8 Amendments of Markus FERBER related to 2022/2188(INI)
Amendment 7 #
Draft opinion
Recital I
Recital I
I. whereas the EU and the UK are currently committed to maintaining regulatory and supervisory cooperation in the field of financial services, and this cooperative approach should underpin long-term EU-UK relations; whereas the Commission will extend its temporary permit allowing EU banks and fund managers to use UK clearing houses; whereas a promised EU-UK mdraft UK-EU Memorandum of uUnderstanding (MoU) on regulatory cooperation has not yeton Financial Services Cooperation has been published and is expected to be en signeddorsed by the Council shortly;
Amendment 30 #
Draft opinion
Paragraph 5
Paragraph 5
5. Notes the desire ofat the British Government to adopt divergent regulation from the EU in respect of financial services, including by way of t's Future Regulatory Framework Review and the subsequently published Financial Services and Markets Bill5 , which proposes to repeal, replace, or amend retained EU law in the area of financial services and to delegate greater responsibility to UK regulators, demonstrates a desire to adopt divergent regulation from the EU in respect of financial services; welcomes the EU’s recent progress on legislation in respect of financial services, even where this may result in regulatory divergence from the UK, including with respect to cryptocurrencies, taxonomysustainable finance, listing and anti-money laundering; acknowledges that the UK and the EU may adopt different regulatory approaches in the area of financial services and may not necessarily maintain a harmonised regulatory regime; supports the EU’s legislative progress in this area, even where this may result in regulatory divergence from the UK; notes that divergent regulatory approaches might make future regulatory cooperation as well as the possible adoption of equivalence decisions more difficult; stresses, however, the benefits of future regulatory cooperation; _________________ 5 UK Parliament, ‘Financial Services and Markets Bill’, 11 May 2023.
Amendment 36 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Stresses that in certain areas such as capital requirements in the banking sector, internationally agreed standards such as those stemming from the Basel Committee on Banking Supervision remain the regulatory baseline;
Amendment 42 #
Draft opinion
Paragraph 7
Paragraph 7
7. Supports the aims of the Commission’s proposed review of the European Market Infrastructure Regulation in respect of improving EU-based capacity and infrastructure in the area of euro clearing; recognises that the majority of euro clearing taking place outside the EU represents a strategic and financial stability risk; recognises also that any forced relocation could risk disruption, market fragmentation, retaliatory measures, loss of competitiveness and reduced liquidity; calls for the co-legislators to support action in this area in a manner that is effective, proportionate and without disruption and aims at strengthening the Union's clearing capacities; advocates for a balanced approach that addresses the strategic and financial stability risks of euro clearing outside the EU, while minimising potential disruptions to the market;
Amendment 50 #
Draft opinion
Paragraph 8
Paragraph 8
8. Recognises that the Union's goal of open strategic autonomy should not become a barrier to the benefits of a globally interconnected financial system; cautions against the potential risks of overly focusing on strategic autonomy in a way that could lead to isolationism or protectionism in the financial sector, including the risk of trade disputes and retaliatory action;
Amendment 53 #
Draft opinion
Paragraph 9
Paragraph 9
9. Supports continued cooperation between the EU and the UK in areas related to financial, economic and monetary affairs that are of mutual interest, including tackling money laundering, terrorist financing and customs fraud, countering harmful tax regimes, implementing sanctions and promoting global financial stability;
Amendment 63 #
Draft opinion
Paragraph 11
Paragraph 11
11. Recognises that following the entry into force of the TCA, a number of financial services firms based in London announced intentions to establish a new presence in and relocate some assets to the EU; notes that estimates suggest that 44 % of the UK’s largest financial services firms have announced plans to move some staff or operations7 , however only 7 000 jobs have been relocated outside of London thus far – far below the initial estimates of 75 0008 ; supports the efforts of the Member States to seek to attract post-Brexit business investment and notes that several EU cities have been the focus of post- Brexit financial service industry investment, including Paris, Frankfurt, Amsterdam, Luxembourg and Dublin; acknowledges that this fragmentation means that the benefits of a concentrated ecosystem and cluster effect that characterise London have not yet been recreated innotes that ESMA's "Peer review into the NCAs’ handling of relocation to the EU in the context of the UK’s withdrawal from the EU"8a has identified some shortcomings in relation to how Member States' competent authorities have handled the relocation process; in this context, points to the best practices identified in the peer review report as well as to ESMA's sector-specific principles on relocations from the UK to the EU278b; _________________ 7 Study – ‘Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence’, European Parliament, Directorate-General for Internal Policies, Policy Department for Economic, Scientific and Quality of Life Policies, 8 February 2023. 8 EY, ‘EY Financial Services Brexit Tracker: Movement within UK financial services sector stabilises five years on from Article 50 trigger’, 29 March 2022, London; European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EU relationship in financial services’, 23 June 2022. 8a ESMA42-111-7468: Peer review into the NCAs’ handling of relocation to the EU in the context of the UK’s withdrawal from the EU (https://www.esma.europa.eu/sites/default/ files/library/esma42-111- 7468_brexit_peer_review_report.pdf) 8b ESMA71-99-526
Amendment 68 #
Draft opinion
Paragraph 12
Paragraph 12
12. Regrets the lack of specific structures for dialogue and engagement between the EU and the UK in the area of financial services; recalls the commitment, in the first Joint Declaration accompanying the TCA, to signing an MoU on financial services regulatory cooperation between the EU and the UK, which would not be a legal document but would provide a basis for regular, structured engagement; notes that this memorandum has not yet been signedbeen finalised and adopted by the Commission, but not yet finally endorsed by the Council;