Activities of Paul TANG related to 2020/2036(INI)
Plenary speeches (1)
Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets - Further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation (debate)
Amendments (5)
Amendment 119 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the realignment of the treatment of cash and synthetic securitisations, of the treatmentWelcomes the EBA report on a simple, transparent and standardised (STS) framework for synthetic securitisation; supports the report's conclusions regarding the benefits of cregulatory capitating an STS framework for bal and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS)ce- sheet synthetic securitisation only; highlights the nature of synthetic securitisation which creates specific prudential and systemic risks; seeks to ensure that any potential STS framework adequately addresses counter-party credit risks and well-structured credit protection agreements; is sceptical of offering preferential prudential treatment to STS synthetic securitisation products such as those offered to STS traditional securitisation products;
Amendment 142 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 149 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Takes the view that amending national tax frameworks unilaterally within the EU to reduce tax obstacles to cross-border investments will further entrench the patchwork of tax rules that companies must comply with when operating cross border, with numerous costs, and offer further possibilities for tax avoidance; reiterates its call on Member States to agree on the adoption of the proposals concerning the Common Consolidated Corporate Tax Base simultaneously, taking into consideration Parliament’s opinion that already includes the concept of virtual permanent establishment and apportionment formulas; calls on the Member States to bridge their diverging positions on CCCTB, given the importance of this instrument to create a framework that fosters certainty, prevents double taxation, reduces administrative costs, thereby enhancing cross-border investments;
Amendment 205 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross-border financial operations; Is very concerned about the revelations following the Wirecard scandal on shortcomings in the supervision. Underlines that credible audits are vital instruments to build trust in the financial situation of companies. Notes that such audits can only be provided if there is a full independent relationship between auditor and client, and that this independence can by no means be affected by providing non-audit services to the audited entity. Calls therefore on the Commission for a swift review of regulation 537/2014 on statutory audit of public-interest entities to strengthen the rules on rotation, to ensure a full legal separation between the providing of audit and non-audit services, and to ensure that ESMA gets direct supervisory powers over the audit sector.
Amendment 315 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; fears, however, that sandboxes relax prudential oversight over rapidly growing financial institutions; requests that the Commission create a pan-ensures that any European ‘sandbox’ for financial services imposes strict limits as to size of business concerned and does not go to the detriment of consumer safety and financial market stability;