37 Amendments of Markus FERBER related to 2017/0359(COD)
Amendment 39 #
Proposal for a regulation
Recital 11
Recital 11
(11) The prudential regime for investment firms which, by virtue of their size and interconnectedness with other financial and economic actors, are not considered systemic should apply to each investment firm on an individual basis. However, since the risks incurred by small and non-interconnected investment firms are limited for the most part, they should be allowed to avail themselves of an exemption from the specific prudential requirements where they are part of a banking group headquartered and subject to consolidated supervision under Regulation (EU) No 575/2013/Directive 2013/36/EU in the same Member State or are part of an insurance or reinsurance group and are subject to consolidated supervision under Directive 2009/138/EC (Solvency II), as in such cases the consolidated application of Regulation (EU) No 575/2013/ Directive 2013/36/EU or Directive 2009/138/EC to the group should adequately cover those risks. In order to mirror the possible existing treatment of groups of investment firms under the Regulation (EU) No 575/2013/ Directive 2013/36/EU, the parent undertaking in such groups should be required to have sufficient capital to support the book value of its holdings in the subsidiaries. Further, in order to account for cases where such investment firm groups carry a higher degree of risk or interconnectedness, they could be subject to capital requirements based on the consolidated situation of the group.
Amendment 57 #
Proposal for a regulation
Recital 42 a (new)
Recital 42 a (new)
(42a) In order to establish a level playing field and increase market transparency, systematic internalisers’ quotes and transaction prices should be subject to the tick size regime as outlined in Directive 2014/65/EU (MiFID II) when dealing in all sizes.
Amendment 60 #
Proposal for a regulation
Article 4 – paragraph 1 – point 27
Article 4 – paragraph 1 – point 27
(27) ‘K-ASA’ or ‘K-factor in relation to assets safeguarded and administered (ASA)’ means the capital requirement relative to the value of assets that an investment firm safeguards and administers for clients, including assets delegated to another undertaking and assets that another undertaking has delegated to the investment firm, irrespective of whetherwhen those assets appear on the investment firm's own balance sheet or are segregated in other accounts; the calculation shall exclude assets that are already accounted for under K-AUM.
Amendment 68 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the investment firm is a subsidiary and is included in the supervision on a consolidated basis of a credit institution, a financial holding company or a mixed financial holding company, in accordance with the provisions of Chapter 2, Title II, Part One of Regulation (EU) No 575/2013; or the investment firm is a subsidiary and included in the supervision on a consolidated basis of an insurance or reinsurance undertaking in accordance with Article 228 of Directive 2009/138/EC1a. __________________ 1a Solvency II
Amendment 71 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) the investment firm is included in the supervision on a consolidated basis in accordance with Chapter 2, Title II of Part One of Regulation (EU) No 575/2013; or with Article 228 of Directive 2009/138/EC.
Amendment 72 #
Proposal for a regulation
Article 6 – paragraph 2 – point c
Article 6 – paragraph 2 – point c
(c) the authorities competent for the supervision on consolidated basis in accordance with Regulation (EU) No 575/2013 or Directive 2009/138/EC agree to such an exemption.
Amendment 128 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
For the purposes of calculating K-AUM, AUM shall be the rolling average of the value of the total monthly assets under management, measured on the last business day of each of the previous 15 calendar months converted into the entities' functional currency at that time, excluding the 3 most recent monthly values.
Amendment 139 #
Proposal for a regulation
Article 19 – paragraph 1 – subparagraph 1
Article 19 – paragraph 1 – subparagraph 1
For the purposes of calculating K-ASA, ASA shall be the rolling average of the value of the total daily assets safeguarded and administered, measured at the end of each business day for the previous 615 calendar months, excluding the 3 most recent calendar months.
Amendment 141 #
Proposal for a regulation
Article 19 – paragraph 1 – subparagraph 2
Article 19 – paragraph 1 – subparagraph 2
ASA shall be the average or simple arithmetic mean of the daily measurements from the remaining 312 calendar months.
Amendment 142 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
COH shall be the average or simple arithmetic mean of the daily measurements for the remaining 3 calendar months.
Amendment 143 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 2
Article 20 – paragraph 2 – subparagraph 2
COH shall inexclude transactions executhandled by the investment firms pro that arise from the servidcing portfolio management services on behalf of investment fundsof a client’s investment portfolio under one of the following conditions: (a) where the firm already calculates K-AUM in respect of the client’s investments or (b) where this activity relates to the delegation of assets under management to the firm, not contributing to AUM oft this firm by virtue of Art. 17(2).
Amendment 144 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 3
Article 20 – paragraph 2 – subparagraph 3
COH shall exclude transactions executed by the investment firm in its own name either for itself or on behalf of a client. COH shall exclude orders, which have not been executed, neither by the firm itself, nor by a third party to which the order has been transmitted.
Amendment 146 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
The RtM K-factor requirement for the trading book positions of an investment firm dealing on own account, whether for itself or on behalf of a client shall be the higher ofeither K-NPR calculated in accordance with Article 22 or K-CMG calculated in accordance with Article 23.
