BETA

59 Amendments of Markus FERBER related to 2017/0230(COD)

Proposal for a regulation
Recital 15a

~~(15a)~~ In view of the importance of ensuring that the Union supervisory framework for combating of money- laundering and terrorist financing is applied effectively, independent reviews to provide objective and transparent perspectives on supervisory practices are of paramount importance. Where such reviews reveal serious concerns, which the competent authority does not remedy, EBA should notify the European Parliament, the Council and the Commission without undue delay.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 2

(2) The Authority shall establish and keep up to date a central database of information collected pursuant to point (a) in paragraph 1. The Authority shall ensure that information is analysed and made available to competent authorities on a need-to-know and confidential basis.deleted

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a – paragraph 7

(7) The committee shall be chaired by the Chairperson of the Board of Supervisors and shall be composed of the heads of the authorities and bodies competent for ensuring compliance with the requirements of Directive (EU) 2015/849 by financial institutions. In addition, the Commission, the ESRB, the Supervisory Board of the European Central Bank, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority may each nominate a high-level representative to participate in the committee meetings as observers. The Committee may delegate some of its work to a staff-level working group that prepares the decisions of the committee.

2018/10/30
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9b – paragraph 1

1. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the Authority ~~may~~shall, where it has substantial indications of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by a financial sector operator and to consider imposing sanctions on that operator in respect of such breaches. Where necessary, it ~~may~~shall also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial sector operator requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct. Where the Authority has substantial indications of material breaches, the actions referred to above should be initiated without undue delay.

2018/10/30
Committee: ECON

Proposal for a regulation
Recital 5

(5) Any enhanced powers to be afforded to the ESAs, to enable them to meet those objectives, would also require ~~both~~ appropriate governance ~~and~~, sufficient funding and increased accountability towards the Union legislator. Enhanced powers alone would not be sufficient to achieve the ESAs' objectives where they do not have sufficient funding or where they are not governed in an effective and efficient manner.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 9

(9) The ESAs should play an important role in identifying and reporting risks that environmental, social and governance factors pose to financial stability, and in rendering financial markets activity more consistent with sustainability objectives. The ESAs should provide guidance on how sustainability considerations can be effectively embodied in relevant EU financial legislation, and promote coherent implementation of these provisions upon adoption.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 10

(10) Technological innovation has had an increasing impact on the financial sector and competent authorities have therefore taken various initiatives to deal with those technological developments, which sometimes diverge from one and other. Those diverging practices might constitute barriers to the proper functioning of the internal market. In order to promote better supervisory convergence and to exchange best practices between relevant authorities on the one hand, and between relevant authorities and financial institutions or financial market participants on the other hand, the role of the ESAs with regard to their oversight function and supervisory coordination should be strengthened..

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 13

(13) In order to ensure appropriate safeguards for the stakeholders' interests where the ESAs exercise their competence to issue guidelines or recommendations, the various Stakeholder Groups should be able to issue an opinion where ~~two thirds~~a majority of their members consider that the ESA concerned has exceeded its competence. In that instance, the Commission should have the authority to require the ESA, after a proper assessment, to withdraw those guidelines or recommendations as appropriate.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 17

(17) Integral to the ESAs work on convergence of supervisory practices is the promotion of a Union supervisory culture. However, the ESAs are not equipped with all the tools required to achieve this objective. It is necessary to enable the ESAs to set out the general supervisory objectives and priorities in a multiannual Strategic Supervisory Plan, intended to assist competent authorities in identifying and focussing on the most important areas of concern for EU-wide market integrity and financial stability, including with respect to prudential supervision of firms engaged in cross-border activities. The Strategic Supervisory Plan should be risk- based and take into account general economic and regulatory orientations for supervisory actions as well as relevant micro-prudential trends, potential risks and vulnerabilities identified by the ESAs in their reviews of competent authorities and from Union-wide and stress tests. When drafting the Strategic Supervisory Plan, the ESAs should take into account input received from national competent authorities and from the Union legislator. The competent authorities should subsequently draw up annual work programmes to implement the Strategic Supervisory Plan, which convert the Union priorities and objectives into operational objectives for those authorities. The Strategic Supervisory Plan shall not prevent national competent authorities to apply national best practices and pay due attention to national particularities. The ESAs should be empowered to review the implementation of the annual work programs on day-to-day supervisio,n, including, on a sample basis, supervisory measures taken in individual cases in order to ensure that the ESAs can achieve their objective of harmonising supervisory practices.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 22

