19 Amendments of Werner LANGEN related to 2012/0244(COD)
Amendment 80 #
Proposal for a regulation
Recital 1
Recital 1
(1) On 29 June 2012, the Euro area Heads of State or Government have called on the Commission to present proposals to provide for a single supervisory mechanism involving the European Central Bank (ECB). The European Council in its conclusions of 29 June 2012 invited the President of the European Council to develop, in close collaboration with the President of the Commission, the President of the Eurogroup and the President of the ECB, a specific and time-bound road map for the achievement of a genuine Economic and Monetary Union, which includes concrete proposals on preserving the unity and integrity of the Single Market in financial services and which takes account of the Euro Area statement and the intention of the Commission to bring forward proposals based on Article 127 of the Treaty on the Functioning of the European Union (TFEU).
Amendment 83 #
Proposal for a regulation
Recital 2
Recital 2
(2) The provision for a single supervisory mechanism is the first step towards the creation of a European banking union, underpinned by a true single rulebook for financial services and composed also of a common deposit insurance andrising also harmonisation of the various national deposit insurance systems and a common European resolution framework.
Amendment 90 #
Proposal for a regulation
Recital 3
Recital 3
(3) In order to provide forinvolve the ECB appropriately in the single supervisory mechanism, Council Regulation (EU) No …/…[3][127(6) Regulation] confers specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions in the Member States whose currency is the euro. Other Member States may enter in a close cooperation with the ECB. Under that Regulation, the ECB is to coordinate and express the position of those Member States on the decisions to be taken by the Board of Supervisors of the European Banking Authority (EBA) falling within the scope of the ECB tasks. The participating authorities shall, in this respect, act independently and exclusively in the European Union’s interest.
Amendment 101 #
Proposal for a regulation
Recital 4
Recital 4
(4) The conferral of specific supervisory tasks to the ECB in the banking sector for part of the Member States of the Union shouldmay not in any way hamper the functioning of the internal market in the field of financial services. It is therefore necessary to ensure the proper functioning of the EBA following that conferral. because it alone will monitor the uniform and effective implementation of the provisions in the banking sector.
Amendment 105 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to prevent a fragmentation of supervisory practices within the internal market, the single rulebook must be accompanied by a supervisory handbook, drawn up by EBA, in order to identify the highest quality across the Union as regards supervisory methodologies and practices. In addition to clear guidelines for the implementation of sectoral legislation, including technical standards, the handbook should set out metrics and methodologies for risk assessment, identification of early warnings and criteria for supervisory action. Competent authorities should apply the handbook strictly.
Amendment 128 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) It is important to maintain a balance among euro area and non-euro area competent authorities participating in the ECB component of the SSM since the latter are not represented on the Governing Council of the ECB. Therefore, where a competent authority from a Member State that has entered into close cooperation with the ECB in accordance with Regulation (EU) No …/… [127(6) Regulation] disagrees with a supervisory action of the ECB addressed to an institution within that Member State, it should be able to refer the matter to an independent panel within EBA, consisting of the competent authorities of the participating Member States and of the Member States that have entered into close cooperation agreements with the ECB. The panel should be able to propose a decision on the matter to the Board of Supervisors of the competent authorities represented, where it should be considered adopted unless opposed by a simple majority.
Amendment 146 #
Proposal for a regulation
Recital 9
Recital 9
(9) The composition of the Management Board should be balanced, and proper representation of Member States not participating ininvolved in the ECB’s tasks in relation to the SSM should be ensured.
Amendment 151 #
Proposal for a regulation
Recital 10
Recital 10
(10) In order to ensure the proper functioning of the EBA and adequate representation of all Member States, the voting modalities, the composition of the Management Board, and the composition of the independent panel should be reviewed after an appropriate period of time of two years from the entry into force of this Regulation, taking into account any experience gained and further developments.
Amendment 156 #
Proposal for a regulation
Recital 11
Recital 11
(11) Since the objectives of this Regulation, namely ensuring a high, effective and consistent level ofuniform prudential regulation and supervision across the European Unionin all the EU Member States, protecting the integrity, efficiency and orderly functioning of financial markets and maintaining the stability of the financial system, cannot be sufficiently achieved by the Member States and can, therefore, by reason of the scale of the action, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation doesmay not go beyond what is necessary in order to achieve those objectives,
Amendment 159 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) An effective single, Union-wide supervisory mechanism should include not only an authority with the power to design and ensure the consistent Union- wide implementation, of a single rulebook, but also the harmonised execution by competent authorities of that single rulebook. While the ECB component of the SSM can perform this role for some Member States, it is not feasible for it to do so for all as there are institutional obstacles to ensuring equal treatment of non-euro area Member States. Therefore, harmonised execution through a single supervisory body can only be achieved by other means.
