31 Amendments of Matt CARTHY related to 2017/0230(COD)
Amendment 281 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Despite the improvements to consumer protection that have been made since the creation of the ESAs, consumers continue to experience abuse in the financial services market in the Union. In particular, problems that remain include: the conflict of interest that can arise when NCAs are charged with ensuring prudential supervision at the same time as being responsible for consumer protection; an inadequate statutory basis for ensuring consumer protection underpinning the NCAs in many Member States; insufficient resources dedicated specifically to pro-active consumer protection by the ESAs and the NCAs; a lack of consistent enforcement of EU and national consumer protection laws by the ESAs and NCAs in the Member States; inadequate legislation regulating the provision of financial advice to consumers and financial services users; and the impact of a sectoral approach by the ESAs, which fails to grasp the integrated reality of retail financial markets.
Amendment 283 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The review of the mandate and powers of the ESAs presents an opportunity to boost consumer protection significantly by moving towards the solution suggested in the de Larosière report of establishing a dedicated authority to be responsible for conduct of business and market issues, across the three main financial sectors, which is separate from prudential supervision. Establishing a dedicated consumer protection organisation in the area of financial services has benefited consumers where it has been implemented, such as in the US, the UK, the Netherlands and Belgium. The High Level Expert Group on financial supervision should be reconvened in order to examine this proposal and produce a more comprehensive analysis of the value of this proposal being implemented in the Union;
Amendment 285 #
Proposal for a regulation
Recital 8
Recital 8
(8) It is therefore crucial that the financial system plays its full part in meeting critical sustainability challenges and ensuring the EU meets its obligations under the Paris Agreement. This will require a deep re-engineering of the financial system to which the ESAs should make an active contribution starting with reforms to create the right regulatory and supervisory framework to mobilise and orient private capital flows towards sustainable investments. The ESAs should be equipped to monitor the implementation of this framework and its specific requirements by financial institutions and national competent authorities and to take action in response to the failure to ensure their implementation.
Amendment 289 #
Proposal for a regulation
Recital 9
Recital 9
(9) The ESAs should play an important role in identifying and reporting risks that environmental, social and governance factors pose to financial stability, and in rendering financial markets activity more consistent with sustainability objectives. The ESAs should provide guidance on how sustainability considerationsto financial institutions, national competent authorities and EU legislators on how sustainability considerations that are consistent with the EU's obligations under the Paris Agreement can be effectively embodied in relevant EU and national financial legislation, and promote coherent implementation of these provisions upon adoption. This requires that the ESAs have a clear mandate requiring them to not only consider environmental, social and governance factors but to be responsible for ongoing analysis of these factors across the financial sector. Each of the ESAs should be mandated with monitoring the enforcement of ESG requirements, issuing opinions and proposals on ESG factors in relation to financial services legislation in the Union, and intervening in the market where necessary to ensure the application of ESG requirements. Adequate resources should be dedicated to these tasks by the ESAs.
Amendment 298 #
Proposal for a regulation
Recital 13
Recital 13
Amendment 301 #
Proposal for a regulation
Recital 16
Recital 16
(16) A harmonised supervision of the financial sector also requires that disagreements between the competent authorities of different Member States in cross–border situations are settled efficiently. The existing rules for settling such disagreements are not fully satisfactory. They should therefore be adapted so as to be more easily applicable. The collaboration platforms established by EIOPA provide a good example of dispute resolution that could be adopted formally by the ESAs under their coordination function.
Amendment 309 #
Proposal for a regulation
Recital 22
Recital 22
(22) Moreover, the Union dimension in the decision-making process within the Board of Supervisors should be enhanced by including independent full time members as members of the Board, who are not subject to possible conflicts of interest, including members representing the interests of consumers and civil society. Decision-making powers on issues of a regulatory nature and on direct supervision should remain fully with the competence of the Board of Supervisors. The Management Board should be transformed into an Executive Board composed of full time members and should decide on certain non-regulatory issues, including independent reviews of competent authorities, dispute settlements, breach of Union law, the Strategic Supervisory Plan, monitoring of outsourcing, delegation and risk transfers to third countries, stress tests and requests for information. The Executive Board should also examine and prepare all decisions to be taken by the Board of Supervisors. Moreover, the position and role of the Chairperson should be enhanced by empowering the Chairperson with formal tasks and with a casting vote in the Executive Board. Finally, the Union dimension in the ESAs governance should also be strengthened by amending the selection procedure of the Chairperson and the members of the Executive Board to one which will include the role of the Council and the European Parliament. The Executive Board should have a balanced composition.