(22) Moreover, the Union dimension in the decision-making process within the Board of Supervisors should be ~~enhanced by including independent full time members as members of the Board, who are not subject to possible conflicts of interes~~duly taken into account. Decision-making powers on issues of a regulatory nature ~~and~~, on direct supervision and strategic decisions should remain fully with the competence of the Board of Supervisors. The Management Board should be transformed into an Executive Board composed of full time members and should ~~decide~~prepare decisions on certain non-regulatory issues, including independent reviews of competent authorities, dispute settlements, breach of Union law, the Strategic Supervisory Plan, monitoring of outsourcing, delegation and risk transfers to third countries, stress tests and requests for information~~. The Executive Board should also examine and prepare all decisions to be take~~ for final decision by the Board of Supervisors. Moreover, the position and role of the Chairperson should be enhanced by empowering the Chairperson with formal tasks and with a casting vote in the Executive Board. Finally, the Union dimension in the ESAs governance should also be strengthened by amending the selection procedure of the Chairperson and the members of the Executive Board to one which will include the role of the Council and the European Parliament. The Executive Board should have a balanced composition. However, the key decision making body of the ESAs remains their respective Board of Supervisors.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 23

(23) In order to provide for an appropriate level of expertise and accountability, the Chairperson and the members of the Executive Board should be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, as well as experience relevant to the financial supervision. To ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the Chairperson and the members of the Executive Board should be chosen on the basis of an open selection procedure. TBased on input received by national competent authorities, the Commission should establish a shortlist and submit that shortlist to the European Parliament for approval. Following that approval, the Council should adopt a decision to appoint the members of the Executive Board. The Chairperson and the full time members of the Executive Board should be accountable to the European Parliament and to the Council for any decisions taken on the basis of the founding Regulations.

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 33

(33) With the ever increasing cross- border dimension of trading activities and, in particular, of the activities of certain investment firms which, by their systemic nature, may have cross-border effects impacting financial stability, ESMA should have an enhanced coordination role in recommending competent authorities to initiate corresponding investigations. Furthermore, it should be able to facilitate the exchange of information relevant for those investigations, where ESMA has reasonable grounds to suspect that activity with significant cross-border effects is taking place that threatens the orderly functioning and integrity of financial markets or the financial stability in the Union. For this purpose, ESMA should maintain a data storage facility to collect from, and disseminate between, competent authorities, all relevant information. However, ESMA's prime role is in ensuring a consistent application of Union law across the Union. That means that direct supervisory powers should only be granted to ESMA if the systemic stability of Union financial markets is at stake, the sector features a significant cross-border dimension and the number of market participants is sufficiently small so that it is ensured that ESMA is able to handle a high-quality supervision;

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 34

(34) The main objectives of Regulation (EU) No 345/2013 of the European Parliament and of the Council35 , Regulation (EU) No 346/2013 of the European Parliament and of the Council36 and Regulation (EU) 2015/760 of the European Parliament and of the Council37 is boosting jobs and growth, SME financing, social and long-term investments, as well as promoting an EU investment culture. However, the divergent use by national competent authorities of their discretion, their divergent administrative practices, and the differences in supervisory cultures and performance remain despite the harmonisation achieved by the three Regulations. Those divergences hinder the necessary level playing field among managers of qualifying venture capital funds, qualifying social entrepreneurship funds and long-term investment funds in different Member States increasing, at the same time, the transaction and operational costs of those managers. __________________ 35Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ L 115, 25.4.2013, p. 1). 36Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ L 115, 25.4.2013, p. 18). 37 Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (OJ L 123/98, 19.5.2015, p. 98).deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 35

(35) To lower transaction and operational costs, to strengthen investor choice and to increase legal certainty, it is appropriate to transfer the supervisory powers, including the granting and withdrawal of registrations and authorisations, for managers of qualifying venture capital funds and those funds as referred to in Regulation (EU) No 345/2013, managers of qualifying social entrepreneurship funds or those funds as referred to in Regulation (EU) No 346/2013 and European long-term investment funds as referred to in Regulation (EU) 2015/760, from the competent authorities to ESMA. For that purpose, ESMA should be able to conduct investigations and on-site inspections and to impose penalties or periodic penalty payments to compel persons to put an end to an infringement, to supply complete and correct information required by ESMA or to submit to an investigation or an on-site inspection.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 36

