19 Amendments of Markus FERBER related to 2014/0020(COD)
Amendment 98 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) The financial crisis and its aftermath have led to a significant shortfall of investments in the European economy. This shortfall is estimated to be between EUR 400 and 700 billion. Any new legislation in the financial sector must take this investment shortfall duly into account and must not compromise any further the ability of the financial sector to invest into the real economy.
Amendment 103 #
Proposal for a regulation
Recital 4
Recital 4
(4) The on-going banking regulatory reform agenda will significantly increase the resilience of both individual banks and the banking sector as a whole. However, a limited subset of the largest and most complex Union banking groups still remain too-big-to-fail, too-big-to-save and too-complex to manage, supervise and resolve. Structural reform is therefore an important complement to other regulatory initiatives and measures, as it would offer one way of more directly addressing intra- group complexity, intra-group subsidies, and excessive risk-taking incentives. A number of Member States have adopted or are considering adopting measures to introduce structural reform in their respective banking syst by introducing a range of directives and regulations such as EMIR, CRDIV, MiFID, BRRD and the Banking Union all addressing the too-big-to-fail problems.
Amendment 107 #
Proposal for a regulation
Recital 9
Recital 9
(9) Harmonisation at Union level can ensure that Union banking groups, many of which operate in several Member States, are regulated by a common framework of structural requirements thereby avoiding competitive distortions, reducing regulatory complexity, avoiding unwarranted compliance costs for cross- border activities, promoting further integration in the Union market place and contributing to the elimination of regulatory arbitrage opportunities. However, in this context, any harmonisation efforts at Union level must respect and be compatible with the specific characteristics of the national banking systems wherever possible.
Amendment 121 #
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States or the competent authorities may decide to impose similar measures also on smaller credit institutions in the framework of Directive 2014/59/EU (BRRD) in order to guarantee their potential resolvability.
Amendment 245 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activitirelated risk exposures amounting at least to EUR 70 billion or 150 per cent of its total assets: the sum of its own funds and of its total eligible liabilities for bail-in requirements as defined in Article 45(4) of Directive 2014/59/EU [BRRD] and has eligible Deposits as defined in Directive 2014/49/EU [DGS] more than 3 % of its balance sheet total.
Amendment 282 #
Proposal for a regulation
Article 5 – paragraph 1 – point 12
Article 5 – paragraph 1 – point 12
12. ‘'market making’' means a financial institution's commitment to provide market liquidity on a regular and on-going basis, by posting two-way quotes with regard to a certain financial instrument, or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade, but in both cases without being exposed to material market riskactivity as defined in Art. 4 (7) of Directive 2014/65/EU;
Amendment 288 #
Proposal for a regulation
Article 5 – paragraph 1 – point 16
Article 5 – paragraph 1 – point 16
16. ‘core credit institution’ means a credit institution that at the minimum takes deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/ECretail deposits as defined in Article 411(2) of Regulation (EU) No 575/20133 3; __________________ 33Directive 94/19/ECRegulation (EU) No 575/2013 of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes, OJ L 135, 31.05.199426 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, OJ L 176, 27.06.2013 pages 00051 to 0014. 337.
Amendment 296 #
Proposal for a regulation
Article 5 – paragraph 1 – point 22 a (new)
Article 5 – paragraph 1 – point 22 a (new)
22 a. "trading activities" means market making, investments in and acting as a sponsor for securitisation, and trading in derivatives and does not comprise any activities related to the management of liquidity, interest rate, currency and credit risk;
Amendment 309 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point i
Article 6 – paragraph 1 – point b – point i
(i) acquire or retain units or shares of AIFs as defined bywhich are considerably leveraged, meaning to exceed the marginal value of the global exposure relating to the use of derivative instruments of Article 4(1)(a51 (3) of Directive 201109/615/EUC;
Amendment 313 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point ii
Article 6 – paragraph 1 – point b – point ii
(ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of AIFs which are considerably leveraged, meaning to exceed the marginal value of the global exposure relating to the use of derivative instruments of Article 51 (3) of Directive 2009/65/EC;
Amendment 317 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
Article 6 – paragraph 1 – point b – point iii
(iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs. which are considerably leveraged, meaning to exceed the marginal value of the global exposure relating to the use of derivative instruments of Article 51 (3) of Directive 2009/65/EC;
Amendment 333 #
Proposal for a regulation
Article 6 – paragraph 2 – point ba (new)
Article 6 – paragraph 2 – point ba (new)
(ba) activities for the purpose of management of liquidity, interest rate, currency and credit risk of a network of institutions belonging to the same IPS in the meaning of Art. 113 (7) Regulation (EU) No. 575/2013.
Amendment 339 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to UCITS, closed-ended and unleveraged AIFs as defined in Directive 2011/61/EU or AIFs which are not considerably leveraged, meaning not to exceed the marginal value of the global exposure relating to the use of derivatives of Article 51 (3) of Directive 2009/65/EC where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU , to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].
Amendment 383 #
Proposal for a regulation
Article 8 – paragraph 1 – point i a (new)
Article 8 – paragraph 1 – point i a (new)
(i a) activities for the purpose of management of liquidity, interest rate, currency and credit risk of a network of institutions belonging to the same IPS in the meaning of Art. 113 (7) Regulation (EU) No. 575/2013 (CRR).
Amendment 389 #
Proposal for a regulation
Article 8 – paragraph 1 – point i b (new)
Article 8 – paragraph 1 – point i b (new)
(i b) assets purchased by the institutions in order to fulfil the requirements of the Liquidity Coverage Ratio as outlined in Regulation 575/2013/EU and Delegated Regulation 2015/61;
Amendment 422 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 (new)
Article 9 – paragraph 1 – subparagraph 1 (new)
Paragraph 1(a) shall not apply to a core credit institution which does not engage in the regulated activity of dealing in investments as principal and holding trading assets, with the exceptions of risk mitigating activities for the purpose of prudently managing its capital, liquidity and funding and of providing limited risk management services to customers or institutions belonging to the same IPS according to Regulation EU No 575/2013.
Amendment 585 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Amendment 620 #
Proposal for a regulation
Article 13 – paragraph 5 – subparagraph 2
Article 13 – paragraph 5 – subparagraph 2
Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity or an entity managing one or more collective investment undertakings unless they are considerably leveraged, meaning they exceed the marginal value of the global exposure relating to the use of derivatives of Article 51 (3) of Directive 2009/65/EC where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks.
Amendment 685 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) take deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC except where the said deposit relates to the exchange of collateral relating to trading activitiesretail deposits as defined in Article 411(2) of Regulation (EU) No 575/2013;