11 Amendments of Werner LANGEN related to 2012/2115(INI)
Amendment 12 #
Motion for a resolution
Recital C
Recital C
C. whereas despite certain potential positive effects, SB can weaken the system, especially through regulatory arbitrage and increased systemic riskfinancial system, and whereas the FSB is calling for enhanced supervision of the extent of shadow banking activities, which raises concerns (i) regarding the systemic risk, especially through maturity and/or liquidity transformation, leverage ratios and deficient credit risk transfer, and (ii) regarding regulatory arbitrage;
Amendment 17 #
Motion for a resolution
Recital D
Recital D
D. whereas proposals on shadow banking and on the structure of lenders’ retail and investment arms are important elements of a European banking unioneffective implementation of the 2008 G20 decision to regulate every product and every actor, and whereas the Commission must examine this area more rapidly and more critically;
Amendment 24 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes the view that the Commission’s Green Paper, as a first step towards the stricter monitoring and supervision of SB, is very late in coming; endorses the Commission’s approach based on indirect regulation of SB, at the same time underlining the need for direct regulation of some of its aspects in a functional way while avoiding overlap andorder to ensuringe consistency with existing regulations;
Amendment 34 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that since the crisis someonly a few of the practices of SB have vanished; notes, however, that the innovative nature of the SB system may lead to new developments that may pose a source of systemic risk, which should be tackled; stresses, therefore, the need to collect more and better data on shadow banking transactions, market participants, financial flows and interconnections, in order to obtain a full overview of the sector;
Amendment 39 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that a fuller overview and better monitoring and analysis will allow the identification of both those aspects of the SB system which have beneficialbetter monitoring of the SB system will allow the adverse effects for the real economy and those raisingto be reduced and concerns related to systemic risk or regulatory arbitrage to be avoided; stresses the need for stronger risk assessment procedures, disclosure and oversight, for all institutions presenting a concentrated risk profile;
Amendment 48 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Supports, therefore, as a first step, the creation by the ECB of a central EU database on euro repo transactions, and invites the Commission to submit a legislative proposal for the creation of such a database by the end of July 2013, after undertaking a feasibility study;
Amendment 59 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses, further, the need to obtain a fuller overview of risk transfers by financial institutions, in order to determine who has purchased what from whom and how the transferred risks are supported; invites the Commission, therefore, to undertake a study (in early 2013) and submit a report (by mid-2013) regarding the feasibility of setting up a public non- profit utility as a central registry for risk transfers, which should be able to capture and monitor risk transfer data ion real timea daily basis;
Amendment 69 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that some SB activities and entities may be either regulated or unregulated depending on the country; notes further that the financial interdependence between the banking sector and shadow banking entities is currently excessive; calls on the Commission to assess the impact of banning financial transactions between the regulated banking sector and the shadow banking sector;
Amendment 120 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recognises the important role money market funds (MMFs) fulfil in the financing of financial institutions in the short run and in allowing for risk diversification; recognises the different role and structure of MMFs based in the EU and the US; recognises that the 2010 ESMA guidelines imposed stricter standards on MMFs (credit quality, maturity of underlying securities and better disclosure to investors); notes, however, that some MMFs, in particular those offering a stable net asset value to investors, are vulnerable to massive runs; stresses, therefore, that additional measures need to be taken to improve the resilience of these funds and to cover the liquidity risk; invites the Commission to submit a legislative proposal at the beginning of 2013 requiring MMFs either to adopt a variable asset value with a daily evaluation or, if retaining a constant value, to be subject to capital requirements; stresses that regulatory arbitrage must be minimised in the context of these new legislative proposals, in particular with regard to the regulatory framework in the United States;
Amendment 127 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the benefits Exchange Traded Funds (ETFs) provide by giving retail investors access to a wider range of assets (such as commodities, in particular), but stresses the risks ETF carry in terms of complexity, counterparty risk, liquidity of products and possible regulatory arbitrage; invites the Commission, therefore, to submit a legislative proposal at the beginning of 2013before the beginning of 2013 to assess the need for a legislative proposal and if necessary to submit a proposal to tackle these potential structural vulnerabilities; stresses that the Commission must in so doing also take account of the ESMA Guidelines on ETFs and UCITS issues and should include the outcome of the public consultation on a future framework for investment funds; emphasises that consistency with existing legislation must be preserved and overlapping must be avoided;
Amendment 134 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the Commission to undertake comprehensive impact assessments on the effects of all new legislative proposals on the financing of the real economy;