37 Amendments of Jonás FERNÁNDEZ related to 2017/2253(INI)
Amendment 9 #
Motion for a resolution
Recital B
Recital B
B. whereas equivalence, passporting rights and mutual recognition are distinctly different concepts, providing different rights to and obligations for financial institutions and market participants, the first one related to third-country regime, the others being used inside the internal market with the support of the EUCJ;
Amendment 15 #
Motion for a resolution
Recital D
Recital D
D. whereas equivalence is a tool to ensure a fair and equal treatment between EU firms and third country ones as well as to promote international regulatory convergence, which may lead to more competition in the EU on a level playing field, while preventing regulatory arbitrage, protecting consumers and investors, preserving the EU's financial stability and avoiding the fragmentation of its single market;
Amendment 20 #
Motion for a resolution
Recital E
Recital E
E. whereas equivalence decisions cannot be considered merely technical in nature and should therefore be subject to a greare technical decisions taken to implement the legal base and the single rulebook as defined by the EU co-legislateor dregree of scrutiny by Parliamentarding regulation, enforcement and supervision;
Amendment 24 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas financial services passporting is available only to EEA Members;
Amendment 34 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the UK does not intend to remain part of the EEA after Brexit it will not be able to make use of the financial services passport regime;
Amendment 36 #
Motion for a resolution
Recital F b (new)
Recital F b (new)
F b. whereas the existence of a transitional period for the UK withdrawal from the EU will allow for timely and well balanced equivalence decisions;
Amendment 41 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that since the financial crisis, the EU has developed its financial regulation through wide-ranging reforms and implementation of international standards; welcomes the increased regulatory and supervisory cooperation between the EU and third countries; recognises that this has contributed to improveding global consistency in financial regulation and has made the EU more resilient to global financial shocks;
Amendment 47 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that the EU should promote global financial regulatory reforms aimed at reducing systemic risk and should work towards an open, integrated and resilient financial system that supports sustainable economic growth, job creation and investment; stresses that any framework of international regulatory and supervisory cooperation should safeguard financial stability in the Union and respect its regulatory and supervisory regime and standards and their application;
Amendment 53 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 66 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that several EU legislative acts contain specific provisions for regulatory cooperation with third countries, including the possibility to conclude intcoopernational agreements related to supervision and to grant ‘equivalence’;
Amendment 71 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that, in many cases, the granting of equivalence is a unilateral decision taken by the EU and is not applied in a reciprocal manner by third countries; considers that international cooperation could be better advanced by dint of international agreements negotiated between the EU and third countries; notes that, unlike equivalence,based on the application of EU standards and quality of supervision; stresses that none of the existent international trade agreements can provide mutuals direct market access between the EU and third countries for financial institutions and for the mutual recognition of rulservices;
Amendment 81 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recognises that the EU’s equivalence regime is an integral part of its regulatory and supervision framework for financial services and can offer several benefits, such as: the stability in the EU financial system given the exposure to foreign risks, the removal of unnecessary regulatory barriers, increased competition, increased capital flows into the EU, and more instruments and investment choices for EU firms and investors, stronger investor and consumer protection and financial stability;
Amendment 87 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Reiterates that, in most cases, equivalence decisions do not grant financial institutions comparable rights to passport financial services throughout the EU, but recognises that they may give third- country institutions limited access to the single market for certain products;
Amendment 93 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that one of the key objectives for equivalence is to promotallow appropriate access to financial services markets, while pregulatory convergence on the basis of international standardsserving financial stability, the integrity of the Single Market and the autonomy of decision making in the European Union, and underlines that equivalence can advance international cooperation in a significant way and that it ties in well with regulatory cooperation;
Amendment 94 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that one of the key objectives for equivalence is to promote regulatory convergence on the basis of international standardsequivalence is a sovereign tool of the EU which aims at ensuring a fair and equal treatment between EU firms and third country entities as well as to promote regulatory convergence on the basis of European standards, while preventing regulatory arbitrage, protecting consumers and investors, preserving the EU's financial stability and avoiding the fragmentation of its single market;
Amendment 107 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that, as it stands, the EU’s process for granting equivalence lacks certainty and sufficient transparency, and requiresmay benefit from a structured and practical framework outlining clear procedures;
Amendment 115 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that equivalence decisions and intcoopernational agreements should be objective, proportionate, risk-sensitive and be taken in the best interests of the Union and its citizens, with the intent of preserving the EU's financial stability and avoiding the fragmentation of its single market;
Amendment 121 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 123 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Questions the rationale behind equivalence decisions typically taking the form of implementing acts; insists that the process for granting equivalence to a third country in thConsiders that equivalence decisions, including their withdrawal, require appropriate parea of financial services should always be scrutinised by Parliament and that, owing to their political nature, and for the purposes of greater transparency, these decisions should be taken by means of delegated acliamentary scrutiny; stands ready to discuss with the Commission necessary arrangements;