(36) Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds lays down uniform requirements which must be met by long- term funds in order to be authorised as an ‘ELTIF’. Regulation (EU) 2015/760 lays down rules on qualifying investments, qualifying portfolio undertakings, concentration rules, and eligible investors. The rules also define the supervisory powers, including requirements for authorizations and ongoing supervision. Whilst maintaining the prudential rules in Regulation (EU) 2015/760, this Regulation confers supervisory powers, including authorization, ongoing supervision and withdrawals of authorisations, on ESMA. This regulation entrusts ESMA with the drawing up of draft regulatory technical standards which do not involve policy choices for submission to the Commission, so that the legal obligations and the scope of ESMA's discretion under Regulation (EU) 2015/760 are sufficiently clear. Similar changes have been made to Regulations (EU) 345/2013 and 346/2013 to confer supervisory powers on ESMA.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 37

(37) In order to effectively exercise its supervisory powers with respect to qualifying venture capital funds, qualifying social entrepreneurship funds and European long-term investment funds and their managers, ESMA should be able to conduct investigations and on- site inspections. To support ESMA's oversight capabilities, ESMA should be granted powers to impose penalties or periodic penalty payments to compel persons to put an end to an infringement, to supply complete and correct information required by ESMA or to submit to an investigation or an on-site inspection. This Regulation should therefore clearly define the boundaries of such administrative sanctions or other administrative measures which should be effective, proportionate and dissuasive and ensure a common approach and a deterrent effect. ESMA's investigatory and enforcement activities should rely on the support of national authorities where needed and required. ESMA should be empowered to delegate certain of these functions can still be delegated back to the national competent authoritiesdeleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 55

(55) Due to the nature of the securities and issuers concerned, certain types of prospectuses drawn up according to Regulation (EU) 2017/1129 involve a cross-border dimension within the Union, a level of technical complexity and/or potential risks of regulatory arbitrage which are such that their centralised supervision by ESMA would achieve more effective and efficient results than their supervision at national level. Consolidating at the level of ESMA the approval of such prospectuses, as well as related supervisory and enforcement activities at the level of ESMA, should reduce compliance costs and administrative barriers while enhancing the quality, consistency and efficiency of supervision in the Union.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 56

(56) Private placements of non-equity securities are an important source of capital for issuers and are cross-border by nature. While a private placement with qualified investors does not require a prospectus, the subsequent admission to trading of the securities on a regulated market is subject to the publication of a prospectus under Regulation (EU) 2017/1129. The prospectus regime provides issuers with the flexibility to choose their home Member State where the denomination by unit of non-equity securities is in excess of 1000 EUR. As the non-equity securities concerned by private placements typically display a denomination by unit in excess of 1 000 EUR, this creates a potential for regulatory forum shopping. Entrusting ESMA with approving such wholesale non-equity prospectuses admitted to trading on a regulated market or its specific segment to which only qualified investors can have access to should achieve the double objective of ensuring a level playing field for issuers and a higher degree of efficiency by significantly streamlining approval procedures.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 57

(57) The approval of prospectuses relating to asset backed securities as well as the approval of prospectuses drawn up by specialist issuers, such as property companies, mineral companies, scientific research based companies or shipping companies, require national competent authorities to have highly specialized staff available, in most cases to deal with a fairly modest volume of prospectuses. Besides, certain non-financial information to be disclosed by specialist issuers is not set out in the delegated acts referred to in Article 13 of Regulation (EU) 2017/1129 but is left to the discretion of national competent authorities. This represents a potential source of inefficiency and regulatory arbitrage. Entrusting ESMA with the approval of these types of prospectuses should, on the one hand, ensure a level playing field in terms of information disclosure and eliminate the risk of regulatory arbitrage and, on the other hand, optimise the allocation of supervisory resources at Union level by establishing ESMA as the centre of expertise, thereby enhancing the efficiency of supervision of the prospectuses concerned.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 62

(62) ESMA should be empowered to impose administrative sanctions or take other administrative measures for infringements of Regulation (EU) No 2017/1129 related to the specific types of prospectuses for which approval is conferred to ESMA. This Regulation should therefore clearly define the boundaries of such administrative sanctions or other administrative measures which should be effective, proportionate and dissuasive.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 63

