486 Amendments of Íñigo MÉNDEZ DE VIGO
Amendment 15 #
2011/2157(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Considers the Union for the Mediterranean to have been misconceived, poorly executed and even counterproductive; insists, therefa large degree of co-responsibility for the process of democratisation which has commenced on the southern shore, onf the full incorpoMediterranean; calls for greater integration of the European side of the partnership into the conventional EU framework under the auspices of the High Representative/Vice-President and the European External Action Service;
Amendment 2 #
2011/2052(INI)
Motion for a resolution
Citation 2 a (new)
Citation 2 a (new)
– having regard to the revised European Social Charter, in particular Articles 30 (on the right to protection against poverty and social exclusion), 31 (on the right to housing) and 16 (on the right of the family to social, legal and economic protection) thereof,
Amendment 24 #
2011/2052(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the most vulnerable groups have been those most severely affected by the crisis and the associated austerity measures,; whereas 116 million people in the European Union are at risk of poverty and 42 million (i.e. 8%) live ‘in conditions of severe material deprivation and can not afford a number of necessities considered essential in order to live a decent life in Europe’1, __________________ 1 The European Platform against Poverty and Social Exclusion (COM(2010)758 final).
Amendment 29 #
2011/2052(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas severe poverty represents a violation of human rights and a serious erosion of human dignity,
Amendment 45 #
2011/2052(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the Europe 2020 strategy aims to reduce the number of people at risk of poverty by 20 million, on the basis of three indicators (the at-risk-of-poverty rate after social transfers, the material deprivation index and the percentage of people living in jobless households); whereas, given the figures of 116 million at risk of poverty and 42 million living in conditions of severe material deprivation, this aim, while it may be an acknowledgement of the importance of combating poverty and social exclusion, reflects the abandonment from the outset of millions of people in Europe, with the associated risk of generating threshold effects and excluding the most vulnerable people from the scope of policies geared to measurable results,
Amendment A #
2011/2052(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Ccalls on the Commission to involve civil society at national and European level and to make discussions with people living in poverty a formal part of the annual convention on povertyboost the involvement in the development of a European strategy at all levels of governance (European, national, regional and local) of organised civil society and of all stakeholders, such as NGOs, social economy organisations, service providers, experts in social innovation and the social partners, as well as people living in poverty themselves, in partnership with the associations in which they freely express their opinions and which have acquired experience and knowledge, particularly through the development of national platforms against poverty and social exclusion in each Member State; calls on the Commission to enhance cooperation between local, regional and national authorities and European Institutions, particularly the European Parliament; believes that the synergies should concern all stakeholders, including SMEs and entrepreneurs; calls for discussions with people living in poverty and social exclusion to be institutionalised, and to be extended at national level, and for their participation and contribution to be made a formal and central part of the annual convention on poverty and social exclusion, and calls for appropriate and regular follow-up of the recommendations so developed;
Amendment AA #
2011/2052(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Commission’s new strategy for implementation of the Charter of Fundamental Rights aims, in particular, to improve the most disadvantaged people’s access to fundamental rights; whereas the Charter must be respected in its entirety and whereas severe poverty represents a violation of human rights and a serious erosion of human dignity and encourages stigmatisation and injustice; whereas the key objective of income support schemes is to bring people out of poverty and enable them to live in dignity,
Amendment B #
2011/2052(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for poverty awareness seminars to be organised in the European institutions and Member State governments by organisations which have specific experience of combating poverty and for experiments in joint training on social and exclusion issues to be made, bringing together European officials and people with hands-on experience of combating poverty;
Amendment C #
2011/2052(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls for regular, critical monitoring ofthe establishment of a regular, critical evaluation mechanism, involving the European Parliament, the Committee of the Regions and the European Economic and Social Committee, based on precise indicators at national and European level, by which the multiple dimensions of poverty can be evaluated and the Member States’ progress, by gender and age, towards achieving the poverty reduction target, and towards breaking this target down into sub-targets, can be measured, in view of the fact that the lack of a precise definition of poverty leaves too much leeway for the Member States, to break this target down into sub-targets; hus risking aberrant interpretations; calls on the Commission to improve national and European indicators relating to the comparability of national statistics on the poverty of vulnerable people and to promote, with Eurostat, the production of more precise statistics within a comprehensive scoreboard on poverty and social exclusion by means of which it will be possible to track the number of people below the 50% and 40% levels of median income and on this basis to conduct an annual evaluation of the situations of poverty in the EU, the statistical approach of which should be supplemented by a qualitative and participatory approach; calls on the Commission to ensure the policies implemented are beneficial to all and not just to those close to the poverty threshold;
Amendment CC #
2011/2052(INI)
Motion for a resolution
Considérant C
Considérant C
C. whereas the Europe 2020 strategy aims todopts, as one of its five major objectives, a soft target, i.e. one without sanctions, aiming at reduceing the number of people at risk of poverty by 20 million, on the basis of three indicators agreed by Member States (the at-risk-of-poverty rate after social transfers, the severe material deprivation index and the percentage of people living in jobless households), and whereas this aim may be an acknowledgement of the importance of combating poverty and social exclusion but, given the figures of 116 million at risk of poverty and 42 million living in conditions of severe material deprivation, it reflects the abandonment from the outset of millions of people in Europe, with the associated risk of generating threshold effects and excluding the most vulnerable people from the scope of policies geared to measurable results; whereas if the most intractable situations are not addressed from the outset, the policies implemented will have no impact on them; whereas the European Platform against poverty constitutes one of the seven flagship initiatives of the EU 2020 strategy,
Amendment D #
2011/2052(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for it to be made clear that the Commission will be legally accountable in on the Commission to fully take account of the correct horizontal social clause as specified in Article 9 TFEU, under which the EU is to take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training and protection of human health, and calls for the Commission to specify how the Platform will affect assessments of the implementation of that clause; calls for the social impact assessments of European policies to go into greater depthe, event that the horizontal social clause is not applied, and calls for the Commission to specify how the Platform will affect assessments of the implementation of that clause where those policies are not initiated by the Commission but by the European Council, as in the case of the Euro Plus pact; considers that such an in- depth analysis of the application of this clause will make it possible to avoid a levelling-down of social standards in Europe and to promote the development of a common social basis in Europe; calls for this social impact assessment to be made with the associations active in combating poverty and to take account of the situation of the poorest people in Europe as a reference; considers that these assessments should involve the European Parliament, the Committee of the Regions, the European Economic and Social Committee and the Commission’s departments responsible for social affairs under the responsibility of a director- general reporting to the General Secretariat of the European Commission;
Amendment H #
2011/2052(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to specify th, in consultation with the European Central Bank, to propose common principles used to define the ‘basket of basic goods and services’ accessible to all; required to enable everyone to live in dignity, and points out that these immediate needs are inseparable from respect for human dignity and effective access to all fundamental rights – whether civil, political, economic, social or cultural – without exception; calls for the target of price stability to be clarified so as to allow specific national situations to be taken into account that do not necessarily have a significant impact on the euro- system indicators;
Amendment R #
2011/2052(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to initiate a horizontal anti-discrimination directive with a view to further eradicating discrimination; Urges the Member States to agree and adopt as soon as possible the proposal for a Council directive on implementing the principle of equal treatment between persons irrespective of religion or belief, disability, age or sexual orientation (COM(2008)0426); calls on the Commission to continue to support the overcoming of technical difficulties within the Council in order to ensure a swift agreement is reached, and to close gaps in the existing anti-discrimination legislation which is currently not covering all relevant aspects, with a view to further eradicating discrimination, including social discrimination; Note: A citation referring to the Kosa report will be added by oral amendment.
Amendment T #
2011/2052(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. AdvocatesRecommends the Member States to adopt a proactive decent housing policy in order to ensure universal access to decent, affordable housingquality housing at affordable prices or on preferential terms of purchase, and to prevent the loss thereof, with guaranteed access to services essential to health and safety, the lack of such housing being a serious affront to dignity, along with a proactive energy policy that steps up the use of renewable energies and boosts energy efficiency in order to combat energy poverty; calls for more attention to be paid to housing for migrants, who are often exploited and forced to live in sub- standard housing; recalls Protocol 26 annexed to the Treaty of Lisbon on social housing and calls for the provisions contained therein to be respected, in particular on the Member States’ freedom to organise social housing, including the question of financing; encourages the Member States to implement special housing programmes and opportunities for homeless people, in view of guaranteeing the most basic standards of living for the most vulnerable in society;
Amendment V #
2011/2052(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls for the fight against child poverty to focus on prevention through the provision of equal access to high-quality early childhood serviceseducation and care services, in order to prevent children from starting school life with multiple disadvantages, and to other provisions for children (activity centres during the school period and holidays, etc., extracurricular, cultural, sports activities, etc.), ensuring that the network of such services and centres covers all areas adequately; calls for financial support for proven services and the systematic integration of family-support policies in all relevant areas of activity, combining a universal approach with targeted measures for the most vulnerable families, in particular the families of handicapped children, single-parent families and large families; calls for the relationship between parents and children to be given particular attention in programmes to combat poverty and social exclusion in order to prevent children being placed in care as a consequence of severe poverty;
Amendment Z #
2011/2052(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the most vulnerable groups have been those most severely affected by the crisis and the associated austerity measures, 116 million people in the European Union are at risk of poverty and 42 million (i.e. 8%) live ‘in conditions of severe material deprivation and can not afford a number of necessities considered essential in order to live a decent life in Europe’1; whereas poverty is the unacceptable reflection of an uneven distribution of wealth, income and resources in a prosperous European economy; whereas the most vulnerable groups, such as the elderly and disabled people, have been those most severely affected by the financial, economic and social crisis and the austerity measures currently being taken in the EU in the context of the ‘Euro Plus Pact’ and the ‘governance package’, which could worsen the situation for these groups and put at risk of unemployment, economic insecurity or poverty millions of people who were still managing to live on, and meet their basic needs from, their wages or retirement pension, notably as a result of cuts in public service and social assistance budgets; whereas applying tougher conditions and penalties in social activation policies in response to the crisis aggravates the difficulties faced by the most vulnerable people at a time when few decent jobs are on offer; whereas the gap between rich and poor is getting ever wider as the crisis continues; __________________ 1 European Platform against Poverty and Social Exclusion (COM(2010)758 final).
Amendment 149 #
2011/2052(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to involve civil society at national and European level, and to make discussions with people living in poverty a formal part of the annual convention on povertys well as people living in poverty themselves, in partnership with the associations in which they freely express their opinions;
Amendment 156 #
2011/2052(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for poverty awareness seminars to be organised in the European institutions and Member State governments by organisations which have specific experience of combating poverty;
Amendment 163 #
2011/2052(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls for regular, critical monitoring of the Member States’ progress towards achieving the poverty reduction target, and for the Member States to break this target down into sub-targets; calls on the European Commission to draw up a scoreboard by means of which it will be possible to track the number of people below the 50% and 40% levels of median income and to ensure the policies implemented are beneficial to all and not just to those close to the poverty threshold, and also calls on the European Commission, in collaboration with Eurostat, to draw up a comprehensive scoreboard on poverty and social exclusion to be published each year, the statistical approach of which should be supplemented by a qualitative and participatory approach; this scoreboard should complement the scoreboard on macroeconomic imbalances created to prevent and correct macroeconomic imbalances and evaluated annually; it should be referred to in the annual report provided for in Article 11 of the Regulation on the prevention and correction of macroeconomic imbalances;
Amendment 183 #
2011/2052(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for it to be made clear that the Commission will be legally accountable in the event that the horizontal social clause is not applied, and calls for the Commission to specify how the Platform will affect assessments of the implementation of that clause; calls for this assessment of the social impact of European policies to be carried out with the persons concerned, taking the poorest amongst them as a reference, and for the fight against poverty and for access to basic rights to be coordinated by the Commissioners responsible, under the responsibility of a director-general reporting to the General Secretariat of the European Commission;
Amendment 196 #
2011/2052(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission, in consultation with the European Central Bank, to specify the common principles used to define the ‘basket of basic goods and services’ accessible to all and to provide a definition of price stability; points out that these immediate needs are inseparable from respect for human dignity and effective access to all fundamental rights – whether civil, political, economic, social or cultural – without exception;
Amendment 213 #
2011/2052(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls for the Platform to be geared towards asserting the rights which enable everyone to live in dignity, particularly in the field of employment, housing, health care, social security and adequate living standards, justice, education, training and culture, and the protection of families and children;
Amendment 214 #
2011/2052(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls for the Fundamental Rights Agency to produce a study on effective access by the poorest people to the whole range of fundamental rights and on the discrimination they face, with the participation of NGOs in which socially excluded can freely express themselves;
Amendment 307 #
2011/2052(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to initiate a horizontal anti-discrimination directive with a view to further eradicating discrimination, including social discrimination;
Amendment 329 #
2011/2052(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Advocates a proactive housing policy in order to ensure universal access to decent, affordable housing, the lack of which is a serious affront to dignity, along with a proactive energy policy that steps up the use of renewable energies and boosts energy efficiency;
Amendment 353 #
2011/2052(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls for the fight against child poverty to focus on prevention through the provision of access to early childhood services, ensuring that the network of such services covers all areas adequately; calls for the relationship between parents and children to be given particular attention in programmes to combat poverty in order to prevent children being placed in care as a consequence of severe poverty;
Amendment 2 #
2011/0817(NLE)
Motion for a resolution
Recital M
Recital M
Amendment 3 #
2011/0817(NLE)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the European Council to decide not to examine the proposed amendment of the Treaties in order to attach to the Treaty on European Union and the Treaty on the Functioning of the European Union a Protocol on the application of the Charter of Fundament of the Treaties; al Rights of the European Union to the Czech Republic;
Amendment 42 #
2010/2037(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis; notes that for SIFIs thisCalls on the Commission to ensure that shareholders exercise their right to appoint or re-appoint the statutory auditor; considers that this decision should be based on a proposal from the Audit Committee; believes that there should be greduced to every four yearsater transparency around the decision to appoint or reappoint the statutory auditor;
Amendment 11 #
2010/0821(NLE)
Draft decision
Recital 4
Recital 4
(4) The stability mechanism will provide thea necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes as from the entry into force of this Decision.
