8 Amendments of Notis MARIAS related to 2016/0182(COD)
Amendment 18 #
Proposal for a regulation
Recital 1
Recital 1
(1) The Union should contributes to ensuring a high level of consumer protection and to placing consumers at the heart of the single market by supporting and complementing Member States' policies in seeking to ensure that citizens can fully reap the benefits of the internal market and that, in so doing, their legal and economic interests are properly addressed and defended. A well-functioning and trustworthy financial services sector is a key component of the single market. It requires a solid framework for regulation and supervision, which simultaneously ensures financial stability and focuses on supporting a sustainable economy. At the same time, it should provide a high level of protection to consumers and other financial services end-users, including retail investors, savers, insurance holders, pension fund participants, individual shareholders, borrowers or SMEs.
Amendment 19 #
Proposal for a regulation
Recital 2
Recital 2
(2) Since 2007, the confidence of consumers in particular and of other financial services' end-users, including retail investors and savers, has been shaken by the financial and economic crisis. To restore citizens' confidence in the soundness of the financial sector, it is therefore important to increase the involvement of consumers and other end- users, as well as of stakeholders representing their interests, in the Union decision-making process in the financial sector.
Amendment 22 #
Proposal for a regulation
Recital 4
Recital 4
(4) As a result, the Commission awarded between 2012 and 2015 via an open call for proposals operating grants to two non-profit entities, Finance Watch and Better Finance, aiming to enhance the involvement of consumers in the field of financial services. These grants were awarded under a pilot project during two years, 2012 and 2013, and a preparatory action since 2014. Since a preparatory action can be used up to three years3, a legislative act is necessary to provide a legal basis for funding such actions as of 2017. __________________ 3 Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298 26.10.2012, p. 1).
Amendment 23 #
Proposal for a regulation
Recital 5
Recital 5
(5) Finance Watch was set up in 2011 as an international non-profit association under Belgian law, with Union grants. Its mission is to defend the interests of civil society in the financial sector. Thanks to Union grants, Finance Watch in a short period of time managed to set up a qualified team of experts, able to conduct studies, policy analysis and communication activities in the field of financial services.
Amendment 24 #
Proposal for a regulation
Recital 6
Recital 6
(6) Better Finance results from successive re-organisations and rebranding of pre-existing European federations of investors and shareholders since 2009. Thanks to Union grants, the organisation managed to form a financial centre of expertise, focusing mostly on the interests of consumers, individual investors, individual shareholders, savers and other end-users of financial services, in coherence with its membership base and its resources.
Amendment 26 #
Proposal for a regulation
Recital 7
Recital 7
(7) The evaluation of the pilot project and the subsequent preparatory action carried out in 2015 concluded that the policy objectives concerning the financial sector, have been generally achieved. Finance Watch and Better Finance have been working on complementary policy areas and targeted different audiences. Together they have covered, through their activities, most of the Union financial political agenda since 2012.
Amendment 31 #
Proposal for a regulation
Recital 9
Recital 9
(9) However, despite regular efforts, both organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding, in order to be financially sustainable. Co- funding from the Union is therefore necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017-2020 to support the activities of Finance Watch and Better Finance ('Programme').
Amendment 32 #
Proposal for a regulation
Recital 10
Recital 10
(10) Continuing funding of Finance Watch and Better Finance for the period 2017-2020 along the same lines as for the preparatory action would ensure that the positive impacts of the activities of those organisations assessed so far, in the financial sector, are maintained. The financial envelope for the implementation of the Programme should be based on the average actual costs incurred by each beneficiary between 2012 and 2015. The co-funding rate should remain unchanged.