Amendment 131 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes thatTakes note of the Commission’s decision of 21 December 2017 to grant equivalence to Swiss share trading venues – limited to a 12-month period with the possibility of an extension provided sufficient progress is made on a common institutional framework – was primarily political, and used to gain leverage in a separate policy matter; deplores the fact that Parliament had no input into this decision;
Amendment 135 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 147 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is concerned that theWelcomes the ongoing re vis no consistent framework for ongoingion of the regulation and supervision of an equivalent third country’s regime; considers that the European Supervisory Authorities (ESAs) should be equipped with the power to advise the Commission and monitor regulatory and supervisory developments in third countries and demands that Parliament should be kept informed of on going regulatory and supervisory monitoring in third countries; welcomes in this regard the legislative package on the review of the European system of financial supervision in which the Commission proposes to confer increased monitoring powers to the ESAs;
Amendment 156 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to adopt a legislative act establishing a clear framework for a transparent, coherent and consistent application of equivalence procedures which introduces a standardised process fwill provide legal certainty in the determination of equivalence; in defining such framework the determination of equivalenceCommission should assess the benefits of introducing an application process for granting equivalence which could be opened to third countries on a date specified in a given piece of legislation;
Amendment 161 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. This framework should clearly provide the European Parliament with a strong scrutiny role of the decisions taken by the Commission, clear rules for granting, suspending or withdrawn of equivalence and a clear mandate for ESAs in the equivalence regime;
Amendment 162 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15 b. Takes note that equivalence decisions are made based on a case-by- case assessment taking in consideration the relevant EU regulation and market specificities, which implies that some flexibility is needed;
Amendment 163 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for equivalence decisions to be reviewed at least once every three years by the relevant ESA andsubject to ongoing surveillance and reviews by the relevant ESA, taking into consideration not only legal requirements and the quality of supervision, but also relevant market developments; asks for such reviews to be made public;
Amendment 175 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 179 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls on the Commission to conduct an in-depth, in the process of adopting a legislative act to establish an equivalence regime, a review of allthe equivalence decisions taken, in order to determine the successes and failures of the current equivalence regimeadequacy of the current equivalence regime, and whether third-country entities accessing the EU market based on a prior equivalence decision are treated more favourably than EU firms; in the cases where EU financial legislation defers on third countries' rules and authorities the supervision of third-country entities conducting activities in the EU, asks the Commission to assess whether such a full substituted compliance is in the interest of the EU, notably as regards the protection of investors and consumers within the EU;
Amendment 184 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Insists that the process for granting equivalence to a third country in the area of financial services should always be scrutinised by the European Parliament for the purposes of greater transparency;
Amendment 185 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18 b. Calls on the Commission to, from the moment of adoption of this report, timely inform the European Parliament of the decisions of equivalence granted, suspended or withdrawn;
Amendment 186 #
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18 c. Asks that, at least once a year, the Commission provides the European Parliament with a list of the decisions on equivalence granted, suspended or withdrawn, explaining the rational supporting such decisions; in case of disagreement with any of the decisions taken the European Parliament shall ask that the Commission reviews such decision, providing the reasons for such request;
Amendment 190 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that close consideration should be given to the equivalence regime between the EU and high-impact third countries in order to develop stable and resilient regulatory relationships with those countries which have close financial links with the Unionto be established with UK after Brexit; in case the transitory period for the UK to withdraw from the EU is confirmed, legal continuity is ensured and smooth, timely and well balanced equivalence decisions can be taken; in absence of such transitory period the Commission and the ESAs must be prepared to ensure that, not only the appropriate access by the UK to financial services markets is possible, but also that the preservation of the financial stability, the integrity of the single market and the autonomy of decision making in the European Union is ensured at the moment UK becomes a third country;
Amendment 199 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls the importancrole of National Competent Authorities (NCAs) in the authorisation process for financial institutions that wish to delegate part of their portfolio management or risk management to service providers in third countries; where the regulatory regime is comparable to that of the EU; considers that NCAs have sufficient technical knowledge and expertise to properly assess delegation approval requests; encourages the ESAs to develop further cooperation between NCAs in order toelcomes the on going review of the role of ESAs and the NCAs to improve the oversight of existing regime and the share of best practices concerning regulatory cooperation and activities with third countries regarding financial product where equivalence regime don’t exist;
Amendment 214 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls for active involvement from the Commission, the Member States and ESAs in global standard-setting bodies in financial services; stresses the need for the consistent implementation of international standards in order to achieve better regulatory cooperation with other jurisdictions and to improve global financial stability taking in due consideration the interest and specificities of the EU financial market;
Amendment 221 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 225 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls to that end, moreover, for the EU-US Financial Markets Regulatory Dialogue to be upgraded to include more regular meetings; stresses that the EU should push to have a financial services chapter as part of any potential future EU-US trade agreement;
Amendment 231 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Instructs its President to forward this resolution to EU chief Brexit negotiator, the Council and the Commission.