(63) The supervision of advertisements related to those prospectuses whose approval is conferred to ESMA should also be transferred to ESMA. ESMA should have the option to exercise control over the compliance of those advertisements. However such control should always be performed by ESMA in relation to any advertisement disseminated in a Member State whose competent authority has formally requested ESMA to make use of its controlling power whenever a prospectus approved by ESMA is used for an offer or admission in its jurisdiction. To perform such a task, ESMA should have adequate human resources with sufficient knowledge of the relevant national rules on consumer protection.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 64

(64) ESMA should scrutinise and approve all prospectuses of the types defined by this Regulation that are submitted for approval from the date of application of this Regulation. Prospectuses of the types defined by this Regulation that were approved by a competent authority before the date of application of this Regulation, or submitted for approval to a competent authority but not yet approved at that date, should continue to be supervised by that competent authority. To avoid any confusion, such supervision should cover in particular the finalisation of the scrutiny and approval procedure for those prospectuses not yet approved, as well as all approval and notification tasks applying to related supplements and final terms, where applicable.deleted

2018/09/11
Committee: ECON

Proposal for a regulation
Recital 66

(66) Regulation (EU) No 1093/2010); Regulation (EU) No 1094/2010; Regulation (EU) No 1095/2010; Regulation (EU) ~~No 345/2013; Regulation (EU) No 346/2013; Regulation (EU) No 600/2014 ; Regulation (EU) No 2015/760;~~ ; Regulation (EU) No 600/2014 and Regulation (EU) 2016/2011; ~~Regulation (EU) 2017/1129~~ should therefore be amended accordingly,.

2018/09/11
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a (new)

Regulation (EU) No 1093/2010
Article 1 – paragraph 5 – subparagraph 4

(aa) In paragraph 5, subparagraph 4 is amended as follows: "When carrying out its tasks, the Authority shall act independently, transparently, objectively and in a non-discriminatory manner, in the interests of the Union as a whole. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02010R1093-~~When carrying out its task, the Authority shall respect the principle of proportionality at all times." (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).) Or. en 20160112&from=EN)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point ii

(ab) to develop and maintain up to date a Union resolution handbook on the resolution of financial institutions in the Union which sets out supervisory best practices and high quality methodologies and processes;deleted

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point iv a (new)

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point k a (new)

(iva) the following point (ka) is added: "(ka) to publish on its website, and to update regularly, all regulatory technical standards, implementing technical standards, guidelines, Q&As and recommendations for each legislative act referred to in Article 1(2), including overviews that concern the state of play of ongoing work and the planned timing of the adoption of draft regulatory technical standards, draft implementing technical standards, guidelines, Q&As and recommendations. These information shall be made available in all working languages of the European Union." (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b

Regulation (EU) No 1093/2010
Article 8 – paragraph 1a – point c

~~(c) take account of technological innovation, innovative and sustainable business models, and the integration of environmental, social and governance related factors;~~deleted (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1093/2010
Article 10a (new)

(6a) the following Article 10a is inserted: "Article 10a If the European Commission cannot reach a decision within three months whether to adopt the regulatory technical standard, it shall immediately inform the European Parliament and the Council thereof. The European Commission shall indicate the reasons for not being able to reach a timely decision and shall inform the Union Legislator about the planned timeline for endorsement. The Commission shall take into account the implementation and application date of the applicable legislative act and shall ensure that any delayed adoption of the draft regulatory standard shall not prevent the European Parliament and the Council from exercising their scrutiny powers in accordance with Article13." (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6 b (new)

Regulation (EU) No 1093/2010
Article 10b (new)

(6b) the following Article 10b is inserted: "Article 10b When drafting regulatory technical standards, the Authority keeps the Union legislator informed about the progress of the work and stands ready to engage with the Union legislator at all times during the process." (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b

Regulation (EU) 1093/2010
Article 16 – paragraph 2

2. The Authority shall, save in exceptional circumstances, conduct open public consultations regarding the guidelines and recommendations which it issues and shall analyse the related potential costs and benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate in relation to the scope, nature and impact of the guidelines or recommendations. If for exceptional circumstances the Authority does not conduct an open public consultation, it shall provide the reasons for this decision. The Authority shall, save in exceptional circumstances, also request opinions or advice from the ~~Banking~~ Stakeholder Group referred to in Article 37.; (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d