Amendment 367 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point –i (new)
Article 1 – paragraph 1 – point 5 – point a – point –i (new)
Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(-i) point (a) is replaced by the following: "(a) to contribute to the establishment of high-quality common regulatory and supervisory standards and practices that ensure consumer protection, financial stability and environmental sustainability, in particular by providing opinions to the Union institutions and by developing guidelines, recommendations, and draft regulatory and implementing technical standards which shall be based on the legislative acts referred to in Article 1(2);"
Amendment 435 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d
Article 1 – paragraph 1 – point 7 – point d
Regulation 1093/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
Amendment 436 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d
Article 1 – paragraph 1 – point 7 – point d
Regulation 1093/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
5. WThere two thirds of the members of the Banking S role of the stakeholder Gs group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or recommendations, they may send a reasoned opinion to the Commission. The Commission shall request an explanation justifying the issuance of the guidelines or recommendations concerned from the Authority. The Commission shall, on receipt of the explanation from the Authority, assess the scope of theis as an advisory body established to provide feedback on the Authority's guidelines orand recommendations in view of the Authority's competence. Where the Commission consid. It shall not have the powers that the Authority has exceeded its competence, and after having given the Authority the opportunity to state its views, the Commission may adopt an implementing decision requiring the Authority to withdraw the guidelines or recommendations concerned .The decision of the Commission shall be made public.;o block the Authority's proposals or work.
Amendment 446 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d a (new)
Article 1 – paragraph 1 – point 7 – point d a (new)
Regulation 1093/2010
Article 16 – paragraph 5 a (new)
Article 16 – paragraph 5 a (new)
(da) the following paragraph 5a is inserted: “5a. When carrying out its tasks in accordance with this Regulation, the authority shall take into account the integration of environmental, social and governance related factors. This shall including monitoring of how financial institutions identify, report, and address risks that environmental, social and governance factors may pose to financial stability, providing guidance on how sustainability considerations can be effectively incorporated into relevant EU financial legislation, and promoting coherent implementation of these provisions upon adoption.”
Amendment 485 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point iii
Article 1 – paragraph 1 – point 11 – point a – point iii
Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point e
Article 29 – paragraph 1 – point e
(e) establishing sectoral and cross- sectoral training programmes, including with respect to technological innovation, and environmental, social and governance-related risks, facilitating personnel exchanges and encouraging competent authorities to intensify the use of secondment schemes and other tools;;
Amendment 488 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point iii a (new)
Article 1 – paragraph 1 – point 11 – point a – point iii a (new)
Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point e a (new)
Article 29 – paragraph 1 – point e a (new)
(iiia) the following point (ea) is added: “(ea) providing guidance on how to appropriately use forward-looking climate scenario analysis for financial institutions, built on standardised climate scenarios, including a well below 2°C scenario that is consistent with the Paris Agreement.”
Amendment 491 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point iii b (new)
Article 1 – paragraph 1 – point 11 – point iii b (new)
Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point e b (new)
Article 29 – paragraph 1 – point e b (new)
(iiib) the following point (eb) is added: “(eb) putting in place a monitoring system to assess material environmental, social and governance-related risks built on standardised forward-looking climate scenarios.”
Amendment 659 #
Proposal for a regulation
Article 1 – paragraph 1 – point 22 – point –a (new)Regulation (EU) 1093/2010
Article 1 – paragraph 1 – point 22 – point –a (new)Regulation (EU) 1093/2010
Article 37 – paragraph 2
(-a) paragraph 2 shall be replaced by the following: “2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions credit and investment institutions operating in the Union, their employees’ representatives as well as consumers and consumer protection organisations, users of banking services and representatives of SMEs. At least five of its members shall be independent top-ranking academics. Ten of its members shall represent financial institutions, at least three of whom shall represent cooperative and savings banks. At least 50% of the Group shall not be representatives of the financial services industry. At least five of its members shall represent environmental, social and governance-related interests.”
