15 Amendments of Daniel BUDA related to 2017/0358(COD)
Amendment 37 #
Proposal for a directive
Recital 2
Recital 2
(2) The existing prudential regimes under Regulation (EU) No 575/2013 and Directive 2013/36/EU are largely based on successive iterations of the international regulatory standards set for large banking groups by the Basel Committee on Banking Supervision and only partially address the specific risks inherent to the diverse activities of investment firms. The specific vulnerabilities and risks inherent to investment firms should therefore be further addressed by means of effective, appropriate and proportionate prudential arrangements at Union level, helping to provide a level playing field across the EU and guaranteeing effective prudential supervision, while keeping compliance costs in check and ensuring sufficient capital for the risks of most investment firms.
Amendment 38 #
Proposal for a directive
Recital 3
Recital 3
(3) Sound prudential supervision should ensure that investment firms are managed in an orderly way and in the best interests of their clients. They should take into account the potential for investment firms and their clients to engage in excessive risk-taking and the different degrees of risk assumed and posed by investment firms. Equally, such prudential supervision should aim to avoid undue administrative and compliance burdens on investment firms. At the same time, these requirements should make it possible to strike a balance between ensuring the safety and soundness of different investment companies and avoiding excessive costs that might undermine the viability of their business activity.
Amendment 42 #
Proposal for a directive
Recital 5
Recital 5
(5) Differences in the application of the existing framework in different Member States threaten the level playing-field for investment firms within the Union, hampering investors’ access to new opportunities and better ways of managing their risks. Those differences stem from the overall complexity of the application of the framework to different investment firms based on the services they provide, where some national authorities adjust or streamline such application in national law or practice. Given that the existing prudential framework does not address all the risks faced and posed by some types of investment firms, large capital add-ons have been applied to certain investment firms in some Member States. Uniform provisions addressing those risks should be established in order to ensure harmonised prudential supervision of investment firms across the Union.
Amendment 45 #
Proposal for a directive
Recital 7
Recital 7
(7) There may be Member States in which the authorities competent for the prudential supervision of investment firms are different from the authorities that are competent for the supervision of market conduct. It is therefore necessary to create a mechanism of cooperation and exchange of information between those authorities and ensure that it functions promptly and efficiently.
Amendment 48 #
Proposal for a directive
Recital 12
Recital 12
(12) For informational and supervisory purposes, and in particular to ensure the stability and security of the financial system, competent authorities of host Member States should be able to carry out, on a case-by-case basis, on-the-spot checks, inspect the activities of branches of investment firms on their territory and require information about the activities of those branches. Supervisory measures for those branches should however remain the responsibility of the home Member State.
Amendment 51 #
Proposal for a directive
Recital 17
Recital 17
(17) To detect breaches of national provisions transposing this Directive and breaches of [Regulation (EU)---/----[IFR], Member States should have the necessary investigatory powers and should establish effective and rapid mechanisms to report potential or actual breaches.
Amendment 55 #
Proposal for a directive
Recital 24
Recital 24
Amendment 62 #
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The competent authorities of the home Member State shall immediately provide the competent authorities of the host Member State with any information and findings about any potential problems and risks posed by an investment firm to the protection of clients or the stability or security of the financial system in the host Member State which they have identified when supervising the activities of an investment firm.
Amendment 63 #
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Where, following the communication of the information and findings referred to in paragraph 2, the competent authorities of the host Member State consider that the competent authorities of the home Member State have not taken the necessary measures referred to in paragraph 3, the competent authorities of the host Member State may, after having informed without delay the competent authorities of the home Member State and EBA, take appropriate measures to protect clients to whom services are provided and to protect the stability and security of the financial system.
Amendment 66 #
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
The competent authorities of the host Member State shall, for supervisory purposes and where they consider it relevant for reasons of stability or security of the financial system in the host Member State, have the power to carry out, on a case-by- case basis, on-the-spot checks and inspections of the activities carried out by branches of investment firms on their territory and require information from a branch about its activities.
Amendment 67 #
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
Before carrying out those checks and inspections, the competent authorities of the host Member State shall, without delay, consult the competent authorities of the home Member State.
Amendment 68 #
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 3
Article 12 – paragraph 2 – subparagraph 3
After thes soon as possible following completion of those checks and inspections, the competent authorities of the host Member State shall communicate to the competent authorities of the home Member State the information that is relevant for the risk assessment of the investment firm concerned.
Amendment 80 #
Proposal for a directive
Article 25
Article 25
Amendment 99 #
Proposal for a directive
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
1. Member States shall ensure that any variable remuneration awarded and paid by an investment firm to senior management, risk takers, staff engaged in control functions and for any employee receiving overall remuneration equal to at least the lowest remuneration received by senior management or risk takers and whose professional activities have a material impact on the risk profile of the investment firm, complies with all of the following requirements:
Amendment 118 #
Proposal for a directive
Article 43 – paragraph 1
Article 43 – paragraph 1
Where an emergency situation arises, including a situation as described in Article 18 of Regulation (EU) No 1093/2010 or adverse developments in markets, which potentially jeopardises the market liquidity and the stability or security of the financial system in any of the Member States where entities of an investment firm group have been authorised the group supervisor determined pursuant to Article 42 shall, subject to Section 2, Chapter 1 of this Title, alert as soon as practicable, EBA, ESRB and any relevant competent authorities and shall communicate all information essential for the pursuance of their tasks.