18 Amendments of Markus FERBER related to 2018/0043(COD)
Amendment 97 #
Proposal for a directive
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) 'covered bond' means a debt obligation issued by a credit institution in accordance with a Member State’s legal framework transposing this Directive and secured by a cover pool of assets to which covered bond investors in the case of insolvency or resolution of the credit institution issuing the covered bonds have direct recourse to as preferred creditors;
Amendment 102 #
Proposal for a directive
Article 3 – paragraph 1 – point 6
Article 3 – paragraph 1 – point 6
(6) 'automatic acceleration of a covered bond' means a situation in which a covered bond is declared by the credit institution which issued the covered bond or the credit institution's representative to beupon insolvency or resolution of the credit institution issuing covered bonds automatically becomes immediately due and payable and in respect of which the payments to the covered bond investors arehave an enforceable claim to be repaid earlier than the original maturity date;
Amendment 106 #
Proposal for a directive
Article 3 – paragraph 1 – point 17 a (new)
Article 3 – paragraph 1 – point 17 a (new)
(17 a) 'resolution' means reorganisation measures within the meaning of the seventh indent of Article 2 of Directive 2001/24/EC having a direct adverse impact on the legal position of covered bond creditors or counterparties of derivative contracts.
Amendment 116 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure investor protection by requiringe that covered bonds are at all times collateralised by high quality assets referred to in points (a) to (g) of Article 129(1) of Regulation (EU) No 575/2013 or by osecured by assets that comply with the legal qualification criteria set out in paragraph 2 and ther high quality assets that meet at least the following requirements:criteria set out in paragraph 3 (‘cover assets’).
Amendment 119 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 1 – point a
Amendment 122 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point b
Article 6 – paragraph 1 – subparagraph 1 – point b
Amendment 126 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point c
Article 6 – paragraph 1 – subparagraph 1 – point c
Amendment 131 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d
Article 6 – paragraph 1 – subparagraph 1 – point d
Amendment 137 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
Amendment 142 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
Amendment 147 #
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Member States shall ensure investor protection by requiring thatlay down rules ensuring that the assets referred to in paragraph 1 meet all of the following legal requirements: (a) The asset represents a claim for the payment of money, at each point in time at least determinable in amount, which is: (i) legally valid and enforceable, (ii) not subject to condition other than maturing at a future date, (iii) not subject to counter-claim other than right of set-off; (b) the mortgage, charge, lien or other guarantee securing the claim (‘collateral instrument’) (i) is legally valid and enforceable; (ii) enables the credit institutions issuing covered bonds have in place procedures to monitor that the assets used as collateral are adequately insured against the risk of damageto receive the payment of the claim without undue delay. (c) the claim and the collateral instrument are (i) held by the credit institution issuing covered bonds in form of perfected legal title to ownership interest; Member States may in situations referred to in Article 9 paragraph 2 allow perfectible legal title also, if the claim for perfection is held against a credit institution and in case of the transferor credit institution’s insolvency will be segregated for the transferee credit institution’s benefit; (ii) not subject to lien, charge or other encumbrance taking priority over that of covered bond creditors. For the purposes of points (a) and (b), Member States shall require that credit institutions issuing covered bonds assess the enforceability of claims and collateral instruments before including them in the cover pool.
Amendment 150 #
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. For the purpoMember States shall lay down rules ensuring that the assets of paragraphs 1 and 2, Member States shall require credit institutions issuing covered bonds to document the assets used as collateral and their lending policies regarding their compliance with those paragraphsreferred to in paragraph 1 meet either of the following requirements: (a) it is referred to as eligible in points (a) to (g) of Article 129(1) of the Regulation (EU) No 575/2013; (b) it is secured by virtue of a collateral instrument on either of the following property rights: (i) real estate property or rights equivalent to real estate property; (ii) other durable physical property that is traded in developed, polypolistic markets, is subject to well-defined and generally accepted legal and valuation standards and for which a public register records ownership and encumbering security rights. Either the market value or the mortgage lending value of the property can be determined. The property shall be adequately insured against the risk of damage and the insurance claim shall be segregated in accordance with Article 12. (c) the claim it represents is owed or guaranteed by a counterparty of statutory high quality, this statutory high quality being inferred from its tax-raising powers or from being subject to an on-going public supervision of the counterparty’s operational soundness and financial solvability. For the purposes of point (b), Member States shall lay down rules on the valuation methodology and process requiring that for physical property a current valuation is needed upon inclusion in the cover pool, such valuation to be performed by an at least operationally independent valuer and arriving at or at less than its market value or mortgage lending value.
Amendment 160 #
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Where Member States allow for the inclusion referred to in paragraph 1, they shall ensure investor protection by verifying whether the assets located outside of the Union meet all the requirements set out in Article 6 and that the realisation of such assets is legally enforceable in a way similar to assets located within the Union. Member States shall ensure that the collateral offers a comparable level of security to collateral held in the Union.
Amendment 167 #
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Subject to the provisions in paragraph 2, Member States shallmay allow the use of loans collateralised by residential or commercial property mortgages, charges, liens or other comparable security rights granted by a credit institution aseligible cover assets as referred to in Article 6 sold or transferred to the credit institution issuing covered bonds as cover assets in the cover pool for the issue of covered bonds by another credit institution.
Amendment 169 #
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States shall ensure investor protection by laying down rules regulating the sale or transfer of loans and mortgages, charges, liens or other comparable security rights from the credit institution which issued themby way of financial collateral arrangement pursuant to Directive2002/47/EC of eligible cover assets as referred to in Article 6 to the credit institution issuing covered bonds. Those rules shall ensure that all requirements laid down in Articles 6 and 12 are met.
Amendment 170 #
Proposal for a directive
Article 10
Article 10
Amendment 273 #
Proposal for a directive
Article 17 – paragraph 1 – point e
Article 17 – paragraph 1 – point e
(e) the maturity extension does not affect the ranking of covered bond investors, specifically it does not invert the order of time subordination of principal repayments;
Amendment 278 #
Proposal for a directive
Article 20 – paragraph 3 – point c
Article 20 – paragraph 3 – point c
(c) carrying out legal transactions necessary for the proper administration of the cover pool, for the on-going monitoring of the coverage of the liabilities attached to the covered bonds, to initiate proceedings in order to recover assets in the cover pool and to transfer those remaining assets after all covered bond liabilities are met to the insolvency estate of the credit institution which issued the covered bonds. Limited to all of these purposes, Member States may provide for rules permitting a special administrator to operate under the authorisation of the credit institution issuing covered bonds held prior to its insolvency, subject to the same operational requirements.