Activities of Miguel VIEGAS related to 2017/2253(INI)
Plenary speeches (1)
Relationships between the EU and third countries concerning financial services regulation and supervision (A8-0263/2018 - Brian Hayes) PT
Amendments (11)
Amendment 12 #
Motion for a resolution
Recital D
Recital D
D. whereas equivalence is a tool to promote international regulatory convergence, which may lead to more competition in the EU on a level playing fieldconnectedness in the global financial system, which may lead to even bigger banks in the EU, while prevenomoting regulatory arbitragedumping;
Amendment 44 #
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 less, integrated and more resilient financial system based on smaller institutions and tighter regulation that supports sustainable economic growth, job creation and investment;
Amendment 59 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the Member States may not always entirely support international cooperation owing to concerns about the protection of national interests and the inherent incentive to shift risks to other jurisdictions;
Amendment 72 #
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, international agreements can provide mutual access between the EU and third countries for financial institutions and for the mutual recognition of rules;
Amendment 80 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recognises that the EU’'s equivalence regime is an integral part of its regulatory framework for financial services and can offer several benefits, such aposes several risks: the removal of unnecessary regulatory barriers, increased competincentration, increased capital flows into and out of the EU, and more instruments and investment choices for EU firms and investorsvolatility and exposure for the EU's financial system;
Amendment 103 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that one of the key objectives for equivalence is to promote regulatory downward convergence on the basis of lowering international standards;
Amendment 116 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that equivalence decisions and international agreements should be objective, proportionate, risk-sensitive and be taken in the best interests of the Union, and itsll of its Member States and citizens;
Amendment 126 #
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 the area of financial services should always be scrutinised by the European and National Parliaments and that, owing to their political nature, and for the purposes of greater transparency, these decisions should be taken by means of delegated acts;
Amendment 142 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that the Commission has the right to withdraw equivalence decisions, and believes that the European and National Parliaments should be consulted in a timely manner before such a withdrawal decision is taken; calls for the introduction of clear procedures and timelines governing the adoption, withdrawal or suspension of equivalence decisions;
Amendment 204 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls the importance 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 to share best practice concerning regulatory cooperation and activities with third countries; considers that Member States should be allowed to limit equivalence decisions in their own countries in order to ensure the stability of their financial systems and economies;
Amendment 227 #
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 agreementhave an extremely cautious approach towards a further financial integration with the US;