Amendment 26 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a permanent stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality. The permanent stability mechanism should be designed in such a way as to foster budgetary discipline and to contribute to long-term sustainable finances.".
Amendment 36 #
2010/0821(NLE)
Motion for a resolution
Recital P
Recital P
P. whereas any further revision of the TFEU should be conducted under the normal procedure and should ensure full respect of the Community methoddinary revision procedure;
Amendment 40 #
2010/0821(NLE)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Emphasises that the monetary policy is a CommunityUnion policy and has been since the Maastricht Treaty;
Amendment 45 #
2010/0821(NLE)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the European stability mechanism constitutes an integralmportant part of a global package of measures which are designed to define a new framework, reinforcing budgetary discipline and coordination of the economic and financial policies of the Member States, concomitantly overcoming economic and social imbalances and improving competitivity;
Amendment 51 #
2010/0821(NLE)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 58 #
2010/0821(NLE)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 68 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – introductory wording
Paragraph 9 – introductory wording
Amendment 76 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point a
Paragraph 9 – point a
(a) a redrafting of the European Council draft decision as propoexpressed in the amendments annexed hereto1to this resolution approved by the Committee on Economic and Monetary Affairs, it being understood that, by shifting the proposed provision from Article 136(3) toparagraph 3 to paragraph 1 of Article 136(1) TFEU, the permanent stability mechanism, notwithstanding its initial intergovernmental character, would be placed in a perspective of possible future incorporation into the framework of the Union, e.g. in the form of a special kind of agency, making use of the institutional patterns of enhanced cooperation; calls for the stability mechanism to be open from the outset to Member States whose currency is not the euro, but who wish to participate;
Amendment 98 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point b– indent 3
Paragraph 9 – point b– indent 3
– the financial assistance under the mechanism will be subject to rigorous analysis and to a programme of economic and financial recovery; those Member States whose currency is the euro and those representing Member States participating in and contributing to the permanent stability mechanism will act, when deciding to grant financial assistance, on the basis of an evaluation provided by the Commission, the European Central Bank and, in so far as it may be involved, the International Monetary Fund; and
Amendment 109 #
2010/0821(NLE)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the future permanent stability mechanism should as far as possible make use of the Union institutions, for example as regards the carrying-out of administrative tasks, since this would avoid the setting-up of double structures which in the long term would prove detrimental to European integration;
Amendment 114 #
2010/0821(NLE)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 118 #
2010/0821(NLE)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Reaffirms that the use of Article 48(6) TEU is an exceptional procedure, and recalls Parliament's right pursuant to Article 48(3) TEU to call for a Convention in order to reshape the institutions, procedures and policies that make up the economic governance of the Union;
Amendment 122 #
2010/0821(NLE)
Motion for a resolution
Annex to the motion for a resolution
Annex to the motion for a resolution
Amendment 129 #
2010/0821(NLE)
Amendment 130 #
2010/0821(NLE)
Amendment 53 #
2010/0281(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) in combination with Article 136 thereof,
Amendment 62 #
2010/0281(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) There is a need to build upon the experience gained during the first decade of functioning of theExperience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and monbudgetary unionpolicies.
Amendment 67 #
2010/0281(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth
Amendment 69 #
2010/0281(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 70 #
2010/0281(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 71 #
2010/0281(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 72 #
2010/0281(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 73 #
2010/0281(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole
Amendment 74 #
2010/0281(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
Amendment 85 #
2010/0281(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 86 #
2010/0281(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 87 #
2010/0281(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 88 #
2010/0281(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 89 #
2010/0281(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 90 #
2010/0281(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 106 #
2010/0281(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Prudent and sustainable fiscal policy- making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 114 #
2010/0281(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 70 #
2010/0280(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6), in combination with Article 136 thereof,
Amendment 194 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point - 1 (new)
Article 1 – point - 1 (new)
Regulation (EC) No 1466/97
Article 1
Article 1
Amendment 218 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 1 c (new) - point a (new)
Article 1 – point 1 c (new) - point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
Article 2a – paragraph 1
Amendment 218 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this Article.
Amendment 246 #
2010/0279(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the measures referred to in Article 3, only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 68 #
2010/0278(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 74 #
2010/0278(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 76 #
2010/0278(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 84 #
2010/0278(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 86 #
2010/0278(COD)
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 90 #
2010/0278(COD)
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 93 #
2010/0278(COD)
Proposal for a regulation
Recital 2 h (new)
Recital 2 h (new)
(2h) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 94 #
2010/0278(COD)
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
(2g) The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 109 #
2010/0278(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission.
Amendment 118 #
2010/0278(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 119 #
2010/0278(COD)
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 121 #
2010/0278(COD)
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 123 #
2010/0278(COD)
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 140 #
2010/0278(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 146 #
2010/0278(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 190 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of incentives and sanctions for enhancing the enforcement of the preventive and corrective parts of the Stability and Growth Pact in the euro area.
Amendment 197 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 b (new)
Article 1 – paragraph 1 b (new)
1b. In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and the national parliaments, governments and other relevant bodies of the Member States, and to ensure greater transparency and accountability, the competent committee of the European Parliament may organise public debates on macro- economic and budgetary surveillance undertaken by the Council and the Commission.
Amendment 201 #
2010/0278(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a European Monetary Fund 1. A European Monetary Fund shall be established with the aim of improving economic governance and coordination at EU level, safeguarding financial stability of the euro area as a whole and reinforcing budgetary discipline among Member States, while setting out a credible strategy for growth. The EMF shall be managed under Union rules 2. The European Monetary Fund serves three main purposes: (a) help any Member State with financial difficulties to resolve the crisis in which they might be involved assuming the current responsibility of the EFSF and ESM and assuming any future permanent crisis resolution mechanism. (b) issue common securities that would finance up to {...} percentage of the Member States' debt which currency is the euro and make its resources available to them provided its compliance with the improved economic governance framework; (c) create project bonds to finance European projects with long term commercial potential. The European budget would be used to improve the rating in order to attract funding from financial institutions and private investors on the capital markets. 3. The EMF should be credited with the interest earned by the Commission on deposits lodged and fines collected in accordance with [Articles 3, 4 and 5 of this Regulation, Article 12 of Regulation (EC) No 1467/97 and Article 3 of Regulation (EU) No .../2010 on enforcement measures to correct excessive microeconomic imbalances in the euro area]
Amendment 210 #
2010/0278(COD)
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Amendment 215 #
2010/0278(COD)
Proposal for a regulation
Article 2 c (new)
Article 2 c (new)
Amendment 216 #
2010/0278(COD)
Proposal for a regulation
Article 2 d (new)
Article 2 d (new)
Article 2d Project bonds 1. Project bonds to finance projects with long term commercial potential shall be established based on the Union method to complement the Stability and Growth Pact and the economic governance framework with a Union strategy for growth and jobs, which aims at boosting the Union competitiveness and social stability. 2. The EMF shall submit to the Commission the proposal of an issuance of Eurosecurities. Commission shall immediately forward it to the European Parliament and the Council. Council shall approve or reject the proposal on a recommendation from the Commission. 3. The European budget would be used to improve the project bonds rating in order to attract funding from other financial institutions and from private investors on the capital market such as pension funds and insurers.
Amendment 217 #
2010/0278(COD)
Proposal for a regulation
Article 2 e (new)
Article 2 e (new)
Article 2e Enhance the European economic growth In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 241 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 261 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 283 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 302 #
2010/0278(COD)
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
For the measures referred to in Articles 3, 4 and 5 only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 305 #
2010/0278(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Amendment 42 #
2010/0277(NLE)
Proposal for a directive
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the third subparagraph ofArticle 126, in particular the third subparagraph of paragraph 14 thereof, and Article 126(14)1 thereof,
Amendment 51 #
2010/0277(NLE)
Recital 1 a (new)
1a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 53 #
2010/0277(NLE)
Recital 1 b (new)
1b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 54 #
2010/0277(NLE)
Recital 1 c (new)
1c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 55 #
2010/0277(NLE)
Recital 1 d (new)
1d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 56 #
2010/0277(NLE)
Recital 1 e (new)
1e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 57 #
2010/0277(NLE)
Recital 1 f (new)
1f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 59 #
2010/0277(NLE)
Recital 1 g (new)
1g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 60 #
2010/0277(NLE)
Recital 1 h (new)
1h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 90 #
2010/0277(NLE)
Recital 12 a (new)
12a. The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 91 #
2010/0277(NLE)
Recital 12 b (new)
12b. The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 92 #
2010/0277(NLE)
Recital 12 c (new)
12c. The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanisms); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 93 #
2010/0277(NLE)
Recital 12 d (new)
12d. Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 94 #
2010/0277(NLE)
Recital 12 e (new)
12e. To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 107 #
2010/0277(NLE)
Recital 16 a (new)
16a. Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 108 #
2010/0277(NLE)
Recital 16 b (new)
16b. In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 52 #
2010/0276(CNS)
Proposal for a regulation – amending act
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular the second subparagraph of Article 126(14) in combination with Article 136 thereof,
Amendment 60 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 a (new)
Recital 2 a (new)
2a. Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 62 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 b (new)
Recital 2 b (new)
2b. The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and a European Monetary Fund to pool a percentage of Member States’ sovereign debts, to help them to resolve financial crises and to finance investments that can strengthen economic growth.
Amendment 64 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 c (new)
Recital 2 c (new)
2c. A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 65 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 d (new)
Recital 2 d (new)
2d. In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 66 #
2010/0276(CNS)
Draft legislative resolution – amending act
Recital 2 e (new)
Recital 2 e (new)
2e. Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 67 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 f (new)
Recital 2 f (new)
2f. The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 68 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 g (new)
Recital 2 g (new)
2g. The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 69 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 2 h (new)
Recital 2 h (new)
2h. The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 105 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission;
Amendment 106 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
Amendment 107 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 c (new)
Recital 4 c (new)
(4c) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 108 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 d (new)
Recital 4 d (new)
(4d) Member States whose currency is the euro should pool up to [...] percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 109 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 e (new)
Recital 4 e (new)
(4e) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full [...]percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurties. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 110 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 f (new)
Recital 4 f (new)
(4f) A European Monetary Fund, managed under Union rules and financed in particular with the revenues of the fines, should be established in order to safeguard financial stability of the euro area as whole. That fund should be based on the decisions taken by the Council of 9 to 10 May 2010 and the Statement by the Euro Group of 28 November 2010.
