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8 Amendments of Paul TANG related to 2015/0226(COD)

Amendment 137 #
Proposal for a regulation
Recital 12
(12) It is important that the interests of originators, sponsors and original lenders that transform exposures into tradable securities and investors are aligned. To achieve this, the originator, sponsor or original lender should retain a significant interest in the underlying exposures of the securitisation. It is therefore important for the originators or the sponsors to retain a material net economic exposure to the underlying risks in question. It should be possible for the European Systemic Risk Board to propose to the competent authorities a lower risk retention rate for the securitisation market as a whole or for certain segments of that market by way of draft regulatory technical standards. When so doing, the ESRB should justify how it took into account the need for alignment of risk and the macro- prudential aspects of lowering the retention rate. More generally, securitisation transactions should not be structured in such a way so as to avoid the application of the retention requirement. That requirement should be applicable in all situations where the economic substance of a securitisation is applicable, whatever legal structures or instruments are used. There is no need for multiple applications of the retention requirement. For any given securitisation, it suffices that only the originator, the sponsor or the original lender is subject to the requirement. Similarly, where securitisation transactions contain other securitisations positions as underlying exposures, the retention requirement should be applied only to the securitisation which is subject to the investment. The STS notification indicate to investors that originators are retaining a material net economic exposure to the underlying risks. Certain exceptions should be made for cases when securitised exposures are fully, unconditionally and irrevocably guaranteed by in particular public authorities. In case support from public resources provided in the form of guarantees or by other means, any provisions in this Regulation are without prejudice to State aid rules.
2016/07/27
Committee: ECON
Amendment 204 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
(12) 'institutional investors' means insurance undertakings as defined in Article 13 (1) of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II); reinsurance undertakings as defined in Article 13 point (4) of Directive 2009/138/EC; institutions for occupational retirement provision falling within the scope of Directive 2003/41/EC of the European Parliament and of the Council25 in accordance with Article 2 thereof, unless a Member States has chosen not to apply that Directive in whole or in parts to that institution in accordance with Article 5 of that Directive; an alternative investment fund manager (AIFM) as defined in Article 4(1)(b) of Directive 2011/61/EU of the European Parliament and of the Council26 that manage and/or market AIFs in the Union; or a UCITS management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council27 ; or an internally managed UCITS, which is an investment company authorised in accordance with Directive 2009/65/EC and which has not designated a management company authorised under that Directive for its management; or credit institutions or investments firms as defined in Article 4(1) (1) and (2) of Regulation (EU) No 2013/575;any of the following: __________________ 25 Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10). 26 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 202 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1). 27 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
2016/07/27
Committee: ECON
Amendment 205 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12 – point i (new)
(i) a multilateral development bank within the meaning of Article 117(2) of Regulation (EU) No 575/2013 (1a), an international organisation or a promotional entity. --------- 1a Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms
2016/07/27
Committee: ECON
Amendment 211 #
Proposal for a regulation
Article 2 a (new)
Article 2 a Scope of the securitisation market 1. Investors in securitisation shall be institutional investors. 2. In a securitisation, the originator, sponsor or original lender shall be a regulated entity as defined in Article 2(4) of Directive 2002/87/EC, as amended1a, Article 4(5) of Directive 2014/17/EU1b, or a multilateral development bank within the meaning of Article 117(2) of Regulation (EU) No 575/20131c. __________________ 1a. Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1) 1b. Mortgage Credit Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property of 4 February 2014 which regulates credit intermediaries. 1c. Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms
2016/07/27
Committee: ECON
Amendment 239 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
The originator, sponsor or the original lender of a securitisation shall retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 %20 % or the percentage determined in regulatory technical standards in accordance with paragraph 6 of this Article. Where the originator, sponsor or the original lender have not agreed between them who will retain the material net economic interest, the originator shall retain the material net economic interest. There shall be no multiple applications of the retention requirements for any given securitisation. The material net economic interest shall be measured at the origination and shall be determined by the notional value for off-balance sheet items. The material net economic interest shall not be split amongst different types of retainers and not be subject to any credit risk mitigation or hedging.
2016/07/27
Committee: ECON
Amendment 273 #
Proposal for a regulation
Article 4 – paragraph 6 – introductory part
6. The European Banking Authority (EBA), in close cooperation with the European Securities and Market Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) shall develop draft regulatory technical standards to amend the level of risk retention where the European Systemic Risk Board (ERSB) proposes to deviate from the level of 20 % laid down in this Article and specify in greater detail the risk retention requirement, in particular with regards to:
2016/07/27
Committee: ECON
Amendment 439 #
Proposal for a regulation
Article 16 a (new)
Article 16 a Macro-prudential oversight The European Systemic Risk Board shall provide the macro-prudential oversight for the European securitisation market and will take measures to adjust to market circumstances, to prevent asset bubbles from developing and to prevent markets from closing down. To adjust to market circumstances the European Systemic Risk Board will propose to the competent authorities the following measures: - Adjusting of the level of retention rate in Article 4 of this Regulation, while taking into account specificities of market segments and guarantees applicable on the securitised assets; - Adjusting the risk floor levels for securitisations in Articles 259, 260, 261, 263 and 264 of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms; - Adjusting the Leverage Ratio, Liquidity Coverage Ratio, Net Stable Funding Ratio for credit institutions and investment firms active in the securitisation market.
2016/07/27
Committee: ECON
Amendment 479 #
Proposal for a regulation
Article 29 – paragraph 3 a (new)
3a. The ESRB shall provide a yearly report on the state of the securitisation market from a macro-prudential point of view and motivate the proposals made in line with Article 16a (new) of this Regulation,
2016/07/27
Committee: ECON