Amendment 664 #
Proposal for a regulation
Article 1 – paragraph 1 – point 22 – point –a a (new)
Article 1 – paragraph 1 – point 22 – point –a a (new)
Regulation 1093/2010
Article 37 – paragraph 3
Article 37 – paragraph 3
(-a a) paragraph 3 is amended as follows: “3. The members of the Banking Stakeholder Group shall be appointed by the Board of Supervisors, following proposals from the relevant stakeholders. In making its decision, the Board of Supervisors shall, to the extent possible, ensure an appropriate geographical and gender balance and representation of stakeholders across the Union.”
Amendment 726 #
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
Regulation 1093/2010
Article 45 – paragraph 1
Article 45 – paragraph 1
1. The Executive Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members. Sustainable finance and consumer protection policy shall each be assigned to one of the full-time members. One of the full time members shall be assigned responsibilities for budgetary matters and for matters relating to the work programme of the Authority ("Member in charge "). One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation.
Amendment 872 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a – point -i
Article 2 – paragraph 1 – point 5 – point a – point -i
Regulation (EU) No 1094/2010
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(-i) point (a) is replaced by the following: “(a) to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, including with respect to environmental, social and governance-related risks, in particular by providing opinions to the Union institutions and by developing guidelines, recommendations, and draft regulatory and implementing technical standards which shall be based on the legislative acts referred to in Article 1(2);”
Amendment 875 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a – point iii
Article 2 – paragraph 1 – point 5 – point a – point iii
Regulation (EU) No 1094/2010
Article 8 – paragraph 1 – point h
Article 8 – paragraph 1 – point h
(h) to foster the protection of policyholders, pensions scheme members and beneficiaries, consumers and investors through ensuring the representation of their representative organisations in the decision-making process;
Amendment 892 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point d
Article 2 – paragraph 1 – point 7 – point d
Regulation (EU) No 1094/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
5. Where two thirds of the members of the Insurance and Reinsurance SThe role of the stakeholder Gs group or Occupational Pensions Stakeholder Group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or recommendations, they may send a reasoned opinion to the Commission. The Commission shall request an explanation justifying the issuance of the guidelines or recommendations concerned from the Authority. The Commission shall, on receipt of the explanation from the Authority, assess the scope of theis as an advisory body established to provide feedback on the Authority's guidelines orand recommendations in view of the Authority's competence. Where the Commission considers that the Authority has exceeded its competence, and after having given the Authority the opportunity to state its views, the Commission may adopt an implementing decision requiring the Authority to withdraw the guidelines or recommendations concerned. The decision of the Commission shall be made public.;. It shall not have the power to block the Authority's proposals or work.
Amendment 893 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point d
Article 2 – paragraph 1 – point 7 – point d
Regulation (EU) No 1094/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
Amendment 911 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point iii
Article 2 – paragraph 1 – point 13 – point a – point iii
Regulation (EU) No 1094/2010
Article 29 – paragraph 1 – point e
Article 29 – paragraph 1 – point e
(e) establishing sectoral and cross- sectoral training programmes, including with respect to technological innovation, environmental, social and governance- related risks, facilitating personnel exchanges and encouraging competent authorities to intensify the use of secondment schemes and other tools;;
Amendment 913 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point iii a (new)
Article 2 – paragraph 1 – point 13 – point a – point iii a (new)
Regulation (EU) No 1094/2010
Article 29 – paragraph 1 – point e a (new)
Article 29 – paragraph 1 – point e a (new)
(iiia) the following point (e a) is added: “(ea) providing guidance on how to appropriately use forward-looking climate scenario analysis for financial institutions, built on standardised climate scenarios, including a well below 2°C scenario that is consistent with the Paris Agreement.”