Amendment 124 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 131 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 61 #
2010/0074(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The Treaty on European Union reinforces the citizenship of the Union and enhances further the democratic functioning of the Union by providing inter alia that every citizen shall have the right to participate in the democratic life of the Union and that not less than one million citizens who are nationals of a significant number of Member States may take the initiative of inviting the European Commission, within the framework of its powers,by way of a European citizens’ initiative. This instrument affords citizens the option of addressing the Commission directly and inviting it to submit any appropriatlegislative proposal on matters where citizens consider that a legal act of the Union is required for the purpose of implementing the Treatiewithin the framework of its powers.
Amendment 66 #
2010/0074(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) These procedures and conditions governing the citizens’ initiative should be clear, simple, user-friendly and proportionate to theits nature of, the citizens’ initiativey should also strike a reasonable balance between rights and obligations.
Amendment 71 #
2010/0074(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) It is necessary to establish thea minimum number of Member States from which citizens must come. In order to ensure that a citizens’ initiative is representative of a Union interest, this number should be set at one thirdfifth of Member States.
Amendment 152 #
2010/0074(COD)
Proposal for a regulation
Article 6 – paragraph 4 – point b
Article 6 – paragraph 4 – point b
b. the identity of the person can be verified; reliably verified, to ensure that each person signs only one statement;
Amendment 167 #
2010/0074(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. Signatories shall be considered as coming from the Member State which issued the identification document indicated in theiere they have their permanent residence. For the purposes of paragraph 1, Union citizens who have permanent residence in a third country shall be considered as coming from the Member sStatement of support of which they are nationals.
Amendment 3 #
2009/2241(INI)
Motion for a resolution
Recital A
Recital A
A. whereas, in case law which has remained consistent since the 1970sjudgments in Case 11-70 Internationale Handelsgesellschaft mbH [1970] ECR and in Case 4-73 Nold [1974] ECR, the Court of Justice has held that fundamental rights form an integral part of the general legal principles which the Court enforces,
Amendment 8 #
2009/2241(INI)
Motion for a resolution
Recital F
Recital F
F. whereas, in an opinion of 28 March 1996, the Court of Justice found that the European Community did not have the capacity to accede to the ECHR without a previous amendment to the Treaty because the EU lacked legal personality,
Amendment 14 #
2009/2241(INI)
Motion for a resolution
Paragraph 1 – indent 1 (new)
Paragraph 1 – indent 1 (new)
– accession constitutes a move forward in the process of European integration and involves one further step towards political Union,
Amendment 27 #
2009/2241(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes that the ECHR system has been supplemented by a series of additional protocols concerning the protection of rights which are not covered by the ECHR and suggests that the Union should accede to all the protocols which at least partially concern matters where the Union possesses powers (Nos 1, 4, 7 and 12)ssess and reach a decision on accession to the protocols on a case by case basis;
Amendment 32 #
2009/2241(INI)
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
– the right to attend, via the European Commission, with voting rights, meetings of the Committee of Ministers when it performs its task of monitoring the execution of judgments given by the European Court of Human Rights or when it decides on the desirability of seeking an opinion from the Court and the right to be represented on the Steering Committee for Human Rights (a subsidiary body of the Committee of Ministers),
Amendment 36 #
2009/2241(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the Member States should not, with respect to one another and in their mutual relations with the Union, be entitled to bring interstate applications concerning an alleged failure of compliance pursuant to Article 33 of the ECHR, as this would be contrary to the spirit of certain commitments arising from the Lisbon TreatyArticle 344 ECT;
Amendment 37 #
2009/2241(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers that any application by a citizen of the Union concerning an act or faiIs consequently of the view that the principal added valure to act by an institution or body of the Union should be directed solely against the latteof the accession of the EU to the ECHR lies in recourse for aind that similarly any application concerning a measure by means of which a Member State implements the law of the Union should be directed solely against the Member State, without prejudice to the principle that, where the way in which responsibility for the act concerned is shared between the Union and the Member State is not clearly defined, an application may be brought simultaneously against the Union andividuals against acts by means of which the law of the Union is implemented by its institutions or the Member States;
Amendment 39 #
2009/2241(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Considers that for the purposes of complying with the requirement set out in Article 35 ECHR for domestic remedies to have been exhausted, the applicant shall have exhausted the judicial remedies of the State concerned including a reference for a preliminary ruling to the Court in Luxembourg. The latter procedure shall be regarded as having been complied with where following a request to that end by the applicant the national court does not consider it appropriate for such a reference to be made;
Amendment 52 #
2009/2241(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Is aware that accession as such will not resolve the extremely serious problems facing the ECHR system, namely on the one hand the excessive workload due to an exponential increase in the number of individual applications and on the other hand the reform of the structure and functioning of the Court to cope with it; notes furthermore that, in the absence of a solution to these problems, the system is in danger of collapse and that the entry into force of Protocol No 14, which has so far been delayed by the non-ratification of one State party, will certainly help to reduce the number of uncompleted procedures but will not eliminate them;
Amendment 33 #
2009/2134(INI)
Motion for a resolution
Recital I
Recital I
I. there are several differences in the systems used by States for elections to the European Parliament, particularly with respect to the organisation of constituencies and to preferential voting, but also with respect to measures aimed at increasing the representation of women and ethnic minorities,
Amendment 40 #
2009/2134(INI)
Motion for a resolution
Recital N
Recital N
N. the number of women MEPs now stands at 35 per cent; measureefforts should be taken to further reducemade to reduce further the gender imbalance in Parliament, especially in certain States,
Amendment 47 #
2009/2134(INI)
Motion for a resolution
Recital Q
Recital Q
Q. the redistribution of parliamentary seats among States needs to take place on a regular basis in order to reflect demographic change in the resident populations of the States and to respect strictly respect the principle of degressive proportionality; it may be possible to reach agreement on an apolitical, mathematical formula which would respect the criteria laid down in the Treaties and spelt out in the Act1,
Amendment 70 #
2009/2134(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Proposes that an additional 25 MEPs will be elected by a single constituency formed of the whole territory of the European Union; transnational lists will be composed of candidates drawn from at least one third of the States, and will be gender-balancedmay ensure an adequate gender representation; each elector will be enabled to cast one vote for the EU-wide list in addition to their vote for the national or regional list: voting for the EU constituency will be in accordance with the preferential semi-open list system (whereby votes are allotted either to the party list or to individual candidates 1 The Sainte-Laguë method uses divisors of 1, 3, 5, 7, etc, and was used in the 2009 European elections in Germany, Latvia and Sweden. It produces a slightly more proportional result than the D'Hondt method. within a list)closed list proportional system; and seats will be allocated in accordance with the Sainte-LaguëD'Hondt method1; further, proposes that an electoral authority will be established at EU level in order to regulate the conduct and to verify the result of the election taking place from the EU-wide list;
Amendment 76 #
2009/2134(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Proposes that a redistribution of the existing 751 seats among States will take place, if justified objectively by figures established by Eurostat, based on the total resident population, before every election; the redistribution will be made in accordance with a mathematical formula respecting the criteria laid down in the Treaties, and will be announced at least twelve months before the end of the mandate;
Amendment 88 #
2009/2134(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. UrgesCalls on Member States and political parties to promote the better representation of women and ethnic minority candidates at both the EU and the national level;
Amendment 99 #
2009/2134(INI)
Article 14 – paragraph 2
2. The European Parliament shall be composed of representatives of the Union's citizens. 2a. Theyre shall not exceedbe seven hundred and fifty in number, plus the Presidentone seats allocated to constituencies established in the Member States. Representation of citizens shall be degressively proportional, with a minimum threshold of six members per Member State. No Member State shall be allocated more than ninety-six seats. The European Council shall adopt by unanimity, on the initiative of the European Parliament and with its consent, a decision establishing the composition of the European Parliament, respecting the principles referred to in the first subparagraphdistribution of those seats among the States shall be reviewed regularly. Not later than twelve months before the end of the mandate of each Parliament the European Council shall adopt by unanimity, on the initiative of the European Parliament and with its consent, a decision on the redistribution of seats. 2b. In addition, there shall be twenty-five seats allocated to a single constituency comprising the entire territory of the Union.
Amendment 115 #
2009/2134(INI)
Article 2 a (new)
Article 2a For the purposes of distributing seats between Member States in accordance with the principle of degressive proportionality pursuant to Article 14(2a) of the Treaty on European Union, the ratio between the population and the number of seats of each State must vary in relation to their respective populations in such a way that each Member from a more populous State represents more citizens than each Member from a less populous State and also, conversely, that no less populous State has more seats than a more populous State.
Amendment 1 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 116
Rule 116
1. Question Time with the Council and the Commission shall be held at each part- session at times decided by Parliament on a proposal from the Conference of Presidents. A specific period of time may be set aside for questions to the President and individual Members of the Commission. 2. No Member may put more than one question to the Council and one question to the Commission at any given part-session. 3. Questions shall be submitted in writing to the President, who shall rule on their admissibility and on the order in which they are to be taken. The questioner shall be notified immediately of this decision. 4. The detailed procedure shall be governed by guidelines laid down in an annex to these Rules of Procedure. 5. In accordance with guidelines established by the Conference of Presidents, specific question hours may be held with the President of the Commission, with the Vice-President of the Commission/High Representative of the Union for Foreign Affairs and Security Policy and with the President of the Eurogroup. (If this amendment is adopted Annex II Point 15 (Format) is to be deleted)
Amendment 2 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 117 – title and paragraph 1
Rule 117 – title and paragraph 1
Amendment 3 #
2009/2062(REG)
Parliament's Rules of Procedure
Annex III – point 1 – indent -1 (new)
Annex III – point 1 – indent -1 (new)
– clearly specify the addressee to whom they are to be transmitted through the usual interinstitutional channels;
Amendment 4 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 130 – paragraphs 1 a, 1 b, 1 c (new)
Rule 130 – paragraphs 1 a, 1 b, 1 c (new)
Amendment 5 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 8
Rule 8
8. Unless otherwise stipulated,Parliament shall adopt the rules governing implementation of the Statute for Members of the European Parliament shall be laid down by the Bureauon the basis of a proposal by the committee responsible, with the exception of decisions on the financial envelopes, which shall be taken by the Bureau and revised annually. Rule 138(1) shall apply mutatis mutandis.
Amendment 6 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 131
Rule 131
1. On a proposal from the President, the Conference of Presidents shall name the members of, and may confer a mandate on, Parliament'’s delegation to COSAC. The delegation shall be headed by one of the Vice-Presida Vice- President of the European Parliaments responsible for implementation of relations with the national parliaments and by the Chair of the committee responsible for institutional matters. 2. The other members of the delegation shall be chosen in the light of the subjects to be discussed at the COSAC meeting, taking due account and shall comprise, as far as possible, representatives of the committees responsible for those subjects. Due account shall be taken of the overall political balance within Parliament. A report shall be submitted by the delegation after each meeting.
Amendment 8 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 74b – paragraph 1 a (new)
Rule 74b – paragraph 1 a (new)
1a. Where Parliament is consulted, in accordance with Article 48(6) of the Treaty on European Union, on a proposal for a decision of the European Council amending Part Three of the Treaty on the Functioning of the European Union, Rule 74a(1a) shall apply mutatis mutandis. In that event, the motion for a resolution may contain proposals for amendments only of provisions of Part Three of the Treaty on the Functioning of the European Union.
Amendment 9 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 117 – paragraph 2
Rule 117 – paragraph 2
2. Questions shall be submitted in writing to the President who shall forward them to the institution concernedaddressees. Doubts concerning the admissibility of a question shall be settled by the President. The questioner shall be notified of his decision. (Horizontal amendment: the words "institution concerned" shall be replaced in Rule 117(2) and (4) and points 1 and 3 of Annex III to the Rules of Procedure by the word "addressees".)
Amendment 10 #
2009/2062(REG)
Parliament's Rules of Procedure
Title IV – chapter 3 – title
Title IV – chapter 3 – title
Amendment 11 #
2009/2062(REG)
Parliament's Rules of Procedure
Rule 37 a (new)
Rule 37 a (new)
Rule 37a Delegation of legislative powers 1. When scrutinising a proposal for a legislative act which delegates powers to the Commission as provided for in Article 290 of the Treaty on the Functioning of the European Union, Parliament shall pay particular attention to the objectives, content, scope and duration of the delegation, and to the conditions to which it is subject. 2. The committee responsible for the subject-matter may at any time request the opinion of the committee responsible for the interpretation and application of Union law. 3. The committee responsible for the interpretation and application of Union law may also, on its own initiative, take up questions concerning the delegation of legislative powers. In such cases it shall duly inform the committee responsible for the subject-matter.
Amendment 90 #
2009/0144(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements.
