13 Amendments of Daniel BUDA related to 2017/0232(COD)
Amendment 15 #
Proposal for a regulation
Recital 2
Recital 2
(2) The 2017 Commission report on the mission and organisation of the ESRB5 concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary, especially since the recent institutional changes relating to the Banking Union, coupled with efforts to achieve a capital markets union, have effectively altered the ESRB operating framework since the time of its inception. _________________ 5 Commission Staff Working Document, Effect Analysis, Amendments to ESRB Regulation, COM(2017).
Amendment 17 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Measures to enhance the ESRB efficiency and effectiveness will also improve the coordination of EU macroprudential policies and make it easier to ensure a balance between those Member States belonging to the Banking Union and overseen by the ECB/SSM and those still outside.
Amendment 19 #
Proposal for a regulation
Recital 3
Recital 3
(3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the set-up of a Banking Union, are however notshould also be reflected in the composition of that General Board. For that reason, the Chair of the Supervisory Board of the ECB and the Chair of the Single Resolution Board should become members with voting rights of the General Board of the ESRB. Corresponding adjustments should also be made to the Steering Committee and to the Advisory Technical Committee, respectively.
Amendment 24 #
Proposal for a regulation
Recital 6
Recital 6
(6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be appointed by the ECB, in consultation with the General Board of the ESRB. To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The General Board should inform the European Parliament and the Council about the assessment procedure. Furthermore, the tasks of the head of the ESRB Secretariat should be clarifiedThis would maintain the link with the ECB and ensure the Secretariat Head’s accountability to the General Board. Furthermore, the tasks of the head of the ESRB Secretariat should be clarified, especially since the assignment of a more important role to the Head of the ESRB Secretariat could help increase the impact and effectiveness of warnings and recommendations. _________________ 6 Council Regulation (EU) NO 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board (OJ L 331, 15.12.2010, p. 162).
Amendment 27 #
Proposal for a regulation
Recital 10
Recital 10
(10) Article 16(3) of Regulation (EU) No 1092/2010 requires that the ESRB warnings and recommendations are transmitted to the Council and the Commission and, where addressed to one or more national supervisory authorities, to the ESAs. To strengthen democratic control and transparency, those warnings and recommendations should also be transmitted without delay to the European Parliament and to the ESAs.
Amendment 28 #
Proposal for a regulation
Recital 11
Recital 11
(11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult stakeholders, where appropriate, at an early stage and in an open, pluralistic and transparent manner. For the sake of increased efficiency, due account should also be taken of the results of these consultations.
Amendment 33 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a – point i
Article 1 – paragraph 1 – point 3 – point a – point i
Amendment 34 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point b – point i a (new)
Article 1 – paragraph 1 – point 3 – point b – point i a (new)
Regulation (EU) No 1092/2010
Article 6 – paragraph 2 – points b a and b b (new)
Article 6 – paragraph 2 – points b a and b b (new)
(-ia) the following points (ba) and (bb) are inserted: (ba) the Chair of the Supervisory Board of the ECB; (bb) the Chair of the Single Resolution Board;
Amendment 37 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point ii
Article 1 – paragraph 1 – point 5 – point a – point ii
Amendment 41 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a – point ii
Article 1 – paragraph 1 – point 7 – point a – point ii
Amendment 42 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a – point ii a (new)
Article 1 – paragraph 1 – point 7 – point a – point ii a (new)
Regulation (EU) No 1092/2010
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
(iia) The following paragraph 1a is inserted: (1a) A representative of the ECB Supervisory Board and a representative of the Single Resolution Board may be invited as observers to meetings of the Advisory Technical Committee.
Amendment 44 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) No 1092/2010
Article 16 – paragraph 2 – point a
Article 16 – paragraph 2 – point a
(a) in paragraph 2 the first sentence is replaced by the following: “Warnings or recommendations issued by the ESRB in accordance with points (c) and (d) of Article 3(2) shall be accompanied by an adequate and comprehensive statement of grounds and may be of either a general or a specific nature and shall be addressed in particular to the Union, to one or more Member States, to one or more of the ESAs or to one or more of the national competent authorities, or to the ECB for the tasks conferred to the ECB in accordance with Articles 4(1), 4(2) and 5(2) of Regulation (EU) No 1024/2013.”; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 1092/2010
Article 17 – paragraphs 1 and 2
Article 17 – paragraphs 1 and 2
(9) in Article 17, paragraphs 1 and 2 are replaced by the following: “(1) If a recommendation referred to in Article 3(2)(d) is addressed to the Commission, to one or more Member States, to one or more ESAs, or to one or more national competent authorities, the addressees shall communicate to the European Parliament, the Council and to the ESRB without delay the actions undertaken in response to the recommendation and shall substantiate adequately and in detail any inaction. Where relevant, the ESRB shall, subject to strict rules of confidentiality, inform the ESAs of the answers received without delay.”; (2) If the ESRB decides that its recommendation has not been followed or that the addressees have failed to provide adequate justification for their inaction, the ESRB shall, without delay and subject to strict rules of confidentiality, inform the addressees, the European Parliament, the Council and the relevant ESAs thereof.”; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)