[ParlTrack]

Proposal for a regulation
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The European Parliament rejects the Commission proposal.

2018/11/20
Committee: ECON

Proposal for a regulation
Recital 1 a (new)

(1a) As there are risks in everything, the fiction of regulatory zero risk weight does not conform to reality. At the same time, zero risk weight has created a regulatory privilege for sovereign bonds and is the major reason that there is a nexus between banks and sovereigns in the first place. Artificially creating SBBS as yet another privileged asset will neither weaken nor break the nexus, but enhance it.

2018/11/20
Committee: ECON

Jörg MEUTHEN

Proposal for a regulation
Recital 1 b (new)

(1b) A competitive and sustainable financial industry that aims to serve its customers can only be created by abolishing regulatory privileges, which in fact have the same effect as subsidies. The idea of the rule of law demands equal treatment, a level playing field, and ending regulatory privilege that favours big corporates.

2018/11/20
Committee: ECON

Jörg MEUTHEN

Proposal for a regulation
Article 22

Directive 2009/138/EC
Article 104 – paragraph 8

Article 22 Amendment to Directive 2009/138/EC In Article 104 of Directive 2009/138/EC, the following paragraph 8 is added: (8) For the purposes of the calculation of the Basic Solvency Capital Requirement, exposures to sovereign bond-backed securities as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted] shall be treated as exposures to Member States' central governments or central banks denominated and funded in their domestic currency. By [6 months from date of entry into force of SBBS Regulation], Member States shall adopt, publish and communicate to the Commission and ESMA measures necessary to comply with the first subparagraph.deleted

2018/11/20
Committee: ECON

Jörg MEUTHEN

Proposal for a regulation
Article 23

Regulation (EU) No 575/2013
Articles 268, 325 and 390

Article 23 Amendments to Regulation EU No 575/2013 Regulation (EU) No 575/2013 is amended as follows: 1. in Article 268 , the following paragraph 5 is added: ‘(5) By way of derogation from the first paragraph, sovereign bond-backed securities as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted] may always be treated in accordance with the first paragraph of this Article.’; ‘(4) For the purpose of this Title, institutions shall treat exposures in the form of sovereign bond-backed securities as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted] as exposures to the central government of a Member State.’; ‘The first subparagraph shall apply to exposures to sovereign bond-backed securities as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted].’deleted

2018/11/20
Committee: ECON

Jörg MEUTHEN

Proposal for a regulation
Article 24

Directive (EU) 2016/2341
Article 18a

Article 24 Amendment to Directive (EU) 2016/2341 In Directive (EU) 2016/2341, the following Article 18a is inserted: ‘Article 18a Sovereign-Bond Backed Securities (1) In their national rules regarding the valuation of assets of IORPs, the calculation of own funds of IORPs, and the calculation of a solvency margin for IORPs, Member States shall treat sovereign-bond backed securities, as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted], in the same way as euro area sovereign debt instruments. (2) By [6 months from date of entry into force of the SBBS Regulation], Member States shall adopt, publish and communicate to the Commission and ESMA measures necessary to comply with paragraph 1.’.deleted

2018/11/20
Committee: ECON

6 Amendments of Jörg MEUTHEN related to 2018/0171(COD)

ParlTrack - 2011-2024