Amendment 91 #
2009/0144(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full -time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing- up of a shortlist by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 92 #
2009/0144(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities Joint Committee ("the Joint Committee") and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Insurance and Occupational Pensions Authority or the European Banking Authority should be adopted in parallel by the European Supervisory Authorities concernedSupervisory Authority (Banking) or the European Supervisory Authority (European Insurance and Occupational Pensions) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee should be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice- Chair of the European Systemic Risk Board. The Joint Committee should have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information-sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 95 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Authority shall also act within the field of the activities covered by the legislation referred to in paragraph 2, including matters relating to shareholder rights, corporate governance, auditing and financial reporting, provided that such actions by the Authority are necessary in order to ensure the effective and consistent application of the legislation referred to in paragraph 2. The Authority shall also take appropriate action in the context of takeover bids, clearing and settlement issues, securitisation, short selling and derivative issues including standardisation.
Amendment 97 #
2009/0144(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 98 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Community institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the legislation referred to in Article 1(2)a consistent application of Union law, in particular by contributing to a common supervisory culture ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, ensuring a coherent functioning of colleges of supervisors and taking action, inter alia in emergency situations;
Amendment 100 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not involve strategic decisions and their content shall be delimited by the legislative acts on which they are based.
Amendment 105 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un technical standards in accordance with Articles 7a to 7d, in the form of regulations or decisions.
Amendment 114 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, or from the CommissionEuropean Parliament, the Council, the Commission or a member of the Securities and Markets Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 125 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council or the Commission.
Amendment 132 #
2009/0144(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 134 #
2009/0144(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. The Authority shall delegate to the authorities in the Member States the tasks and responsibilities of supervising the prudential supervision of financial institutions with an EU dimension as referred to in Article 12a.
Amendment 137 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 143 #
2009/0144(COD)
Proposal for a regulation
Chapter IV – section 2 – title
Chapter IV – section 2 – title
Amendment 144 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency withand learning with the European Banking Authority and the European Insurance and Occupational Pensions Authority and the Banking, in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and development of the relationship between the European Systemic Risk Board and the European Supervisory Authority. ies.
Amendment 145 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed by personnel on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 146 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular those with an EU dimension; the functioning of Article 23 with regard to safeguards and regulators; supervisory convergence in the fields of crisis management and resolution in the Union and the question whether prudential activities and the conduct of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
Amendment 147 #
2009/0144(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial market participant at the national level, and according a central role in the supervision ofinstitutions that have no EU dimension at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have no EU dimension. The Authority shall gradually take over supervision of institutions with European Union dimension. Greater harmonisation and the coherent application of rules for financial market participantinstitutions and markets across the CommunityUnion should also be achieved. A European Securities and Markets Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority and) and a European Supervisory Authority (Banking) as well as a European BankingSupervisory Authority (the European Supervisory Authorities). Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 150 #
2009/0144(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by CommunityUnion law, with the elaboration of draft technical standards, which do not involve policy choices. When drafting the technical standards the Authority should take into consideration the different structures and risk profiles of financial institutions. In particular, the Authorities should seek to ensure that unnecessary burden is not placed on financial institutions that are Union-based, member-owned and play an important role with regards to combating social exclusion. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendment if, for example, the draft technical standards were incompatible with CommunityUnion Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityUnion financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 171 #
2009/0144(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) Non-profit organisations in comparison to well funded and well connected industry representatives, are marginalised in the debate on the future of financial services and in the corresponding decision making process. This disadvantage has to be compensated by adequate funding of their representatives in the Securities and Market Stakeholder group.
Amendment 185 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2 a. The Authority shall also act within the field of the activities covered by the legislation referred to in paragraph 2, including matters relating to shareholder rights, corporate governance, auditing, financial reporting, provided that such actions by the Authority are necessary to ensure the effective and consistent application of the legislation referred to in paragraph 2. The Authority shall also take appropriate action in the context of takeover bids, clearing and settlement issues, securitisation, short selling and derivative issues including standardization.
Amendment 200 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 204 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community lawEU legislation referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission. It shall undertake an economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 221 #
2009/0144(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The Authority shall have its seat in Paris. Frankfurt.
Amendment 232 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) establish databases in the area of its competence and, where specified in the legislation referred to in Article 1(2). The collected information has to be accessible to all market participants and should contain key information about registered market participants, products, misbehaviour and transactions if obligation of disclosure is specified in the legislation referred to in Article 1(2);
Amendment 235 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
Article 6 – paragraph 1 – subparagraph 1 – point f b (new)
(f b) foster investor protection, in particular by ensuring the enforcement of the harmonized EU regulations on product disclosure and selling processes to all retail investors for all retail investment products and services. EBA and EIOPA shall provide all the necessary support and cooperation to enable ESMA to properly execute this task;
Amendment 241 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
Article 6 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) prohibit the trading of certain products or types of transactions to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 253 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees. The Authority may use the facilities and powers of the competent authorities to execute the exclusive supervisory powers and carry out investigations.
Amendment 256 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2 a (new)
Article 6 – paragraph 3 – subparagraph 2 a (new)
The Authority shall execute any exclusive supervisory powers over Central Clearing Houses as well as over Credit Rating Agencies pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies1. __________ 1 OJ L 302, 17.11.2009, p.1.
Amendment 263 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards into complete and modify elements theat areas specifically set out in not essential to the legislationve acts referred to in Article 1(2). The Authority shtechnicall submit its draft standards to the Commission for endorsementtandards do not represent strategic decisions and their content shall be limited by the legislation on which they are based.
Amendment 270 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 272 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 a (new)
Article 7 – paragraph 1 – subparagraph 2 a (new)
Drafting technical standards the Authority shall take into consideration the full variety of different players on financial markets and the different effects of the standards on all sorts of market participants.
Amendment 273 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 b (new)
Article 7 – paragraph 1 – subparagraph 2 b (new)
The Authority shall submit its draft standards to the Commission for endorsement and at the same time to the European Parliament and the Council.
Amendment 275 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, reject or amend the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 281 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 289 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un delegated acts in accordance with Articles 7a to 7d, designed to establish the technical standards referred to in paragraph 1. Those acts shall be in the form of regulations or decisions.
Amendment 298 #
2009/0144(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct open public consultations on guidelines and recommendations and analyse the potential related costs and benefits. The Authority shall also request an opinion or advice of the Securities and Markets Stakeholder Group referred to in Article 22.
Amendment 377 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. The Authority may issue technical standards, guidelines and recommendations adopted under Articles 7 and 8 to harmonise supervisory functioning and best practices adopted by the colleges of supervisors.
Amendment 387 #
2009/0144(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3 a. The Authority may assign the tasks and responsibilities of the prudential supervision of financial institutions with EU dimension as referred to in Article 12a to the competent authorities in the Member States.
Amendment 391 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including accounting and reporting standards;
Amendment 402 #
2009/0144(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) taking all appropriate measures in situations of financial instability and crisis with a view to facilitating the coordination of actions undertaken by relevant national competent supervisory authorities;
Amendment 409 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 410 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute in the representation of the European Union in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 411 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
The Commission shall adopt delegated acts in accordance with Articles 7a to 7d for the purpose of making equivalence assessments referred to in the second paragraph.
Amendment 418 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals. Those requests shall use common reporting formats to be fulfilled, where appropriate, at a consolidated level.
Amendment 424 #
2009/0144(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2 The Authority shall cooperate closely with the ESRB. It shall provide the ESRB with regular and up-to-date information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the ESRB upon a reasoned request, as specified in Article [15] of Regulation (ECU) No …./… [ESRB]. The Authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions.
Amendment 426 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established. The Stakeholder Group shall be consulted on all relevant decisions and actions of the authority. If case of urgency immediate consultation is impossible, the Stakeholder Group has to be informed about the decision as quick as possible.
Amendment 436 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion financial market participants, their employees as well as consumers, investors and users of financial services.
Amendment 438 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 a (new)
Article 22 – paragraph 2 - subparagraph 1 a (new)
Not less than 5 of the members shall be independent top-ranking academics.
Amendment 439 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1 b (new)
Article 22 – paragraph 2 - subparagraph 1 b (new)
The number of members representing professional market participants including their employees shall not exceed 15. At least 5 of them have to be representatives of the employees.
Amendment 443 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twice a yearquarterly.
Amendment 445 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 2
Article 22 – paragraph 3 - subparagraph 2
Amendment 451 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 458 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8. Any conflict of interest of members of the Securities and Market Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 467 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Securities and Markets Stakeholder Group shall adopt its rules of procedure and designate its chairperson from amongst its members.
Amendment 471 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 480 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthten working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 485 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 496 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, at a meeting no later than two months after the Authority has informed the Member State as set out in subparagraph 4.
Amendment 512 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 524 #
2009/0144(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
Article 25 – paragraph 1 – subparagraph 1 – point f a (new)
(f a) two representatives of the Securities and Market Stakeholder Group who shall be non- voting. Not more than one of them has to be a representative of the professional market participants or their employees.
Amendment 582 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 3 a (new)
Article 40 – paragraph 3 a (new)
3a. Only those supervisory authorities included in the European System of Financial Supervisors shall be entitled to supervise financial institutions operating in the European Union.
Amendment 627 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall draft its report taking into account the proposals made by the Securities and Market Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission.
Amendment 630 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 b (new)
Article 66 – paragraph 1 – subparagraph 1 b (new)
The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulatory and supervisory convergence in the fields of crisis management and resolution in the Union.
Amendment 633 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the CommunUnion. The report shall also evaluate the efficiency of the whole European Supervisory Authorities System and the budgetary needs of the Authority respecting increasing responsibilities, powers and tasks of the Authority. The evaluation shall be based on extensive consultation, including with the Securities and Markets Stakeholder Group.
Amendment 87 #
2009/0143(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements.
Amendment 88 #
2009/0143(COD)
Proposal for a regulation
Recital 37
Recital 37
(37) A full -time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a shortlist by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 89 #
2009/0143(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities Joint Committee ("the Joint Committee") and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority ( European Banking Authority) or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concernedupervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee should be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice- Chair of the European Systemic Risk Board. The Joint Committee should have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 93 #
2009/0143(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 94 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of Community legislationUnion law, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 96 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not involve strategic decisions and their content shall be delimited by the legislative acts on which they are based.
Amendment 102 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un technical standards in accordance with Articles 7a to 7d, in the form of regulations or decisions.
Amendment 110 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more national supervisory authorities, or from the CommissionEuropean Parliament, the Council, the Commission, or the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group, or on its own initiative and after having informed the national supervisory authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 122 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council, or the Commission.
Amendment 126 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 128 #
2009/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. The Authority shall delegate to the authorities in the Member States the tasks and responsibilities of supervising the prudential supervision of financial institutions with an EU dimension as referred to in Article 12a.
Amendment 131 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 141 #
2009/0143(COD)
Proposal for a regulation
Chapter IV – section 2 – title
Chapter IV – section 2 – title
Amendment 142 #
2009/0143(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Banking Authority and the European Securities and Markets Authority, in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and development of the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
Amendment 143 #
2009/0143(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed by personnel on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 144 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular those with an EU dimension; the functioning of Article 23 with regard to safeguards and regulators; supervisory convergence in the fields of crisis management and resolution in the Union and the question whether prudential activities and the conduct of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
Amendment 152 #
2009/0143(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of CommunityUnion law and trust between national supervisors. (This amendment applies throughout the text.)
Amendment 153 #
2009/0143(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisors should be a network of national and Community supervisory authorities, leaving day-to-day supervision of financial institutions that the national level, and according a central role in thedo not have a Union dimension to the national level. Colleges of supervisors should exert supervision ofver cross-border groups to colleges of supervisorsinstitutions that do not have a Union dimension. The European Supervisory Authority should gradually take over supervision of financial institutions with a Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the CommunityUnion should also be achieved. A European BankingSupervisory Authority (Insurance and Occupational Pensions) (the Authority) should be established, along with a European Insurance and Occupational PensionsSupervisory Authority (Banking) and a European Securities and Markets Authority (the European Supervisory Authorities)upervisory Authority (Securities and Markets as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board should form part of a European System of Financial Supervision.
