5 Amendments of Markus FERBER related to 2020/2023(INI)
Amendment 24 #
Draft opinion
Paragraph 5
Paragraph 5
5. Believes it to be in both Parties’ mutual interests to establish an ambitious future economic partnership covering a wide number of sectors; underlines that, in any case, a level playing field must be ensured and EU standards safeguarded in order to avoid a ‘race to the bottom’ and the acquisition of unfair competitive advantages through the undercutting of levels of protection or other regulatory divergences; considers that any future framework should safeguard fair competition, investor and consumer protection, and the integrity of the single market, while respecting the EU’s regulatory regime and decision-making autonomy; points out that the proper enforcement of fair competition and state- aid rules by both parties is essential to ensure a level playing field;
Amendment 32 #
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Recalls that a substantial amount of euro-denominated derivatives are cleared in the UK, which potentially could have financial stability implications for the European Union; welcomes the new supervisory regime put in place via regulation 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs; invites the newly established CCP supervisory committees to make use of the powers conferred to them via this regulation to safeguard financial stability in the Union;
Amendment 36 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Recalls that the United Kingdom will still be bound by international agreements such as the OECD standards on fighting base erosion and profit shifting (BEPS) and expects the UK to adhere to those standards going forward;
Amendment 54 #
Draft opinion
Paragraph 6
Paragraph 6
6. Recalls, in the context of financial services, that passporting rights, which are based on mutual recognition and harmonised prudential rules in the internal market, will cease to apply between the EU and the UK at the end of the transitional period; underlines that, thereafter, access to the European financial market must be based on equivalence decisions made within the EU’s legal framework; believes that once equivalence has been granted towards the UK, an effective mechanism has to be put in place to guarantee that equivalence is maintained over time and recalls that the EU can withdraw unilaterally the status of equivalent at any moment if necessary;
Amendment 62 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Points out that the changes introduced via regulation 2019/2033 on the prudential requirements of investment firms to the equivalence framework for investment firms require ESMA to "monitor the regulatory and supervisory developments, the enforcement practices and other relevant market developments in third countries"; highlights that these provisions could serve as blueprint for an effective monitoring regime;