Amendment 151 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1 – introductory part
Article 22 – paragraph 1 – subparagraph 1 – introductory part
For the purposes of K-NPR, the capital requirement for the trading book positions of an investment firm dealing on own account, whether for itself or on behalf of a client shall be calculated using one of the following approaches:
Amendment 152 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1 – point a
Article 22 – paragraph 1 – subparagraph 1 – point a
(a) the [simplified standardised] approach set out in Chapters 2 to 4 of Title IV of Part Three of Regulation (EU) No 575/2013 where the investment firm's trading book business is equal to or less than EUR 300 million;,
Amendment 154 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1 – point b
Article 22 – paragraph 1 – subparagraph 1 – point b
Amendment 156 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1 – point c
Article 22 – paragraph 1 – subparagraph 1 – point c
(c) the internal model approach set out in [Chapter 1(b) of Title IV of Part Three of the Regulation No (EU) No 575/2013 in accordance with Article 1(84) of the Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and amending Regulation (EU) No 648/2012].;
Amendment 157 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 2
Article 22 – paragraph 1 – subparagraph 2
K-NPR calculated under the approaches specified under points (ba) and (cb) shall be multiplied by a factor of 65%.
Amendment 162 #
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 1 – point d
Article 23 – paragraph 1 – subparagraph 1 – point d
Amendment 206 #
Proposal for a regulation
Article 32 – paragraph 3 – subparagraph 1
Article 32 – paragraph 3 – subparagraph 1
DTF shall exclude transactions executed by an investment firm providing portfolio management services on behalf of collective investment fundertakings.
Amendment 208 #
Proposal for a regulation
Article 32 – paragraph 3 – subparagraph 1 a (new)
Article 32 – paragraph 3 – subparagraph 1 a (new)
DTF shall exclude transactions executed during stressed market conditions as defined in Article 6(2) of Commission Delegated Regulation 2017/5781a. __________________ 1aCommission Delegated Regulation (EU) 2017/578 of 13 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying the requirements on market making agreements and schemes.
Amendment 219 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 2 – point b
Article 42 – paragraph 1 – subparagraph 2 – point b
(b) unencumbered cash.short term deposits at a credit institution giving the firm ready access to liquidity;
Amendment 221 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 2 – point b a (new)
Article 42 – paragraph 1 – subparagraph 2 – point b a (new)
(ba) shares, depositary receipts, ETFs, certificates and other similar financial instruments, for which there is a liquid market in the sense of Article 14 of Regulation (EU) No 600/2014 on markets in financial instruments, subject to a haircut of 50%.
Amendment 222 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 2 – point b b (new)
Article 42 – paragraph 1 – subparagraph 2 – point b b (new)
(bb) other financial instruments, for with there is a liquid market in the sense of Article 14 of Regulation (EU) No 600/2014 on markets in financial instruments, subject to a haircut of 50%.
Amendment 230 #
Proposal for a regulation
Article 49
Article 49
An investment firm shall disclose the following information regarding its compliance with the requirements laid down in Article 11(1) and in Article 22 of Directive (EU) ----/--[IFD], in accordance with Article 45: (a) firm's approach to assessing the adequacy of its internal capital to support current and future activities; (b) authority, the result of the investment firm's internal capital adequacy assessment process, including the composition of the additional own funds based on the supervisory review process as referred to in Article 36(2)(a) of Directive (EU) ----/--[IFD] ; (c) separately, in accordance with each K- factor applicable to the investment firm as set out in Article 15, and in aggregate form, based on the sum of the applicable K-factors; (d) the fixed overheads requirement determined in accordance with Article 13.rticle 49 deleted Capital requirements a summary of the investment upon demand from the competent the capital requirements calculated
Amendment 238 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point ii
Article 51 – paragraph 1 – point c – point ii
Amendment 239 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point iii
Article 51 – paragraph 1 – point c – point iii
Amendment 240 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point iv
Article 51 – paragraph 1 – point c – point iv
Amendment 241 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point v
Article 51 – paragraph 1 – point c – point v
Amendment 242 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point vi
Article 51 – paragraph 1 – point c – point vi
Amendment 243 #
Proposal for a regulation
Article 51 – paragraph 1 – point c – point vii
Article 51 – paragraph 1 – point c – point vii
Amendment 244 #
Proposal for a regulation
Article 51 – paragraph 1 – point d
Article 51 – paragraph 1 – point d
Amendment 247 #
Proposal for a regulation
Article 51 – paragraph 1 – point e
Article 51 – paragraph 1 – point e
Amendment 260 #
Proposal for a regulation
Article 57 – paragraph 2
Article 57 – paragraph 2
Amendment 270 #
Proposal for a regulation
Article 59 – paragraph 2 a (new)
Article 59 – paragraph 2 a (new)
2a. By [3 years from the date of entry into force of this Regulation], the Commission shall report on whether and how the standardised approach and internal model approach set out in [Chapter 1(a)and 1(b) of Title IV of Part Three of the Regulation (EU) No 575/2013, in accordance with Article 1(84) of the Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and amending Regulation (EU) No 648/2012] should apply to investment firms and shall, after jointly consulting the EBA and ESMA, submit that report to the European Parliament and to the Council. If appropriate, the report shall be accompanied by a legislative proposal.
Amendment 287 #
Proposal for a regulation
Article 60 – paragraph 1 – point 2 – point a
Article 60 – paragraph 1 – point 2 – point a
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 1 – subparagraph 1 a (new)
Article 4 – paragraph 1 – point 1 – subparagraph 1 a (new)
For the purposes of this article, all thresholds are calculated at the highest level of consolidation.
Amendment 336 #
Proposal for a regulation
Article 63 – paragraph 2 a (new)
Article 63 – paragraph 2 a (new)
2a. Notwithstanding paragraph 2, Article 61(1) (new) shall be applicable 20 days after the publication of this regulation in the Official Journal of the European Union.