Amendment 154 #
2009/0143(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Insurance and Occupational Pensions Authority ("the Authority")Authority should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States, to prevent regulatory arbitrage and guarantee a level playing field, to protect policyholders and other beneficiaries, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, to promote supervisory convergence and to strengthen international supervisory coordination while taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employees. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a CommunityUnion body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 155 #
2009/0143(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In Case C-217/04, United Kingdom v. European Parliament and Council of the European Union, the Court of Justice held that: “nothing in the wording of Article 95 TEC implies that the addressees of the measures adopted by the Community legislature on the basis of that provision can only be the individual Member States. The legislature may deem it necessary to provide for the establishment of a Community body responsible for contributing to the implementation of a process of harmonization in situations where, in order to facilitate the uniform implementation and application of acts based on that provision, the adoption of non-binding supporting and framework measures seems appropriate1”. Measures adopted under Article 95 of the EC Treaty (now, Article 114 of the Treaty on the Functioning of the European Union) may take the form of directives or regulations. For instance, the European Network and Information Security Agency was established by Regulation (EC) No 460/2004 of 10 March 20042 and also the Authority will be established by a regulation. 1 Judgment of 2 May 2006, at paragraph 44. 2 OJ L 77, 13.3.2004, p.1.
Amendment 157 #
2009/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out in the relevant Community legislation. The matters concernCommission should endorse those draft technical standards in order to give them binding legal effect. They will be subject to amendment if, for example, they are incompatible with Union law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected byin the technical standards do not involve policy decisions, and their content is framed by the Community acts adopted at Level 1. Development of the draftacquis of European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards by, the Authority ensures that they fully benefit from the specialised expertise of national supervisory authoritiesCommission should be subject to a time limit for its decision on the endorsement.
Amendment 158 #
2009/0143(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In areas not covered by technical standards, the Authority should have the power to issue non-binding guidelines and recommendations on the application of CommunityEU legislation. In order to ensure transparency and strengthen compliance by national supervisory authorities with those guidelines and recommendations, national authorities should be obliged to state their reasons where they do not comply with those guidelines and recommendations publicly in order to be fully transparent with market participants. In areas not covered by technical standards, the Authority should establish and promulgate best practices.
Amendment 159 #
2009/0143(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Where the national authority does not comply with the recommendation, the Commission should be empowered to within a deadline fixed by the Authority, the Authority should address a Decision without delay to the national supervisory authority concerned in order to ensure compliance with CommunityEU law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty on the Functioning of the European Union..
Amendment 163 #
2009/0143(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish the existence of an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 167 #
2009/0143(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityUnion law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 169 #
2009/0143(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) The crisis has exposed major fault lines in existing approaches to supervision of cross-border financial institutions, particularly the biggest and most complex institutions the bankruptcy of which is capable of producing systemic damages. Those fault lines arise from the different areas of activity of the financial institutions on the one hand and from the supervisory bodies on the other. The institutions act in a market without borders while the jurisdiction of the supervisory bodies are limited by national borders.
Amendment 170 #
2009/0143(COD)
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) The cooperation mechanism used to solve this asynchrony has clearly been shown to be insufficient. As the Turner Review, published in March 2009, points out, "sounder arrangements require either increased national powers, implying a less open single market, or a greater degree of European integration".
Amendment 171 #
2009/0143(COD)
Proposal for a regulation
Recital 21 c (new)
Recital 21 c (new)
(21c) The Union solution calls for the reinforcement of the colleges of supervisors in the supervision of cross- border institutions and for the progressive shift of supervisory powers over institutions with a Union dimension to a Union authority. Financial institutions with a Union dimension include those operating cross-border as well as those operating within national territory provided that their bankruptcy could threaten the stability of the Union's single financial market.
Amendment 172 #
2009/0143(COD)
Proposal for a regulation
Recital 21 d (new)
Recital 21 d (new)
(21d) The national solution implies more host country national powers in regulating and supervising subsidiaries of companies based in other Member States.
Amendment 173 #
2009/0143(COD)
Proposal for a regulation
Recital 21 e (new)
Recital 21 e (new)
(21e) Colleges of supervisors should have the power to define supervisory rules to foster the coherent application of Union law. The Authority should have full participation rights in colleges of supervisors with a view to streamlining the functioning of the information- exchange process, to foster convergence and consistency across the colleges in the application of Union law. The Authority should act as leader in supervising cross- border financial institutions operating in the Union. The Authority should also have a binding mediation role to solve conflicts between national supervisors.
Amendment 174 #
2009/0143(COD)
Proposal for a regulation
Recital 21 f (new)
Recital 21 f (new)
(21f) Colleges of supervisors should play an important role in the efficient, effective and consistent supervision of cross-border financial institutions that do not have a Union dimension, but in most cases differences between national standards and practices subsist. There is no point in converging basic financial regulations if the supervisory practices remain fragmented. As the de Larosière Report points out, "competition distortions and regulatory arbitrage stemming from different supervisory practices must be avoided, because they have the potential of undermining financial stability – inter alia by encouraging a shift of financial activity to countries with lax supervision. The supervisory system has to be perceived as fair and balanced".
Amendment 175 #
2009/0143(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) The prudential supervision of institutions with a Union dimension should be entrusted to the European Supervisory Authority (Insurance and Occupational Pensions). National supervisors should act as agents of the European Supervisory Authority (Insurance and Occupational Pensions) and should be bound to the Authority's instructions when they supervise cross- border institutions with a Union dimension.
Amendment 176 #
2009/0143(COD)
Proposal for a regulation
Recital 22 b (new)
Recital 22 b (new)
(22b) Institutions with a Union dimension should be identified, taking into account international standards.
Amendment 177 #
2009/0143(COD)
Proposal for a regulation
Recital 22 c (new)
Recital 22 c (new)
(22c) A European Insurance Guarantee Scheme (Scheme) should be established to protect policyholders, beneficiaries and institutions facing difficulties where those could menace the financial stability of the Union's single financial market. The Scheme should be financed through contributions from those institutions, through debt issued by the Scheme or, in exceptional circumstances, through contributions made by the affected Member States in accordance with criteria previously agreed upon (revised Memorandum of Understanding). The contributions to the Scheme should replace those made to the national Insurance Guarantee Schemes.
Amendment 179 #
2009/0143(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shallould be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements..
Amendment 180 #
2009/0143(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The Authority should actively promote a coordinated CommunityUnion supervisory response, in particular where adverse developments could potentially jeopardisto ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion. In addition to its powers for action in emergency situations, it should therefore be entrusted with a general coordination function within the European System of Financial Supervisors. The smooth flow of all relevant information between competent authorities should be a particular focus of the Authority's actions.
Amendment 181 #
2009/0143(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the Community. It shall fully respect the existing roles and competences of the European Institutions in relrepresent the Union in the dialogue and cooperations with authoritiesupervisors outside the Community and in international forumsUnion.
Amendment 191 #
2009/0143(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) In comparison to well-funded and well-connected industry representatives, non-profit organisations are marginalised in the debate on the future of financial services and in the corresponding decision-making process. This disadvantage has to be compensated for by adequate funding of their representatives in the Insurance and Occupational Pensions Stakeholder group.
Amendment 195 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority (Insurance and Occupational Pensions Authority) ("the Authority").
Amendment 204 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 205 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 6
Article 1 – paragraph 6
Amendment 207 #
2009/0143(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 217 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of CommunityUnion legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotingcompetent authorities, ensuring effective and consistent supervision of financial institutions with a Union dimension and a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 222 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) prohibit the trading of certain products or types of transactions to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 223 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point f b (new)
Article 6 – paragraph 1 – point f b (new)
(fb) establish databases within the area of its competence and where specified in the legislation referred to in Article 1(2). The collected information shall be accessible to all market participants and shall contain key information about registered market participants, products, breaches and transactions if obligation of undisclosure is specified in the legislation referred to in Article 1(2);
Amendment 228 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point f a (new)
Article 6 – paragraph 2 – point f a (new)
(fa) prohibit the trading of certain products or types of transaction to prevent damage to investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the Union's financial system;
Amendment 232 #
2009/0143(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees. The Authority may use the facilities and powers of the competent authorities to execute the exclusive supervisory powers and carry out investigations.
Amendment 238 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not represent strategic decisions and their content shall be limited by the legislative acts on which they are based.
Amendment 241 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 246 #
2009/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, reject or amend the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 261 #
2009/0143(COD)
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall state the reasons for the revocation and shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the technical standards already in force. It shall be published in the Official Journal of the European Union.
Amendment 263 #
2009/0143(COD)
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 265 #
2009/0143(COD)
Proposal for a regulation
Article 7 d (new)
Article 7 d (new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairperson of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 269 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Authority shall conduct public consultations regarding the guidelines and recommendations and shall analyse the potentially related costs and benefits. The Authority shall also request an opinion or advice from the Insurance and Occupational Pensions Stakeholder Group referred to in Article 22.
Amendment 275 #
2009/0143(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 281 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one month fromten working days of receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, in accordance with paragraph 3, the Authority shall take a decision requiring the national supervisorycompetent authority to take the action necessary to comply with CommunityUnion law.
Amendment 284 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 286 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 288 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
Amendment 291 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 293 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 297 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 299 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)
Article 9 – paragraph 6 – subparagraph 2 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 305 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its report, the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 308 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulationin order to enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
Amendment 314 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning, the ESRB shall notify it simultaneously to the European Parliament, the Council, the Commission and the Authority.
Amendment 317 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with this Regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 318 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority mayshall adopt individual decisions requiringnecessary to ensure that national supervisory authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 329 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty, where a national supervisory on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 330 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, whereshall, pursuant to the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 331 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 335 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council or the Commission.
Amendment 336 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 at regular intervals and in any event at the request of the European Parliament or the Authority.
Amendment 338 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4 b (new)
Article 10 – paragraph 4 b (new)
4b. In its report, the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
Amendment 345 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, mayshall take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 347 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, the Authority, on its own initiative or at the request of one or more of the national supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4.
Amendment 350 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in compliance with Community lawshall, in accordance with the second subparagraph of Article 29(1), take a decision to settle the disagreement and to require them to settle the matter, in compliance with Union law, with binding effects on the competent authorities concerned.
Amendment 354 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in Article 1(2), the Authority mayshall adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law, including the cessation of any practice.
Amendment 355 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors referred to in Directive 2006/48/EC and foster the coherence of the application of Community legislationUnion law across colleges.
Amendment 358 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. The Authority may issue technical standards, guidelines and recommendations adopted under Articles 7 and 8 to harmonise supervisory functioning and best practices adopted by the colleges of supervisors.
Amendment 360 #
2009/0143(COD)
Proposal for a regulation
Article 12 – paragraph 3 b (new)
Article 12 – paragraph 3 b (new)
3b. A legally binding mediation role should allow the new Authorities to solve disputes between national supervisors following the procedure set up in Article 11. Where no agreement can be reached between the supervisors of a cross-border institution, the Authority should be empowered to take supervisory decisions directly applicable to the institution concerned.
Amendment 364 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with a Union dimension 1. For the supervision of financial institutions with a Union dimension operating in the Union the Authority shall act as leading competent authority. They shall act through national competent authorities who will act as delegated authority. 2. The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, to define the characteristics of financial institutions with a Union dimension. Those acts shall take the form of a decision and shall contain a list of institutions that are considered to be the financial institutions with a Union dimension operating in the Union. 3. The criteria for identifying such financial institutions shall at least include consideration of the following: market share in Member States where the financial institution is active, total assets, market share of total Union assets and EU or non-EU-based ultimate ownership. In the event that such a financial institution spans different sectors, the European Supervisory Authority (Joint Committee) shall decide which part of the Authority shall act as the leading competent authority.
Amendment 365 #
2009/0143(COD)
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Supervision of cross-border financial institutions 1. To ensure the co-responsibility of financial institutions with a Union dimension, to protect European depositors' interests and to reduce the cost to tax payers of a systemic financial crisis, a European Financial Protection Fund (Fund) shall be established. The Fund shall play a role in helping the Union financial institutions facing difficulties where those difficulties could menace financial stability of the Union's single financial market. The Fund shall be financed by contributions from those institutions. The contributions may replace those made to national funds of similar nature. 2. Where the accumulated resources from the contributions made by market participants are not sufficient to solve the crisis, the Fund shall have the capacity to increase its resources through debt issuance. Member States may, in exceptional circumstances, facilitate the issuance of debt by the Fund through guarantees, and in exchange for a fee reflecting appropriately the risk assumed. Those guarantees shall be shared by Member States in accordance with the criteria laid down in paragraph 3 3. When, under extreme, exceptional circumstances and in the context of a systemic crisis, one or more institutions fail, and the resources available are insufficient, the affected Member States shall deal with this burden in accordance with the following criteria: the economic impact of the crisis on the affected Member States and the deposits, assets, distribution of those income flows of the affected institutions. 4. The membership in the Fund shall replace the membership in the existing national schemes for the Union financial institutions participating in it. The Fund shall be managed by a Board appointed by the European Supervisory Authority (Securities and Markets) for a period of five years. The members of the Board shall be elected from staff of the national authorities. The Fund shall also create a Consultative Board comprising the financial institutions participating in the Fund.