Regulation (EU) 1093/2010
Article 16 – paragraph 5 – subparagraph 1

Where ~~two thirds~~a majority of the members of the ~~Banking~~ Stakeholder Group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or, recommendations or Q&As, they may send a reasoned opinion to the Commission., the European Parliament and the Council. (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d

Regulation (EU) No 1093/2010
Article 16 – paragraph 5 – subparagraph 2

The Commission shall request an explanation justifying the issuance of the guidelines or, recommendations or Q&As concerned from the Authority. The Commission shall, on receipt of the explanation from the Authority, assess the scope of the guidelines or recommendations in view of the Authority's competence. Where the Commission considers that the Authority has exceeded its competence, and after having given the Authority the opportunity to state its views, the Commission may adopt an implementing decision requiring the Authority to withdraw the guidelines or, recommendations or Q&As concerned . The decision of the Commission shall be made public.; (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b

Regulation (EU) No 1093/2010
Article 29 – paragraph 2 – subparagraph 3

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up-to-date non- binding Union supervisory handbook on the supervision of financial institutions in the Union, taking into account changing business practices and business models of financial institutions. The ~~Authority shall also develop and maintain an up-to-date Union resolution handbook on the resolution of financial institutions in the Union. Both the Union supervisory handbook and the Union resolution~~Union supervisory handbook shall set out supervisory best practices and shall specify high quality methodologies and processes and shall take due account of the principle of proportionality.;

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 12

Regulation (EU) No 1093/2010
Article 29a – paragraph 1 – subparagraph 1

Upon the entry into application of Regulation [XXX insert reference to amending Regulation] and every three years thereafter by 31 March, the Authority's Board of Supervisors shall issue a recommendation addressed to competent authorities, laying down supervisory strategic objectives and priorities ("Strategic Supervisory Plan") and, taking into account any contributions from competent authorities, as well as the Union legislator. The Authority shall transmit the Strategic Supervisory Plan for information to the European Parliament, the Council and the Commission and shall make it public on its website. (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 12

Regulation (EU) No 1093/2010
Article 29a – paragraph 1 – subparagraph 2

The Strategic Supervisory Plan shall identify specific priorities for supervisory activities in order to promote consistent, efficient and effective supervisory practices and the common, uniform and consistent application of Union law and to address relevant micro-prudential trends, potential risks and vulnerabilities identified in accordance with Article 32. The Strategic Supervisory Plan shall not prevent national competent authorities from applying national best practices and consider national particularities while following the overall strategic objectives of the Strategic Supervisory Plan. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) No 1093/2010
Article 31 – paragraph 3

~~Regarding activity of competent authorities intended~~The Authority shall take appropriate measures to facilitate entry into the market of operators or products relying on technological innovation. In order to establish a common European approach towards technological innovation, the Authority shall promote supervisory convergence, in particular through the exchange of information and best practices. Where appropriate, the Authority may adopt guidelines or recommendations in accordance with Article 16.; (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b

Regulation (EU) No 1093/2010
Article 33 – paragraph 2a – subparagraph 1

TOn an ongoing basis, the Authority shall monitor regulatory and supervisory developments and enforcement practices and relevant market developments in third countries for which equivalence decisions have been adopted by the Commission pursuant to the acts referred to in Article 1(2) in order to verify whether the criteria, on the basis of which those decisions have been taken and any conditions set out therein, are still fulfilled. The Authority shall submit a confidential report on its findings to the Commission ~~on an annual basis.~~, the European Parliament and the Council on an annual basis. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b

Regulation (EU) No 1093/2010
Article 33 – paragraph 2a – subparagraph 3

The Authority shall inform the Commission, the European Parliament and the Council where a third-country competent authority refuses to conclude such administrative arrangements or when it refuses to effectively cooperate. The Commission shall take this information into account when reviewing the relevant equivalence decisions. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a

Regulation (EU) No 1093/2010
Article 35 – paragraph 2

2. The Authority may also request information to be provided at recurring intervals and in specified formats or by way of comparable templates approved by the Authority. Such requests shall respect the principle of proportionality and, wherever possible, ~~be made using common reporting formats.~~rely on existing and commonly used reporting formats. (These changes equally apply for Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 20

Regulation (EU) No 1093/2010
Article 35b

~~Article 35b […]~~deleted

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 1093/2010
Article 47 – paragraph 1