Amendment 162 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) In order to achieve a sustainably effective single supervisory mechanism that includes all Member States on an equal basis it is indispensible that the Council and the Commission submit in a timely manner, prior to the publication of the review of Regulation (EU) No 1093/2010, which is due by 2 January 2014, proposals entrusting an independent Union body with implementing powers, the exercise of which it should be able to delegate to competent authorities, with regard to all aspects of prudential supervision rules established in the Union, using the legal acts provided for under Articles 114 and 352 TFEU and 20 TEU.
Amendment 164 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 a (new)
Article 1 – paragraph 1 – point -1 a (new)
-1a. In Article 1(5) the first subparagraph shall be replaced by the following: "5. The task of the Authority shall be to act as a single decision-making body for supervisory policy in accordance with Article 4(1), based within the European Union, ensuring the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and businesses. The Authority shall: (a) improve the functioning of the internal market, including, in particular, a sound, effective and consistent level of regulation and supervision; (b) ensure the integrity, transparency, efficiency and orderly functioning of financial markets; (ba) strengthen the integration of the European Central Bank into the system of European Supervisory Authorities; (c) strengthen international supervisory coordination; (d) prevent regulatory arbitrage and promote equal conditions of competition; (e) ensure that the taking of credit and other risks is appropriately regulated and supervised […].”
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 b (new)
Article 1 – paragraph 1 – point 1 b (new)
Regulation (EC) No 1093/2010
Article 1 – paragraph 5 – subparagraph 2
Article 1 – paragraph 5 – subparagraph 2
1b. In Article 1(5) the second subparagraph shall be replaced by the following: “For those purposes, the Authority shall ensure the consistent, efficient and effective application of the acts referred to in paragraph 2, foster rapid convergence of national supervisory arrangements, provide opinions to the European Parliament, the Council, and the Commission, undertake economic analyses of the markets and take the necessary actions and decisions in this regard.”
Amendment 166 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 c (new)
Article 1 – paragraph 1 – point 1 c (new)
Regulation (EC) No 1093/2010
Article 1 – paragraph 5 – subparagraph 4
Article 1 – paragraph 5 – subparagraph 4
1c. In Article 1(5) the fourth subparagraph shall be replaced by the following: “When carrying out its tasks, the Authority shall act independently […] and in the interest of the Union as a whole.”
Amendment 171 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 h (new)
Article 1 – paragraph 1 – point -1 h (new)
Regulation (EC) No 1093/2010
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
-1h. In Article 2(2) the following point shall be added after point f: “(fa) the European Central Bank.”
Amendment 174 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 k (new)
Article 1 – paragraph 1 – point -1 k (new)
Regulation (EC) No 1093/2010
Article 4 – point 1
Article 4 – point 1
-1k. In Article 4, point 1 shall be replaced by the following: "(1) "financial institutions" means "credit institutions" as defined in Article 4(1) of Directive 2006/48/EC, "investment firms" as defined in Article 3(1)(b) of Directive 2006/49/EC, and "financial conglomerates" as defined in Article 2(14) of Directive 2002/87/EC, save that, with regard to Directive 2005/60/EC, "financial institutions" means credit institutions and financial institutions as defined, respectively, in Article 3(1) and (2) of that Directive;”
Amendment 185 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 i (new)
Article 1 – paragraph 1 – point 1 i (new)
Regulation (EC) No 1093/2010
Article 9 – paragraph 5 – subparagraph 1
Article 9 – paragraph 5 – subparagraph 1
1i. In Article 9(5) the first subparagraph shall be replaced by the following: “5. The Authority may [...] prohibit or restrict certain financial activities that threaten the orderly functioning and integrity of financial markets or the stability of [...] the financial system as a whole, or of parts of it, in the Union in the cases specified and under the conditions laid down in the legislative acts referred to in Article 1(2) or, if so required, in the case of an emergency situation in accordance with and under the conditions laid down in Article 18.”
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 j (new)
Article 1 – paragraph 1 – point 1 j (new)
1j. In Article 10(1) the second subparagraph shall be replaced by the following: “Regulatory technical standards shall be […] delimited by the boundaries of Article 290 TFEU and of the legislative acts on which they are based.”
Amendment 190 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a a (new)
Article 1 – paragraph 1 – point 2 – point a a (new)
Regulation (EC) No 1093/2010
Article 18 – paragraph 2
Article 18 – paragraph 2
(aa) Paragraph 2 shall be replaced by the following: “2. The Council or the Commission in consultation with the ESRB and, where appropriate, the ESAs, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this Regulation, following a request by the Authority, the European Central Bank or the ESRB. The Council, acting jointly with the Commission, shall review that decision at appropriate intervals and at least once a month. If the decision is not renewed at the end of a 1-month period, it shall automatically expire. The Council in agreement with the Commission may declare the discontinuation of the emergency situation at any time. Where the ESRB or the Authority considers that an emergency situation may arise, it shall issue a confidential recommendation addressed to the Council and the Commission and shall provide […] an assessment of the situation. [...]In that process, due care of confidentiality shall be guaranteed. If the Council or the Commission determines the existence of an emergency situation, it shall duly inform the European Parliament […] without delay.”