Amendment 915 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 point a – point iii b (new)
Article 2 – paragraph 1 – point 13 point a – point iii b (new)
Regulation (EU) No 1094/2010
Article 29 – paragraph 1 – point e b (new)
Article 29 – paragraph 1 – point e b (new)
(iiib) the following point (e a) is added: “(eb) putting in place a monitoring system to assess material environmental, social and governance related risks built on standardised forward-looking climate scenarios.”
Amendment 988 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5 – point b
Article 3 – paragraph 1 – point 5 – point b
Regulation (EU) No 1095/2010
Article 8 – paragraph 1 a
Article 8 – paragraph 1 a
1a. " When carrying out its tasks in accordance with this Regulation, the authority shall take account of technological innovation, innovative and sustainable business models, and the integration of environmental, social and governance related factors.;governance related factors, including monitoring of how financial institutions identify, report, and address risks that environmental, social and governance factors may pose to financial stability, providing guidance on how sustainability considerations can be effectively embodied in relevant EU financial legislation, and promoting coherent implementation of these provisions upon adoption.
Amendment 995 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 – point d
Article 3 – paragraph 1 – point 7 – point d
Regulation (EU) No 1095/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
Amendment 996 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 – point d – introductory part
Article 3 – paragraph 1 – point 7 – point d – introductory part
Regulation (EU) No 1095/2010
Article 16 – paragraph 5
Article 16 – paragraph 5
5. WThere two thirds of the members of the Securities and Markets S role of the stakeholder Gs group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or recommendations, they may send a reasoned opinion to the Commission. The Commission shall request an explanation justifying the issuance of the guidelines or recommendations concerned from the Authority. The Commission shall, on receipt of the explanation from the Authority, assess the scope of theis as an advisory body established to provide feedback on the Authority's guidelines orand recommendations in view of the Authority's competence. Where the Commission consid. It shall not have the powers that the Authority has exceeded its competence, and after having given the Authority the opportunity to state its views, the Commission may adopt an implementing decision requiring the Authority to withdraw the guidelines or recommendations concerned. The decision of the Commission shall be made public.;o block the Authority's proposals or work.
Amendment 999 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 – point d a (new)
Article 3 – paragraph 1 – point 7 – point d a (new)
Regulation (EU) No 1095/2010
Article 16 – paragraph 5 a (new)
Article 16 – paragraph 5 a (new)
(da) the following paragraph (5a) is added: ‘5a. The Authority shall ensure that environmental, social and governance considerations, as those relate to the Authority’s tasks, are properly assessed in all guidelines and recommendations, and ensure that clear expectations as to these considerations are set for both national competent authorities and financial institutions. This should include specific guidance on how to appropriately use forward-looking climate scenario analysis for financial institutions, built on standardised climate scenarios, including a well below 2°C scenario that is consistent with the Paris Agreement.’
Amendment 1011 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point iii a (new)
Article 3 – paragraph 1 – point 11 – point iii a (new)
Regulation (EU) No 1095/2010
Article 29 – paragraph 1 – point e a (new)
Article 29 – paragraph 1 – point e a (new)
(iiia) the following point (ea) is added: ‘(ea) providing guidance on how to appropriately use forward-looking climate scenario analysis for financial institutions, built on standardised climate scenarios, including a well below 2°C scenario that is consistent with the Paris Agreement.’
Amendment 1014 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point iii a (new)
Article 3 – paragraph 1 – point 11 – point iii a (new)
Regulation (EU) No 1095/2010
Article 29 – paragraph 1 – point e b (new)
Article 29 – paragraph 1 – point e b (new)
(iiib) the following point (eb) is added: ‘(eb) putting in place a monitoring system to assess material environmental, social and governance related risks built on standardised forward-looking climate scenarios.’
Amendment 1062 #
Proposal for a regulation
Article 3 – paragraph 1 – point 23 – point -a (new)
Article 3 – paragraph 1 – point 23 – point -a (new)
Regulation (EU) No 1095/2010
Article 37 – paragraph 2
Article 37 – paragraph 2