13 Amendments of Jonás FERNÁNDEZ related to 2014/0017(COD)
Amendment 91 #
Proposal for a regulation
Recital 1
Recital 1
(1) The 2008 global financial crisis revealedthat broke out in 2007-2008 has revealed excessive speculative activities, important regulatory gaps, ineffective supervision, opaque markets and overly-complex products in the financial system. The Union has adopted a range of measures in order to render the banking system more solid and more stable, including strengthening capital requirements, rules on improved governance and supervision and resolution regimes. The progress made on the establishment of the banking union is also decisive in this context. However, the crisis also highlighted the need to improve transparency and monitoring not only in the traditional banking sector but also in areas where non-bank credit activities take place, called “shadow banking”.
Amendment 94 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) It is important to recall in this context that the chief function of the financial sector should be to direct capital towards financing the productive economy, and not asset speculation.
Amendment 95 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) Financial stability is a supranational public asset that is necessary for economic stability and growth. Guaranteeing financial stability entails adequately regulating and supervising the capital and asset markets, and ensuring that they are geared to financing the real economy.
Amendment 110 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to ensure compliance by counterparties, with the obligations deriving from this Regulation and to ensure that they are subject to similar treatment across the Union, administrative sanctions and measures which are effective, proportionate and dissuasive should be ensured. Therefore, administrative sanctions and measures set by this Regulation should satisfy certain essential requirements in relation to addressees, criteria to be taken into account when applying a sanction or measure, publication of sanctions or measures, key sanctioning powers and levels of administrative pecuniary sanctions. It is appropriate that measures and sanctions established under Directives 2009/65/EC and 2011/61/EU apply to infringements of the investment funds transparency obligations under this Regulation.Does not affect the English version.)
Amendment 112 #
Proposal for a regulation
Recital 20
Recital 20
(20) Technical standards in the financial services sector should ensure consistent harmonisation and adequate protection of depositors, investors and consumers across the Union. As a body with highly specialised expertise, it is efficient and appropriate to entrust the ESMA with the elaboration of draft regulatory technical and implementing standards, which do not involve policy choices. ESMA should ensure efficient administrative and reporting processes when drafting technical standards. The Commission should be empowered to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council15 in the following areas: the details of the different types of SFTs, the details of the application for registration of a trade repository, and the frequency and the details of publication of and access to trade repositories' data. __________________ 15Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).Does not affect the English version.)
Amendment 124 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
a) the members of the ESCB and other Member States’ bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt, including the European Central Bank, as well as the European Financial Stability Mechanism, the European Investment Bank and the European Fund for Strategic Investments;
Amendment 141 #
Proposal for a regulation
Article 3 – paragraph 1 – point 8
Article 3 – paragraph 1 – point 8
8. "financial instruments" means financial instruments as defined in section C of Annex I of Directive 2004/39/EC, namely transferable securities, money-market instruments, units in collective investment undertakings, those listed in point (4), those listed in point (5), those listed in point (6), those listed in point (7), derivative instruments for the transfer of credit risk, financial contracts for differences, and those listed in point (10);
Amendment 143 #
Proposal for a regulation
Article 3 – paragraph 1 – point 10
Article 3 – paragraph 1 – point 10
10. "commodity" means commodity as defined in point (1) of Article 2 of Commission Regulation (EC) No 1287/2006, namely any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity.
Amendment 167 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
(1) ESMA shall, within 40 working days from the notification referred to in Article 5(5), examine the application for registration based on the compliance of the trade repository with this Chapter and shall adopt a fully reasoned registration decision or a decision refusing registration. That decision shall be published and shall be open to challenge before the corresponding specialist court, and failing that before the General Court within a maximum of 15 calendar days.
Amendment 169 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. ESMA shall, without undue delay, notify the relevant competent authority referred to in Article 6(1) of a decision to withdraw the registration of a trade repository. That decision shall be open to challenge before the corresponding specialist court, and failing that before the General Court, within a maximum of 30 calendar days. The lodging of such an appeal shall not have the effect of suspending the withdrawal.
Amendment 217 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The administrative sanctions and measures taken for the purpose of paragraph 1 shall be effective, proportionate and dissuasive, and the loss avoided or profit gained as a consequence of the infringement shall be taken into account when calculating the sanction.
Amendment 219 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point b
Article 20 – paragraph 4 – subparagraph 1 – point b
b) the disgorgement of the profits gained or losses avoided due to the breach, in so far as they can be determinedaccordance with the estimate made by the competent authority;
Amendment 222 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point g
Article 20 – paragraph 4 – subparagraph 1 – point g
g) maximum administrative pecuniary sanctions of at least three times the amount of the profits gained or losses avoided because of the breach where those can be determined, in accordance with the estimate made by the competent authority;