Amendment 372 #
2009/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. No bilateral agreements concerning delegation to institutions that are identified as significant cross-border financial institutions pursuant to Article 12a shall be entered into.
Amendment 381 #
2009/0143(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the national supervisory authorities concernepursuant to Article 8 to the competent authorities concerned, or adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with Articles 7 to 7d.
Amendment 387 #
2009/0143(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) taking all appropriate measures in situations of financial instability and crisis with a view to facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
Amendment 388 #
2009/0143(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 b (new)
Article 16 – paragraph 2 – point 4 b (new)
(4b) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reports, the Authority will share the information with the competent national authorities.
Amendment 391 #
2009/0143(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European BankingSupervisory Authority (Banking) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets) and the European Supervisory Authority (Joint Committee).
Amendment 394 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
The Authority shall contribute to the representation of the European Union in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 395 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
The Authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in Article 1(2). The Commission shall adopt delegated acts in accordance with Articles 7a to 7d, for the purpose of making assessments of equivalence referred to in this Article.
Amendment 396 #
2009/0143(COD)
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
The Commission shall adopt delegated acts in accordance with Articles 7a to 7d for the purpose of making equivalence assessments referred to in the second paragraph.
Amendment 398 #
2009/0143(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of assessment procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 400 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
The Authority may also request information to be provided at recurring intervals. Those requests shall use common reporting formats to be fulfilled, where appropriate, at a consolidated level.
Amendment 407 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 408 #
2009/0143(COD)
Proposal for a regulation
Article 21 – paragraph 6
Article 21 – paragraph 6
6. In discharging its tasks set out in this regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.
Amendment 413 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityUnion insurance and reinsurance firms as well as occupational pension funds, their employees as well as consumers and users of the insurance, reinsurance and occupational pension services. Not less than 5 of the members shall be independent top-ranking academics. The number of members representing professional market participants including their employees shall not exceed 15. At least 5 of them have to be representatives of the employees.
Amendment 417 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community insurance and reinsurance firms as well as occupational pension fundUnion credit and investment institutions, their employees as well as consumers and, users of the insurance, reinsurance and occupational pension servicebanking services and representatives of SMEs. Not less than 5 of the members shall be independent top- ranking academics. The number of members representing market participants shall not exceed 10. Not less than 10 members shall be elected by SME organisations.
Amendment 429 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3
Article 22 – paragraph 3 – subparagraph 3
The Authority shall ensure adequate secretarial support for the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group. Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 439 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8. Any conflict of interest of members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group has to be disclosed whenever the Stakeholder Group issues opinions and advice.
Amendment 442 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group mayshall submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedwith particular focus on the tasks set out in Articles 7 and 8.
Amendment 454 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 460 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 462 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 472 #
2009/0143(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 478 #
2009/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point f a (new)
Article 25 – paragraph 1 – point f a (new)
(fa) two representatives of the Banking Stakeholder Group, one of them representing the SME, who shall be non- voting.
Amendment 481 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate thean impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the national supervisory authorities which are parties to the disagreement and who shall not have any interest in the conflict.
Amendment 484 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
2a. The Board of Supervisors shall establish an Experts’ Panel comprising a limited number of independent high-level individuals, committed to the objectives of the European Union. The Experts’ Panel shall have the following tasks: (a) to express views on the Authority’s work programme; (b) to assist the Authority in the definition of priorities; (c) to alert the Authority on regulatory inconsistencies in the internal market and suggest areas for further work; and (d) to inform the Authority about major financial market developments. The Authority shall ensure adequate secretarial support for the Experts’ Panel.
Amendment 485 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 b (new)
Article 26 – paragraph 2 b (new)
2b. The members of the Experts’ Panel shall serve for a period of two-and-a-half years, following which a new selection procedure shall take place. The members may serve two successive terms.
Amendment 486 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 c (new)
Article 26 – paragraph 2 c (new)
2c. The Experts’ Panel shall adopt its rules of procedure.
Amendment 499 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 508 #
2009/0143(COD)
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. The Management Board shall, after consulting the Board of Supervisors, adopt the annuala report on the activities of the Authority (Report) on the basis of the draft report referred to in Article 38(7) and shall transmit that re Report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The rReport shall be made public.
Amendment 524 #
2009/0143(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 529 #
2009/0143(COD)
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Amendment 532 #
2009/0143(COD)
Proposal for a regulation
Article 44
Article 44
Amendment 533 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the national supervisory authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 539 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the AuthorityEuropean Parliament from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. It shall include at least one member representing a consumer organisation, one member representing SMEs and one member representing the research community. The latter as well as his alternate shall be appointed by the Insurance, Reinsurance and Occupational Pensions Stakeholder Group.
Amendment 543 #
2009/0143(COD)
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 545 #
2009/0143(COD)
Proposal for a regulation
Article 45
Article 45
Amendment 571 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission shall draft its report taking into account the proposals made by the Insurance, Reinsurance and Occupational Stakeholder Group, the Board of Supervisors, and the Joint Committee. Those proposals shall be annexed to the report published by the Commission. The Commission may also consider the views of other stakeholder groups.
Amendment 572 #
2009/0143(COD)
Proposal for a regulation
Article 66 – paragraph 1 b (new)
Article 66 – paragraph 1 b (new)
1b. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture.
Amendment 102 #
2009/0142(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityEU legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned. It should identify and promulgate best practices regarding delegation and delegation agreements.
Amendment 104 #
2009/0142(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full -time Chairperson, selected by the Board of Supervisors throughEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a short list by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 105 #
2009/0142(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities Joint Committee ("the Joint Committee") and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority ( European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concerned. ) or the European Supervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee should be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Committee should have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information-sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 109 #
2009/0142(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 110 #
2009/0142(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Community institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the legislation referred to in Article 1(2)a consistent application of Union law, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, ensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 112 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not involve strategic decisions and their content shall be delimited by the legislative acts on which they are based.
Amendment 117 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardsCommission shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European Un technical standards in accordance with Articles 7a to 7d, in the form of regulations or decisions.
Amendment 126 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, or from the CommissionEuropean Parliament, the Council, the Commission or the Banking Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 138 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 on its own initiative or following a request by the Authority, the European Parliament, the Council or the Commission.
Amendment 146 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 148 #
2009/0142(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. The Authority shall delegate to the authorities in the Member States the tasks and responsibilities of supervising the prudential supervision of financial institutions with an EU dimension as referred to in Article 12a).
Amendment 152 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 162 #
2009/0142(COD)
Proposal for a regulation
Chapter IV – section 2 – title
Chapter IV – section 2 – title
Amendment 163 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. , in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and development of the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
Amendment 164 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed by personnel on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 165 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular those with an EU dimension; the functioning of Article 23 with regard to safeguards and regulators; supervisory convergence in the fields of crisis management and resolution in the Union and the question whether prudential activities and the conduct of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture
Amendment 177 #
2009/0142(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The European System of Financial Supervisorsion should be a network of national and CommunityEuropean Union supervisory authorities, leaving day-to-day supervision of financial institutions at the national level, and according a central role in the supervision ofthat have not EU dimension to at the national level. Colleges of Supervisors shall exert supervision of institutions operating as cross- border groups to colleges of supervisorss that have not EU dimension. The Authority shall gradually take over supervision of institutions with European Union dimension. Greater harmonisation and the coherent application of rules for financial institutions and markets across the Community should also be achieved. A European Banking Authority should be established, along with a European Supervisory Authority (Insurance and Occupational Pensions Authority) and a European Securities and Markets Authority (the European Supervisory Authorities). upervisory Authority (Securities and Markets) as well as a European Supervisory Authority (Joint Committee). The European Systemic Risk Board shall form part of a European System of Financial Supervision.
Amendment 180 #
2009/0142(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The European Banking Authority (“the Authority”) should act with a view to improving the functioning of the internal market, including in particular by ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States to prevent regulatory arbitrage and guarantee a level playing field, to protect depositors and investors, to ensure the integrity, efficiency and orderly functioning of financial markets, to safeguard the stability of the financial system, and to strengthen international supervisory coordination, for the benefit of the economy at large, including financial institutions and other stakeholders, consumers and employewhile taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, including financial institutions and other stakeholders, consumers and employees. Its tasks also include promoting supervisory convergence and providing advice to the EU institutions in the areas of banking, payments, e-money regulation and supervision, and related corporate governance, auditing and financial reporting issues. In order to be able to fulfil its objectives, it is necessary and appropriate that the Authority should be a Community body having legal personality and it should have legal, administrative and financial autonomy.
Amendment 235 #
2009/0142(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of the Authority or in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant Community legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned.
Amendment 238 #
2009/0142(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro- prudential level, across borders and across sectors. The Authority should monitor and assess such developments in the area of its competence and, where necessary, inform the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the European Systemic Risk Board on a regular and, as necessary, ad hoc basis. The Authority should also coordinate Community-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests. In order to inform the discharge of its functions, the Authority should undertake economic analysis of markets and the impact of potential market developments on them.
Amendment 244 #
2009/0142(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Close cooperation between the Authority and the European Systemic Risk Board is essential to give full effectiveness to the functioning of the European Systemic Risk Board and the follow-up to its warnings and recommendations. The Authority and the European Systemic Risk Board should share any relevant information with the European Systemic Risk Board. Data related to individual undertakings should be provided only upon reasoned request. Upon receipt of warnings or recommendations addressed by the European Systemic Risk Board to the Authority or a national supervisory authority, the Authority should ensure follow-up as appropriate.
Amendment 247 #
2009/0142(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. Before adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact study. For reasons of efficiency, a Banking Stakeholder Group should be established for that purpose, representing in balanced proportions Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees,rade unions, academics and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Communityby EU legislation.
Amendment 252 #
2009/0142(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33a) Non-profit organisations in comparison to well funded and well connected industry representatives, are marginalised in the debate on the future of financial services and in the corresponding decision making process. This disadvantage has to be compensated by adequate funding of their representatives in the Banking Stakeholder group.
Amendment 257 #
2009/0142(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Without prejudice to the particular responsibilities of the Member States in crisis situations should a Member State choose to invoke the safeguard the European Parliament should be informed at the same time as the Authority, the Council and the Commission. Furthermore the Member State should explain its reasons for invoking the safeguard. The Authority should, in cooperation with the Commission, set out the next steps to be taken.
Amendment 258 #
2009/0142(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competitEuropean Parliament following an open competition managed by the Commission and the subsequent drawing up of a short list by the Commission, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 263 #
2009/0142(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities (Joint Committee) (“the Joint Committee”) and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on Fshould coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority (European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concerned. ) or the European Supervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Committee will be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Committee will have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 284 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 290 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 296 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 300 #
2009/0142(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 313 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in LondonFrankfurt.
Amendment 314 #
2009/0142(COD)
Proposal for a regulation
Article 5
Article 5
The Authority shall have its seat in London[Frankfurt].
Amendment 357 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out into complete, update and modify elements that are not essential to the legislationve acts referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not imply strategic decisions and its content shall be delimited by the legislative acts on which they are based.
Amendment 389 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standardCommission shall adopt technical standards in accordance with Articles 7a to 7d. Those acts shall be adopted by the Commission by meansin the form of Rregulations or Ddecisions and published in the Official Journal of the European Union.
Amendment 398 #
2009/0142(COD)
Proposal for a regulation
Article 7 d(new)
Article 7 d(new)
Article 7d Non-endorsement or amendment of the draft delegated acts 1. In the event that the Commission does not endorse the draft delegated acts or amends them, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. The European Parliament or Council may convene the responsible Commissioner, together with the Chairman of the Authority, within one month for an ad hoc meeting of the competent committee of the European Parliament or Council to present and explain their differences.
Amendment 417 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, from the Commission, from the European Parliament, the Council or the Banking Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect application of CommunityUnion law.
Amendment 467 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the CommissionESRB has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutionmarket participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 479 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
Where the addressee of the decision refuses to comply with Union law or a specific decision taken by the Authority, the Authority may issue proceedings in the national courts, including applications for interim relief.
