/36/EU
Article 161 – paragraph 10 c (new)
10 c. By December 2022, the Commission shall, in close cooperation with EBA, submit a report to the European Parliament and to the Council, together with a legislative proposal if appropriate, on complex structured finance transactions which are structured to potentially produce significant tax benefits - as referred to in Article 449b (new) of Regulation (EU) No 575/2013 - as well as on recommendations to address such situation.
2018/02/02
Committee: ECON
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