1. The Executive Board shall ensure that the Authority carries out its mission and performs the tasks assigned to it in accordance with this Regulation. It shall take all necessary measures, notably the adoption of internal administrative instructions and the publication of notices, to ensure the functioning of the Authority, in accordance with this Regulation. The main decision making body for strategic decisions and major policy decisions is the Board of Supervisors. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 1093/2010
Article 47 – paragraph 3 – subparagraph 2

For the purposes of Articles 17, 19, 22, 29a, 30, 31a, 32 and 35b to 35h, the Executive Board shall be competent to act and to take decisions. The Executive Board shall keep the Board of Supervisors informed of the decisions it takes.deleted (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

7. The Executive Board shall ~~appoint and remove~~make a proposal for the members of the Board of Appeal in accordance with Article 58(3) and (5). for adoption by the Board of Supervisors. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point b

Regulation (EU) No 1093/2010
Article 48 – paragraph 2 – subparagraph 1

The Chairperson shall be selected on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial supervision and regulation, following an open call for candidates to be published in the Official Journal of the European Union. TBased on the input of national competent authorities, the Commission shall submit a shortlist of candidates for the position of the Chairperson to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the Chairperson. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point b

Regulation (EU) No 1093/2010
Article 48 – paragraph 2 – subparagraph 2

Where the Chairperson no longer fulfil the conditions referred to in Article 49 or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt a decision to remove him or her from office.; When drafting its proposal, the European Commission shall consult with national competent authorities. (These changes equally apply to Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010.)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 43 – point a

Regulation (EU) No 1093/2010
Article 62 – paragraph 1 – point a

(a) a balancing contribution from the Union, entered in the General Budget of the Union (Commission section) which shall ~~not exceed~~be at least 40% of the estimated revenues of the Authority; (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 43 – point a

Regulation (EU) No 1093/2010
Article 62 – paragraph 1 – point d

(d) ~~any voluntary~~ contributions from Member States or observers; (These changes equally apply to regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010).)

2018/09/14
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 11

Regulation (EU) No 1094/2010
Article 21 a – paragraph 1 – introductory part

1. In order to contribute to the establishment of high-quality common supervisory standards and practices, the Authority shall ~~on its own initiative, or~~ upon request from one or more supervisory authorities:

2018/09/19
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b

Regulation (EU) No 1094/2010
Article 29 – paragraph 2 – subparagraph 2

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up-to-date non- binding Union supervisory handbook on the supervision of financial institutions in the Union, taking into account changing business practices and business models of financial institutions. The Union supervisory handbook shall set out supervisory best practices and shall specify high quality methodologies and processes; and shall take due account of the principle of proportionality.

2018/09/19
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 23

Regulation (EU) No 1094/2010
Article 35 b

~~[…]~~Article 35b deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1 – point 1 – point a

Regulation (EU) No 1095/2010
Article 1 – paragraph 2 – footnote ***

***Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).;deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point b

Regulation (EU) No 1095/2010
Article 29 – paragraph 2 – subparagraph 1 a

For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up -to -date non- binding Union supervisory handbook on the supervision of financial ~~market participant~~institutions in the Union, taking into account~~, inter alia,~~ changing business practices and business models~~, including due to technological innovation, of financial market participant~~ of financial institutions. The Union supervisory handbook shall set out supervisory best practices and shall specify high quality methodologies and processes and shall take due account of the principle of proportionality.;

2018/09/19
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1 – point 21

Regulation (EU) No 1095/2010
Article 35 b

~~[…]~~Article 35b deleted Request for information to financial market participants

2018/09/19
Committee: ECON

Proposal for a regulation
Article 4

~~Article 4 […]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 5

~~Article 5 […]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 7

~~[...]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 8 – paragraph 1 – point 10

Regulation (EU) No 2016/1011
Article 33

~~(10) Article 33 is replaced by the following: [...]~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 8 – paragraph 1 – point 12

Regulation (EU) No 2016/1011
Article 40 – paragraph 1 – point c

~~(c) administrators or other supervised entities that apply for the endorsement or have endorsed a benchmark provided in a third country in accordance with Article 33;~~deleted

2018/09/19
Committee: ECON

Proposal for a regulation
Article 9

~~[...]~~deleted

2018/09/19
Committee: ECON