Amendment 484 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The ESRB shall review the decision referred to in paragraph 1 upon its own initiative or following a request by the Authority, the Council, the European Parliament, or the Commission.
Amendment 505 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 516 #
2009/0142(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a The Authority shall delegate on the authorities in the Member States the tasks and responsibilities to supervise the prudential supervision of financial institutions with EU dimension as referred to in article 12a.
Amendment 533 #
2009/0142(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4a) acting as the central recipient of regulatory reporting for institutions active in more than one Member Sates. Upon receipt of the reporting, the Authority will share the information with the competent national authorities.
Amendment 536 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (Insurance and Occupational Pensions Authority), the European Supervisory Authority (Securities and Markets Authority), the ESRB and the European Parliament, the Council and the Commission about the relevant micro- prudential trends, potential risks and vulnerabilities.
Amendment 542 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority and the European Supervisory Authority (Joint Committee).
Amendment 554 #
2009/0142(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. On the basis of Joint Guidelines, the Authority may conduct the change of control procedure under Directive 2007/44/EC. Upon receipt of the notification, the Authority will coordinate with the relevant national authorities.
Amendment 575 #
2009/0142(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority may provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 581 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Banking Stakeholder Group shall be established. The Stakeholder Group shall be consulted on all relevant decisions and actions of the authority. If case of urgency immediate consultation is impossible, the Stakeholder Group has to be informed about the decision as quick as possible.
Amendment 599 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3 a (new)
Article 22 – paragraph 3 – subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group representing non-profit organisations.
Amendment 607 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority with particular focus on the tasks set out in specified in Articles 7 and 8.
Amendment 614 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any waydirectly in a significant manner on the fiscal responsibilities of Member States.
Amendment 631 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, wi shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its member not taking into account the vote of the member of the Council representing the Member State concerned no later thian two months, decide whether the Authority's decision is maintained or revok after the Authority has informed the Member State as set out in the fourth subparagraph. A qualified majority shall be defined as at least 55% of the members of the Council excluding the Member State concerned, comprising at least fourteen of them representing Member States comprising at least 65% of the population of the Union excluding the population of the Member State concerned.
Amendment 643 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 205 of the Treatyparagraph 2 subparagraph 5, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 649 #
2009/0142(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 675 #
2009/0142(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.
Amendment 706 #
2009/0142(COD)
Proposal for a regulation
Article 35 – paragraph 1 a (new)
Article 35 – paragraph 1 a (new)
1a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information on, in particular, the availability, amount and cost of banking credit to households and SMEs, and the volume and changes therein of public debt owned by credit institutions, and information detailing the scope of the interaction between the Authority and the European Systemic Risk Board and a response where relevant to opinions and reviews issued by the Banking Stakeholder Group. It shall also include any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 719 #
2009/0142(COD)
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 722 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby established(Joint Committee) ("the Joint Committee") is hereby established and shall have its headquarters in Frankfurt.
Amendment 726 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and developing the relationship between the European Systemic Risk Board and the European Supervisory Authorities.
Amendment 730 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 732 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall behave a board composed of the Chairperson and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authoritys of the European Supervisory Authorities, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 735 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Board of the Joint Committee of European Supervisory Authorities as well as the Sub- Committees mentioned in Article 43 as observers.
Amendment 738 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 740 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 1
Article 41 – paragraph 4 – subparagraph 1
4. The Joint Committee of European Supervisory Authorities shall adopt and publish its own rules of procedure. The rules may specify further participants of the meetings of the Joint Committee.
Amendment 741 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 2
Article 41 – paragraph 4 – subparagraph 2
The Board of the Joint Committee of European Supervisory Authorities shall meet at least once every two months.
Amendment 744 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
For the purposes of Article 42, a Sub- Committee on Financial Conglomerates to the Joint Committee of European Supervisory Authorities shall be established.
Amendment 745 #
2009/0142(COD)
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
The Sub-Committee shall elect a Chairperson from amongst its members, who shall also be a member of the Joint Committee of European Supervisory Authorities.
Amendment 748 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals with relevant knowledge and experience, excluding current staff of the competent authorities or other national or CommunityEU institutions or financial institutions involved in the activities of the Authority, of high repute with a proven record of relevant knowledge and professional expertise, including supervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice on the Authority's exercise of its powers.
Amendment 760 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 797 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 a (new)
Article 66 – paragraph 1 a (new)
1a. The Commission's report shall evaluate inter alia: the degree of convergence in supervisory standard practices reached by national authorities; the functioning of the colleges of supervisors; the supervision mechanism of cross-border institutions, in particular the ones with an EU dimension; the functioning of Article 23 on safeguarding and regulator; supervisory convergence in the fields of crisis management and resolution in the Union and whether prudential and conducts of business should be combined or separated. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture
Amendment 38 #
2009/0140(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled "European Financial Supervision" of 27 May 2009, the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro-prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission's intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Central Banks and supervisors”. The support provided to the ESRB by the ECB and the tasks assigned to the ESRB must be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 50 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn request by the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 52 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Amendment 89 #
2009/0140(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 114 #
2009/0140(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 159 #
2009/0140(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 192 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
2009/0140(COD)
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 221 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union, the ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 15 #
2009/0096(COD)
Proposal for a decision
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(c) micro-enterprises in the social economy which employ persons who have lost their job or which employ disadvantaged persons, including the young and persons who suffer from extreme poverty or social exclusion.
Amendment 337 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 1 b (new)
Article 2 – paragraph 1 b (new)
1b. Articles 31 to 33 shall not apply to the marketing of shares or units of AIF that are subject to a current offer to the public under a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 1 OJ L 345, 31.12.2003, p. 64..
Amendment 518 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. An AIFM may apply for authorisation under this Directive in order to market in the Union, in accordance with this Directive, AIF which were established before the deadline for the transposition of this Directive, subject to the provision to competent authorities of the information referred to in Articles 31 and 33 and to investors of the information referred to in Article 20.
Amendment 594 #
2009/0064(COD)
Proposal for a directive
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
In the case of internally managed AIF whose shares are admitted to trading on a regulated market, information on changes concerning AIFM shareholders with a qualifying holding will have to be notified to the competent authorities before implementation only when those shareholders are, or request to be, represented at the board of the AIF or otherwise exert, or attempt to exert, control or influence on the board or management of the AIF.
Amendment 678 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.,02 % of the amount by which the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million.
Amendment 685 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. Notwithstanding paragraph 4, AIF portfolios meeting the following criteria shall be excluded from the calculation of the value of the portfolios of the AIFM, namely those that; (i) are not leveraged; (ii) have no redemption rights exercisable during a period of five years following the date of constitution of each AIF; and (iii) in accordance with their investment strategy and objectives, make investments and divestments infrequently. The Member States shall require that the initial capital of AIFM only managing AIF which fulfil the conditions set out in the first subparagraph is at least EUR 50 000.
Amendment 782 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1 a (new)
Article 16 – paragraph 4 – subparagraph 1 a (new)
However, in the case of internally managed AIF whose shares are admitted to trading on a regulated market in the European Union, the rules applicable to the valuation of assets, the preparation of accounts and, in general, any other transparency requirements will be those applicable to companies whose securities are admitted to trading on a regulated market.
Amendment 786 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. This Article shall not apply in respect of AIF which are private equity funds.
Amendment 847 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. An AIFM shall not, provided that the conditions as stated below are met, be required to appoint a depositary in respect of an AIF which has no redemption rights exercisable during a period of five years from the date of constitution of the AIF and which according to its investment strategy and objectives, makes investments and divestments on a non-frequent basis. The conditions referred to above are that: (a) the AIFM complies with the provisions of Articles 16 to 18 of Commission Directive 2006/73/EC implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investmente firms and defined terms for the purposes of that Directive 1 for the purposes of safeguarding the rights of AIF they manage and, where applicable, investors to financial instruments and funds belonging to them; and (b) the independent auditors of the AIF report their to the competent authorities of the home Member State on an annual basis as to whether: (i) payments made by investors on subscription of shares or units have been correctly booked; (ii) the AIFM has maintained systems adequate to enable to comply with the provisions referred to in Article 10 throughout the period since the last report and that the AIFM was in compliance with those provisions at the date of the report; (iii) the AIFM is able to demonstrate that the financial instruments which are reported to investors as held by or for the AIF are so held. 1 OJ L 241, 2.9.2006, p. 26.
Amendment 974 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 b (new)
Article 17 – paragraph 5 b (new)
5b. Internally-managed AIF with legal personality which do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on a regulated market in the European Union may be exempted from the application of this article by the competent authority of the Member State where they have their registered office, provided the AIF´s ownership of all its assets is subject to appropriate systems of control and is verified by an independent auditor at least annually.
Amendment 1310 #
2009/0064(COD)
Proposal for a directive
Article 27
Article 27
Amendment 1334 #
2009/0064(COD)
Proposal for a directive
Article 28
Article 28
Amendment 1389 #
2009/0064(COD)
Proposal for a directive
Article 29
Article 29
Amendment 1426 #
2009/0064(COD)
Proposal for a directive
Article 30
Article 30
Amendment 1510 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.
Amendment 1558 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 –introductory part
Article 39 – paragraph 1 –introductory part
1. Member States mayshall authorise, in accordance with this Directive, AIFM established in a third country to market units or shares of an AIF to professional investors in the CommunityUnion under the conditions of this Directive, provided that:
Amendment 1562 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the AIFM is subject to authorisation or registration in the third country in which it is established and that third country is the subject of a decision taken pursuant to paragraph 3 (a) stating that its legislation regarding prudential regulation and on- going supervision is reasonably equivalent to the provisions of this Directive and is effectively enforced;
Amendment 1563 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 1570 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) the supervisor authority of the AIFM in the third country is a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange Of Information or a cooperation-agreement between the competent authorities of that Member State and the supervisor of the AIFM exists which ensures an efficient exchange of all information that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active.;
Amendment 1575 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
(e) the third country has signed an agreement with the Member State in which it applies for authorisation which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters.;
Amendment 1579 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point a
Article 39 – paragraph 2 – point a
(a) general reasonable equivalence criteria for the equivalence and effective enforcement of third country legislation on prudential regulation and on-going supervision, based on the requirements laid down in Chapters III, IV and V. taking into consideration any international standards directly relating to the relevant type of AIFM or to the AIF that it manages which are issued by IOSCO or another international organisation in which the competent authority, the Member State, the Commission or the ESMA is a participant; the type and level of regulation and supervision may vary, in particular in accordance with the different types, size, or complexity of AIF and AIFM.
Amendment 1580 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 2 – point b
Article 39 – paragraph 2 – point b
Amendment 1587 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point a
Article 39 – paragraph 3 – point a
(a) that the legislation on prudential regulation and ongoing supervision of AIFM in a third country is reasonably equivalent to this Directive in accordance with the size, type or complexity of the AIFM or AIF and effectively enforced;
Amendment 1588 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 – point b
Article 39 – paragraph 3 – point b
Amendment 1590 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 3 a (new)
Article 39 – paragraph 3 a (new)
3a. The Member State that grants such authorisation to an AIFM established in a third country shall be deemed to be the home Member State of the AIFM for the purposes of this Directive. The authorisation shall be valid for all Member States in relation to the marketing of units or shares in AIF, and a third-country AIFM which has been authorised by a Member State under this Article shall have the same rights and be subject to the obligations set out in Articles 16 and 17 of Chapter III and in Chapters IV, V and VI in relation to such marketing as an AIFM which is authorised under Chapter II of this Directive.
Amendment 1640 #
2009/0064(COD)
Proposal for a directive – amending act
Article 51
Article 51
AIFM operatingestablished in the Community before [the deadline for the transposition of...* shall adopt all necessary measures to comply with this Directive] and shall adopt all necessary measusubmit an application for authorisation by ...**. AIFM shall not be requiresd to comply with this Directive and shallor submit an application for authorisation within one year of the deadline for the transposition of this Directivein order to provide management services in respect of AIF established by ...*. * OJ: please insert date: date referred to in Article 54. ** OJ: please insert date: three years from the date referred to in Article 54.
Amendment 2 #
2008/2231(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the importance of maintaining coherent institutions and avoiding any duplication thereof, and stresses that the Barcelona Process: - Union for the Mediterranean (BP-UfM) should be included within the Union’s institutional framework; considers that setting up an autonomous institutional structure could only damage the effectiveness of the process;
Amendment 4 #
2008/2231(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Supports the principle of co-presidency and, on the assumption that the Treaty of Lisbon will enter into force, considers that it should be consistent with the resulting institutional framework; considers that the biannual summit, the Joint Permanent Committee and the meetings of senior officials are useful tools for injecting greater efficiency and transparency into the Process;
Amendment 6 #
2008/2231(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the need for the Euro- Mediterranean Parliamentary Assembly (EMPA) to be given an enhanced role in the process and supports the EMPA Bureau, which in a statement issued on 12 July 2008 called for that Assembly - as a legitimate parliamentary body - to become an integral part of the Barcelona Process: - Union for the Mediterranean (BP-UfM);
Amendment 7 #
2008/2231(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Supports the demands made by the President of the European Parliament, who called in his speech to the Summit meeting in Paris on 13 July 2008 for the EMPA to be given the right to make proposals, to exercise democratic control and to monitor and regularly assess the progress of projects; also supports the proposal for a legal basis for the EMPA in the terms set out by the President of the European Parliament in his letter to the President of the Council of the Union, dated 2 September 2008;
Amendment 8 #
2008/2231(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls for the EMPA to be closely involved in preparations for the biannual summit meetings of Heads of State and the annual meetings of the Foreign Ministers of the countries which are members of the Barcelona Process: - Union for the Mediterranean (BP-UfM);
Amendment 11 #
2008/2231(INI)
Draft opinion
Paragraph 7 – introductory part
Paragraph 7 – introductory part
7. Considers it essential for the EMPA to be strengthened as the parliamentary dimension of the Barcelona Process: - Union for the Mediterranean (BP-UfM); considers:
Amendment 12 #
2008/2231(INI)
Draft opinion
Paragraph 7 – indent 1
Paragraph 7 – indent 1
Amendment 14 #
2008/2231(INI)
Draft opinion
Paragraph 7 – indent 4
Paragraph 7 – indent 4
– that it should be mandatory for the EMPA to be consulted for its opinion on the main points and projects relating to the Barcelona Process: - Union for the Mediterranean (BP-UfM);
Amendment 19 #
2008/2231(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Considers that the secretariat of the Barcelona Process: - Union for the Mediterranean (BP-UfM) should be integrated into the departments of the Commission and that its seat must be selected by reference to the Barcelona Process acquis, to criteria based on operational effectiveness and to the host country’s compliance with democratic values and financial capacity, as well as to the political, financial and social support offered by the national, regional and local authorities concerned;
Amendment 22 #
2008/2231(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Considers that the secretariat of the Barcelona Process: - Union for the Mediterranean (BP-UfM) must be tasked to draw up and manage projects as well as to coordinate the process;
Amendment 25 #
2008/2231(INI)
Draft opinion
Paragraph 10
Paragraph 10
10. Calls for the drawing up of an institutional framework for the Barcelona Process: - Union for the Mediterranean (BP-UfM) to be the subject of extensive consultation and far-reaching discussion involving all the stake-holders involved in the process, in order to ensure that it is based on broad consensus and takes all sensitivities into account; advocates full and effective integration of civil society into that process.
Amendment 20 #
2008/2067(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses that, besides dialogue with civil society, an open, transparent and regular dialogue of the Union with Churches and religious communities, as foreseen by the Treaty of Lisbon, is also necessary;
Amendment 8 #
2008/2034(INI)
Motion for a resolution
Recital E
Recital E
E. Whereas 19 million children are at risk of poverty, and many of them are separated from their family because of the family’s poverty,
Amendment 9 #
2008/2034(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. Whereas extreme poverty and social exclusion constitute a violation of all human rights,
Amendment 30 #
2008/2034(INI)
Motion for a resolution
Paragraph 2 – point d
Paragraph 2 – point d
(d) Gender mainstreaming, anti- discrimination and active participation: Active inclusion policies must ensure the promotion of gender equality and contribute to the elimination of discrimination in all three pillars mentioned above; good governance, participation and integration of all relevant actors must be promoted by directly involving those affected by poverty and social exclusion, as well as social partners and non-governmental organisations,active participation: good governance must be promoted, as well as participation by all relevant actors, such as social partners and non- governmental organisations and particularly people living in situations of extreme poverty, by creating opportunities for dialogue with them so that they can contribute what they have learned from their experience of life and thus assist in the development, management, implementation and evaluation of strategies;
Amendment 83 #
2008/2034(INI)
Motion for a resolution
Paragraph 10 – point (b)
Paragraph 10 – point (b)
(b) ensuring that children grow up in families with sufficient resources to meet all aspects of their emotional, social, physical and cognitive needs; providing essential support for parents living in extreme poverty, so that they can acquire the resources to fulfil their parental responsibilities;
Amendment 111 #
2008/2034(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Urges the Member States to reduce child poverty by 50 % by 2012 as a first commitment towards the eradication of child poverty in the EU; considers that the indicators to establish this reduction should take account of children from families living in extreme poverty;
Amendment 127 #
2008/2034(INI)
Motion for a resolution
Paragraph 14 – introductory part
Paragraph 14 – introductory part
14. Considers that for the most disadvantaged groups, active inclusion in the labour market is often a three-stage proces, the most disadvantaged groups need measures:
Amendment 128 #
2008/2034(INI)
Motion for a resolution
Paragraph 14 – point (i)
Paragraph 14 – point (i)
(i) supporting personal development, social integration and inclusion before employment;
Amendment 19 #
2007/2145(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the setting-up of the Agency, which represents a first step towards meeting Parliament’s calls for the establishment of an integrated regulatory and institutional framework designed to put the Charter into effect and guarantee consistency with the system established by the European Convention for the Protection of Human Rights and Fundamental Freedoms; points out, however, that the annual reports on human rights drawn up by the European Network of Independent Experts in Fundamental Rights, published until 2005, scrutinised the application of all the rights recognised by the Charter in each Member State, and is concerned, therefore, at the fact that the Agency’s limited remit and the dissolution of the Network may exclude from systematic scrutiny a series of important areas of human rights policy in Europe, in particular anti-terrorist policies, mistreatment and the use of force by the police, the right to a fair hearing, violence against women and trafficking in human beings, respect for private and family life, extreme poverty and social exclusion;
Amendment 185 #
2007/2145(INI)
Motion for a resolution
Paragraph 102
Paragraph 102
102. Recalls that almost 20% of children in the EU live beneath the poverty threshold and that the most vulnerable of them come from single-parent families and/or have parents who were born abroad; stresses in consequence that appropriate assistance measuremeasures to give access to rights, centred around the needs of the child, must be taken, including support measures for families, and calls on the Member States, particularly those with the highest levels of poverty, to adopt ambitious, achievable targets for reducing child poverty and that of their families;
Amendment 187 #
2007/2145(INI)
Motion for a resolution
Paragraph 103
Paragraph 103
103. Calls on the Commission to make efforts to incorporate all the various strategies specifically relating to child poverty and that of their families, youth unemployment and social inclusion of minorities in all the relevant development policies, including the Strategy Documents on poverty reduction and the indicative programmes;
Amendment 188 #
2007/2145(INI)
Motion for a resolution
Paragraph 104
Paragraph 104
104. Asks the Commission and the Member States to pay particular attention to the various forms of discrimination affecting children, which often take multiple forms and are experienced in particular by children living in poverty, street children from ethnic minorities and migrant groups, as well as children with disabilities, and lead to their being debarred from education and healthcare;
Amendment 191 #
2007/2145(INI)
Motion for a resolution
Paragraph 110
Paragraph 110
110. Calls on the Member States to take action to guarantee the right of children to a family and to act accordingly to find effective solutions to prevent separation of parents and children and abandonment of children; calls on them to move away from the policy of large institutions and instead to reform, develop and reinforce effective alternative child-care structures based on the family and the community; in the event of placement, asks the Member States for the means to enable children to return to their families; calls on the Commission to study and propose a common definition of international adoption and an EU policy in this area;
Amendment 193 #
2007/2145(INI)
Motion for a resolution
Paragraph 116
Paragraph 116
116. Takes the view that poverty and social exclusion can only be combated by guaranteeing theall the fundamental rights, including economic and social rights, of everyone; approves in this context the decision to make 2010 the European Year for Combating Poverty and Social Exclusion; calls on the Commission and the Member States to agree on and pursue ambitious objectives in this area;
Amendment 194 #
2007/2145(INI)
Motion for a resolution
Paragraph 117
Paragraph 117
117. Stresses that there is a set of indivisible, interdependent fundamental rights to which all human beings must be guaranteed genuine access;
Amendment 198 #
2007/2145(INI)
Motion for a resolution
Paragraph 118 a (new)
Paragraph 118 a (new)
118a. Stresses that Article 30 of the revised European Social Charter enshrines the right to protection from poverty and social exclusion, and calls on the Member States to ratify it;
Amendment 199 #
2007/2145(INI)
Motion for a resolution
Paragraph 119 a (new)
Paragraph 119 a (new)
119a. Stresses that extreme poverty and social exclusion constitute a violation of fundamental rights as a whole;
Amendment 200 #
2007/2145(INI)
Motion for a resolution
Paragraph 120
Paragraph 120
120. Hopes for genuine integration of the social dimension and fundamental rights into all EU policies;
Amendment 218 #
2007/2145(INI)
Motion for a resolution
Paragraph 130
Paragraph 130
130. Recognises that the minimum wage is very low or beneath subsistence level in many Member States, and therefore hopes that a methodology for setting the national minimum wage will be put in place at European level in order to guarantee that all workers in the EU are paid a wage that covers their basic needsallows them to live a dignified life;
Amendment 88 #
2007/2124(REG)
Parliament's Rules of Procedure
Rule 10 a (new) (*)
Rule 10 a (new) (*)
Article 10 a (*) Further to the relevant European Council Declaration of December 2008, once the Treaty of Lisbon enters into force, the 18 additional Members resulting from the difference between arrangements specified for the 2009 European elections and those specified in the Declarations annexed to the Final Act of the 2007 Intergovernmental Conference shall enter the European Parliament with observer status. These observer MEPs shall enjoy all prerogatives accorded to Members of the European Parliament once primary European Union law has been amended as indicated in the European Council Declaration of December 2008. The appointment of observer MEPs shall be the responsibility of each Member State concerned in accordance with its electoral law and shall be adopted within 30 calendar days of the publication of the Treaty of Lisbon in the Official Journal of the European Union.
Amendment 91 #
2007/2124(REG)
Parliament's Rules of Procedure
Rule 30 a (new)
Rule 30 a (new)
Rule 30a Intergroups Individual members may form Intergroups, which can play an important informal role in promoting exchanges of views on specific issues across different political groups, drawing on Members of different parliamentary committees, and promoting contact between Members and civil society. Intergroups may not engage in any activities which might result in confusion with the official activities of Parliament or of its bodies. Provided that the conditions laid down in the Rules governing the establishment of Intergroups, as adopted by the Bureau, are respected, the political groups shall facilitate the activities of the Intergroups by providing them with logistical support.
Amendment 183 #
2007/2124(REG)
Parliament's Rules of Procedure
Rule 11 – paragraph 1
Rule 11 – paragraph 1
1. At the sitting provided for under Rule 127(2), and at any other sitting held for the purpose of electing the President and the Bureau, the oldest Member present, or, where appropriate, the Member designated by the Conference of Presidents, shall take the Chair until the President has been elected.
Amendment 81 #
2007/0278(COD)
Proposal for a decision
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
a) Recognition — Rights — As part of respect for fundamental rights, recognising the right of people in a situation of poverty and social exclusion to live in dignity and to play a full part in society. The European Year shall help in acimproving knowledginge of the situation of people experiencing poverty, by giving particular attention to vulnerable groups and promoting their effective access to social, economic and cultural rights as well as to resources and services and shall help in combating stereotypes and stigmatisation;
Amendment 113 #
2007/0278(COD)
Proposal for a decision
Annex – part I – paragraph 3 – indent 1 a (new)
Annex – part I – paragraph 3 – indent 1 a (new)
• Promotion of completion by the European Union Agency for Fundamental Rights of a study on attacks on fundamental rights that are the result of situations of serious poverty;
Amendment 117 #
2007/0278(COD)
Proposal for a decision
Annex – part IV – paragraph 2 – indent 1
Annex – part IV – paragraph 2 – indent 1
• fighting child poverty and, the intergenerational transmission of poverty and family poverty by devising appropriate policies, giving special attention to large and single-parent families;